Tuesday, September 30, 2008

777 Point Tumble: Message from a Former Bimbo

I admit it. I always wanted to write a blog entry with the words "tumble" and "bimbo" in the same title. Tumble and bimbo go together like bacon and eggs, grits and honey, or the Captain and Tennille. They just work together.

I admit it. I was a bit surprised by yesterday's events. When Nancy Pelosi said that the Republicans, I was not surprised. But saying it right before a "non partisan" vote seemed a little extreme. Guess she thought she had the votes. Oh, yeah, and she told 16 Dems to vote against the bill. Not to worry. She had the votes. From where I sit, I don't think most Republicans like Bush, and she basically wanted to align all Republicans with Bush and tell them it was their own damn fault. Hearing her speech reminded me of watching an illusionist in Las Vegas. Or was it Reno. Somewhere where gambling (and prostitution) is legal. I sort of think all places where both are legal look the same – lots of big breasted women in cocktail dresses at four in the afternoon, and slot machines on every damn surface.

I admit it. When I wrote that bit about prostitution and gambling, I thought that could explain the credit crunch. I mean, mortgage companies were gambling that housing values would go up and up, all of the time. Hell, I can remember when I purchased a house a few years ago, the mortgage company did not want us to put anything down. They said they could not legally say this, but if we got in trouble with the house payment, that we could just flip the house for a profit. Yeah, I wonder why they told me it if they could not legally say it. You have the real estate agent, the mortgage broker, the title company, all working together like pimps and prostitutes. Working the housing industry like the prostitutes work the street. Now that I have the "tits and ass" and "gambling" in this blog post, I can wrap this puppy up.

I admit it. I am mad at the banking industry – and Wall Street. AYou are going to hear a lot about how politics just robbed your 401Ks of 1.3 Trillion Dollars yesterday. Don't believe it. Wall Street already factored in the bailout into the equation and valued stocks accordingly. When it seemed that the bailout would not happen, they had to re-evaluate those stocks. They were counting on money to boost stocks again. Sons of bitches.

I admit it. I really hate mortgage bankers. Right now, the Federal Reserve has been trying to infuse money into the economy. But banks are sitting on all of this crappy debt, debt they knew was crappy. By not lending money, they are hoping against hope that the government will take over all of this bad debt.

I admit it. I got off track talking about prostitutes and gambling. Which brings me back to the illusionist at Reno. I did not finish the thought. The reason illusionists have beautiful assistants is to distract you. You are looking at the glittering cleavage and you miss the slight of hand. Right now the mortgage industry - the whole banking industry is hoping you look at the blonde's knockers, because they really, really want the 700 Billion dollar bailout. And I predict this as well, we will not hear bailout anymore. The word has stink attached to it. It will be a stimulus package or a rescue or something that sounds all noble and worthy of your representative's vote. Just keep your eye's on the illusionist, Americans. I don't want my 401K to go to hell in a hand basket, but I also don't want the government to fix a problem the banking industry made in the first place. With the help, of course, from Freddy Mac and Fannie Mae, and Alan Greenspan.

I wrote a funny little post for today, but I wanted to get this out. I know it is political and not funny. But at least there is a bit of T&A. Maybe I should find a picture and attach it to the post. I love Google for such things.


Grant said...

I admit it - I don't find owning a house worthwhile. I'm glad I rent. I've known some people who bought houses on the West coast, then property values dropped and they owed more on the house than it's current value.

Anonymous said...

Quite simply, you rock.

Rob said...

I'll check back later for the pictures of tits and ass! ;-)

Oh, and I agree with "anonymous" above, Leesa -- you effing rock! I'm REALLY glad you're back to posting on at least a semi-regular basis....

Joe said...

I'm with you on the mortgage bankers, but I'll add it the millions of borrowers that lied to get the loans as well.

And the banks want the $700b but don't want to give back anything or submit to regulatory oversight. Sure, we'll give you stock, they say. Even better, let's give you warrants for options to buy stock and later we'll pay lobbyists to convince you not to exercise the options. And let's make it non-voting stock! Not preferred stock like Buffet got for the $5b he invested in Goldman.

And why would the government bow to pressure from the banking lobbyists who say that if we don't craft the legislation that way, they won't participate. Why not just let them fail, then. We tried...

Anyway, clearly this is a touchy subject with me. I just don't understand.

Anonymous said...

They will strike a deal, taxpayers will bail out the rich ... AGAIN and stocks will go back up.


Leesa said...

rob: I am trying to post on Tuesdays and Thursdays. As regular as a period.

joe: yeah, I did not even consider that people lied on loan applications. I know someone in that industry, and she suggests that certain people can be "self employed." She says people aren't suppose to lie, and she tells them that. She also mention that she doesn't think her company checks on it. Wink-wink.

knot: taxpayers support the rich AND poor. That's how it always is.