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18 September 2008

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Interesting how the federal fisc is open to Wall Street. The choice could have been made to directly attack the housing crisis by having actual homeowners mortgages (not mortgages held by investors that do not have the property as a primary residence) assigned to FHS and controlling the interest rates in such a way as to prevent misuse. Of course the real issue is not the housing market, that is just the reason stated because housing finance, particularly second trusts, were used to finance consumer spending. The actual problem has been caused not just by regulatory failure, but the failure of the legal and accounting professions because they authorized all the off-the-books transactions, derivatives, auction rate securities, CDO's, hedge fund operations and other things which clearly prevented the basic standard of on the record statement of the fairly stated financial situation of many wall street firms. Looks like Morgan Stanley is next up for going down the tube. FED's announcement of an additional $180B injection just indicates that the cash drawer is open and now the DEMS add their two cents by walking away and indicating that they will have an early Congressional recess. Time for a coherent political philosophy and I suggest throw the ins OUT!

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