Are you concerned?

[desrat]

If you see the headlights bearing down on us I suggest taking a look at this petition. Gentleman who has a blog I follow has taken the time and effort to make it very easy to voice your displeasure with the current status of the credit and financial markets and the lack of regulatory oversight.

Take a few minutes to read the PDF explaining the crisis and if you feel moved then sign the petition.

Even if you don't agree you will have spent 4-6 minutes learning why some people are concerned about our future. IF TA interests you look for the link at the bottom of his blog for his daily take/reviews of the charts.

 

[desrat]

Just wanted to clear any misconceptions people may have after getting some feedback from some other forums.

This is NOT an online petition, Karl will be faxing a signed copy of your petition to your respective Members of Congress.

This is not a petition to bail out people who willfully over extended themselves during the housing bubble, investor or otherwise. It is aimed at getting back to responsible lending practices and proper oversight.

It is also taking aim at the CDOs and SIV that may collapse the house of cards. I suggest reading the PDF as it does a better job of explaining the situation and I realize the petition is quite dry.

Here is a bit about SIVs:

NEW YORK (MarketWatch) -- Today's credit crisis has the feel of kids playing football in the house. Everyone is having a good time until the ball goes through the window.
It almost doesn't matter who threw the ball -- Citigroup Inc., subprime borrowers or lenders, big banks, the leveraged-buyout guys, ratings agencies -- everyone was doing something they shouldn't have.
What's interesting is how all of the players are reacting. Some, such as Northern Trust Corp. and other banks, who don't have these bad debts on the books, are pretending they don't need to clean it up.
These are the kids who say, "I wasn't there and I didn't do it."
Others, such as Citigroup , Bank of America Corp. and Treasury Secretary Henry Paulson, who may have left Goldman Sachs but still seems to live on Wall Street, are hell-bent on fixing the window.
These are the kids who think they can cover up the damage.
The fixers want to create up to a $100 billion fund to buy good assets from bad structured investment vehicles, or SIVs.
Here's one problem with this plan: If you follow the money, it doesn't make much sense. Start with a mortgage. It gets packaged by an investment bank into a collateralized debt obligation. That CDO is then sold to an SIV. The SIV is funded by a bank, investment bank or another industry lender. It could be the same bank through the whole process. At the minimum, it's a limited group of players.
Now, our original loan and others have gone bad, which means the CDOs have gone bad, which means the SIVs are in trouble. The industry's answer to this is to create yet another investment company to buy the good assets from the SIVs.
Detect a pattern?

You can read the whole story here