Today Naked Capitalism reports that American Banker has a story out on MBS trustees being caught in the cross hairs of S-E-C-U-R-I-T-I-Z-A-T-I-O-N, R
This writer issued a Special FiduciaryALERT™ last month “Near the end of Money” when, not if the STD (Securitization Transmitted Damage) goes VIRAL? Trillions of dollars of Mortgages, thought evidenced by original notes and deeds on every house, every apartment in this country are under pinned by the instrument/s of mortgage finance faced with unrelenting scrutiny. If property ownership is in question, and it sure seems headed that way, then property taxes (and collections by states and cities) on same ain’t going up; but down.
Many states and cities have already done what was once unthinkable and cut back spending and jobs. When the MAIN source of funding looks to go a little further south some states like
We were all taught that time is money; namely that the tick tock of interest waits for no one. Yet implicit in this time is money concept is the inescapable renter, those thoughts and/or action which occupy, takes our time? What is the purpose, the end desired result? Is it a prudent purpose or the opposite a speculation?
It seems to me, in terms of time we, collectively, are speculating. When in terms of money we must constantly find better use. When it comes to us, possessed of an information advantage, our collective duty to future generations rises to a fiduciary duty.
Questions about real, productive use of time. What capacity are we building or should we be thinking about?
How does the money industry’s soothsayers including lobbyists, regulators/ions, economists, overwhelmed by speculation, within the non-stop churn of currency, commodities, debt and stock trades, analysis and reporting cure any cancer, put food in the mouth of a starving child here in the US, teach a student to play the violin? (Yes of course a few make laudable genuine efforts, but why not more?) Or the latest craze seems "social media" tools (and games) and to what end? Whose seemingly main purpose is to aggregate, then monetize as many devices and users' digits, eyeballs and time together with cool stuff; seems largely more media for media’s sake.
To what maximum effect?
How are the advantaged, more fortunate, better educated bankers, hedgies, P/E types, attorneys, analysts, traders, brokers, advisers using their time, to what socially useful end – now watching, tending money? The unemployed, UNDER employed – how are they using their time? The homeless, how are we allowing/enabling them to use their time, literally surviving on the streets and gutters? Some of whom could be the next fill in the blank, carrier #1 transmitter of the next deadly infectious disease to inventor of clean air - based energy. True, maybe.
Time has come…will time or money prevail, join hands and work better together to do the right thing? For now time is money, money can not in the end buy time…ending the siesta on the taxpayer’s dime – one easy to read blog at a time.