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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Thu Apr 05, 2007 4:21 am Post subject: Subprime Mortgage Problem Contained? Give Me A Break! |
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I think that some heads are going to roll when Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson are forced to admit that the subprime mortgage problem is not contained. In my previous professional life, I worked as a sales person for a software company. We as sales people were often referred to as “feet on the street.” In addition to our sales responsibilities, we were responsible for gathering competitive information, surveying the landscape, detecting trends and most importantly feeding this data back to headquarters. Through formal as well as informal channels, the “feet on the street” ensured that the executives always had the most current field data. Since the executives were constantly speaking to Wall Street or in Industry forums inaccurate data could be very costly in many ways.
Obviously there is no such thing as “feet in the street” in the Government. If it were so, Paulson never would have made the following statement “Damage to the American economy from the housing market downturn and subprime mortgage foreclosures appears to be contained…” Five days after his remarks, in a statement released by a Buffalo, N.Y. based regional bank M&T Bank Corp (MTB), it stated that it is having trouble selling some of its loans. Prices dropped more than anticipated in its recent auction of some of its Alt-A loans – loans that fall between subprime and prime.
Headlines on that same day were:
U.S. mortgage woes could hit regional banks (Reuters)
Mortgage Woes Spread Up Credit Ladder (AP)
That doesn't sound like a problem that is contained. Maybe Paulson's people should be put on the street. Bernanke's cadre of PhDs is no better. One would think that a PhD would be an expert in simple deductive reasoning like if A =B and B = C then A = C.
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