Friday, March 20, 2009

Economics - Let's get real!


This morning I was listening to a radio broadcast of the Today Show. They did a feature about Countrywide Mortgage and mortgage fraud. They made an example of a woman who purchased a $200K plus condo. Someone falsified her mortgage application so that she would qualifiy for a 100% mortgage. What is so stunning about this is not just the fraud but that the woman entered into a mortgage that had a payment of more than her monthly income! Hello! Reality check here!!!!!

Regarding the AIG bonus debacle..... Okay, so they say they need to pay these bonuses to keep people on board to take advantage of their expertise and experience. Hmmmmm. Let's think about this.... You need to keep a staff that was so boneheaded that they got you into this mess in the first place? That's almost as dumb as paying those bonuses. It seems to me that there have been enough job losses in the financial sector that there should be a large enough pool to fill vacancies. I'm sure that those who have been laid off would be willing to jump in feet first to do their best and be up to speed in a very short time.

Regarding Bernie Madoff.... Did anyone really think the appeals court would let Mr. Made-off get out of jail. Puh-leese! The more I read about this case, the more unbelievable it is. There is no way that this man single-handedly engineered this fraud. This investigation should keep government officials busy for some time to come.

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