Courage America

Fear in America. President Truman said, and I apologize as I mis-quote, "America was not built on fear. America was built on courage, on imagination, and unbeatable determination to do the job at hand."




I don't see Leadership inspiring courage today. Obama reads the letter from a young miner just days before the tragedy and repeats the lamplight prayer. He shakes his finger that we will get to the bottom of this. The next post is the bevy of legal experts who estimate settlement dollars. How ugly are we to send news crews to the funerals?

Our Administration on all political sides has become afraid of wealth and afraid of commerce. The Leadership tells us to trust them; they will get to the bottom of this and regulate every aspect of our lives.



I am sorry but work is hard. Creating, building, selling, inventing does not happen when you nap comfortably at the country club pool. The job in front of us is to buckle down, work twice as smart, and reach our hand to pull up our neighbors ( I mean our neighbors in the United States). Bring me inspiration, grant me bravery, God Bless America.

WHAT the .... is a CDO?

What will these guys say?

Will America be listening?

"James L. Should have let us go broke?"

Chuck Prince says today he didn't really understand CDO's

"Without the CDO losses, which totaled $30 billion over six quarters, Citigroup might have performed as well as any other bank during the financial crisis," Mr. Prince my heart goes out to you that you didn't sell your CIT stock at the high, just as I lost my pension in the Federal take-over of Wamu.

Mine Government's survey says:

1. 
   
   Complex loan products that consumers didn’t understand ( Americans were to dumb to read)
2. 
   
   Credit ratings failed to show the risks contained in subprime-backed securities ( FICO can be monekyed with and Moody's is and was out of touch with reality it wasn't Alt A or subprime that brought us down it was guys who bought toys with the inflated value of their homes) 
3. 
   
   .Lack of incentives for institutional investors to check- THIS IS THE NUMBER ONE REASON For FAILURE (they relied on the credit ratings; A 27 year old MBA pushed blocks of loans without having any- no make that ZERO training in the loan business. They had no clue that the most important thing is a face to face application whereby an employee meets and vouches for the real borrower- certify it was called)  
4. 
   
   Predatory lending and borrowing (this is a joke doing a loan to persons who are shakey or unworthy takes far more time to make up lies than honest mortgage banking. Borrowers got the scam ideas from advertisers who still run "get rich quick ads with real estate no money down just follow my tricks and pay for my seminar,"  its a cultural lie in America- we are  not entitled to win the lotto with no work ).
5. 
   
   Significant errors in the models used by credit rating agencies to assess subprime-backed securities.(Creative accounting/Models based on statistics that can be played with and modified. Harvard Business professors pontificated to students about such nonsense. Mathmatics Grad students repeated the corporate montra that any monkey can orginate a loan)

So what do you think they will say?

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