Fwd: Bill Moyers Journal . Watch & Listen | PBS

[HighlandWindsLLC Miller]

Top notch article/interview by Bill Moyers of Bill Black about current financial collapse.  Have a great day. Peggy


http://www.pbs.org/moyers/journal/04032009/watch.html

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[Russell Gonnering]

"Liar's loans" should boil everyone's blood.  However, a bit more objective review of the timeline and "attractors" that drove this behavior than that presented on this interview will be the only way to prevent travesties like this in the future:

http://activerain.com/blogsview/761158/Mortgage-Mess-Part-10-Exposed

http://www.signonsandiego.com/uniontrib/20041114/news_1h14fannie.html

http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?sec=&spon=&pagewanted=all

The last link, to a NY Times article from 2003, is the most telling:

"The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.  Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.  The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios."

I frankly think the "it's Bush's fault" mantra is wearing a bit thin.  I've watched my 401k become a 201k and I have no desire to see it continue to slide just to appease some false notion of political correctness.  I think that is the "adaptive" part of "complex adaptive system".  Revisionist history serves no one, except perhaps politicians (Republican and Democrat) whose priority is fooling us, yet again, into letting them feed at the public trough for another term.  That we let them do it is no one's fault but our own.

Russ Gonnering

Russell S. Gonnering, MD, FACS, MMM, CPHQ

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On Apr 8, 2009, at 11:52 AM, peggy miller wrote:

Top notch article/interview by Bill Moyers of Bill Black about current financial collapse.  Have a great day. Peggy


http://www.pbs.org/moyers/journal/04032009/watch.html

============================================================
FRIAM Applied Complexity Group listserv
Meets Fridays 9a-11:30 at cafe at St. John's College
lectures, archives, unsubscribe, maps at http://www.friam.org

============================================================
FRIAM Applied Complexity Group listserv
Meets Fridays 9a-11:30 at cafe at St. John's College
lectures, archives, unsubscribe, maps at http://www.friam.org