Interesting, as I was reading the nice posting from Dow Jones on Barney Frank's comments another interesting note popped up related to my letter to my beloved Senator Mikulski. Again from Dow Jones Newswires:
DOW JONES NEWSWIRES
Countrywide Financial Corp.'s (CFC) Countrywide Bank unit said current issues in the mortgage market do not affect the security of FDIC-insured deposits at Countrywide Bank FSB.
The bank has more than $107 billion in assets.
Countrywide Financial's shares were up 2.25, or 12%, at $21.20 in recent trading. [end]
Interesting eh?
What is little know or understood by many has to do with one major legacy of the ex-Fed. Chairman Greenspan; he tacitly destroyed many of the laws passed by our Congress after the abuses in the 1920's and subsequent depression in the 1930's to protect investors. He did this with a "wink and nod" to deals and structures throughout his tenure and never sought nor received approval for his actions. It will only take one major failure luring in the FDIC to wake our sleepy ignorant government up.
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