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21 AUG 2007
While reading (surfing) the New York Times this week, I came across an interesting article and transcript from the Democratic debate in Iowa. This particular “review” of the debate focused mainly on one issue, how the debate only briefly touched on one of the biggest issues facing our country – the crisis in the mortgage markets. I can’t say I was completely surprised by the blip on the radar, and this debate speaks for itself. It seems as though many of the politicians either don’t grasp the gravity of the situation, or just choose not to address the issue. Or maybe, they’re just completely confused! Take for example the following excerpt from the transcript.
Governor Richardson: This is the Katrina of the mortgage-lending industry. The answer to your question is yes, there has to be more liquidity, more funds in the market. What we need is more transparency between those that are making this business happen.
And what we also need to do is to not appoint officials that are in the industry to regulate that specific industry. The mortgage industry, they’ve become — a lot of them — a bunch of loan sharks.
Senator Biden: The answer is yes. But we need, as the governor says, more transparency, particularly with regard to hedge funds and private equity funds. They are the ones that are causing this thing to go under. And there’s no transparency, no accountability. We don’t know how deep this problem is.
After reading this several times, I can honestly say, I have no idea what the Governor or Senator are talking about in regards to Transparency. Seriously, what are they’re talking about? I’m not sure they even know.
You just read:Transparency in the Mortgage Industry…or Buzz-Word Happy Politicians? by Scott Schoberg
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What they’re referring to is the lack of public visiblity or accountability in the secondary market. Seriously- who knew the level of exposure for BNP Paribas or that they’re exiting the market would ripple across like it did.
the hedgefunds/and the carry trade are the ultimate free market entities- but like LTCM, if enough of them are exposed and vulnerable, it’s a problem for everyone to just let the market correct.
You know- borrow a little form the bank, it’s your problem. Borrow a lot- it’s the banks problem. borrow enough- it’s everyone’s problem.
OK, I’ll go on record…
I’m a reasonably bright guy and I’ve read through the transcript now several times.
I have absolutely no clue as to what Senator Biden and Governor Richardson are even talking about!
“Transparency”???
“Loan Sharks”???
(tied to)
“Hedge Funds”???
“Private Equity Funds”????
Oh my.
While both the Senator and Governor appear to be excellent at hot-search-term-of-the-day SEO (Search Engine Optimization), neither appear to be very effective debaters with respect to the financial markets.
SPF