Dear Mr. President

[AllentownJake]

In October of 2008, despite mass objection of the citizens of this country, the Congress passed TARP to help the banks avoid responsibility for their actions. The justification of which was to avoid a second Great Depression. Throughout 2009 your administration has gone to great lengths, which includes working with the Federal Reserve to buy toxic mortgage assets, offering tax breaks through rule interpretations to these institutions, and changing accounting rules to make them look better.

A year and 3 months later, minus the safety net that was constructed after the last truly Great President, we are in a Great Depression.

Yesterday, Mr. President, I learned an interesting statistic. 95% of all mortgages in the 4th quarter of 2009 were funded by the federal government. Which means essentially, the banks have been nationalized, or at least the funding of banks has been nationalized.

Since these institutions appear to now be nothing more than middleman between the federal government and the citizens, might I suggest you drop the bullshit pretense that you are having trouble regulating such institutions. I'm no genius, but the one thing I've understood since my day as a paper boy, is that when someone is providing you with money, you accommodate them.

As thus, Financial Reform in this country is now on your shoulders Mr. President, as your administration is the organization funding such institutions, whether you like it or not, as their enabler by supplying funding, you as CEO of America are now responsible with their behavior and acceptance of reform, since not only have you saved them, you are the only thing keeping them living.


Sincerely,

A 31 year old citizen.

[Dinger]

1. Proud To Be The First Kick And Rec!

:thumbsup: :hi: :patriot:

[Stinky The Clown]

2. Second here

[Dinger]

3. Hi Stinky!

:hi: :loveya:

[AllentownJake]

4. Somehow I knew you two would like this

;-)

[Dinger]

5. Correct You Are : )

As usual.:)

[sendero]

8. Johnny Cash..

.... what country music could have been.

[Dinger]

12. Awwwwwww

:loveya:

[FreakinDJ]

6. Where did you get the 95% statistic

In 2009, 72% of home mortgages were bought or guaranteed by the GSEs. Freddie Mac alone helped more than 2.5 million American families own or rent a home.

http://www.freddiemac.com /

[AllentownJake]

7. 4th quarter of 2009

The beginning of 2009 was much better than the end wouldn't you say?

I linked in another thread I replied to, so you know it was a Huffpo interview about Volcker, unless they aren't a reliable source.

[FreakinDJ]

9. No - I never saw the link nor your reply

[AllentownJake]

10. Here you go

http://www.huffingtonpost.com/2010/02/19/paul-volcker-says-mortgag_n_469415.html

The federal government was responsible for up to 95 percent of all new home mortgages in the fourth quarter of 2009, said Guy Cecala, publisher of Inside Mortgage Finance, a leading industry publication.

[Union Yes]

11. Nationalized funding, privatized profit-taking = Murikkkan free market banking. knr nt

[SammyWinstonJack]

13. K&R nt

[newtothegame]

14. Let us know what he says! n/t