Mark Knows It All

This has been an extraordinary week in American history, and me being me, I can’t let it pass without comment. The issues presented to our financial system have been complex and difficult to understand. I don’t understand it all myself, but I know enough to allow me to conclude that very few of the television commentators and anchors, and all of the political candidates from all of the political parties, probably know less than me. The country deserves better explanations about what is going on other than it is a taxpayer bailout. What the government did for Fannie Mae and Freddie Mac was a bailout. The Chase Bank takeover of Bear-Stearns was a bailout. AIG was a bailout What the government is doing today is NOT a bailout, and had it been done 6 months ago when the few voices in the wilderness were calling for it, the actual bailouts most likely would have been unnecessary. Take away the static and noise, here is what the government is doing. For various reasons, and there is plenty of...

In the midst of bank takeovers and brokerage collapses and government bailouts, there is good news tonight. Lost in the shuffle of the AIG debacle was a news story that was carried by maybe one network. GM unveiled its production model of the Chevy Volt. In one fell swoop, GM is showing America a major solution to its dependence on foreign oil…an electric car that can go 40 miles on a single electric charge, enough for 75% of American commuters to get to and home from work. Can you imagine? As I understand it, it doesn’t put that much of a strain on our electric grid as most of the cars would be charged at night when the electric usage is minimal. And the media looked away. While all of us are concerned and admittedly frightened about the Wall Street meltdown, GM is moving forward, on its own, with no government help, while dealing with its own substantial problems, to develop a car that will change our lives forever. As the government is bailing out Freddie and Fannie and Bear Stearn...

Please visit Mark Knows It All, the Web Site, by clicking on the link on top of the adjoining column. If any of you have been watching television these past few weeks, tucked in the coverage of the lipstick/pig wars, you may have noticed that the government has taken control of Freddie Mac and Fannie Mae. These quasi governmental corporations are set up to promote and help finance the nation’s mortgage markets. As in all things governmental, things have gone south, and the United States is now guaranteeing about ½ of all US mortgages that have been packaged by Freddie and Fannie in the form of bonds and sold to, I don’t know, pension funds, foreign governments, other financial institutions, and you. The Department of Treasury and The Federal Reserve have spent a lot of time plugging up the holes in the dikes to prevent a financial meltdown. They have done a good job in difficult circumstances. But many of their efforts have been for naught as they have lost control of the economy. The...

Please visit Mark Knows It All, the web site, by clicking on the link at the top of the adjoining column. It has been a hoot watching the media deal with Sarah Palin’s VP nomination. I have never seen such a feeding frenzy happen so fast in a long time. Daughter Bristol’s pregnancy gave fodder of the worst sort to the media vultures whose inherent sexism became almost funny. The media's sexist rants shouted from the mouths of supposedly responsible journalists approached absurdity as they spewed hate towards working mothers and unwed teenage moms, such topics usually being taboo areas of feminist protection, but only if you are the right kind of woman. Apparently Sarah Palin is not. Yes, Governor Palin believes abstinence should be taught in the schools and those same schools should not be vendors of condoms or birth control pills. While insinuating that Governor Palin was too busy politicking instead of providing proper supervision to her children, these panderers of free sex sup...