Country Boy Views

Free Markets Regulate

2012-01-15

Free Markets Regulate Remember, Bank Of America was going to charge a $5.00 monthly fee for using the ATM s. How did that work? When the customers threatened to close their accounts, B.O.A, had a change of heart. Imagine that!! Verizon was going to charge their customers a $2.00 surcharge, how did that work? When the howl went up from the customers, Verizon also had a change of heart. The private sector listens to the customer, because it is in their best interest to do so. I usually pay my credit card in full each month. On one occasion I set it aside and when I realized that I had not paid it, it was due within two days, I made out the check and rushed it to the post office. The next month my bill showed a late fee, so I called the company and apologized for being late, due to the fact that was the first time, I gave them a choice of rescinding the charge or cancelling the card, would you believe the greedy thieves removed the charge and I still have the same credit card. In my opinion, it was in their best interest to do just that. What is needed is regulations on the government. It is legal for members of congress to participate in insider trading in the stock market. Martha Stewart went to prison for doing what members of congress do and get filthy rich. Congress should have to abide by the same laws that we peasants have to abide by. The Sarbanes- Oxley act was passed in 2002, in response to corporate scandals at Enron, and TYCO and others, to improve transparency, and accountability of corporate finances and financial transactions. The liars at Enron obliterated 60 billion in market value, and 2.1 billion in pension plans, and 5,600 jobs. The executives went to prison and rightly so. Does it concern you that the Dodd/Frank financial regulation law does not include Fannie-Mae and Freddie -Mac? In my humble opinion they are the root cause of the financial markets collapse in the fall of 2008.The market lost 30% of it’s value. As of 2002 Fannie and Freddie had extended more than $3 trillion worth of mortgage credit. The adjustable rate mortgage was used to make payments affordable up front, but, but after two or three years the rate goes up, and when this happens and energy prices increase, something has to give. You can’t afford the mortgage, the gasoline to get to work, groceries and other necessities, so you dump the house payment. Greedy company executives caused great hardship on thousands of hard working folks. Cost jobs, savings and retirement plans. Greedy, stupid government intervention into the housing market cost millions of hard working Americans their homes, jobs, savings, and trillions of dollars in taxes to bail out Fannie and Freddie. In 1999 the Clinton administration increased pressure on Fannie Mae to extend mortgage loans to low and moderate income borrowers. Then he has the audacity to say “ I told the Republicans that they needed to tighten up on Fannie and Freddie”. That is exactly what the Republicans were trying to do, but were fought tooth and nail by Barney Frank and the rest of the incompetent souls that get elected to congress. The whole bunch should have received the same treatment that the executives of Enron received. Have you noticed that Chris Dodd and Barney Frank are retiring. Do you wonder why? Don’t tell me it was the bankers fault, because I never met a banker that would loan money, without a reasonable down payment or collateral. Loaning up to a 110% of a property’s appraised value is insanity, and borrowing money against the equity in your home is also insanity. These things would never have happened, if it were left up to bankers. Bankers would not have loaned the money without a guarantee, and the only people that would make such a guarantee, are those that use other peoples’ money. I know a young man that has the answer, he says “ if you don’t have the money to pay for your wants, quit wanting until you do have the money.” Richard Feuilly

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