But let's examine this closely: The SEC now has stated that this new "reform" legislation exempts the SEC from the Freedom Of Information Act:
The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from “surveillance, risk assessments, or other regulatory and oversight activities.” Given that the SEC is a regulatory body, the provision covers almost every action by the agency, lawyers say. Congress and federal agencies can request information, but the public cannot...The SEC cited the new law Tuesday in a FOIA action brought by FOX Business Network.That's some kind of reform! Here's a link to the article I sourced, but this is all over the internet: Obama = Less Transparency I guess the SEC is trying to protect its most favorite and coveted porn-surfing sites.
Thanks Barak Hussein. Who's side are you on? I could pontificate for hours on just how damaging and useless this new legislation is, but you can do your own due diligence. Anyone who continues to support Obama either refuses to examine the facts or is just simply a complete idiot. As the ultimate poster child for Affirmative Action, Obama sure has proven to be extraordinarily deceitful and useless.
Fact Number Two: The real estate market is in much worse shape than anyone in the industry or at the banks will admit. Check out this gem from today's Denver Post: "Nine condominiums atop the Ritz-Carlton, Denver will be sold at auction next month with minimum bids starting at less than half of their original listing prices...Only one of the project's 25 units sold before the remaining condos were foreclosed on in November. Here's the link to the article: Real Estate = Look Out Below.
This factoid ties into my blog post from a couple days ago in which I stated that banks were fraudulently pricing way too high their real estate assets stagnating on their balance sheets. Only one unit out of 25 was sold, nine are being auctioned with the starting price less than 50% of the original offering price. Make no mistake, the clearing prices, if these units move at all, will be well below the opening offer. And that will leave 15 more foreclosed units still to go. Wouldn't we all like to see where the lending bank has the mortgage paper on these properties priced? Obama's new legislation will make it impossible to ever know.
There seems to be this myth that prices in the housing industry are stabilizing - a myth being propped up by the deceptive Case-Shiller 20 city housing price index. This index is very limited in scope and it skews the data by only looking at "organic" conventional seller to conventional buyer transactions. With foreclosures and short-sales making up roughly 50% of the total sales over the last 12 months, the C-S index is clearly overestimating the true price level of the market by ignoring half of the datapoints.
In fact, foreclosures rose in the first half of 2010 in 75% of 206 U.S. metro areas: Foreclosure avalanche. This ultimately will further depress home values. Unless the Government decides to start bulldozing entire communities, supply is rising much more rapidly than demand.
Moreover, 30-yr mortgage rates just hit a record low today, and yet the housing market is still in a downward spiral. This underscores the point that the Fed is pretty much out of non-printing press "tools" with which to reinflate the economy.
For the record, Obama is the first President ever to go on daytime "chat" television. To be quite frank, I believe his appearance on The View completely and utterly degrades the Office of the Presidency, is nothing more than a cheap campaign tactic aimed at garnering support from all of the desperate, pathetic housewives overdosed on Prozac who have no meaning in their life other than hanging onto every piece of garbage emitted from the mouths of Whoopi Goldberg and Barbara Walters, the latter of whom happens to be semi-comatose at this point in her life. It's beyond disgusting. "Mighty fine day indeed to you too, Miss Daisy."