Morgan Stanley & Goldman Sachs Now Retail Banks..Look Out!

Ladies and Gentlemen, bear witness to your country being sold right out from underneath you while you were sleeping….Again! In yet another middle of the night meeting, the Federal Reserve has approved Morgan Stanley and Goldman Sachs requests to become bank holding companies, in other words, retail banks.

With the full faith and credit of the United States of America, another private sector organization is provided with the ability to spread risk socially while protecting profits privately. In other words, you and I are going to get left holding the bag for all the junk, and these two (along with the others) are going to be handed billions in profits in currently under-performing assets as well as the assets to smaller banks that will be failing in the near future. And there will be many, many, many regional bank failures in the near future.

So the hits just keep on coming…

This deal by the Fed will be presented to an unsuspecting public as the lifeline each of these firms needed to make it another day. For without this reclassification they would surely die. In reality, the Fed is creating a dumping ground for the billions in underperforming assets that the Fed will soon be taking control of.

Once these assets are turned around, the government will be paid back whatever is owed them, while any profits (and there will be huge, giant, hairy profits) in the years to come will be kept by these very firms that you and I provided the lifeline for during emergency resuscitation.

CLEAR!!

But, will your credit card bills go down? No. Will your mortgage payments go down? No. Will you even get a friggin’ thank you card for the $4,000 interest free loan you kicked in to help save these useless organizations? No.

But look at it this way boys and girls, you have witnessed the single largest loss of wealth in world history…go back and ready that again, that is staggering to think about!

Ed McMahon Trumped by The Donald

I want to get this right out into the open; I have always liked “The Donald.” Donald Trump’s style has always appealed to me. His ability to convince everyone around him that everything he does is fantastic; the best, world class, has struck a nerve with the salesman inside of me. Conversely, everyone that comes out against Donald is a loser, an A-hole, or the dumbest person he has ever had the unfortunate pleasure of meeting.

Now that I have that out of the way, Donald, WTF are you thinking buying Ed McMahon’s house? For those of you that don’t know, Ed McMahon fell behind on his mortgage payments to of all lenders…Countrywide, and they began foreclosure proceedings against the 85 year old former professional side-kick.

To make it worse, Donald doesn’t even know Ed McMahon so it’s not like he is doing a buddy a solid by helping him out. This is a publicity stunt. If it wasn’t, then you would have helped a bunch of working class stiffs who were losing their homes and kept it on the down low.

While I am thinking of it, maybe you have, but it doesn’t matter because this one really does stink and far out-weighs any good you might have done! If you could just say that you know Ed and you where trying to help him out, it would make this story so much easier to swallow. If you would have kept the deal quite, that would have been great. But no, this thing is splashed all over every story starved paper and website this weekend.

But there will be another headline grab soon enough. It’s the one where you throw Ed out on his ass for not paying. Mark my words, it WILL happen. Then Ed will be a loser, an A-hole, and one of the dumbest people you ever had the unfortunate pleasure of meeting.

Congress on Foreclosue Prevention Package - We’ll Get Back To Ya!

This is what makes me crazy. This is what makes all of us crazy. The efr’s over in Congress were sunning themselves on various beaches this 4th of July weekend while people all over the country were trying to figure out how to save their homes. Seems these A-holes thought it would be better to break and resume talks today vs. stay and hammer out a deal that would help the impending 3 million homes about to have a sign pounded into their respective lawns.

But it gets even better. While some poor effer in Michigan was wrenching his guts out trying to keep his family in their home, Senator John Ensign, Republican of Nevada, was hanging a Christmas tree bill on the foreclosure measure to add a multi-billion dollar package of tax breaks for renewable energy. And this guy’s state is one of the hardest hit in this foreclosure mess!

Lawmakers will scatter like roaches in August for their month long break and the presidential conventions. With their attention turning increasingly to re-election campaigns, not to mention the White House race, members of Congress will be away from Washington much of the fall so literally nothing is getting done.

Housing rescue The housing rescue will help hundreds of thousands of homeowners getting crushed by their sub-prime mortgage payments avoid foreclosure and get cheaper fixed rate loans. If our elected officials can get off their asses and get this done.

First, though, lawmakers have to break a logjam over Republican Sen. John Ensign’s bid to add $8 billion worth of renewable energy tax breaks. Then leaders have to resolve disputes among Democrats and with the White House about important details.

All the while President Bush says “I think we can get us a bill.” “But it’s going to require less politics and more focus on keeping our minds on who we need to help, and that’s the homeowner.”

This guy is Howdy effing Doody with launch codes!