DrMyers’s Blog

November 21, 2008

Guys & Dolls or Freddie & Fannie: A Captive Audience

Last night at the Palace Theatre, located in Corsicana, Texas, I decided to treat myself to a show.  Remembering that this was “Community Theatre”, I paid my cash for a balcony seat, and got ready to enjoy the production.  For anyone who’s ever seen “Community Theatre” knows that there is no such thing as a bad show, you can have a great time no matter what.  Although ready for the fumbled lines, misinterpreted script, or green actor, last night was a pleasantly different experience.  I truly enjoyed the show, just as the people sitting around me.   Last night, the players at the palace theatre had a good show.  What is a good show?  A good show is the ability a theatre company has in keeping an audience engaged, and keeping an audience captivated by what appears spontaneous action on stage. 

I believe that it would be safe to say that since September 2008, Freddie Mac & Fannie Mae’s opening act to “Bail Out Blues” has kept the American People both captive and engaged.  We’ve seen the American People oohhed and awwed by, debates halted and the first draft failing, with special appearances by Ford, GM, and Chrysler.  Secretary Paulson has played a relatively good lead in this production while I believe the most entertaining of them all are the home grown actors:  Congress!  Maxine Waters put her best foot forward, and Barney Frank has been nominated from my understanding as Best Supporting Actor in a financial crises.

The problem is, the American People, numb from the spirited campaigns, do watch CNN and Fox News with anticipation as if it were a production.  Sadly, Capital Hill is producing.  With meeting after meeting, and no relief to be in sight, the American People I am sure would rather enjoy an ending at this point, rather or not if it is happy or sad.  

Yesterday, some good news did come from the original players.  Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 households during the holiday season.  In case you were not aware of what these companies actually do, they buy mortgages on the secondary market, pool them, and sell them as mortgage backed-securities to investors on the open market.  As of September 7th, Both players were seized by the American Government, and with their CEO’s tossed out, the institutions are now run by the Government.  

The fall of these companies, aided Washington in its ability to tell the difference between Main Street and Wall Street.  Everyone on Main Street was screaming for a “Bail Out” long before Wall Street took notice.  Now understanding the relationship between the two, lawmakers are acting as if they are fighting for “Main Street” again, when they should have been fighting for Main Street in the first place.  

Main Street, as we’ve learned, not only effects Wall Street.   Japan’s stock market plunged 4 percent Tuesday, its biggest one-day loss in two years, and even with precautions, the uncertainty of “Main Street”, shows the uncertainty of the stability in markets all over the globe.  

Who knows, this production could be only a shortlived hit, and one of those award winning shows no one ever remembers;  but at this time, we are not sure if the Inauguration will be our lead into intermission, or the closing of a very “Mind & Money” stimulating all star production.

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4 Comments »

  1. Oh Heavens, Barney Frank and Maxine Waters should be drawn and quartered for their complicity in the entire Fannie/Freddie meltdown. His pandering to Fannie and Freddie and the subsequent resistance to greater oversight might very well put the blame on his shoulders. Whether or not it was too late, we cannot say. But, He certainly did nothing when warnings came about the companies over leveraging themselves.

    Certainly, financial laws were being written by 2 special interest groups. The business community, wanting easy access to customers and lax regulations, and those representing the affordable housing group. These people wanted credit to anyone regardless of their ability to pay it back. Put these two together and you get predatory loans with changing payments made to people who couldn’t get loans otherwise.

    Example: I was approved for a loan to buy a $110,000 dollar house. The monthly payment was over half my monthly income…. Um, does this seem like a stretch? Thankfully, I realized I could not afford that house. But how many people don’t and get themselves in over their head. Egged on by the government and banks who want to make a buck. When bad government and bad business collide, watch out!

    And yes, I was surprised how good the show was last night. Although, I thought the trumpet needed to go. just saying…

    Comment by Matt — November 21, 2008 @ 6:16 pm | Reply

  2. Let’s hope President-elect Obama is readying “the hook” to pull ’em off the stage before we break out the rotten tomatoes.

    Comment by Michelle — November 22, 2008 @ 1:11 am | Reply

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