So what'll bring trust back? Here's ten for starters:
1) Arrest Angelo Mozilo and Michael Perry
2) See point #1
3) Fire anyone at the SEC who was responsible for monitoring the banks or mortgage lenders
4) Restore the uptick rule
5) Apologize to the world for American mismanagement, greed, corruption and incompetence
6) Investigate and close down the NAR, take government control of the MLS and set maximum commission rates realtors can earn at 1% plus $100 per documented hour worked
7) Make mortgage brokering and mortgage collateralization illegal
8) Require real estate appraisers to be employed by banks, and subject to jail for bogus appraisals or kickbacks
9) Name an independent special prosecutor to investigate ties between the REIC and Congress
10) Take all of the toxic debt off the banks' balance sheets in exchange for equity, or close them down if they are non-viable
- Date:
- 13th century
TRUST
Posts
33 comments:
Those are all nice ideas, but more broadly I'd say to put the country first -- ahead of personal gain, ahead of pork for my district, and ahead of partisan BS.
That tag line must have lodged in my mind (country first) -- not that I trusted Wacko and Babs Palin to do anything besides cling to 8 years of failed policy.
So appraisers working for banks will prevent inflated appraisals?
How?
Make the initial teaser rate mortgages illegal.
I disagree with #5. You can't blame all of the world's ills on America Keith! BTW, stop hating on America!
The Realtors are NOT worth a hundred dollars an hour. I would recommend $0. They are worhtless.
I'll add one more. Capture Osama bin Laden.
kEEFER, said:
' Apologize to the world for American mismanagement, greed, corruption and incompetence'
Dear diaper covered queens of Arabia and your supporting human cremators on the Eurotard continent, we are soooooo so sowy for not agreeing with you and not teaching our children your enlightened ways.
Oh; how we would be admired by you if only we fostered a culture like yours, where being fashionable means wearing a vest or belt loaded with death.
While we in America were splurging on new homes, you world were assuring that flats in London, Berlin, Spain, Moscow, Dublin etc. had no speculating greed. And surly the global Allah martyr super victims did not allow greedy speculation in Dubai.
And in tough economic times like these we are soooo glad for your fair business practices at OPEC that even we baaad Americans aught to learn a lesson from.
Puleeeeeeeeeeeeeze!
#6 is perfect. I paid a broker 27000 and when I broke it down by hour, she made about 25k an hour:
1 hr - Consilitation
2 hr - made a flyer and posted it on a website and mls (and I spent an hour designing the floorplan so I should subtract 1 from her)
6 hrs - 3 open houses - 2 hrs each
2 - Negotiaons and contracts.
Nice work for this....
World, we are sorry for the thousands and thousands of our private and government funded charity organizations, our thousands of ‘not for profit philanthropy’ organizations that are there to drop fresh bottled drinking water 50 lb bags of assorted grains and medical supplies from the skies.
We are sorry for sharing our knowledge, skill, and technologies for free.
We are sorry for enabling information to flow freely to all peoples even though your rulers put firewalls in place to limit your potential.
Thus far we have provided you with complete and tested products that we paid for with our sweat and tears.
We are sorry for allowing the integration of our financial system and instantly elevating you all to the most advanced economics.
We are not perfect, we are still learning.
We do not expect for you all to share the pain of growing.
We do very much expect you all to blame us if the food we placed on your table is not of the perfect temperature of your liking.
We surly do not expect any help or positive solutions from any of you.
Do us all a favor and continue doing what you are best at = Riot in the streets destroy things and kill your neighbors.
"What's gonna bring trust back?"
Empty the prison in Guantanamo, and then fill it up again with Wall Street elites, and the Bush-Cheney crime family members.
1a. Place Bush, Cheney and the entire Bush administation along with Limbaugh and O'Reilly in prison indefinitely. Seize assets and permanently revoke passports. Any lawyer defending them is immediately publicly executed without trial,including/especially TV pundits.
sound money,metals backed.
ballanced US budget.
Solvent social security.
Allow the perpitrators to fail.
When you wake in the morning and hear that everyone involved has been arrested and is 'in' jail and will not be coming out!
When someone with actually knowledge and ability can run this country
Not this pretender,
Nor false messiah!
***********************************
Simply;
When we get tired enough and a
Coup d'etat establishes control and gives this country back to the rightful owners!
How did it get to a point of such
that we work for the government, AND pay for the privilege ?
.
Do you realize that if the citizenry were allowed to clean up this mess,
things would be up and running (functionally) within 30 days!
We the people would resume control!
Bush on trial and justice served, of course.
AS soon as the stock market goes back up above 14000, no one will care what scams Wall Street, Realators or corporate chieftains get up to.
Then it will be time protect the the children from gays in hollywood - surprised you have not praised up Milk, its a film for ur type.
Trust? What trust? Trust someone close to you, maybe! But trust the Government (especially Congress)? Trust Wall Street, corporate media? Nuh!!!
After what they have done, trust has bocome a sign of “gullibility.”
"I'm not upset that you lied to me, I'm upset that from now on I can't believe you."
NIETZSCHE
What's gonna bring trust back.
Keith stops burying comments that don't agree with the talking points.
Like this,
> Drove across the Triboro, now RFK bridge last night. They just spent 5 years replacing the deck on that thing and the ride across it is so jolting, it feels like it needs replacing again.
Vanilla, that isn't a lack of investment. THAT is corruption. I've heard it said that the mafia controls all of the NY Metro contractors and it seems believable. This is a good example.
Forget it.
The free trade absolutists have total control over USA and its media.
Game over.
The botox/bleach blondes of Fox, CNN and MSNBC don't have a clue about the truth about Smoot-Hawley.
Job exporting shall continue unabated. All jobs, service and manufacturing, will be exported until America's meddling, bothersome middle class is destroyed. And then, and finally then, the American upper classes will have total control of the country and access to a large source of cheap, submissive, and expendable servants.
"Michael G said...
#6 is perfect. I paid a broker 27000 and when I broke it down by hour, she made about 25k an hour:"
YOU are Stupid.
YOU are the reason WHY we are where we are.
Repeat:
YOU ARE STUPID!
DIE
Keith,
TRUST was the PROBLEM. It is not the answer. Trust in GOVERNMENT. Trust in CHURCH. Trust in BANKS. Market Anarchism is the SOLUTION. FREE MARKETS. FREE THOUGHT. FREE CURRENCIES. Let trust fail. Let freedom in.
Matt
Thank you for your interesting comment. Unlike the other idiots posting here.
Yes, trust WAS the problem. Trust in Bush. Trust in realtors on commission. Trust in the ratings agencies. Trust in organized religions. Trust in Wall Street. Trust in bankers. Trust in appraisals. Trust in Larry Kudlow. Trust in trust.
Wow, this is some impressive growth. Do any of you know this place below? Where's Frank when you need him.
"Boomtown: Queen Creek
Household growth (2000-08): 604%
Household income growth (2000-08): 12%
Home value: $154,000
The population of this Phoenix bedroom community exploded during Arizona's housing boom as builders made way for a flood of new residents. Queen Creek area households grew 604% from 2000 to 2008, to 28,226. The average income jumped 12% during that period, to $69,119 in 2008."
You want trust back throw Obamma out.
Anonymous said...
Do you realize that if the citizenry were allowed to clean up this mess,
things would be up and running (functionally) within 30 days!
So, where do you live?
keith said...
Yes, trust WAS the problem. Trust in Bush. Trust in realtors on commission. Trust in the ratings agencies. Trust in organized religions. Trust in Wall Street. Trust in bankers. Trust in appraisals. Trust in Larry Kudlow. Trust in trust.
All of the groups you list that are not to be trusted are comprised of the American people. Perhaps it would be better to say:
When will we be able to trust each other again?
Ops, but it was O'Reilly who gave me the tip (over drinks one night) that the NY Metro contract jobs are controlled by mafia.
Enjoy your bumpy ride over the RFK.
money issued without debt, i.e., Constitutional currency. Whatdat?
Prosecute everyone up and down the chain of this fiasco: borrowers, lenders, commercial banks, appraisers, real estate agents, credit rating agencies, wall street banksters, housing activist groups like ACORN, the NAR, and politicians.
This is the only way to bring back trust for me.
So far, not one person has gone to prison. SHAMEFUL!
Keith said,
"Trust in Ratings Agencies..."
My opinion - this is the root cause that enabled all other aspects of this crisis. If ratings agencies would not have rated opaque securities so highly, then less collateral would have been generated, allowing for less leverage, allowing for less investment, allowing for less frequent and smaller borrowing, etc.
The step of applying extremely optimistic ratings ONLY because assets appeared to only inflate is the shale of this rock slide. Did I forget to mention that ratings agencies are paid to rate securities by the security issuer?
In my opinion, the heads of Moody's, Fitch, and S&P Ratings are more despicable even then Perry/Mozillo (and that's sayin' something!)
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