Hillary Clinton has a massive brainfart, calls on Alan Greenspan (who created the housing mess) to head a special panel to solve the housing problem

Monkeys I tell ya.

Monkeys.

Go away Hillary. Go home. You're no longer needed around here.

Clinton calls for panel on housing woes

Democrat Hillary Rodham Clinton called on President Bush on Monday to appoint "an emergency working group on foreclosures" to recommend new ways to confront the nation's housing finance troubles.

The New York senator said the panel should be led by financial experts such as Robert Rubin, who was treasury secretary in her husband's administration, and former Federal Reserve chairmen Alan Greenspan and Paul Volcker.

Before he was taken out by a government wiretap, Eliot Spitzer had a few things to say about the REIC and the Bush Administration

I've gotta believe there were some in the government who knew of Spitzer's hooker problem for quite some time. And they leaked it right when they needed to - when he decided to go after the mortgage industrial complex and Bush.

Well, at least it was just a public shaming and loss of his job, and not a bullet.

HousingPANIC Stupid Question of the Day

So how long have you been comin round here?

Do you consider yourself an HP'er?

We may not agree on everything, hell, it's my hope that we don't agree on everything, cause that would be boring, and that would mean you were nuts too.

Steve Forbes has a massive brainfart: "Here's How to End the Panic". His solution? Just sweep the crap mortgages under the rug. Presto!

Panic?

What panic?

I thought everything was gonna be fine?

I thought there was no housing bubble?

I thought the subprime fallout was contained?

But come on Steve-O. Junking the nation's accounting standards as the solution to the problem? ARE YOU F*CKING OUT OF YOUR MIND?

Yeah, that'll instill even greater confidence worldwide in the ol' USofA. Just fudge the numbers! Cook the books! Brilliant! The numbers aren't bad if you just say they're not bad! Crisis over!

Monkeys I tell ya. Monkeys. And the world may never trust the United States again.

Here's How to End the Panic
Steve Forbes

The Bush administration must take two steps immediately to quickly halt the unending, enervating credit crisis: shore up the anemic dollar and, for the time being, suspend "marking to market" those new financial instruments, such as packages of subprime mortgages.

The Treasury Department and the Fed should get together with the SEC, the Comptroller of the Currency and other bank regulators and announce that financial institutions for the next 12 months will no longer write down the value of exotic financial instruments (primarily packages of subprime mortgages).

Instead, writedowns will occur only when there have been actual losses on those assets. If a mortgage defaults, a bank will then--and only then--recognize the loss.

On the road until Monday...

Heading to Budapest for the next month, may check in Sunday night if they have this crazy thing called the internet on the way... I'm just hoping for paved roads and running water though...

Meanwhile, here's a refresher on the 1956 Hungarian revolution against the evil freedom-hating Soviet communists, which was crushed, as the world did nothing.

Let's hope this new revolution against evil freedom-hating communist rulers succeeds.

Boycott Wal-Mart. Boycott China.

Happy Easter

Remember, don't talk about housing...

UPDATE: The 3-month US treasury bill is now paying 0.37%. This is not a drill.

Some animals are said to be able to sense earthquakes before they happen.

It looks like some bond buyers have the same ability.

March 20 (Bloomberg) -- U.S. Treasury three-month bill rates dropped to the lowest since at least 1954 as investors seek the safety of government debt amid a loss of confidence in credit markets.

Bill rates declined as low as 0.387 percent as finance company CIT Group Inc. drew on $7.3 billion in credit lines after being shut out of short-term debt markets. Institutions worldwide have reported $195 billion in writedowns and losses related to subprime mortgage and collateralized debt obligations since the start of 2007.

``All the evidence out there suggests there's more pain to come,'' said Andrew Milligan, head of global strategy in Edinburgh at Standard Life Investments Ltd., which manages $265 billion in assets. ``Investors are going to say they need safer assets.''