'Twas the Year Before Mortgage ReformDecember 30, 2009 Posted by: Joe Morgan, CFA
'Twas the year before mortgage reform, when all through the House
Not a creature was stirring, not even Tiger's spouse.
The proposals were hung by the lectern with care,
In hopes that private lenders soon would be there.
The members were nestled all snug in their beds,
While visions of campaign donations danced in their heads.
And Bernanke in his Brooks Brothers, and Geithner with his hair,
Had just defended their jobs, avoiding despair!
When out on the lawn there arose such a clatter,
Lenders sprang from the bed to see what was the matter.
Away to the window they flew like a flash,
Tore open the shutters and threw up the sash.
The moon on the breast of the new-fallen snow
Gave the luster of mid-day to objects below.
When, what to my wondering eyes should appear,
But a slew of defaulters led by lawmakers dear.
With little old ladies, and young borrowers named Dick,
Geithner hoped in a moment it must be St Nick.
More rapid than eagles his coursers they came,
And he whistled, and shouted, and called them by name!
"Now Boxer! Now, Baucus! Now, McCain and Corker!
On, Cochran! On, Daschle! on Frank and Rockefeller!
To the top of the list with the mortgage problem all!
Now dash away! Dash away! Avoid the topic? What gall!
As dry leaves that before the wild hurricane fly,
Our leaders have avoided this issue, our resources misapplied!
So trapped in House and Senate on our behalf they will be,
with the Bills full of fixes for the home market, with glee.
And then, in a twinkling, the debate will begin
The gnashing and gnawing on each little thing.
"How many goodies will I get as an edict?"
"Give me a bridge or I'll vote with my District!"
The media will fuss, fret and harrumph,
And Talk Radio will cry 'foul' and dole out the lumps!
Left-leaning commentators will join in the bellows,
Lending truth to the phrase," Politics makes strange bedfellows."
Then 'round mid-year, a consensus will form,
Fannie and...Read More