The Desicration of Christmas? Oh well; play it again Sam!


My Slacker Appology; Was It Really Christmas?

My appologies for the lack of production over the holidays. I’ve been preocupied celabrating 9-11 …the birth of Jesus  …in December with family and friends.

Was 9-11 really the actual birth date of Jesus Christ?


The truth, you know; it will set you free.

Oh! To be free indeed! Oh! To speak the truth! Devine!

What’s my line?

Well, in the wake of the latest Case Schiller Report on housing …it seems that this one’s lack-luster report served economists (…one after another) with plenty of  opportunity to  pen  a plethora of  reports which have …in true cookie cutter fashion  formed  a chorus whose  concern  …in unison,   harmonized  to produce a variety of  singals  which  are warning  of the possiblilities of a double dip  in a housing market.

These economist’s reports are  speaking of the possibilities  for record level mortgage defaults in the coming year in a double dip market.

Not good.

WOW! Just when you thought AIG …the tip of the ice berg …that it was safe to go back into the water.

Well, what’s under the tip? Just the rest of what is left of the  home mortgage industry …and could that be  Freddie and Fannie?

Opps! That’s a tax-payer backed …too big to fail …drats ..foiled  again …politically correct sanctioned publically backed tax payer crap shoot.

Actually, its what funded many of the politicians campaigns which made Wall Street the scape goat of 2008’s general election.

So, in the wake of such promise gone dismally slack, wacked  and off track …I thought I would dig out a piece I wrote earlier this year on  …Tuesday, April 13th, 2010.

When I wrote it; I did not give it a title.

Today, I am christening it in true double-dip fear and loathing; God forbid …Oh well; play it again Sam!

For that’s what happens when you continue to do the same ole thing and hope for better results.

More accurately; that’s what happens when you all but  wack and kill off an entire private sector  industry (A Privatized Mortgage Securitizaton Industry) by making Wall Street  a  whipping child  for the sole sake of one  party’s political gain.

And in doing so; both Main Street and Wall Street were made both one …to become the worse diminished.

In the wake of  the demise of a private securitized mortgage industry,  Freddie and Fannie were inflated and made  to rise to serve a more politically correct end …a road …rode to hope.

Sadly, this hope is one on whose back …the housing industry  has yet to  rise from the dead …hence the earlier referance to 9-11 …unlike Christmas …is the actual birth of Jesus Christ.

Remember, unlike the most recent Case Schiller Report …the following  was written earlier this year in April.


Desicration? Oh well; play it again Sam!

Tuesday, April 13th, 2010

Today’s Capitol Hill is looking back into the shocking problems which plagued and doomed the mortgage origination’s industry.

Their review is a political  opportunity  to focus upon  the former practices which added to and contributed  to the sum total of the vast and wide spread (multidimensional) corruption of all of our  institutions  systems which were allowed to become woefully awash with numerous unquestionably dishonest practices …practices which took a very dim view of the better interests of American  consumer’s who were also playing with their fates …like Russian Roulette …totally predisposed to ultimate failure in the wake of  an on-coming collapse of these markets’ dimensions.

As it were, mortgage origination is  …but  one  aspect of a much wider multi-dimensional …systemic failure …a failure which started …or had its originations at the top …in the halls of the very  congress which is  handling this rigorous side-stepping …toe tapping …shake down …one which stops and falls one step short of being a full blown which hunt.

As it were …many unregulated mortgage brokers were allowed to run a-muck …having  gone wild in an egregious atmosphere …wanting in terms of even the slightest shred of accountability and oversight …all clarity of transparency not withstanding. Can you say campaign contributions? You can get a long rope for your money these days. Just ask Freddie Mack …or Fannie May.

Yet, for all we’ve been through …these two GSEs pretty much have been allowed and encouraged to  run almost without impunity with still all the rope which Congress and The Treasury have been able to come up …much of which we have China to thank. So, why is  Geithner in China if it isn’t but for to come up with more dope-on-a-rope?

None the less, the  disparaging failings throughout the  mortgage originations industry …all together pales with respect and in comparison to the lack of recourse (essential components of ownership lacking) …recourse requirements …and the freedom from such as it were …which is afforded these mortgage originators, underwriters and their creditor and securities  dealers …derivative market writers’  capital reserves  not withstanding.

Can you say CDS? If you don’t know what a Credit Default Swap is; check out …or Google it.

With respect to the expanded balance sheets of the GSEs (Freddie & Fannie) …the tax payer is on the hook more and more each day …as much if not more so, with each trip Timothy Geithner makes to China.

And the more successful he is …the easier his job becomes because, this means that he won’t have to print as much money when his auctions are well attended in terms of demand for supply.

However, check out dealer recourse while you are at Investopedia  too.

Therein, the  first and foremost substance lacking in this industry’s questionable model was and is therefore responsibility in regard and respect to dealer recourse …in that theirs was “…no skin in the game.”

In looking back at sub-prime, skin in the game (ownership equity) was as lacking therein as  is also the case with respect to  the lack of dealer recourse.

This lacking  concept is the single greatest precept missing from these industries …and it speaks woe in terms of a slap in the face to our respect …esteem and awe of the concept of private ownership.

Is it any wonder why incentives which encourage ownership  portend to make for  healthy market places …or not when they are missing …and missing altogether?

In other words; once the crap passes  through the goose; where it lands …is the last thing on the mind of the goose.

And because when Congress could not care any less, for that same matter …why should have Washington Mutual given a spit also?

When Congress lowers the bar …leadership by example tends to create the atmospheres leading and paving the way for its resulting environments …black …blue …or green …not withstanding.

Bottom line; you give a long rope to those whose campaign contributions keep your political machine’s wheels well greased …and you too could not give a spit either.

Lack of recourse is the single greatest problem facing our nation and its leadership.

And this is not a problem which started from the bottom …not from the bottom up at least  …so much as it was and still is more and more  …a problem …from a top (Congress) down perspective.

Perceive this …

Voters …who have responsibly done everything to purchase …own …and work to hold on to their homes know this.

Congressional members up for election know this too.

That’s why the Capitol Hill has so much political motive for offering bailout after bailout.

In doing nothing responsible, everything …up till now has would up in the shitter …that is until now when; “Hey buddy, can you spare me a vote? …seems to be the still one better political option more promising  than a Pay Option ARM mortgage.

Skin In The Game?

Who’s Skin?

Yours Or Congress’

Dealer Recourse?   vs. Voter Recourse?

or ….

Higher Taxes vs. The Prosperity of Free Markets

Who’s interfering With Your Vote?

In all of Capitol Hill’s review of the debacle to date …I have not to wonder what all this clamor’s look back in anger is leading up to. (Financial Regulatory Reform?) Surprise! Surprise!

And in this, I have to ask myself; Is Congress really so much concerned for American’s  better interests any more than they are their Re-Elections hopes.

Me thinks it is the later more so that the former. Nothing like an election to wake up the political visceral spirits of a politician’s will.

Yet, for all their self-serving interests, Capitol Hill has pretty much paved the way to for an emotionally charged voter to allow Congress to essentially kill free market capital mechanisms …and thus, our hopes for future return to previous levels of prosperity …economic recovery indeed.

I am really looking forward to socialism and + 50 % effective tax rates.

I’ve lived in Europe. So don’t tell me I don’t know what I am talking about.

Liberal politicians today …like those in Germany of the early 30’s …are counting on harnessing the emotional element of their respective constituencies …assuming that voters can be made to vote for perceptions whose appeal and appearances are being packaged in emotional appeals which look like real promises …and thus …enticing to their pocket books.

We voters are predisposed to taking such bait …more so than thinking with reason …with the grey matter God gave mankind. In times like these, with discernment …one must use logic rather than react with and be herded by the emotions.

Don’t get me wrong. I like the emotional aspect of my human persona. I just don’t like being herded like animals …getting jerked around …especially by the deceit of self-serving “so-called” public servants …servants who have been (for the most part) either asleep at wheel …or are now busy spinning B.S. which always falls short of serving the truth in justice …with the means necessary capable to ensure greater levels of responsibility to enhancing our many individual freedoms.

In the days of the depression, the line was; “Hey buddy, can you spare me a dime …” was the expression of the day.

Now, it is the liberal politicians’ lining up to mumble; “Hey buddy, can you spare me a vote? …I have a bail-out waiting for you if you do.”

Talk about the ultimate quid, pro-pro!

Same as it always was …same as it ever was.

Same song, second verse,

A little bit faster …

And a little bit worse!


Bill Landman

12 thoughts on “The Desicration of Christmas? Oh well; play it again Sam!

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