I read a lot of National Mortgage News (NMN). They, like most blogs, rehash that which Reuters and others generate. I like them, though, as their site is pretty clean and doesn’t force me to buy garbage. Every now and then, though, they spin out something original which is the subject of my Post today. Bonnie Sinnock is the Managing Editor and by in large publishes some fairly decent stuff; I say this bearing in mind I have no journalistic background and am simply an outside observer. With that said, today Sinnock came out with a post criticizing PBS on their discussing the fact that no one was looked at for indictments as a result of the foreclosure fiasco. She cites a Wall Street researcher as her justification and submits to the readership that really this is just a misunderstanding and we should try to just fix that which is broke. The US Government should simply take a walk because of fiscal troubles is also a position Sinnock takes.
Bonnie, hello?! We are talking a cumulative total of TWO TRILLION DOLLARS tangible loss to those whom HAD NOTHING TO DO WITH THE MESS and the actual damages for the foreclosures are still being tallied! This is the largest shift in wealth and property in the recorded history of civilization! Hey, the system isn’t broke, though, this is just an oops!
This mindset; this Beltway mentality that blue collared workers should shoulder the burden of white collar mistakes is why poll after poll are distrustful of folks like Bonnie and the financial institutions she attempts to protect. Let me clarify my position, lest Sinnock release the hounds. Bonnie’s supposition that criminal activities should not be prosecuted based upon some kind of budgetary constraint is remarkably sophomoric. When juxtaposed with say rape, do we just tell the victim, “Gee, costs too much so get over it”? Do we, as a Nation, begin to say that firms with unlimited resources whom poach the very lawyers whom were going to prosecute them, get a pass?
Ms. Sinnock, I submit to you that while I agree the system needs to be fixed, pandering to Big Money is rather biased. I further submit that if we keep the fox in the chicken house, there will be no change. Why do we have a judicial system? Is it only to ensure that the peasants pay their due to the King? Trillions of dollars gone; lives shattered and your opinion is give ’em a pass. Will you say that when they come for your home?
I about rolled over laughing when weight was given to the supposition that regulators were going to do anything. G-d bless Dodd-Frank, ‘eh?! 24 million man hours to do nothing but force smaller institutions out and consolidate power and control. Where did we misplace the telephone number for the United States Department of Justice? Hell, retroactive prosecution, how about now? Just take a read through some of our postings on how the very same institutions responsible for this insanity are ensuring liens upon the very same properties they are trying to sell.