Hawaii, Foreclosures, Voting, Healthcare

Last week, I returned from a 2 week trip to Hawaii. Today, I see that an 8.8 magnitude earthquake in Chile has sounded the tsunami sirens in Hawaii. Interesting timing. :)

The foreclosure situation continues to lead the way. With new and existing home sales still spiraling down, I read of a 'new' plan being considered by the Treasury; a proposal banning ALL foreclosures unless the loans have first been screened and rejected by the government's Home Affordable Modification Program. Given the government's performance in how programs are 'managed,' I see only a delay in the inevitable. These reductions in sales are with the government tax credit. This does not bode well, especially after this program ends June 2010.

Fannie Mae needs another $13.5B in government aid because of the $15.2B forth quarter loss; total loans of $75B. There is no one who has his/her arms around this part of the financial system: Housing.

The FDIC problems banks rose to 27% in the last quarter to 702. As I indicated in a previous blog, given the doubling of the employee base in this agency, this is no surprise.

Dianne Feinstein's response to my request that she vote 'no' to reconfirming Bernanke was that she felt he should have 'another chance.' As I have indicated before, I am using what power I have to vote all incumbents out of office; Democrats and Republicans alike. I encourage each of you to use your voting power in whatever way you choose. It is important to vote.

In the past, I have made few comments about 'healthcare.' After seeing excerpts of the summit moderated by the president, I think objectivity is lost. I do not understand why 'tort reform' and allowing private healthcare providers to cross state lines are rejected as part of the plan. As I have indicated by my experiences with Blue Cross when it was the only choice being offered, I know it would be very beneficial in encouraging competition. I continue to write to Ms. Feinstein and Ms. Boxer. So far no response. It's is quite trying to live in the liberal state of California and be ignored on selective subjects.