On dark and dreary days like this one it’s no fun to be following politics; or the carryings on of those in them. A slight chuckle though did arise when I read that, Dick Chaney is really pissed at his former boss for not giving Chaney’s former felon chief of staff a full pardon. No surprise there, unless you think in the final hours of his administration the x in denial grew a set! Chaney took no time is complaining about his former boss to the media; now there is loyalty for you! What a crush it will be for him when it dawns on him, everyone has moved on!
Speaking of moving on, the current President isn’t spending much time in Washington these days. Talk about toxic atmospheres. The President is well aware of his popularity with the people. So he is taking his stimulus relief show on the road to Arizona. That is where he is going to release his mortgage bailout plans and he is throwing in a trip to Canada this week as well. His first trip out of the country as our President, I do believe. Watch for cheering crowds and big friendly, “welcome!” Talk about something you haven’t seen in a long while when an American President comes to town. Can you say, put your shoes on Hasid!
The stimulus package now approved continues to play to mixed reviews. Does it provide jobs or not? Does it help companies like Caterpillar tractor who not that long ago were boarding up factories like the one in York and sending jobs overseas to start hiring again in America? The pat answers from corporate America are that it is too soon to tell. Again here we go putting billions on bottom lines with little more than the hope that “yeah, this will work.” Put a billion on my bottom line and you will improve my bottom line. Not necessarily make me start hiring people; dude!
The mortgage crisis is worse and showing no signs of improving. Government’s latest attempt to help those in danger or foreclosure by giving banks money still continues to be an end of the pipe solution that has no sure fired formula for success. Key areas they hope to fund are those mortgages that are underwater.
Interesting, the words these folks come up with to confuse or blur or just make sound important the issue. Just when I understood what a, “toxic asset,” was they come up with a new one. Underwater in this case referring to mortgage values that are higher than the actual value of the property they are attached too. Bailout money is in some way going to go to the banks that hold these mortgages in the hopes of keeping the mortgagee’s from walking. Even though less than three percent of these home owners, from what I have read, actually walk on their underwater mortgages. Most holding these types of debt instruments understand unless you have to sell, you just wait the storm out.
And on a final note, Alan Greenspan is using the, “N” word again, that being, its time for some Nationalization of some bad banks. Not sure why the government has to own the bank to get rid of its bad assets, but its coming. Of the over 8,000 banks in the good old banking system some are so toxic it appears they could be called superfund sites! Talk about depressing news. But then again didn’t I say dark dreary days are depressing and not just with politics!