GeniusIQ179
09-30-2008, 11:42 AM
Allowing individuals, totally unprepared, to hold the top jobs administrating the economics of this country is suicide.
I will send you this tale, enjoy:
----- Original Message -----
Subject: The US government bailed out AIG
The US government bailed out AIG, an insurance company, said to be going bankrupt. The cost to the American taxpayer $85 Billion Dollars. Just the beginning, not the end.
In the following story keeping in mind the theory; "the price a willing seller will ask and a willing buyer will pay".
Around 1968, for those of you who can remember, Three Little Piggys (aka: 2 Real Estate brokers, and 1 Property Tax Assessor) decided to milk the system.
The First Little Piggy offered his tract home for sale to the Second Little Piggy at an inflated price. The Second Little Piggy offered his nearby tract home for sale to the First Little Piggy at an inflated price.
Both offers were accepted at the inflated prices. The homes were located within a tract of homes but separated with other homes between.
The Third Little Piggy doing his job as "Property Tax Assessor", and utilizing the willing seller, willing buyer theory, assessed both sold homes and others in the vicinity at the higher level. The result, a new price point was established for all the homes in the tract.
Well, you know how Pigs are. They cannot keep their mouths shut. Oink! Oink! Oink! Pretty soon the whole country knew how to "beat the system", and did.
This was of course very popular with home owners throughout the country. That's about the time when everyone's wife took a job as a real estate agent (soon to become brokers). (Sorry, my chauvinistic side is showing.)
But wait you say - "Where are the Real Estate Regulators?" The answer is obvious. They are elevated from the ranks of Real Estate Brokers.
But wait you say - "What has this to do with AIG." They insured the loans. Remember?
But wait you say - "Where are the Insurance Regulators?" The answer is obvious. They are elevated from the ranks of Insurance Agents.
For you young people who cannot grasp this evolving catastrophe. Try, for God's sake try.
This didn't happen in the 1800's. It happened 40 years ago and the greed spread until all became blind.
I had hoped the balloon would burst in the 80' and 90's, but they escaped. Now although a few of the biggest Wall Street sharks have been eaten by bigger ones, it looks like another escape. God help our children. Merrill Lynch saved by Bank of America, Wow! Shark feeding frenzy. Who's feet are coldest on who's back?
An old man who does remember.
Paul Revere had a horse, and I've got the Internet
I will send you this tale, enjoy:
----- Original Message -----
Subject: The US government bailed out AIG
The US government bailed out AIG, an insurance company, said to be going bankrupt. The cost to the American taxpayer $85 Billion Dollars. Just the beginning, not the end.
In the following story keeping in mind the theory; "the price a willing seller will ask and a willing buyer will pay".
Around 1968, for those of you who can remember, Three Little Piggys (aka: 2 Real Estate brokers, and 1 Property Tax Assessor) decided to milk the system.
The First Little Piggy offered his tract home for sale to the Second Little Piggy at an inflated price. The Second Little Piggy offered his nearby tract home for sale to the First Little Piggy at an inflated price.
Both offers were accepted at the inflated prices. The homes were located within a tract of homes but separated with other homes between.
The Third Little Piggy doing his job as "Property Tax Assessor", and utilizing the willing seller, willing buyer theory, assessed both sold homes and others in the vicinity at the higher level. The result, a new price point was established for all the homes in the tract.
Well, you know how Pigs are. They cannot keep their mouths shut. Oink! Oink! Oink! Pretty soon the whole country knew how to "beat the system", and did.
This was of course very popular with home owners throughout the country. That's about the time when everyone's wife took a job as a real estate agent (soon to become brokers). (Sorry, my chauvinistic side is showing.)
But wait you say - "Where are the Real Estate Regulators?" The answer is obvious. They are elevated from the ranks of Real Estate Brokers.
But wait you say - "What has this to do with AIG." They insured the loans. Remember?
But wait you say - "Where are the Insurance Regulators?" The answer is obvious. They are elevated from the ranks of Insurance Agents.
For you young people who cannot grasp this evolving catastrophe. Try, for God's sake try.
This didn't happen in the 1800's. It happened 40 years ago and the greed spread until all became blind.
I had hoped the balloon would burst in the 80' and 90's, but they escaped. Now although a few of the biggest Wall Street sharks have been eaten by bigger ones, it looks like another escape. God help our children. Merrill Lynch saved by Bank of America, Wow! Shark feeding frenzy. Who's feet are coldest on who's back?
An old man who does remember.
Paul Revere had a horse, and I've got the Internet