Carlyle's huge and lovely Amish Astor
October 6th was a laid back day here in Elkhart, but it seems there was a lot happening in New York, once Jim Cramer yelled "Sell, sell!" on the Today show, Wall Street took off on it's downhill tumble. Did anyone really expect anything different? The bailout will not bring the answer until individuals and businesses return to sound financial practices, and that is going to be a long, bumpy road. Too bad he didn't yell "Sell" about a month ago!! Hindsight is always 20/20!!
I only wish you'd hear them (pundits, candidates and talk show hosts) begin to talk about some of the origins of relaxing the Freddie Mac and Fannie Mae standards. No one will mention the lobbying by the Democratic Black Caucus, strongly supported by Barrack Hussein O'Bama, as well as other Democrats and Republicans (it was the Politically Correct thing to do), for the loosening of credit standards in order for minorities and the poor to obtain mortgages for homes. Don't get me wrong, I want to see everyone have the chance to own a home.....what possible difference could color or race make??? If you have saved your down payment and proven yourself credit worthy, then you deserve the credit opportunity. If, on the other hand, you have not yet managed these items, why in the world would anyone want to risk investing in your home? And since when did the ability to obtain a mortgage for a home become a "right"? I was under the assumption that it was something we all "earned" in some fashion or another. I subscribe to the "responsibilities" regime and reject the "entitlement" theory. The only thing we're really entitled to is the right to show responsibility for ourselves and our loved ones. Nope, you won't hear this in the News media, because it is not Politcally Correct to talk about the "mess" in these terms. Seems like Political Correctness has dampened the future for our kids, and any children they may have, for a long time to come.
And on the other end of the spectrum, the corruption and greed of the CEO's and Exec's of the mortgage brokers is unacceptable. They KNEW they were extending loans with poor prognosis of repayment...but what did they care??? Their fees and costs were collected up front, (almost to the point of extortion) and the loans were then sold to investors with the guarantee of Freddie and Fannie to bail them out....Oops, big mistake when you make bad loans by the billions!! Of course, they "took the money and ran" away from the lousy loans they'd been not only allowed, but encouraged, to make at the behest of our legislators. Politically Correct legislators, no less!
I, for one, am tired of Political Correctness, and think we need a little more Personal Responsibility in this great old country of ours.
My apologies if I offended anyone who reads the blog today. No offense intended to anyone, and Big Hugs to everyone!!