As a result of their accounting scandals Fannie Mae and Freddy Mac had their portfolios capped about 725 billion dollars, but regulators have now removed the caps.
This is, to quote Nietzsche, "Like the bite of a dog into a stone, it is a stupidity".
The head of OFHEO, James Lockhart, will be eliminating the caps this week, and it looks like he will be reducing their capital requirements below the current 30% too.
Mr. Lockhart is an ass. At a time when the 2nd and 3rd largest borrowers in the world, after the US government, are facing a collapsing market, allowing them to go further out on a limb that is being sawed through is insane.
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Matthew Saroff, Mechanical Engineer, Owings Mills, Maryland, US
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Matthew Saroff, Mechanical Engineer, Owings Mills, Maryland, US
I reserve the right to reprint any email correspondence on my blog.
If you want to keep your correspondence private, please tell me.
A member of the Democratic wing of the Democratic party, and a fan of Bernie who thinks Neoliberal (DLC/New Dem) trickle down conomics sucks.Mechanical Engineer with a background in defense, electronics packaging, medical & food equipment, transportation, and manufacturing.
In my spare time (Hah!), I am the developer of the Firefox addon, bbCode for Web Extensions (bbCodeWebEx).
I have two cats, a black cat, and a gray and white long hair cat, who keep me on my toes. (Because he keeps attacking my feet)
I am a Jew and a Zionist, who is married to a woman with exquisitely bad taste in men, and I have two remarkable children with her.
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What is 40 Years in the Desert?
This blog is a place to put my stream of consciousness thoughts about life, politics, technology, and cats.
It's a posting ground for my more-or-less annual personal newsletter, 40 Years in the Desert.(PDF's available at link)
I find that if I wait until year's end I miss stuff from earlier in the year.
40 Years is put out the old fashioned way, it's printed out on ledger sized paper with 4 pages and mailed to people, total circulation of about 100.
I'm just not the holiday card kind of guy. A warning, if you comment here, I may use it in my paper publication.
You will get credit, and if I can get your postal adress, you will get at least the issue where you are quoted (probably a lot more, I rarely trim my list).
If someone actually wants to pay for an issue...I don't know, I guess a buck, but you can get the PDF's free.
I intend to post at least a couple of times a week,Privacy Policy
I reserve the right to use any comments in my (paper) newsletter. Also, I will make an attempt to contact the commenter and offer them a copy of the newsletter.
I may also post on the blog on your comments.
I use Google ads, and Google Analytics, because Google is watching you anyway. They own blogger.
You can review your ad settings, and Google's policies, here.
I may also post on the blog on your comments.
I use Google ads, and Google Analytics, because Google is watching you anyway. They own blogger.
You can review your ad settings, and Google's policies, here.
Commercial Disclosures
Please, send me free stuff, and I will consider doing a review.
I am a complete whore, so assume that any review is the result of free stuff, and/or under the table payments.
I will do my level best to reveal such conflicts when I remember to.
I am a complete whore, so assume that any review is the result of free stuff, and/or under the table payments.
I will do my level best to reveal such conflicts when I remember to.
Contents © Matthew G. Saroff, 2007 — 2023
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