A Leaky Ship of State

B of A's agreed to pay a record breaking fine;

Countrywide sold mortgages that crossed a legal line

Knowing that the loans that they were peddling were junk.

16 billion dollars...  That's a pretty hefty chunk.

Do not get your hopes up though - I doubt you'll see a dime.

Nor will Countrywide's executives do any time.

Might be a deterrent but I'd bet it's not the banks

Who'll be paying through the nose next time the market tanks.

Thought they were "too big to fail" before?  They're bigger now.

But, with recent record highs reported at the Dow,

Wall Street isn't in a rush to implement reforms;

Leaving us a leaky Ship of State in future storms.

Wall Street's Hissy Fit

(Photo/InvestWithAlex.com)

Yesterday the markets dropped; they had a hissy fit

When Bernanke said the Fed would taper back a bit.

Wall St. knew that this was coming; there weren't any shocks...

Doesn't mean they have to like it - hence, the falling stocks.

Ben Bernanke quit his job as Chairman of the Fed;

Monday morning Janet Yellen will be there instead.

Tapering is likely to continue under her.

(Thanks to Ben Bernanke, we're much better than we were.)

Now that the economy is chugging right along,

Giving indications the recovery is strong,

Wall St. needs to come to grips; they need to do it now...

Not take out their anger on the NASDAQ or the Dow.

Wall St. and Sequestration

(Photo/CBS News)

 Sequestration's in effect and Wall St. doesn't care;

Dow is up as its investors look to grab a share

Of the only game that offers any dividends.

Everyday realities not linked to market trends.

Wall St. doesn't really care about the moms and pops.

It does not reflect the fact we're laying off some cops.

Doesn't care (for now, at least) if education stinks;

Isn't held responsible for what the voter thinks.

Looks like Wall St. has concluded; Congress may be broke,

But it doesn't matter if the 2 sides haven't spoke.

Industries just need to know; What will the future bring?

Now they've learned - they can't count on The Hill for anything.

There is no uncertainty in that; it's very clear

Washington will not address the problems we have here...

Here where we the people live and watch in disbelief

As the Congress gets their checks and cancels storm relief.

We'd All Go Down Together

"Gentlemen, we must hang together or surely we shall hang separately." Benjamin Franklin

Dow is plunging like a stone.  NASDAQ's falling too.

Wall St. isn't thrilled the Ship of State's not changing crew.

All the folks who couldn't work together will return...

Industries are worried, so they're crowding at the stern.

Maybe I'm an optimist, but I think this can work

(Even though McConnell's still behaving like a jerk.)

With the many storms we face there has to be a deal,

Just as soon as everyone stops fighting for the wheel.

Yes, we're in for painful cuts and turmoil overseas

But, in times of crisis - times an awful lot like these -

As we face a fiscal cliff, with no room left to stall,

I believe true patriots will heed their nation's call.

Although the stern went down last, it still went down."Untergang der Titanic" by Willy Stöwer, 1912 (artist's conception)

Race for the White House - Election Eve

Cartoon credit/Chattanooga Times Free Press

Here it is - Election Eve. The race is nearly done.

Only thing that's left to do is vote, then see who won.

I support Obama.  If you've ever read my rhymes

You'll know I think Romney's changed his mind too many times.

I know he's a decent man, but I think Mitt is wrong.

Trust me...  I've been paying close attention all along.

Want to know the reason the economy's been slow?

It's because Republicans are always saying "No."

Industries will not invest if they cannot be sure

Government can compromise; not stay Tea Party pure.

(Simply look across the pond; austerity won't work.)

Bottom line; the problem? Mitch McConnell's been a jerk.

Hope that, if Obama wins, they'll take it as a sign -

With a looming fiscal cliff, some compromise is fine.

Time to see a course more middle-of-the-road gets steered.

Need to rein the right wing in...  They're getting kinda weird.

Race for the White House - The Genius of Joe Biden

Rudy Giuliani thinks Joe Biden isn't smart.

I think it's more likely that he only acts the part.

Sometimes, when he's on a roll, he's known to make a gaffe -

Bringing our attention to an issue with a laugh.

Biden holds the second highest office in the land;

Don't become Vice President unless you understand

It's your job to go and kick the hornets' nest because

It would not be Statesman like, at all, if your boss does.

In defense of Biden's point, the Romney/Ryan plan

Seems to favor Wall Street - not so much the common man.

Biden gets an audience whenever he's unchained;

Makes his point indelible...  That isn't scatter-brained.

That, my friends, is genius of the politician's kind.

Wouldn't be surprised at all to find Joe Biden's mind

Works at least 3 times as fast as normal people's do...

Paid some more attention to the issues, haven't you?

You Get What You Pay For? - Part II?

Charts are from the Senate Hearing on Income Inequality

 Anybody still believe the Nation doesn't need

Legislation to protect us all from Wall Street greed?

Facebook's shares have plummeted to 31 and change;

And it looks like Morgan Stanley managed to arrange

Special deals for wealthy folks...  You know - the 1%.

Don't know if the law was broke but looks like it was bent.

Meanwhile, all the rest of us (again) were on our own;

Well aware the gap between the rich and poor has grown

Out of all proportion to the contributions that

Benefit society...  I think I smell a rat.

Does that make me Socialist?  I never thought I was;

But, according to FOX News?  They're positive it does.

JPMorgan Chase and Dodd-Frank - Remember the Titanic

Jamie Dimon - looking surprisingly cheerful after reporting $2B in company losses.

 

Jamie Dimon (he's the head of JPMorgan Chase)

Has revealed a problem, I think, makes the Dodd-Frank case.

Hedging on derivatives; $2 Billion, plus, in losses.

His solution to the crisis? Firing 3 bosses.

Plan was barely understood with little oversight.

Took a while for him to see that something wasn't right.

Wonder if the folks at Chase are wishing that they had

Got behind the Volcker Rule before things got so bad.

Seems to me this news is proof that Wall Street hasn't changed.

Drive into an iceberg? Get the deck-chairs rearranged!

Have to shift their current course; stop fighting tooth and nail.

Europe's looming up ahead...  We're not too big to fail.

Bankers and Republicans and major CEOs

All agreed to stall on legislation they oppose.

Think it's time we got together; implement Dodd-Frank.

Don't forget; the last time something couldn't sink...?  It sank.

"Untergang der Titanic" by Willy Stöwer, 1912 (artist's conception)