DISQUS

Did someone say "post mortem autopsies?" Did someone say, "Let them spend 60 days cranking out logical, practical, enforceable policies coupled with easy to read documents?"

What would the Fed be if that was the case? Let's remind ourselves of two important realities. The task of every elected official is re-election or the perpetuation of self-exaltation. Then, let's remind ourselves that nearly 90% of all bureaucrats and politicians have law degrees (you can deduce what you like from this).

Finally, may I respectfully suggest we change this statement:

"Let them spend 60 days cranking out logical, practical, enforceable policies coupled with easy to read documents. "

To this statement:

"Let them spend 6 months interfacing with consumers cranking out loan approvals and explaining in detail all of the fine print, disappearing ink and mumbo-jumbo contained in today's mortgage documents and then, finally, make them accountable for all actions."

Nice work Xman!

REALonomics
www.REALonomics.net

Here's what I like to try to wrap my mind around. Fannie Mae and Freddie Mac are traded securities whose solvency is essentially guaranteed by the Fed. RU with me thus far?

Wrap this. We now have the Fed saying we are going to guarantee what we already guarantee. The mortgage industry was already an illusion, but this brings a whole new meaning to pulling proverbial rabbits out of hats, sawing scantily clad babes in half and elevating elephants.

The drama is just beginning!

REALonomics
www.REALonomics.net