Are financial leaders have proven themselves to be a band of numbskulls. The leadership offered is a socialist vs. a watered down free market solution embedded with heavy lobby money. Lobby financial interests have befuddled clear thinking.
Unqualified buyers were encouraged into home mortgages, the root cause for the financial meltdown. Our financial subprime woes started with Jimmy Carter who, though well meaning, dumb-headedly enacted legislation to encourage loans to people who were bad credit risks. Buying a home and paying property taxes was supposed to be the cure all for financial happiness and getting ahead. His administration began distancing itself from sound lending and accounting standards.
President Bill Clinton put this bogus practice on steroids. He enacted legislation that punished mortgage lenders that would not comply. He deregulated risk by legislating against it causing a complete abandonment of sound lending practices.
Who bought these artificial high risk loans? Fannie Mae and Freddy Mac. They, furthermore, became a source for sending political contributions to politicians encouraging this bad credit homeownership cancer to keep growing. Mortgage company lobbies' handed over hundreds of millions of dollars to politicians' greed in order to perpetuate this circus even as residents of high-foreclosure neighborhoods suffered additional pain from high property taxes.
Insurance companies insured these bogus loans. AIG and others evaluated this risk. Their leverage was originally set at 12 to one. They too threw million in lobby money at Congress, then the asked for a 30 to 1 leverage and further increased risk. This pumped up and spectacurlary increased their profits by large proportions while the real estate market was going up.
How can fraudulent financial wizardry that has banks and brokerage firms leveraged at 30-1 be endorsed by Greenspan and Bernanke? How could they have allowed this shell game to continue? Quasi-Marxist promoters of Acorn (Association of Community Organizations for Reform Now) and kindred entitlement steering organizations bamboozled lawmakers into giving away the farm to future deadbeats. What's wrong with renting if you can't afford a house or taking a bus if you can't afford keeping a car?
The House Finance Chief, SEC Chairman, Banking Committee Chairman and any Congressman or public official accepting lobby money were shills for this con game. Prison and banishment from public office should be their reward for violating the public trust! Politicians accepting lobby money need prison and banished from public office. Lobby money is nothing more than a bribe. If you bribe a cop for not giving you a speeding ticket you go to prison. If a public official accepts a bribe, shouldn't they be put in jail as well?
A balloon full of hot air eventually has to crash. Instead of letting the markets sort this out, bailout is the new mantra. The global credit boom is OVER. Throwing out 700 billion dollar band aids laden with lobby inspired pork on the problem is meaningless. There is little the Fed or Congress can do to change it. Thanks to the weasels the Emperor has no clothes. The danger of ignoring economic realities is how we ended in this financial crisis. Where is the outrage?
Across the nation, real estate prices have fallen and municipal and state governments have raised their tax rates to compensate for the shortfall. If, when you get your real estate assessment value bill, you need to compare your home to the assessments of similar sold homes, you may find that you are overtaxed and could profit from a property tax appeal. It's worth a second glance.
Unqualified buyers were encouraged into home mortgages, the root cause for the financial meltdown. Our financial subprime woes started with Jimmy Carter who, though well meaning, dumb-headedly enacted legislation to encourage loans to people who were bad credit risks. Buying a home and paying property taxes was supposed to be the cure all for financial happiness and getting ahead. His administration began distancing itself from sound lending and accounting standards.
President Bill Clinton put this bogus practice on steroids. He enacted legislation that punished mortgage lenders that would not comply. He deregulated risk by legislating against it causing a complete abandonment of sound lending practices.
Who bought these artificial high risk loans? Fannie Mae and Freddy Mac. They, furthermore, became a source for sending political contributions to politicians encouraging this bad credit homeownership cancer to keep growing. Mortgage company lobbies' handed over hundreds of millions of dollars to politicians' greed in order to perpetuate this circus even as residents of high-foreclosure neighborhoods suffered additional pain from high property taxes.
Insurance companies insured these bogus loans. AIG and others evaluated this risk. Their leverage was originally set at 12 to one. They too threw million in lobby money at Congress, then the asked for a 30 to 1 leverage and further increased risk. This pumped up and spectacurlary increased their profits by large proportions while the real estate market was going up.
How can fraudulent financial wizardry that has banks and brokerage firms leveraged at 30-1 be endorsed by Greenspan and Bernanke? How could they have allowed this shell game to continue? Quasi-Marxist promoters of Acorn (Association of Community Organizations for Reform Now) and kindred entitlement steering organizations bamboozled lawmakers into giving away the farm to future deadbeats. What's wrong with renting if you can't afford a house or taking a bus if you can't afford keeping a car?
The House Finance Chief, SEC Chairman, Banking Committee Chairman and any Congressman or public official accepting lobby money were shills for this con game. Prison and banishment from public office should be their reward for violating the public trust! Politicians accepting lobby money need prison and banished from public office. Lobby money is nothing more than a bribe. If you bribe a cop for not giving you a speeding ticket you go to prison. If a public official accepts a bribe, shouldn't they be put in jail as well?
A balloon full of hot air eventually has to crash. Instead of letting the markets sort this out, bailout is the new mantra. The global credit boom is OVER. Throwing out 700 billion dollar band aids laden with lobby inspired pork on the problem is meaningless. There is little the Fed or Congress can do to change it. Thanks to the weasels the Emperor has no clothes. The danger of ignoring economic realities is how we ended in this financial crisis. Where is the outrage?
Across the nation, real estate prices have fallen and municipal and state governments have raised their tax rates to compensate for the shortfall. If, when you get your real estate assessment value bill, you need to compare your home to the assessments of similar sold homes, you may find that you are overtaxed and could profit from a property tax appeal. It's worth a second glance.
About the Author:
Before you accept the correctness in calculating your property tax assessments, look at a property tax guide that could lower your tax burden. Property tax records are many times in error and an appeal will reduce your property taxes dramatically and continue to lower your property tax for years in the future.
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