LOAN NOT TO FALLACY FOR FALLACY LOANS TO FAILURE Post 78

Hello,

There used to be an old expression, "there's more than one way to skin a cat", which is not a lovely thought but in this case for the unlovely subject, appropriate.

Early in September, I read a small article in the local newspaper about the Federal Government suing 17 financial firms, "including the largest U.S. banks" for selling government OPERATED Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed. NEVER MIND THE GOVERNMENT'S CULPABILITY IN THESE MORTGAGE LOAN FIASCOES!!!!!!!!!!!!They're ignoring their part by suing FREE ENTERPRISE BUSINESSES.

Bank of America Corp, Citigroup Inc., and a variety of various brokerage houses were targeted by the Federal Housing Finance Agency which OVERSEES Fannie Mae and Freddie Mac in buying mortgage loans and mortgage securities. EVIDENTLY "OVERSEEING" DOES NOT MEAN AVOIDING RISK BUT MEANS SHIFTING BLAME TO TO THE BANKS!!!!!!!!!!!

Freddie Mac and Fannie Mae bought $196 billion worth of risky investments. (Now that's some fancy OVERSEEING BY THE FEDERAL HOUSING FINANCE AGENCY!!!!!!!!) HOW COME THEY DIDN'T CHECK THEM OUT TO ASSESS RISK????????ISN'T THAT WHAT THEY ARE SUPPOSEDLY EXPECTED TO DO????? The suit alleges that the financial firms broke federal and state laws with the sales to FM and FM-IGNORING THAT THESE LOANS WERE SOLICITED BY FANNIE MAE AND FREDDIE MAC.

NOT ONLY SOLICITED BUT FIRMLY ENCOURAGED AS A WAY TO PROVIDE HOMES FOR THE POORER MEMBERS OF OUR SOCIETY. THESE GOVERNMENT AGENCIES ARE SEEKING EXONERATION as well as reimbursement plus interest etc. etc. PLUS ACCUSING THOSE INVOLVED IN THE SALES WITH BREAKING FEDERAL LAWS WHICH EVIDENTLY DON'T INCLUDE EMPLOYEES IN GOVERNMENT POSITIONS!!!!!!

The knowledge THAT the Communists' PHILOSOPHY, oh excuse me, PROGRESSIVES' PHILOSOPHY, IS BASED ON ACQUIRING THE BANKING INDUSTRY (or FINANCIAL) SYSTEM, the POLITICAL SYSTEM, and ESTABLISHING DEPENDENCY ON GOVERNMENT is or should be well-known. So, of course, too much REALLY BLATANT ACTION on the part of the Progressives in power IN AMERICA ALARMS THE PUBLIC AND IN RECENT YEARS a softer approach has been advised so that it is easy to deny.

Therefore, it behooves the Progressives to find more subtle ways TO "SKIN THE CAT" especially concerning the banking system in America. The maneuver of making banking dependent on Government controlled FANNIE MAE AND FREDDY MAC, while encouraging greater and greater risky mortgage taking, certainly yielded a bonanza. It was a Progressive "win-win" situation that one has to acknowledge for its duplicity!!!!!!

Putting one over on bankers has long been a cherished game and the Progressives certainly did that. Bankers chose dependency on questionable Federal lending agencies because of greater PROFIT. Progressives in Government solicited a position of funding mortgages for those who could not afford them and in the case of default being able to BLAME THE BANKERS FOR THEIR PART IN THE RUSE!!!!!! BANKERS FORGOT THE OLD RULE OF BANKING--LOAN NOT TO FALLACY FOR FALLACY LOANS TO FAILURE. In other words--loans that can't be repaid are lost money not profit.

There is no doubt that SOME of the current slate of BANKERS were CREDIT FOOLS WHO SAW ONLY THE PROFIT SIDE NOT THE "DOWNSLIDE". THOSE BANKERS CERTAINLY IGNORED another old saying "A MAN IS MEASURED BY HIS DEEDS NOT HIS POCKETBOOK".

AND THE PROGRESSIVES CLAIM THEY MEANT WELL--RATHER THAN ACTED BADLY (lol). So, now Progressives are taking the HIGH ROAD and THRUSTING ALL THE BLAME ON THE BANKING INSTITUTIONS THAT WERE CERTAINLY FREE TO RESIST THE TEMPTATIONS BEING OFFERED BY THE GOVERNMENT. MANY BANKS DID resist AND TO THEM GOES A VOTE OF 'GOOD CREDIT'!!!!!!!!

How does all this help the progressive cause????? IF YOU BANKRUPT A BANK!!!!!!!!!!WITH LAWSUITS FOR SOMETHING YOU HELPED SET IN MOTION--HOW DOES THAT DIFFER FROM TAKING OVER THE BANK????????? Sure, the bank WAS CULPABLE BUT SO WAS THE GOVERNMENT!!!!!!!! Bankrupt the bank and soon MAGNANIMOUS GOVERNMENT can BECOME A SAVIOR and take it into its STICKY WEB.

"OH WHAT A WEB WE WEAVE, WHEN FIRST WE PRACTICE TO DECEIVE"!!!!!!!!!Lots of old sayings that obviously the Progressives have put to good use. IT'S NO WONDER THAT THE PROGRESSIVE PARTY (whoops another mistake-the DEMOCRATIC Party) considers itself the party of intelligence. IF ONE RATES INTELLIGENCE AS DUPLICITY, RUSES, ROLE PLAYING, AND UNWAVERING ILLUSION then their claim is certainly justified. BUT NOT JUSTIFIED IF ONE RATES intelligence as HONESTY, PRINCIPLE, INDIVIDUALITY, and REASON BASED ON REALITY and FACTS.

WE CAN'T CREDIT MANY OF OUR POLITICOS with THAT KIND OF intelligence THESE DAYS BUT the ULTIMATE DUNCE CAP CERTAINLY GOES TO THE PROGRESSIVES FOR GETTING AMERICA INTO THIS MESS.

BUT wait!!!!!!!!!The Progressives have a saying all their own: NO CRISIS SHOULD GO UNWASTED!!!! so SUING THE BANKS AS A PLOY TO TAKING THEM OVER CERTAINLY FITS THAT BILL. AND IF CONTROLLING AMERICA IS THE ULTIMATE GOAL, WHAT BETTER WAY THAN A SEVERE DEPRESSION!!!!!!!!

NO CRISIS SHOULD GO UNWASTED!!!!!!!!! makes clear many of the actions taken in recent months by the Government IS an unrelenting attack on private enterprise.

There is no doubt in this blogger's mind that America is in a war for the minds and hearts of its citizens much like the war that the bankers lost to the Progressives. It is a war where GREED supersedes that other old saying--one the Progressives don't utilize since most do not believe in God: "GOD HELPS THOSE WHO HELP THEMSELVES". AMEN TO THAT!!!!!!

Another old saying from the depression in the 1930's: THERE'S NO SUCH THING AS A FREE LUNCH!!!!!!!!! LOOK AT ALL THE 'FREE LUNCHES' ATTACHED TO GOVERNMENT THESE DAYS.

CHEERS, CONNIE