Posted by Jim Spence on Monday, September 27, 2010
From Townhall by Byron York - Are you a financial adviser? You may not know it, but you've got a green job. Are you a wholesale buyer? You've got a green job, too. Or maybe you're a newspaper reporter. You, too, have a green job -- at least according to the Obama administration. For months, Republican Sen. Charles Grassley has been pushing the administration to substantiate its claims of having created nearly 200,000 green jobs. More fundamentally, Grassley has asked Labor Secretary Hilda Solis to state clearly what a green job is. So far, he hasn't gotten an answer. Read more here:
Posted by Sports Staff
NMSU hosts No. 5 Hawai`i on Wednesday at 8 p.m. in the Pan-American Center.
Posted by Jim Spence
Labels: Spence Columns
Lower Risks, Diversification, and Fairness - President Clinton and the majority of members of Congress reassured skeptical industry experts that the underwriting and securities trading activities that these depository banking institutions were seeking to engage in as part of the end of Glass-Steagall, were “low-risk.” It was further asserted that the end of Glass-Steagall would lead to the reduction of the total risk to federally-insured deposits thanks to the broad benefits of diversification. In the end, the clever lawyers resorted to an all-too-familiar version of law school 101…..a bamboozle strategy. Cloaking their arguments in the timeless virtue of “fairness,” they argued that Glass-Steagall had become a needless impediment that was keeping our banks from doing what nearly everyone else was doing.
Elected Officials and Mortgage Lending - Not long after the protections of Glass-Steagall were torn down, our campaign contribution driven system of government continued to bring the worst it has to offer to the foundations of sound lending practices. Caught on film in hearing after hearing were members of congress who, in the sorriest traditions of American-style politics, cloaked themselves in a heightened sense of “fairness.” Simply put, elected officials relentlessly pressured regulators of government sponsored entities (Fannie Mae and Freddie Mac) into allowing a dramatic loosening of mortgage underwriting standards. As a result, loan approvals became an entitlement for most mortgage applicants, regardless of their personal creditworthiness. President Clinton is on the record. On ABC's "This Week" that he openly conceded that he made a mistake in judgment when he ignored the dangers of allowing commercial banks to take more risks during his presidency. The historical record on this is clear no matter how the sophisticated the political finger-pointing gets during the election season. The policies that led to the financial crisis belong to BOTH political parties.
Posted by Jim Spence
Labels: New Mexico News