So you've never called, written or emailed your congressman? If you want the real estate market to open up again, you'd better change that habit. Congress responds to pressure at a local level.
So far, the bailout plan lacks the same transparency that sank so many titans on Wall Street.
Demand disclosure. Demand transparency. Let them know you're serious about this or it won't happen. If you want a blueprint, let me refer you to an upstate New York organic farmer named Sandy Lewis. Sandy worked on Wall Street for 26 years, from '64 to '90.
He's written a fantastic opinion piece this morning on Bloomberg.com. Here's the link. Bookmark this if you don't have time right now, but come back and read Sandy's article. Here's a little of it to wet your whistle.
"A new legislative package should define a threefold mission for this fund, its managers and trustees:
First, using Fannie Mae's resources, direct the fund to research, track and disclose the approximate value of the debt instruments that are out there, one by one, asset by asset, mortgage by mortgage. This also would make mark-to-market accounting what it should be -- the immutable law of the land. Mark-to-market isn't the culprit; it's simply a way of telling it like it is to investors and the public.
Second, create a sales reporting mechanism that offers the needed disclosure for these securities so as to start recycling rather than warehousing the toxic assets. This would ensure accurate, thorough, timely information."
Third? Click the link and read the article. Then contact your congressman. Your voice will count.
I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.
Think of me as your Tucson expert.
I still love the blog I read a week or so ago that said divide the $700 Billion to each citizen (something around $500,000 each) and see how much impact this has on the economy. I don't know if this is a realistic solution to our problems, but I would love to give it a try!!!
It is easy to shake our fingers at fat Wall Street money barons and... their sticky fingers were deep in the pie but...
Leave us not disremember that each and every individual in the industry three years prior to today was also involved in creating the mess, at some level. Some did fraud or sold risky loans; some knew about fraud and risky loans and said nothing.
IF we really want to do something to never have a recurrence then everyday we should look in a mirror and ask "How could I have made it better". Wall Street and politicians cannot do evil without accomplices.
This bailout is doing no good ! Or at least I'm not seeing it. Why are we bailing out fraud anyway? What about the American people who are homeless, jobless, have no food and where their times are not getting any easier. They give us a stimulus package in the height of food and fuel prices and wonder why this didn't help the economy. I'm tired of bailing everyone else out rather than the American people who end up being the ones running the show anyway ! If it were not for all of us, loans would not originate, banks, congressmen and so on wouldn't get paid, it's OUR TURN !
The Government has heard the " peoples' cry..although have done nothing about it. Now, families, children, husbands and wives are dying at their own hands, the only way out they know. It's time to help the " little people" and let sleep dogs lay down !
Melissa, It's not old enough to impact you yet, but your 401k should be recovering, largely by infusing cash into the banking system. Read about The Great Depression. Wall Street and the banks collapsed and unemployment and homelessness were rampant.
Avoiding The Great Depression II sounds like a wise investment of our resources to me. Could they be more open and transparent with the plans? Sure, but at the expense of time to implement. These people or elected to act on our behalf, let them do their work, we can follow along.
Randall,
Please don't SHOUT! We can hear you just fine. I'm with you on your comment, except that I really love what Ronald Reagan said about transparency: Trust, but verify."
Melissa,
Thanks for your comment. We're not bailing out fraud. You'll see lawsuits brought in the next six months against fraudsters who will go to jail. We're bailing out our economy. If money can't flow in the credit markets, you won't be able to buy groceries at Walmart, Albertsons or any other chain who operates daily on credit. Randall has a good point, but I wish he wouldn't SHOUT so loud in this civilized forum.
Bill,
Thoughtful comment; thanks for stopping by.
Lewis,
The check's in the mail. LOL Thanks for being the first to comment!
Mike in Tucson
Mike - THis is great , keep up the good work. The silent majority needs to stop being silent and take control of our country again.
You are correct, Mike-we need to demand accountability in any way that we can on this issue.
Mike,
The three points should be enough to get folks to at least read Sandy's article and then take action. I know that I am.
Thanks for the post, Mike, this is the only way Congress pays attention - If they get the phone calls and letters of thousands of people. I'll let mine know today.
Mike -
Here, here! My husband and I were just talking this week about the serious need for citizen engagement that is so seriously lacking in this issue as well as many others.
Sounds good to me I will call or e-mail tomorrow. Something needs to be done.
I have thought about the process of hundred of thousands of mortgages across the nation and how to check each one. One by one may be the only way. What a job and what an opportunity for fraud. The need to be accountable for it or we will just magnify the problem.
Mike - That's a great suggestion. A little transparency would be a great thing. By the way, I mentioned you in my blog piece today. I was talking about great photography presented on ActiveRain by those who vacation, and have interesting critter encounters around their homes, etc.
I think I will actually go to our local storefront office for my Congressman. I had another issue I wanted to bring up but I can always mention two! I'm always emailing his office and getting the same canned response!
They are apparently leaking some info as to where they are pumping the cash. For the bulk of it, I don't think THEY know, Yet.