Congress wants President Bush to create a “mortgage czar”…tee-hee

[lendingbubblecontinues]

Since having a “drug czar” has proven to be sooooooooo effective, right!?!?!! Bring it on, Congress…there ain’t nothing you can do to prop this bubble up!!

Here’s the story:

http://news.yahoo.com/s/nm/20071003/bs_nm/economy_credit_dc

[bsrsharma]

Can someone please explain this Czar thing to me?

1. Are these Executive positions or Judicial?
2. Do they need Congressional approval/oversight? Senate hearings/confirmation?

I am not sure if these appointments are Constitutionally Kosher if 2 is not true.

Why is there a hunger for these Czars? A subconscious desire for a (dictatorial) Monarch to conquer the (irritating) Checks and Balances of the Constitutional strictures?

[4plexowner]

Intelligent people know that these ‘czar’ positions are for fools only – the ‘czar’ will always be the public face of the failure of whatever endeavor he/she is czar of

Bush tried to get one of his 4 star generals to play “Iraq Czar” and they all told him to take a hike – our decider in chief worked his way down the list and ended up with a 2 star (if I remember correctly)

He’ll probably have the same problem finding a mortgage czar so he’ll end up with somebody like Orange Boy Mozilo

[cr]

There was an article in the LA times on this too.

The funny thing is this will only cause a more severe correction. This is all aimed at making mortgages transactions more regulated moving forward. It will do nothing for the damage that’s already been done.

In fact it will make things worse because it will make it that harder to move the inventory piling up.

[VoZangre]

Contemplating Moniker…

-blinking cursor-

Mortgage Ninja!

[Author]

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