Atlas Shrugged: The Mocking

Sunday, September 28, 2008

Mortgages of Mass Destruction

Senator Dianne Feinstein, via Mish's Global Economic Trends:

Since this announcement, my offices have received thousands of comments
from Californians like you concerned about how this action will affect them.
Yet, I believe prudent action must be taken. The bill should include the
following principles: a phase-in of funding; oversight, accountability and
transparency; a mechanism allowing the Secretary of the Treasury to modify
mortgages to prevent additional foreclosures; and a precise cap on executive

The current credit crisis affects all Americans. If action is not taken to
stem the crisis, Americans risk losing their homes, jobs, personal savings, life
insurance and more. Banks will cease to lend to businesses and homeowners, and
credit will be increasingly difficult to come by for average Americans. I
strongly believe that the consequences of failing to act now would be greater
than not acting at all.

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