Sunday, February 15, 2009

America (the US Dollar) needs ROMNEY not Geithner

Romney (or someone like him) has the guts and experience to get the job done; example, not perhaps not totally perfect but forward thinking Massachusetts' health care program.
Mr Geithner is a creature (product) of the NY Federal reserve - keeper of the status quo of Wall St, NY banks; prior to that at the IMF (mostly US banks) and before that US Treasury.

To my knowledge, subject to correction, never spent a day in his adult life running a commercial business; seemingly unable to subject said institutions to the oversight they and stakeholders must and should experience.

Add up all the delinquent mortgage borrowers, it’s in the millions.
Add up the on-time payers, current mortgage borrowers it’s a lot more; estimated to be 10 times more.
Add up the very solvent US banks = an overwhelming majority of the 9,000 or so banks in the US (reference: Mr Sorrentino's interview on Bloomberg TV past Friday).

What do these solvent banks have in common? One thing, among several is this - they “know” their customers; because they have a personal or community relationship.
Let the BIG 5 banks solve their own problems – they were all self created, because of 1 thing – taking on way above market risk and massive, undisclosed LEVERAGE, in greedy pursuit of massive profits. Not one bank claims to be a victim of extortion or blackmail correct?

The solution is this:
Put all the parties who were dancing to “music of the night” (from phantom of the opera)

to the delinquent mortgage problem in a football stadium in every county and let them solve their own problems; whether they created it, fell victim to it or invested in it; that’s a start for accountability and REAL CHANGE WE CAN BELIEVE IN.
Government sponsored bailouts upon the backs of US Taxpayers and future generations of taxpayers is simply throwing good money after conscious, knew-what-they-were-getting-into bad (borrowing, lending and investing) decisions; the rest of the country has got to get back to business.

When will America wake up?

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