Thursday, September 30, 2010

Justice-Free Markets - If We Can Call Them 'Markets'

Despite my steady diet of *selective ignorance* of all things deemed news....I accidentally came across that article in my web surfing and it infuriated me.

So why is JP Morgan actually halting their *foreclosures*?

Well, for a variety of scumbag reasons.

First, it gives them cover to CONTINUE to not realize the crippling losses on their mortgage books.

And THAT, allows management to CONTINUE paying itself bull market wages.

It's also an act of political obeisance to Big Government - after all, JP Morgan is so completely bankrupt that they only exist because of direct access to Washington and to the printing press. So they have to occasionally submit to bend over for that other posse of Big Gov apparatchiks - lawyers.

There's also this econo-illiterate theory prevalent among bankers and Washington incumbents that by simply stalling/halting foreclosures....that this will keep the housing market from EVER falling back to reality. They genuinely believe this but in fairness, these Morons hold dear a vast number of other myths and legends.

But what really made my blood boil in that article was the mention that GMAC - a 200% taxpayer-owned entity - had already, yet again, come up with this same BS excuse to let people like my old landlord hold on to properties that there were already a couple of years delinquent on.

In fact, he's still collecting rent on that rat-infested house that I used to live in. The bills haven't been paid in 2.5 years!!! His first bankruptcy filing was over 6 months ago and he still hasn't been dispossessed of the 4 homes he *owns* and is milking.

Everybody in this picture is making out like the bandits they are.

Meanwhile, the rest of us are suffering from all sorts of crafty new banking and credit card fees, zero interest on our savings, and higher taxes at every level of government.

It doesn't take much foresight to see that these pols WILL NEVER, EVER reverse course - towards the isle of economic prudence.

Nope. They've set us on the path to a full-blown currency implosion.

Today I heard, for the first time in the nearly 15 years I've been following the stock market, I heard some Top-40 DJ mention how great the stock market is doing. He said, "Run home and open those end-of-quarter statements and you'll be smiling..."

Can you say, "shoe shiner stock tips"?


Paul Mitchell said...

Joe Kennedy would be running like Hell right now.

west coast tom. said...

While I was at Brown Brothers, we had a saying - "when your caddie talks about the market, it's time to get out." Kinda' sounds similar.