Bank Losses

OK, I admit I’m straying from blog concept but then I’m the blogger and often you like my going out of bounds.

Two major banks announced major losses today, WaMu and Wachovia. All because they were supremely greedy in the sub-prime glory days.

Do you think all the big banks got together and said “Let’s announce all our major losses in Q2?” First, because the media would lump them all together and forget who did what; and second, so that the Feds (meaning our wallets) would bail them out to the tune of $25 billion.

I’d rather the Feds, after bailing out Fannie Mae and Freddie Mac and putting them on a tight leash, have them take over these delinquent loans providing homeowners some security from these banks’ collective avarice. Then leave the banks to manage their own troubles, sink or swim.

Whatever gets us out of this debacle before full-scale recession. Helping the banks will in no way help these homeowners who’ve been taken advantage of by slick salespeople.

You might know that my background is way more than cooking. Righty-O.

Note: This message was approved by no one, not even the dog. It is not an endorsement for any banking product, subprime loan et al.