Are financial leaders have proven themselves to be a ship of fools. 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 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 entice loans to people who were bad credit risks. Purchasing a home and paying property taxes was supposed to be the cure all for financial happiness and prosperity. His administration began distancing itself from sound lending and accounting principles.
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.
These foolish loans were bought up by Fannie Mae and Freddie Mac. They repackaged these loans and sold them on the open market to other financial institutions. They also gave hundreds of millions of dollars into political coffers to ensure this circus continued.
AIG and other insurance companies insured these loans. Their primary goal is to evaluate and insure against debt risk. Their leverage was set at 12 to 1 meaning that they had to have one dollar in assets to cover 12 dollars or risk. They threw millions of lobby money to leveraging its recirculation rate at a reserve rate of more than 30-1. With such a high-risk and profit expansion levels, any big bump in real estate valuation put those assets in jeapordy.
Federal Reserve economists put their stamp of approval on this financial gimmickry and allowed this charade to continue. Acorn (Association of Community Organizations for Reform Now) and other similar socialist leaning organizations further aided in twisting banks to make even more fraudulent loans.
SEC Chairman, Banking Committee Chairman, The House Finance Chief and scores of public official's rubber stamped this cancer because of the easy lobby money directed at them. Greed for lobby money tempers sound judgment it seems. The only way to end this type of self perpetuating system is to put anyone who accepts lobby money into jail and banish them from government service.
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 property tax assessment 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. - 15465
Unqualified buyers were encouraged into 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 entice loans to people who were bad credit risks. Purchasing a home and paying property taxes was supposed to be the cure all for financial happiness and prosperity. His administration began distancing itself from sound lending and accounting principles.
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.
These foolish loans were bought up by Fannie Mae and Freddie Mac. They repackaged these loans and sold them on the open market to other financial institutions. They also gave hundreds of millions of dollars into political coffers to ensure this circus continued.
AIG and other insurance companies insured these loans. Their primary goal is to evaluate and insure against debt risk. Their leverage was set at 12 to 1 meaning that they had to have one dollar in assets to cover 12 dollars or risk. They threw millions of lobby money to leveraging its recirculation rate at a reserve rate of more than 30-1. With such a high-risk and profit expansion levels, any big bump in real estate valuation put those assets in jeapordy.
Federal Reserve economists put their stamp of approval on this financial gimmickry and allowed this charade to continue. Acorn (Association of Community Organizations for Reform Now) and other similar socialist leaning organizations further aided in twisting banks to make even more fraudulent loans.
SEC Chairman, Banking Committee Chairman, The House Finance Chief and scores of public official's rubber stamped this cancer because of the easy lobby money directed at them. Greed for lobby money tempers sound judgment it seems. The only way to end this type of self perpetuating system is to put anyone who accepts lobby money into jail and banish them from government service.
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 property tax assessment 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. - 15465
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Before you accept your property assessment as accurate, look at a property tax guide that could lower the amount you pay in property taxes. Property tax records have a high chance of error and a property tax appeal can lower your property taxes for years.
