Friday, January 09, 2009

Marginalizing David Malpass

David Malpass is a perma-bull Moron who writes for Forbes. Here's an excerpt from his November 10th, 2008 column:
--Now that the Treasury controls Fannie Mae (nyse: FNM - news - people ) and Freddie Mac (nyse: FRE - news - people ), it could push mortgage rates down sharply to support home purchases. Instead, mortgage rates have been going up.

What kind of loaded gibberish is that?

Yeah, the Treasury COULD push mortgage rates down. To do that it would have to bid up mortgage backed debt across the board. Everyone would dump their bonds on the Feds and the private mortgage market would cease to exist. Taxpayers would take a (bigger) bath.

Offering up what someone or something COULD DO and then leaping to another *point* is to say nothing at all.

Sure, I could've punched the last guy who walked past me in the face, but I DIDN'T. Good luck extrapolating anything meaningful from that.

One has to presume that Malpass is advocating for the Feds to buy up a ton (more) of mortgages and force rates down.

So he's, most cowardly, advocating that Big Government SHOULD embark (further) down this disastrous path.

Now consider that the self-rebutting dope titled his piece "Containing Washington's Power Bulge"!!!

[Online it's titled "Curbing Washington's Growing Power".]

Allow me a minute a day an eternity to ponder how nationalizing the home lending market will retard the statists in Washington.

Malpass' drivel certainly ain't *analysis* best it's a wounded perma-bull's gripe.

The preppies at Forbes (and the National Review) repulse at the tack of people like Ann Coulter and scaty-mouthed bloggers like myself. Offend propriety and their panties all bunch up....

But they offend the sh*t out of Lady Reason - and have been doing so for years.

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