Freedom of Press is limited to those who own one

Site design and maintenance by: >>> ==>∞ to infinity.

The latest from LegacyJournal.info as of:        Sunday, 2008-09-07
Current US Pacific Coast Time:    00:24:26

BYLINE: Content that consistently informs with clarity, class, context, credibility and character.

MOTTOS: Faster, Better, Easier, and Cheaper.   Arete, Fait Lux, Meliora

GOALS: To play with ideas, trends, people, events, products and places that are fun, interesting, and perhaps even important.

Try a keyword site search using "Obama" .

* Listing of Entries Archived by Category using a extensive, sql alphabetized, Grouping. Be patient, the listing is long.
** Listing of Entries Archived by Date A real-time desc sql sort by Date is used.

Archives of Journal Entries: Organized by * Category and by ** Date.

* Listing of Entries Archived by Category using a extensive, sql alphabetized, Grouping. Be patient, the listing is long.
** Listing of Entries Archived by Date A real-time desc sql sort by Date is used.

30 of our most Recent Postings:

LogRoller® : Keyword searching our LegacyJournal postings begins here.

[ Monday, July 14, 2008 08:33 ]

Legacy Journal: High Finance, Bad Loans, and Banking Reform

Section:
None

Summary:
Fannie Mae and Freddie Mac are Depression Era hybrid twins that were originally created to extend easy housing credit to individuals, create construction jobs, and bring the power of the federal government to the needs of the poor. Reduced regulatory and reporting standards, minimal reserve requirements, access to low interest funds, no taxes on “profits”, and a presumption of federal protection, if necessary lead to a powerful competitive advantage and a dominant home mortgage market share. Years of increasing size, a Washington, D.C. power base of lobbyists, administration appointments, Congressional inaction , and a looming economic moral hazard contributed to a stock market meltdown of their share prices.

Raines and other friends of Angelo Mozilo, including Chris Dodd, Kent Conrad, and James Johnson, are reported to have received favorable loans from Countrywide. A California Mozilo company, IndyMac is today officially “failed” and in Fed hands.

Main:
Meanwhile, former Freddy MAC chairman and CEO Franklin Raines and his ilk appear to have escaped tainted but largely beyond the reach of the law. Raines, of Harvard, Oxford, the Clinton OMB, and Lazar Freres, had his mismanagement errors and losses partially covered by insurance.

More:

Footnotes:

Posted by: webscribe2 on 07/14 at 08:33 AM
Banking on It: • Business and Trade: • Calendar: • Monday: • Data: • Dollars and Cents: • Follow the Money: • Funny Money: • IT3 Tech: • Internet Tech: • Google: • Calendar: • Missing Parts: • Moral Jeopardy: • Political Watch: • Washington Watch: • (0) Comments: • (0) Trackbacks: • Permalink:

Powered by ExpressionEngine: 1.6.4, build 20080829 with a number of modules including: Picture Image Gallery 1.0 , Wiki 1.1, Simple Commerce, and Discussion Forum 2.1, build, 20080829 We also use Multiple Site Manager 1.0 ( MSM) , build, 20080829, and the Tag 2.1.1 module, build 20080417 for and Category Management. We also use the Acronym 1.5 Module from Solspace.

We are hosted in Santa Rosa, CA, in the great North Bay country, the gateway to the Redwood Empire.

This site is illuminated by LAMP from our host, Sonic (sonic.net) of Sonoma County, CA.

Currrently, we publish using OSX, XP, and Linux, browser test on FireFox 2.0.0.16.X and 3.0, use Google Apps, and favor the speed of broadband. The new Google Chrome browser is also on our radar screen.

Current US Pacific Coast (West Coast, PDT) Date/Time is Sunday, 2008-09-07 --- 00:24:26

Branded by:

AKA: webscribe2. Our current CMS tool is Expression Engine 1.6.4, build 20080829