Wake-Up Call Needed - Just another day in the mortgage mess

I keep hearing on the news, how some Analysts actually believe we are in the eye of the hurricane. I am not sure where these Analysts were these past twenty-four months, but it is apparent they were not in the same storm I was these past two years. The way I think they should be viewing this, is hurricane season began in March 2007 and has continued through today. The first hurricane hit March 2007, no matter what any one wants to believe, this is when this financial crisis began. Congress and the Federal Reserve missed the boat, only because they were following the words of Alan Greenspan and were backward looking rather than forward looking regarding this subprime mess. No matter what, I still think Chairman Bernanke is Michael Jordan. He is a hero in this mess..

However, the first hurricane hit us in March 2007, which has since passed. We will name that hurricane "Subprime". We are now in clean up mode, from this hurricane, with remaining levies that are ready to break (homes facing foreclosure still). The pending foreclosures are the levies, and if this government is not pro-active, these levies could possibly leave us under once again. At the same time, however, there is apparently another storm brewing on the horizon. Storm #2 is approaching, which I will call the commercial market. We will call this storm "Commercial". It is stirring up offshore, and apparently, we do not know if it is a category 1 or a category 5. I just hope this government gives us a little warning this time; so we, the consumer, can protect ourselves. Hurricane #1 was nasty and wrong, in my opinion. It should have never been allowed to have caused this much devastation, in my opinion. No one seemed prepared in our government, for Hurricane "Subprime"; and this was not fair to the responsible homeowner, taxpayer, and/or investor.

In conclusion, Hurricane "Subprime" has passed, in my opinion. However, the levies seem to be of great concern to this government right now; which consists foreclosures. I am not an expert on this, but this is just my analogy because I think some of these Analysts/Economists were asleep these past twenty-four months. The government is in clean up mode from the first hurricane as well as working night and day to prevent the levies "foreclosures" from breaking, and at the same time this government seems alert of hurricane #2 "Commercial" that is apparently brewing off the coast.

The Financial Crisis has thus far consisted of two hurricanes and levies:

Hurricane #1 – “Subprime”
- Consisting of levies made up of foreclosures
- Aid, in cleaning up this mess, consists of the desperately needed stimulus package that Congress passed mid-last year, which should have passed in March 2007. Secondly, the aid also consists of keeping interest rates low, to help fuel housing. These interest rates need to drop again. It would be like taking away the stimulus package right now, from the economy. What would happen? The economy most likely would crash without it. This is just my personal opinion, after living through the second half of 2008.
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Then, Hurricane #2 – “Commercial”

In conclusion, this government has its hands full. I think anyone who criticizes Chairwoman Bair, Chairman Bernanke, and Treasury Secretary Geithner is selfish. I don't know anyone who could have handled this mess any better, considering our regulators and Congress were all apparently sleeping, while Alan Greenspan was driving. News Flash: The car crashed.

This is just my analogy because to think we are in the eye of the first hurricane seems rather foolish to me. This is just my personal opinion, since I am neither an economic expert nor a monetary policy expert.

Stay tuned...I have more to share. Just another day in the mortgage mess!