Wanting to leave office with a legacy the Bush administration promoted
the home ownership dream to all citizens. Both republican and democrat
people jumped into the same bandwagon to realize it. It a beautiful
idea! Then the money making machines at the Wall Street started
launching exotic loan products to fulfill such dream. Unfortunately
bad monetary policy, mixed with greed and corruption, has caught up
with the financial institutions and as a result the economy is now
spinning uncontrollably.
The still “denied” recession is unavoidable, every one accept it but
our leader and economics experts.
Few weeks ago Bush announced to the country that there was no
recession! Although not many people took him seriously such
announcement has officially qualified him as the Bush of Baghdad!
(Remember the Bob of Baghdad?)
On the contrary those who made billions such as Warrant Buffet, some
humble professors and us little devil advocates disagreed.
Lately the FED chief Bernanky was also promoting the Banking grand
theft! He said (paraphrase): Come on Banks! You can do more! Modify
the loan for the distress homeowners with a lower interest rate and
while you are at it, please lower the principal too! ...

Nyob zoo Sibtham2,

Long time no c...

Thanks for the post.

best,

ms