Technically this is 'Opinion', but it is closer to fact than many MSM stories.
Most explanations of the financial calamity have been indecipherable to people not fluent in the language of "credit default swaps" and "collateralized debt obligations." The calamity has lacked human faces. No more. Or ...look to the left. So to speak.
Put on asbestos mittens and pick up "Reckless Endangerment," the scalding new book by Gretchen Morgenson, a New York Times columnist, and Joshua Rosner, a housing finance expert. They will introduce you to James A. Johnson, an emblem of the administrative state that liberals admire.
Government having decided to dictate behavior that markets discouraged, Lenders promoted reckless borrowing, knowing they could offload risk to purchasers of bundled loans, and especially to Fannie Mae. In 1994, subprime lending was $40 billion. In 1995, almost one in five mortgages was subprime. Four years later such lending totaled $160 billion. Shocking! The government's hope to change to universal home ownership started the housing collapse! Back in those days it was assumed that the money-well would never dry up...
"Reckless Endangerment" is a study of contemporary Washington, where showing "compassion" with other people's money pays off in the currency of political power, and currency. That's the problem with Washington - it's always "other people's money."
Although Johnson left Fannie Mae years before his handiwork helped produce the 2008 bonfire of wealth, he may be more responsible for the debacle and its still-mounting devastations -- of families, endowments, etc. -- than any other individual. If so, he may be more culpable for the peacetime destruction of more wealth than any individual in history.
* NEWS KERALA > TWO OUT OF THREE AMERICANS SAY COUNTRY IS NO LONGER A SUPERPOWER, + regard the Year 2000-2010 period as a "Decade of Decline".
* FREEREPUBLIC > DOMINO'S, DENNY'S, + WENDY'S ALL AT RISK, GOING BROKE.
D *** NG IT, IFF ONLY THERE WAS A "SPEND, SPEND, SPEND", WHATS-A-DEFICIT/FREE-MARKET? FEDERAL-LEVEL ENTITY THAT COULD NATIONALIZE + SAVE THEM!
* DEFENCE.PK/FORUMS > DOES US BUDGET WOES MEAN BOTCHED END TO WOT? | GATES: DEFENSE NOT THE CAUSE OF US BUDGET DEFICIT.
ARTIC > retiring US SECDEF GATES = Obama Plan intentionally reduces USDOD-centric commitments or responsibilities, while simul increasing US engagement in strategic tradeoffs + acceptance of higher risks agz US National Security.
IIUC, THE USA = MAKING WILFUL "DEALS WID THE DEVIL" AGZ PAST POLICIES TO SET UP OWG-NWO???
Thus of course, US PRO-OWG = "GLOBALIST" CONCESSION(S) = the specter of Radical Islam launching CONVENTIONAL + NUCLEAR JIHAD [Nuc Terror]AGZ CONUS IN NEAR FUTURE???
* SAME > 16 REASONS WHY THE US CAN LONGER BE THE POLICE OF THE WORLD.
* PEOPLE'S DAILY FORUM > US WILL KEEP LEADERSHIP IN SPACE EXPLORATION FOR[next] HALF-CENTURY: NASA HEAD, despite the end of the US Space Shuttle Program.
ARTIC > NASA CHIEF > argues that, save for selective Govt. oversight, the US = NASA can transfer most functions as per LEO tranportation to the PRIVATE SECTOR, e.g. RELIABLE ASTRONAUT TRANSPORT by 2015 [to ISS, Moon?]???
NICE, but unfortunately also implies or infers that the US is directly to blame iff future US, POST-UN OWG-NWO SPACE DEFENSE CAUSES = OTHERWISE FAILS TO PREVENT COMET APOPHIS FROM SLAMMING INTO TERRA LUNA = THE MOON.
[THIRD SECRET OF FATIMA = "RIDERLESS WHITE HORSE/PEGUSAE here].
NO? Yokay, the B52's "LOVESHACK" MTV Video = THE-PLANET-NOT-THE-CAR "OH-H-H, MERCURY ... ".
The famously verbose Mr Biden sent his first-ever Tweet on Monday, a July 4 message from himself and wife Jill Biden asking Americans to take time to think about U.S. troops and military families on US Independence Day.
His office announced the development with a post on the White House blog.
Given his gift for gab, as well as gaffes, Mr Biden might seem an unlikely candidate to say it in 140 characters or less. However his Tweets will be staff-written.
Twitter is for twits. Short Attention Span Theater.
Posted by: Alaska Paul ||
07/04/2011 16:08 Comments ||
What the hell is the purpose of Twitter, anyway? The only thing it seems to be "useful" for is letting a bunch twits celebrities engage their fingers (or thumbs) before putting their brains in gear. (Not that their brains are usually in gear anyway, no matter how long they take.)
"[Biden's] Tweets will be staff-written." Smart move to make that announcement; that way when he does get his hands on whatever it is you use, and makes his usual dumb remarks, he can blame a poor staffer. Wonder if the sacrifical staffer has already been chosen?
Posted by: Barbara ||
07/04/2011 17:20 Comments ||
Wonder if the sacrifical staffer has already been chosen?
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.