WHAT GOES AROUND MUST COME AROUND
IT CAN NOT HAPPEN TO ME. GUESS WHAT? It will !!!
On February 10, 1941 then Senator Harry S Truman made a speech telling the Senate what he had found on his investigations of government waste in the war effort. The Senate passed his resolution and authorized $15,000 and made him Chairman.
That was the beginning of the “Truman Commission.” It saved the taxpayers over $15 BILLION dollars and saved thousands of soldiers lives. FDR even encouraged Truman to look into certain areas. Every report made by the committee was unanimous. During the course of the war the committee’s budget was increased from the initial $15,000 to $300,000. That is amazing considering how today this congress is so divided.
Because of his positive efforts as a fine senator FDR chose him to become his vice President when he ran for a fourth term.
Truman felt that people dealing with government funds , whether they are local, state or national have very little respect for those funds.
It is my belief that when you have a boom period, people become very sloppy because IT IS NOT THEIR MONEY. Then when times are tough which is usually the case after a boom period- good times can not last forever-they get too dependant upon those loose funds and create clever schemes to cover up their begotten gains.
A perfect example of this is what went on with Fannie Mae and Freddie Mac the two giant government mortgage agencies that are now controlled by the Federal Housing Finance Agency at the cost of over $150billion. They (bureaucrats) are trying to figure out what to do with them. These entities should be closed down immediately. The mortgages, if found, should be returned to the originating bank and serviced there interest free. I believe this is one of the reasons Collateralized mortgages (CMO”s) and derivatives were created as another way to fleece the public. The firms that created these monster fraud vehicles should be the ones to pay and forced to leave the business. This is a process of power and corruption. What goes around comes around. Too big to Fail should mean too big to save. The public worked hard to save and invest for a home, it is the politicians and the bureaucrats that squandered their savings and ruined their dreams. They are trying to muddy the thought process by bringing up the fact that there are some folks who have been paying. If they can pay the principal then forgive the interest payments. Give them a second chance – not the politicians.
Some of these instruments have been traded into oblivion and should be trashed with the creator of these funny money obligations taking the loss. That is if they can be found. This will ultimately be a good savory bone for the beleaguered savings industry.
When a mortgage was submitted to the Fannie Mae or Freddie Mac those funds left the local community and fleeced the pockets of bureaucrats inWashingtonD.C…Simply put – more fingers tasting the pie.
IT BEHOOVES EVERY NEWLY ELECTED POLITICIAN IN EVERY DECOCRATIC FORM OF GOVERNMENT WORLDWIDE TO INVESTIGATE FOR WASTE AND CORRUPTION IN THEIR COUNTIRES. Some agencies should be dropped and other downsized and maybe some increased. The main purpose is to recover ill-gotten gains even if they were transferred to other entities. This will help bring down government deficits and reduce government debt. If Harry Truman’s committee saved billions of dollars in the early 1940’s; think of all the moneys that can be saved today. One of the wealthiest cities in the world today is WASHINGTON.DC.
Governments should not get into the people’s business, but they must set fair and honest rules so the participants are guaranteed an equal chance. Participants that break the rules should be severely punished.
 Plain Speaking An Oral biography of Harry S Truman, Chapter 13