It's Fun to Blame the Government

It's always good therapy to blame the government for our troubles, but this time, "The Greek" believes we have good cause.

If I may indulge in some critical thought here (read get nasty), and go out on a tangent, our government's lack of oversight is rightly to blame for our current trouble. Too many elected officials only care about you when their votes are in jeopardy. There's no other excuse for there missing the house of cards that supported exorbitant home values into 2006, except for perhaps the Iraqi distraction.

Our government let it slide, so to speak, because voters were happy that their home equity was on the rise. Now that it's falling apart, Congress holds endless committee meetings and schedules scores of expert testimony, and speaks with a critical tongue of those they turned a blind eye to just two years ago. It makes me sick!

We have laws for a reason. Men are selfish, and without laws, they will do harm to others for the sake of self gain. When home prices rose 60% from 2000 to 2005, Congress should have been asking why. Congress should have been interviewing Countrywide Financial (NYSE: CFC, NYSE: BAC) CEO Angelo Mozilo at that time, not now that naive mortgage borrowers are losing their life's savings. Congress should have been speaking to Jimmy Cayne about the greed behind leveraged financing and the risk related to mortgage securitization back then, not now that Bear Stearns (NYSE: JPM, NYSE: BSC) shareholders suffered near complete loss of investment. It's late, don't you think?

Human Nature, Men React

Instead, Congress reacts. They all of a sudden care. So, now they devise creative new means to protect Americans, and who pays the bill? Americans. Worse than this, these guys are for the most part not geniuses either. Many of the new ideas being thrown around in Congress would be more destructive than helpful, and I point to Hillary Clinton's plan to freeze mortgage rates. It was just a horrible and dangerous idea. So, when I hear her criticize Obama on the topic of experience, I can't help but anger.

Worse than lack of experience, is the man (or woman) who is absolutely sure they have the wisdom it should provide. One of the things I like about Obama is his open mind, and what seems like a willingness to learn. At the same time, I am wary of suffering through Carter-like economic mistakes. Great men are not always great economic nor financial market guides. I think you can tell who I'm leaning toward despite the lack of mention...

We need forward looking, unselfish and daring government leaders. Look to those men for hope. Beware of the candidate who only criticizes the faults of his predecessors without offering constructive ideas and plans for the future. Look to your candidate's fruit, if you want to know the tree. That said, I have no idea who this ideological candidate is, or if any exist. Good luck in November!

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