I tend to deliver a lot of realist commentary, which can come off at times as “black pill” or “depressing” to different people. While I disagree with the characterization, from time to time we encounter brilliant rays of hope to uplift the broader gloom of the time. In this case, the glimmer comes in the form of Mark “The Rejector” Calabria.
Mr. Calabria is the director of the Federal Housing Finance Agency, and the strongest line of defense against further corporate rescues by the federal government. Just to place it in perspective, Fannie Mae and Freddie Mac already have their hands in over half of the $11 trillion mortgage market, and advocates are clamoring for a lot more.
No dice for them so far. Calabria has continued to block their hopes, and even suggested he would have not permitted the 2008 rescues which handed cash to select industry failures. Imagine that.
It remains to be seen how long he can hold out before someone higher up (read: McPelosi) overrides the move and dishes out money, but for now the horizon is splendid.
Here’s hoping for more Calabrianism.
ECONOMIC COMMANDER 