Based upon a letter written on Tuesday, February 5th 2008
Friday, January 07th, 2011
Final Revision: Sunday January, 9th, 2011
I offer my deepest sympathies to the family members of those whose lives and loved ones …family and friends have all been devastated and have been caused to suffer immeasurable emotional and physical pain, injury and loss of life.
Words cannot express the grief and sadness I share with all those who have been so greatly affected by this evil act of bitter haltered.
In comfort, I humbly join in morning by offering the following spiritual considerations from 1st Corinthians 13:4-13.
4Charity suffereth long, and is kind; charity envieth not; charity vaunteth not itself, is not puffed up,
5Doth not behave itself unseemly, seeketh not her own, is not easily provoked, thinketh no evil;
6Rejoiceth not in iniquity, but rejoiceth in the truth;
7Beareth all things, believeth all things, hopeth all things, endureth all things.
8Charity never faileth: but whether there be prophecies, they shall fail; whether there be tongues, they shall cease; whether there be knowledge, it shall vanish away.
9For we know in part, and we prophesy in part.
10But when that which is perfect is come, then that which is in part shall be done away.
11When I was a child, I spake as a child, I understood as a child, I thought as a child: but when I became a man, I put away childish things.
12For now we see through a glass, darkly; but then face to face: now I know in part; but then shall I know even as also I am known.
13And now abideth faith, hope, charity, these three; but the greatest of these is charity.
When is ownership too big to fail?
And, since when is a GSE become outside the realm of checks and balances?
Could it be that today the GSEs are …too large, both to be checked and balance at the door?
As is, they are unquestionably already in our House …and on the floor of our Congress saying to our members; “…Hey buddy, can you spare me a dime?”
Can you balance our forefathers’ reason’s logic against that and spin it on your dime?
I say; expressly, not today …and certainly not …expressly. tomorrow either!!!
So …I …
I believe that, when there are no more consequences with regard for the esteem of private ownership …there will be less …or no more regard for the freedom which promotes the guaranties for which an individual may have the right to enjoy the paths to the opportunities in all that private ownership entails …its responsibilities and privileges not withstanding.
Today I am taking a look back at an earlier letter which I wrote in early 2008. I saved this report along with a subsequent letter in which I made comparisons which drew parallels of this news to various aspects of ownership as they pertained to various practices of sports franchises in regards to how they have taken …or rather failed to take ownership for their organizations.
When I saved my letter, I did so …along with the Reuter’s News report; I drew some rather remarkable conclusions from the banking news of this historic period.
In view of today’s news developments, the reasons for which I saved this report and subsequent letter to my hard drive are clearer than ever.
For I now see that the license I took in adding my personal comments to this Reuter’s report … now speak louder and are more pertinent today in describing as to how we …as Americans …for the most part have come to accept with very little regard our responsibilities which need …but have given little effort to esteem, guard and protect the various aspects of our society …those values and beliefs which make for and promote ownership what ownership has become today.
And I would say that ownership is today, at risk more than it ever was …by reason of the threat of neglect and blind contempt.
And when taken and compared to my comments on how Major League Baseball and the National Football League’s …our embrace in deregulation has all but turned a blind eye on the very aspect of the core responsibilities in performing ownership’s due diligence.
And this …it makes me worried beyond all compare.
Little did I know how much the letter had in common with the sporting news of the day on which I save my letter to my hard drive.
Never the less, in looking back …and in view of today’s financial event’s news …I believe that the following details that I make mention of …all pretty well tie all together with a central theme of ownership …one I am thankful to take rather seriously.
But before I tie these details together, I would like to call attention to the details of 2009’s Banking Stress tests.
The file that I save back in February 2008 …the one with the Reuter’s report …concerns details which took place well before the advent of the Treasury Department’s mandatory US Banking’ stress tests.
As it were, this test’s results were released on Thursday, May 7th, 2009 …late in the afternoon at five o’clock P.M.
For more on Stress Tests, see:
And since that test day came and went …that does not necessarily mean that we no longer need to keep the significance of its intent and purpose in mind.
All to often I am reminded of how little people understand as to why TARP monies were not used to make loans. And that indicates how little the general public realizes what stresses the financial fabric of our nation was under …and still is, for that matter …inflation not withstanding.
And so, it is important today to note that, its passage is by no means an excuse to forget the extreme lessons of neglect and abuse which caused the Treasury to craft its inception in response to guard against insolvency in the wake of falling property values and shrinking balance sheets.
So, it was called forth in an effort to take stock and accountability in a period of time after mark-to- market accounting principals were no longer on the table. Or were they?
And so, today is a good opportunity to remember to take some time to scrutinize the likes of Freddie and Fannie more than ever. And in this, let us take pause to consider that these GSEs (government sponsored entities) did not have to participate in these tests advent …don’t tell me campaign contributions nor money can’t by you love.
Take time to think about what it may mean to you and me to own that one for a time won’t you now?
Then, today, I must now ask; are they equally still so deserving of their exemptions and the long lengths of the rope which Congress have been so generous to issued them?
Whose interests are they more likely well positioned to better serve; yours the better or your senators and congressional representatives?
And whose get the bacon?
By a measure of the debt ceiling’s limits; you may already know that when short term debt instruments comes due and the ginormous supply of treasury notes needs must be rolled over …on …and …in an on-going …never ceasing periodic …3 to 5 week procession of reoccurring US Treasury Auctions ….whose interest Congress will be serving when it has no other choice but to raise the debt limit ceiling.
Now, that’s an oxymoron befitting an association with the US Government …now, isn’t it?
For reason and lack of a neither more creative measure nor means; no one seems to be willing to offer any other more creative alternative …let alone offer a single question for the prudence of our single-minded blind-eyed willingness to purse what is considered a standard most deserving of serving our trust’s better interests.
To that, I say; “…Poppy cock!â€
After all, the MBS (mortgage backed security’s) industry has all but been crushed thanks to a political will. Does this smack …more serving of; “…We the People ….?â€
I rather doubt that, but until The Glass Steagall Act is revisited, should we all rush to embrace Freddie and Fannie …all the more?
I say; doing so (I.E.; rushing in to shore them up with additional capital from time to time …month to month …which in part adds to the argument and needs which entails raising the debt limit as well …) so is akin to kissing our asses goodbye …also by an even greater measure of opportunity costs …a multidimensional consideration of monumental proportions which comes in the form of losses …in the wake of a vulnerability to more political visceral spirits and interests …most of which have run contrary to the better interests of “…We the People …â€
Think about the lost tax revenue the demise of a strong banking and financial system it is costing the USA.
Think about the added alternative costs associated to run up debt.
Think about the additional service requirements. Interest costs = Debt Load …and it is increasing each second in which we argue about what to …or what not to do.
Making Wall Street the whipping child …for political gain has cost Main Street its vim and vigor …and has served no good long lasting political good what so ever.
Then man behind the curtain can not stand forever behind a faÃ§ade of blame and shame without realizing the futility in the wake of so much wasted vanity.
Anarchy would and could do better by compare.
So what alternative is there being offered …other than a headlong rush to embrace socialism’s new world order of chaos?
I say, in the name of ownership’s best interest; do yourself a favor and check out The Glass Steagall Act at investopedia.
What I am trying to say is; if, you want more and various vigorous, streams of efficiently generated private sector tax revenue …then, try revisiting Glass Steagall.
Within the framework of oversight, such would be a welcome refreshing return …the embrace of the principals and precepts upon which a more robust, free market capitalistic society will quickly heal America’s economic injuries.
And I will take rapid healing …any day over those of socialism’s and or either party’s destructive, self-serving tax and spend routines …those which are sure to kill …rather than bind up a nation in Her time of Her Greatest NEED.
I say; let us put aside our bi-partisan political bickering, infighting and instead let’s get this great nation …once again …back up upon BOTH of Her feet.
And let’s do it in agreement …unity and resolve …rowing together not against one another.
Never the less, in ignoring what opportunity costs we have embraced; why should we continue to …pay no attention to the backstops behind our financial institutions …let alone Freddie and Fannie’s …all the more?
We need to be more cognizant of prudent backstops and resolution all the more.
And who would those backstops currently be?
Would that include an order of the bond holders and the reinsures??
And why would that, rather the more …obviate and preclude …more today, the inclusion of the likes of you and me?
It does not serve to excuse we taxpayers in any way shape of form! We all share all the more in this.
Comforting? I do not think so?
And I do not think our founding fathers who sought to establish a balance form of government which sought to include every prudent and reasonable check and balance imaginable …would think so either.
Instead, the rather unreasonable imbalance of such is frought with too many obese and over weighted, unhealthy conflicts which stand in direct opposition to the precepts and lines conceived by our forefathers premises which formed a more perfect union …one balanced to serve the interests of “…We the people …â€ all …equally.
For in regards to backstopping Freddie and Fannie with borrowed and printed money …as taxpayers; who’s got your bucks and backs interest more???
Would that be more you and me …any more than your congressional representatives?
I don’t know about you; but I never received any contribution political or otherwise from the likes of Freddie or Fannie …although I have met my new congressional representative Mike Pompeo.
If you have never met yours; good luck with that?
Try asking them if they have ever taken money from our nation’s exempted GSEs.
If they have; ask them if they could spare you a dime …and watch their reactions …plural.
For they were …for the most part …prior to the previous general election …the one prior to 08, primarily sitting in key financial and banking committees of both houses.
Now is the time more than ever to apply more pressure than ever …to demand more …more creativity …more originality …and much …much more simplicity …in all that regards that which makes accountable private ownership a stable sure invironment.
In the morning’s news today, a Massachusetts Supreme Court slammed foreclosure practices in an important ruling which is likely to set a precedent with long-range ramifications.
(For more details, see the following article @:
Some believe that this ruling will have little, if any long-lasting punch. I believe that this may be more wishful thinking rather than the fuel and provision for a potential hot-bed …one great opportunity to ask; “Why not something new …in a new approach to resolve the potential instability and conflict of interest fostered in the GSEs …Freddie and Fannie?
Therefore, I am rather hopefully am inclined to …think, believe and lean toward the later.
And with all the more hope and perseverance …I especially believe that if the pre-existing housing inventory becomes more stagnant than it already is Glass Steagall is the answer.
Such an alternative possesses the promise to reverse home prices which continue their downward trend.
This deterioration is continuing to do nothing but add and build an already detrimental socially apprehension of restlessness.
And this pent up gloom’s detention is “Whateverâ€ mentality of malaise and indifference which has been unfortunately unleashed in this weeks senseless brutal shootings in Arizona.
Yet, for what it is worth, this administrations approach to resolve the problems facing our nation’s economic problems are equally senseless and tragic.
Same as it ever was …same as it ever was.
Time is calling for change …and that is in ownership …not that of more in a whatever mentality.
So, same as it ever was does not have to be same as it ever was.
For, if we get up off our proverbial duffs and standup to truly protect and promote our mutual ownership interests within the framework of which was given us to protect our Liberty and Her freedoms all things will improve markedly for the better …not for the worse.
And that framework was provided by our forefathers who crafted what they considered would best protect ownership.
Yes, our constitution!
And one of the rights expressed in our constitution was given to guard and protect the rights and interests of private ownership …I.E.; the means to fully provide all that guaranties the individual’s right to private ownership.
Therefore, in going back into my archives and in digging out this certain MS © Word file, I have found that it speaks to justify my post’s title today: “Example One = Job One: An Embrace & Esteem of What Is Systemically Too Big To Fail; Namely …Ownership!â€
Without a doubt; recovery is becoming more crucial with each passing day …and is therefore applies to housing as well as it does employment …our nation’s approach to debt and debt management not withstanding.
It is too bad, that our level of esteem for what we consider to be urgent …can’t be made to be taken with the same embrace as was regarding the urgency which pertained to the priority of attention that the Gulf Oil Disaster received.
In other words …it is more urgent by a measure of economic compare with respect to the level of detrimental economic impact; but we have yet to take ours …in ownership …the demise as one so much more pertinent …one which reflects the relative magnitude of that higher urgency.
In this regard, we have yet to wake up and smell the coffee burning …
And in this respect …if we could; I would rather trade the gulf oil spill for the indifference which has cause such a blind-eyed approach of inherited indifference to this economic disaster.
For, with all intents and purposes …if we were as intent on dealing with this economic mess’ multi-dimensions as we were in resolving the oil spill …to include all the efforts that went into suing BP; our economic debacles would be fixed and resolved in half the 100 days time it took to cap the The Deepwater Horizon Macondo Well Disaster.
And since the market’s embrace of today’s employment figures indicates a rather unimpressive welcome of such, I believe all the more firmly that it is altogether fitting to bring this file out and dust it off for all to see that it serves a timely conversation worthy of our consideration.
Note that I saved it to a general area of my personal editorial comments which was filed back in February 5th 2008. As such, I believe that the Reuter’s article was released on the first of February.
The interesting point I am made to take away from this particular article is that there was a certain level of ownership interest at stake for each of the banks involved.
And this was an opportunity for them to take most seriously by virtue of their most certain consequences from exposures most detrimental as the values of their assets on their respective balance sheets diminished into thin air …ate up by a more certain spirit of uncertainty.
Their strategic measures offered them little choice but to act accordingly to protect their mutual interests …that of their own skin.
After all, their insurer’s (Ambac …and the like) grade ratings were on the line, and they …the banks were next in line to be affected if …and in the event this rating’s down-grade were to become manifestly expressed. Everything was on the line as asset values fell in and along all asset classes.
Hence the Reuter’s News Service article was titled:
Banks Join to Rescue Bond Insurer Ambac — Source
It was written by Dan Wilchins
NEW YORK | Fri Feb 1, 2008 6:00pm EST
(To read the article, see:
My question today; whose got your back in terms of your ownership’s best interests?
On the day that this article caught my eye’s interest, I wrote the following personal comments …
I assert that the Fed (Banking & Finance Committees as well as the SEC) aggregately is or are sadly …in unity and agreement …choosing to turn a blind eye on their obligatory charters’ mandates …those of exercising fiduciary responsibilities as it would pertain to insuring the nation’s financials are fairly and accurately grading and rating securities according with prudent regard to generally acceptable industry rank and file standards.
Equally remiss are both the SEC as well as The Treasury Secretary …for they did not have a clue …nor take an active interest in oversight …in due diligence to provide accountability in regard to the impact of these institutions wayward deviations whose wanderings …all but took a long measure of rope as an express authorization to all but abandon the intelligent pool of a more prudent path of self-control.
Such would of …such could have …such ought to have …howbeit, provided a simplicity which needed to execute the more basic measures which qualify and quantify risk factors.
Unfortunately, mathmatical gibberish won out over common sense.
This reminds me of a saying; If you can’t dazzle them with brilliance; baffle them with BS.
Never the less, these committees and potentates instead chose to create atmospheres in the body of financials in which certain members chose to pursue and establish dangerous practices …which led to habits which …in routine …set up a climate void of concern and consternation.
Understandably, this led to creating a false sense of reality and the deceit of its certainty allowed for a continued repetitive character which was reinforced in time by seasons of a prolonged self-reinforcing stimulus (greed) …by reason of a lack of oversight in which accountability went wanting …along with due governance.
The Fed had, in essence …given the financial community its ok in the form of too much rope and they just about hung everything and everyone they touched ….out to dry …but not before first taking the license of soaking them first.
Is this what responsible ownership is all about?
In this regard, one need look no further than to the mess in ML Baseball for a similar sad social commentary on what is become contemporary ownership today.
Yes, one needs only take a look at the Mitchell report which failed to address a systemic issue created and fostered principally by ….ownership.
See the following for details regarding the Mitchel
Sadly, this report chooses to place its focus principally upon the shoulders of the players.
The media, whose meal ticket was and is punched by ownership …also sought to hold a line …and being in bed with the hand which feeds it …also gave ownership the same exemption …a consideration equating to that of a bye in its role of neglect in this matter’s lack of regard to its principal ownership responsibilities.
Fine Kettle of fish!
Same as it ever was! Same as it ever was!
For you see, true ownership owns the responsibility for establishing the lack of fair-play on the field …but greater interest issues …they just seem to get in the way of what would develop if a better character’s interest were promoted instead.
So when …Greed is good? …prudence is better.
But, that oversight needs be unbiased and without conflict …an ideal which would otherwise provide guaranties which respect the considerations of a more fair and level playing field.
A less conflicted approach to establishing genuine oversight and or regulation would , otherwise …force attention on the pitiful state imposed upon the players …rather than make them to merely serve as convenient scapegoats to step on and over in efforts to obviate and or overlook their obligations to serve their consideration of their player’s welfare.
As is, the addition of such a good measure of accountability would go a long way in shutting down that which has otherwise ….allowed ownership the luxury to continue to sidestep, obviate and overlook its principal more responsible ownership roles.
The report’s findings laid the blame at the feet of the players. It ascribed fault in its finding which cited the failures of the players.
The report overlooked an element of ownership’s slack and willing blind-eyed neglect in this probe. Never the less, ownership unquestionably played a major systemic, league-wide role …greater than any individual parts which were played by the players themselves. None the less, the players were the chosen …slammed and slaughtered by this report.
None the less, by a reason of logic, ownership shares a far greater measure of responsibility which was sadly and unquestionably overlooked by a measured interest which is demonstrable of a conflict which favored ownership.
Thus, for the most part …the report egregiously serves as a sad social commentary as to how ownership is rewarded for failing to take responsibility for providing adequate due diligence in its oversight of whatever it owns …or not.
That’s why I’m glad that the Pat’s lost the super bowl this year. Why should they be rewarded for a playing field in which ownership is rewarded for not exercising responsible due diligence?
(This year is a turn of events for sure:
I do not believe they deserved to eclipse the lossless perfect record held by the Miami Dolphins …having a perfect …lossless season.
Is the character of ownership come to winking …blind eyed unspoken endorsements of cheating? Since when did lame become the desired norm …to chose to esteem and create a rather more the ambivalent attitude and atmosphere in which pencil- whipped drug tests and performance enhancing substance policies have encouraged …if not forced players to play on an unfair playing?
Who owns the field where drug abuse is condoned in an environment wherein the established climates dictate that competition can not fairly take place in a natural manner?
In this atmosphere, I’m glad that the NFL record still stands and will live for a day where franchise ownerships just might once again regain control over their playing fields.
Their charter ownership responsibilities do not include the right to force their players to kill themselves …not even for the sake nor the love of money.
For Pete’s sake, where are our values gone; greed or, the pursuit of happiness?
No wonder why an oil spill gets more attention these days than our esteem to have and to hold …our free right to own private property.
Someday though, this right’s opportunity may be taken from us.
So America must not take anything of value for granted …especially that which is truly urgent …in order …to be guarded with our honesty.
And our actions speak louder than words.
And for now, even today …you can still take that to the bank.
That’s my take today.
And I own it.
All the best,