Risky Buisness
BREAKING NEWS !!! RISK IS RISKY !!!
Treasury Secretary Tim 1040 Geithner has his secretarial undies in a bundle regarding risk-taking on Wall Street. Without going into all the boring details, let’s just say he is against it. Or at least his boss is against it and he, being the good soldier, is taking on the yoke of this remarkably socialistic plan as his own.
Geithner is calling for sweeping government regulations and increased governmental oversight of the risk taken by private sector financial businesses by the most inept financial minds on the planet, the US Congress.
It was of course under the Democratic direction and weak kneed Republican opposition of Congress that Fannie Mae and Freddie Mac were summarily tasked with undertaking enormous risk in the low income and subprime mortgage markets. When this house of cards eventually met its inevitable collapse under the weight of increased defaults of these welfare mortgages, causing real estate values to plunge and mortgage bonds to become worthless, the whole world felt the pain of congressional incompetence.
Wall Street certainly carries some of the blame for getting caught with their pin striped pants down. But only for not adequately forecasting the effect this governmental folly would have. It is however important to remember that for every loser on Wall Street betting the housing market would continue to go up, there was a winner betting the other side. The recent government bailouts were so the losers could pay the winners. To state now, as they are, that all of Wall Street was wrong and in need of government guidance is as false as the supposition that it was Wall Street greed and not congressional incompetence that led to the whole collapse in the first place.
Secretary Geithner’s newfound aversion to risk is so profound it’s a shame he doesn’t have a position in the National Security Administration or the CIA. As Tim 1040 continues to tatter his tunic about reducing financial risk on Wall Street the real risks to America’s safety and security continues to increase by land and air unabated.
Both funding and political resolve for increased protections along the US – Mexico border are slowly eroding. Even as the FBI publishes their investigative reports showing a dramatic increase in drug cartel armies invading border towns on a murderous rampage, Secretary of State Hillary Clinton lays blame on American drug users rather than Mexican drug kingpins. American intelligence estimates that the Mexican drug cartel armies are equal in numbers to the entire Mexican military.
In the United States drug dealing street gangs comprised mostly of illegal Mexicans aliens have increased at a record pace in the last 3 years. Gang activity has risen over 35% in the last two years and their reach into the United States has expanded over 14%. It is estimated that in areas comprised predominantly of Hispanics nearly 60% of all gang members are illegal aliens. The Salvadorian gang MS-13 has spread throughout the United States. The FBI’s MS-13 Gang Task Force chief Aaron Escorza reported that because of the “revolving door” on the border, membership of MS-13 gang members remains at about 10,000, even as illegal alien members are deported new illegal aliens take their place. And still congress debates the need for increased security along the Mexican border.
In the sky, President Obama is quietly ending the federal firearms program designed to allow commercial airline pilots to carry firearms.
Earlier in March the president diverted some $2 million in funding from the pilot training program. Since pilots were allowed to carry firearms after the 9-11 attacks there has not been one instance of improper use of a firearm by a pilot. Complaints received involved less the 1% of the overall officers in the program and all have been disproved. There have also not been any additional hijack attempts. Do you suppose that is by coincidence?
70% of all commercial pilots have a military background. Yet the approval process to allow more pilots carry a firearm has come to a halt without explanation.
While the Obama administration tries to reduce risk on Wall Street the risk on Main Street is real and growing.
I wonder if this Nero knows how to fiddle.
