Accountability in the age of financial insanity
My friend Dan admits he’s no financial expert.
But even a high-finance novice could smell something rotten in the advertising come-ons the last few years that urged homeowners to refinance their mortgages for up to 120 percent of their equity. After all, what’s the financial logic behind an invitation to refinance my mortgage beyond its original value?
Then when the homeowner defaults on the mortgage the fallout cascades down the line. Dan wants to know: who’s going to be held accountable for this?
Read Dan’s incisive analysis of the whole sorry situation that has brought down some of the nation’s biggest banks and required a government bailout of almost a trillion dollars. That’s a lot of zeroes.
Jim Stafford
Business Writer
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Comments
Incisive? Hardly.
This ill-informed McCain ad ignores several important facts, including McCain’s own admissions that he was unaware of what was going on. It also overlooks that a good part of the blame can be pinned on industry deregulation orchestrated by Phil Gramm, McCain’s chief economic advisor and possible McCain nominee for treasury secretary.
Q: In 1999, you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now?
McCAIN: No. I think the deregulation was probably helpful to the growth of our economy.
http://www.youtube.com/watch?v=vUJ_Qn0AHTU
I’m not a strong Obama backer, but the economy is not a place where McCain wants to make his stand.
The theme song for those of us watching Ben Bernake’s moves very closely these days: http://www.youtube.com/watch?v=ipJTqCbETog
It’s a video produced by a Columbia Business School professor who was in the running for Bernake’s job.