Applesauce
Pat Cunningham offers an unabashedly liberal perspective on national politics. A note of caution: The language gets a litttle salty on some of the sites to which this blog links. So, don’t say you weren’t warned. By the way, this blog’s name is inspired by the Will Rogers quote, “All politics is applesauce.” |
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July 11th, 2008 at 07:44am Pat Cunningham
THIS is too, too delicious.
But, hey! Phil Gramm is an economic genius. John McCain told me so.
Entry Filed under: UBS, Phil Gramm, John McCain
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7 Comments Add your own
1. Mike Carroll | July 11th, 2008 at 7:55 am
Pat-There aren’t too many financial institutions that haven’t been hammered by the Fed’s easy money policy. The market will work it out eventually if it is allowed to work as it should and there will be pain. Every bubble (remember the tech fiasco during the Bubba administration?) has an endpoint.
2. Pat Cunningham | July 11th, 2008 at 8:06 am
It’s just a mental bubble, Mike. I’m sure that’s what the overpaid execs at UBS are telling themselves.
3. butch north | July 11th, 2008 at 8:23 am
The thing about it is that, we the tax payers end up with the bill. Do you remember the saving and loan mess of 20 years ago? Executives still got there bonuses while we paid for it. Because the federal reserve is bailing them out, doesn\’t mean that the tax payer is home free. That is the only reason that the tax payer is good for anything. It is very rare for the executives to lose money. Is there any hope that this stupidity will stop? HA! Not in our life time.
4. Menlo Bob | July 11th, 2008 at 10:34 am
Sort of looks like the stock chart of Gatehouse Media.
5. Mike Carroll | July 11th, 2008 at 11:26 am
Pat-I just love the principled stance of Obama’s legions and this stars our own Dickie Durbin. More change we can believe in.
http://online.wsj.com/article/SB121573640282644435.html?mod=todays_columnists
6. Milton Waddams | July 11th, 2008 at 3:24 pm
Too bad McCain’s the only one of the Keating 5 left. Maybe he can do something to help…
7. Henry | July 12th, 2008 at 9:17 am
This whole financial mess is the result of lax regulatory oversight. The Office of the Comptroller of the Currency (OCC) regulates federally chartered banks (this includes all of the large institutions). The OCC annually reviews a bank’s portfolio of loans and the lending policy in place to underwrite loan production. The Feds knew that most of these banks (and Fannie Mae and Freddie Mac who where buying these loans in the secondary market) were making mortgages to people who could not afford the payments once the ‘teaser’ rate came off in 2-3 years. There is no way to spin this. It is a huge failure of this administration to have allowed banks to make loans, and collect the fees, knowing full well that most of these people would never be able to afford the payments once the Adjustable Rate came off and people had to get a fixed rate mortgage. It’s fraud, and heads should roll both at the OCC and the institutions.
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