Thursday, December 04, 2008

public jones

Point of order: cant wait to chris cox bich azz out of the SEC

Dear Mr. Paulson and Mr. Bernake:

It is both with great pain and pleasure I pen this letter to you. I am extremely disappointed in the manner in which you have brazenly attempted to deal with the economic consternation that confronts us all. It is not as if you two are ill-informed over the subject matter that you attend to on a daily basis, on the contrary, you both are learned men of letters in the disciplines of both finance and economics. With that said, I must advance the premise that your intellectual prowess with respect to problem solving is severely lacking.

As laymen, I have come to the conclusion that all of this is the result of marketing and selling materials/papers that have no value, or if it does, it maintains a negative value – debt. The support you have purported towards the collateralization of debt, mainly as accrued in the financial services section is what seems to be the root of this recessive evil folks such as I are confronted with. In addition, it appears that your math does not take into consideration that this could be obviated when home devaluation stops. Which could be instantly dealt with if the money was given to home owners and mandated fixed rated advocated across the board for all mortgage compaines, holding companies and banks would adopt or be forced to close their door. It says in the constitution we the people and not we the corporation.

Instead, your approach has been abstruse – difficult to understand. First you basically block the short paper exchanges, which from my limited understanding of economics, is how most money markets function, not to mention if you would have injected capital into Lehman Brothers, which you did not, the DOW would still be in double figures. It is bazaar that you said you had no authority to save this financial behemoth, yet when your folk from Bear Stearns and AIG called – you were quick to stick out your necks and my loot without hesitation.

Moreover, your approach never includes a serious evaluation of dealing with fractional banking systems as we have in America, or else you would consider a reduction in the reserve requirements for banks. This may or may not free up credit but it would be an approach that would not require any of my loot. But still, it is housing valuation that is the concern via the mortgage backed securities you seem to so dearly love. Not to mention from my purview, the issue is not going to be solved by massive injections into banks (for which you have no way to tell where the money has been spent) from my louction, but morso with respect to conforming loans. Yet I recant again, I am not an economist.

The aforementioned are intellectual deficiencies that I can understand. What I cannot tolerate is the disdain for the general public for you speak to me as if I am rich and I have money and you don’t. I wonder if you really ever had to struggle a day in your life, or live with friends, or even ever loss a job. In your tone there is no empathy nor compassion for what the average person experiences and lives.

So sirs, I recant, I am very disappointed and even offended by the lack of professionalism, and understanding you evince with respect to economics, the understanding of the problem, problem solving skills and lack of comprehension towards the general public. For slaves would have been lynched for lessor offenses. Yet I bid you a good day.


Public Jones

Addendum: shouts to Lovebabz for giving me the Uber Amazing Blog Award and Ivory for the post she did on her daughter and mine.


nicki nicki tembo said...

Wanna bet they gigglin' like girls behind closed doors and whistling dixie all the way to the bank? Jokes on us.

Anonymous said...

Sup jones
Dis b roulhac from way back. Yo azz is on da air waves. Aint dat sum shyt!!!! Keep on making people open up dey minds 'cause yo eyes will deceive u. Holla at cha soon my neega. Main, dees people dont know dat PIMPIN AINT DEAD...DA HOES JUS SCARE!!!

Sylvia said...

I think you hit on the problem here: these guys are very well-versed in economic theory and are deliberately refusing to see how their optimism about the spectre of those theories are hurting and starving people. We're locked in an economy where either the corporations or the people can go into debt, and the system seems determined and hellbent to send the people in debt when we're the only real forces moving and shaking.

Beauty_ByDesign said...

Funny, I'm watching the Big 3 congressional hearing as I read this.

You hit the nail on the head for me in several points.

But I bottom line it like this...if we have to accept the fact that a bail out is so called "necessary" at this point (even if P&B failed epically in their roles)...wheredafux is MY bailout? If they can have their hands out...then fuxit, my hand is out too!

I'm torn on it all isn't the time to point fingers and lay blame, but the action required to move in the direction of correction will be so massive, that shit yeah - someone needs to go down for it..even if its just with the proverbial scarlet letter or albatross around their necks.

RealHustla said...

Don't forget to mail this.

MacDaddy said...

Paulson is giving money to former associates and friends on Wall Street. They gave banks more and didn't even require them to use it to give loans. Some of those banks have bought up smaller, failing banks and haven't loaned folks much of anything. And they haven't done a damn thing about housing or reinstated regulations that helped cause the problem. Okay. I'm off the soapbox. Sorry, Dawg.

Craigjc said...

Bernanke and Paulson are clearly in the pocket of Big Bank.
Raw Dawg, ever see this clip. Worf it.

mrs. mary mack said...

Everybody's writing letters today! I've run across several blog today that were letters...anyhoo, once again you have me logging off of blogger on my way to google to LEARN. *sighs*I feel like I'm in school everytime I come over here. LOL

Urban Thought said...

I see these two making big bucks upon exit from their current stations.

Did you actually send this letter? Cause you should. Even if you send it anonymous.

2sweetnsaxy said...

Hear! Hear! :-)

rainywalker said...

See what happens when you put the lunatics in charge of the crazy House?

Anonymiss said...

Loves it.

JAY said...




James Tubman said...

this is all a farce

they dont want to tell the american people that this is no longer a soveriegn nation

they dont want to tell the american people that this nation is now a nation ran and controlled by the south east asians (particularly japan).

The Japanese own freedie mac dont they

this means that another nation owns and controls the real estate mortgages of millions of homes in this country

no self governing nation would ever sell an institution so critical as freedie mac to another country

the dollar is falling and all of the nations who the united snakes owe are being reimbursed for their debt by buying the real estate of this nation

the south east asians are taking over and the government is completely silent on this issue

Blog Queen said...

You and that chick on your radio program are tickling the hell out of me. You guys fuss like an old married couple!!!LMAO!!!

Red Snapper said...


Garth Sullivan said...

no oversight.

no mention of what they did with the money.

no strings attached to the money.

$700 Billion

And they need some more...

gonna cry me a river.

WArd PrEfEct said...

Good stuff player. Thanks for all the great comments. Keep doing your thing, man.

soupasexy said...

I didnt read this cos am tired, but just stopping by to say hey and how is ur pretty baby? i'll be back tho.

Jackie E. said...

you really have to wonder what their true motives and objectives are? save their behinds, yes, I get that? but what else??? i don't think we, the general public, and what is in our best interest, even remotely enters into the picture in the resolving of these dire financial issues!

Seven said...

catching up on blogs today....this is on point now drop it in the mail and forward it to them

rawdawgbuffalo said...

nicki nicki tembo
no telling what else either lol

jones mane, u know home slice here be tryin

they act like stepford wives

thanks i just dont see y it is necessary - all is gone happen is that we gone loose 3 million jobs from some where else and they will be out of biz b4 next summer

yes maam

u welcome anytime - and u right, the folks he use to work with

good look folk

mrs. mary mack
my fault folk lol

Urban Thought
never anonymous

thank u


thank u maam


James Tubman
yep farce = comedy of errors

Garth Sullivan
wiat til tuesdays post lol

WArd PrEfEct
thanks folk how have u been?

where have u been

Jackie E.
i think they getting some type of kick back for real

how have u been hon

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