I’m reasonably aware of all that you say… http://market-ticker.denninger.net/ is one of my daily stops, though I don’t pretend to understand a lot of what he reports. The graft, corruption and out and out dishonesty, though…that’s something he’s made pretty clear.

What was a surprise to me was Rahm Emanuel’s complete lack of solid qualified background. It appears as if his doctorate degree is in wheeling and dealing – and not much of anything else. That was a surprise. He hasn’t even been in actual politics as in _doing_ anything – just seems to have bought results.

Freddie and Fannie were caught OVERSTATING their incomes. By doing so they were permitted to give out BOX CAR sized bonuses to Democrats. The total combined payouts to these apparatchiks was in the hundreds of millions of dollars. All that at a time when the GSEs were being bankrupted by counterfeit credit — which is what Subprime MBS were.

The wound that can’t heal, Freddie and Fannie are wiping out the middle class to save the mega-banking class.

All traditional Real Estate stats are now hopelessly corrupted. Sales at the courthouse steps are routinely recorded by NAR as being at full asking price — a complete lie. The rationale is to firm up prices with these false prints.

Until real estate is correctly priced there can be no recovery.

The GSEs are wasting critical time. They need to shift over to 180 month mortgages, period. End the 30 year and 40 year debt. It’s the out years that make lending on such instruments lethal to lenders.

Shorter maturities would cause land values to drop. Good.

I suspect that HELOCS are dead for generations. Good.

If only we could get Ben to stop hyperinflating the currency.

Remember, hyperinflation got its name from its LATE STAGE PROPERTIES, but is always due to official-counterfeit money printing.

First the PTB gave us counterfeit-credit ( RMBS ) — now it’s on to counterfeit-money ( wide open money printing directed by to friends an family of the Fed )

What could go wrong?

http://betsyspage.blogspot.com/2010/10/rahm-emanuels-future.html

It wouldn’t have taken nearly as long if the Democratic Party of the day had supported said freedom!

You should jot down those anecdotes about Truman and pass them along. They sound priceless.