Sunday, February 25, 2018

GSE Stuff, Mueller, Russia, the NRA, and President Donald J. Trump

Some GSE Notes, plus my observations about our President!

I keep looking for some commonality among the sparse GSE-related doings, as I try to analyze what's going on in Washington both to explain them from my historic perspective and even to hazard a guess to future developments. 
But it is tough finding positive Fannie/Freddie things, let alone loads of cohorts in DC. 
Investors Unite does an excellent job, the small lenders (CMLA) and the Independent Bankers are stalwarts, plus the low-income housing community we have helps, but we have few foot soldiers, let alone corps leaders. 
With almost no GSE advocates beyond those mentioned, ones who read and exalt Tim Howard’s superb blog, and a few folks who say nice things in response to my posts, Fannie and Freddie allies are not numerous. 
We’re a small group.
Doing my best Johnny Carson, “How small is it you ask?” 
Well, Tim Howard and I planned to host a joint meeting of all of our GSE fans. We figured two discarded, but contiguous public telephone booths near Capitol Hill would suffice for the meeting, plus permit sufficient space for vendors. 
We decided one Dunkin' donut and two cups of coffee should cover all our guests’ food needs, and the public restroom in nearby Union Station could handle the toilet needs of all of our participant. 
Our group is so small, if he drops in, we expect Sen. Bob Corker (R-Tenn.) might be the tallest attendee. 
(Lame humor attempt. No, Howard and I are not doing such an event.)  
Seriously, I see little near term positive for Fannie and Freddie, except the continuing obtuse nature of our opponents for which we all must be thankful because therein is where we have hope. 
Last week 127 mortgage bankers, from across the country, wrote to congressional leaders, rhetorically wringing their hands exhorting lawmakers to write powerful “kill the GSEs legislation” (my terminology not theirs) before either Federal Housing Finance Agency Director Mel Watt or Treasury Secretary Steve Mnuchin acts through executive fiat on their own version of “GSE reform,” which scares them” 
Legislation ain’t happening—with uninformed Senators and Members Congress tripping over their ancient/dogged biases--nor will GSE fans get much help from the courts, including the SCOTUS, which all can hide behind the “Lamberth opinion.” 
It appears Judge Royce Lamberth decision's delivered without having all of the relevant facts--denied him by our very own Justice Department--gave subsequent federal judges all the cover and justification they needed not dig into the GSE issues and accept the DoJ falsehoods. 
Also, from Mt. Olympus or wherever the Wall Street Journal‘s editorial board hangs outs—we heard thunder, lightning, and anguish as the heavens opened up—and the fearsome (and now maybe fearful?) WSJ opined in its predictable anti-GSE way—sounding like those MBA members, the trade association, and its President and CEO David Stevens--worrying that the Trump Administration (really Secretary Mnuchin) might act unilaterally and support the GSEs. 
All that did was make me root for the WSJ’s and the MBA’s, fears since it would cause the WSJ editorial staff gastric distress  (keeping in mind my late mother’s curse on all who crossed her or her children, “May they need kaopectate for the rest of their lives!”).  
After reading that MBA letter and the WSJ’s editorial lament, I screamed, “Yes mortgage bankers. From your fears to God’s ears, let’s all root for Mnuchin and/or Watt rising to the GSE rescue!” 
I think that either of those two officials--Watt acting on his belief in “access and fairness” and Mnuchin on his knowledge of how securities markets work (not to mention the $100 Billion plus he could recoup for the federal government)--would do a better, more efficient, less disruptive, less biased, open minded, and constructive job for the nation’s mortgage markets and homebuyers, than anything this Congress could design on their best day. 
I sure hope the MBA and the WSJ are onto something with their anxieties and horrible dreams of Treasury or FHFA action, because--as I’ve written before--I think that’s the best near term hope for Fannie and Freddie, not some GOP blessed Fannie/Freddie literal statutory execution. 

A Bit More Fannie and Freddie 

--Adding to possible FHFA mystery steps--an agency which can’t do much without blessings from Treasury—is the agency mandate to the GSEs to increase their respective Returns on Equity (ROE). That regulatory ask often—but not always—is a call for more revenue. 
That should cleanse anything lingering in the MBA’s bowels, since—simply—if FHFA wants the GSEs to generate greater income/revenue by raising their respective prices, it also suggests someone wants the GSEs to maintain their operations. That prospect flies in the face of the MBA’s destroy the GSEs position and should make those 127 mortgage banking letter signers consider kaopectate, too. (See above). 
--Does anyone think that well-known former Obama anti-GSE source, recently seen visiting several Senate offices—who is not registered as a lobbyist—is working on the very positive  “Moellis Plan,” which would free Fannie and Freddie and let them bloom once again?? 
I doubt it. Chances are that Jim Parrott’s Senate hob knobbing again with the Corker-guys with whom he worked on the earlier “give the big banks what they want, but kill Fannie and Freddie proposal.” If that is what unregistered lobbyist Parrott is doing, is he going to come clean with the Secretary of the Senate, report himself to the Ethics Committee, or will any of those GOP offices and staff blow the whistle on him??? (Don’t hold your breath.) 

Mueller, Russia, Putin, and President Trump????????? 

Special Counsel Robert Mueller and his staff last week filed 13 indictments against Russian individuals and institutions for interference in the 2016 US presidential election, backing his charges with very precise, detailed, and copious evidence showing exactly what the Russian perps did, starting two years earlier in 2014. 
Those details describe an astounding invasion and threat. The President’s indifference confuses and astounds me. 
I’m not talking about possible collusion with the President’s campaign--that issues hasn't been addressed by Mueller, yet--but just the Russian boldness and audacity (which DJT should combat, not accommodate). 
The President, who has been squirming, deriding, and stiff-arming the Mueller work as “fake news and a hoax,” first reacted to Mueller’s latest indictments with a very predictable Trump position (paraphrasing), “Yes, but there was nothing saying my campaign colluded with the Russians,” as if as elected leader of the United Sattes he had no stake in honest American elections not poisoned by foreign meddling. 
Really, really?? 
Mr. President where was/is your concern that an overseas adversary government--historically and unchangingly antithetical to US interests and institutions--sought successfully to infiltrate our electoral process, undermine its validity, and insure Russian political and societal objectives, including elect you President?? 
Where is your personal and national anger, your patriotic outrage and fury, Mr. President?? 
Except for some angry tweets accusing everyone but the guy looking back from his mirror (which is Trump S.O.P.), the President of the United States said very little, beyond trying to blame it all on Barack Obama. 
Mr. Trump, do you think your bro Putin had anything to do with this matter or any of our international headaches? 
This week, lamely and late, the President finally asked AG Jeff Sessions to look into future implications of this type of invasive election skullduggery. 
Prior to that Sessions request—despite the world knowing Russia was guilty of a variety of mischief and dishonesty--Trump did nothing pre-emptive, asked nobody at the FBI or any of our national security agencies to protect the integrity of this nation’s future elections, with an important one coming up in 10 months. In fact, he claimed he believed Putin when the Russian thug said his country and its spy services did none of these things. 
How do we know DJT did "nada" to head off future election tampering? The heads of each of our national security agencies, publicly, testified to that sorry fact just days ago in the Senate. 
Why does Trump “turtle” for Russia and its political hooliganism? 
In addition to the Trump family’s wet dream of doing massive hotel building and development in the former Soviet Union (whose leaders still act just as their Tsarist and Communist predecessors did), it’s likely the Russians must have something on DJT which explains his dramatic reticence. 
Trump the businessman--who still refuses to share with the nation all of his tax returns and their details--may have started borrowing money from Russian banks and oligarchs, when his financial fortunes ebbed in the past. He may even have engaged in the massive money laundering those Russian sources, banks, and officials required and still need as they sought to launder and hide literally billions of dollars. (Big US real estate purchases via Trump Inc. could hide that, too.) 
Remember Eric Trump telling Fox News, “My dad’s favorite color is green.” (Yes “green,” more than red, white, and blue.”) 
What else—besides the reported “Steele dossier pictures”—can cause our current President to be the only US President since the end of World War II to so compliant/soft on Russia and its leaders? 
He still won’t mention Putin/Russia etc. or their election interference. Before the Mueller 13 indictments, he refused to extend stronger sanctions on these same Russian officials after the Senate and House—with record bipartisan votes—directed him to do so. But, now he has evidence, confirmed by his Justice Department appointments. 
As you think about the Mueller 13 indictments look back at all of the Trump statements and accusation trying to steer the nation away from that finding and the extending possibilities. 
Trump: “It’s not me. It’s the guy behind the tree” (with all due respect to former Senator Russell Long (D-La.).

Washington Post editorial on preventing Russian or other foreign election interference.

Marjory Stoneman Douglas High School, Parkland Florida

There is very little I can or will add to lament the horrible massacre of those 17 students and teachers and the wounding of others. 
As with most of these ordeals, it brought out the best and worst of us. 
After offering his "thoughts and prayers," I am glad someone suggested the President meet with the kids and their parents, as well as those from other school murder tragedies, even if DJT had to rely on WH-provided notes to help him remember to convey compassion. 
But the time for words will shortly pass and the craven NRA-butt kisser ("the NRA leaders all are patriots," DJT said this week) will be confronted with congressional demands for action to make these war weapons more difficult to acquire for anybody, but certainly youthful buyers. 
Well see if our President walks the walk then, or lets the NRA and its allies back him down? 
In the meantime, Trump can show leadership and maturity in telling the world (and his Trump tweet mob) that the Parkland kids are not paid actors or traveling agitators for hire, currently a favorite GOP meme. 
The President should mirror the grace of Senator John McCain, who--when running against Barack Obama in 2008--was asked by a follower "if Obama was an Arab?” 
A resolute McCain, on national TV, said, "No, ma'am. He's a decent family man [and] citizen that I just happen to have disagreements with on fundamental issues and that's what this campaign's all about. He's not [an Arab]."

That’s the character a leader shows.

Steve Sack - Minneapolis Star-Tribune

Maloni, 2-25-2018

Monday, February 12, 2018

Could Mel Watt Save the Day?

GSEs, the MBA, & President Trump

The Mortgage Bankers Association (MBA) and David Stevens their President might be desperate as their very loud voices to crush the GSEs and aimed at Capitol Hill have produced no substantive/immediate response, save huzzahs from the usual suspects.

As most people know, the mortgage lender trade group and its leaders have put a lot of time, effort, money, and skullduggery into destroying the GSEs, which is not surprising given the dominance of the nation’s largest banks among the MBA membership.

But the same actions are very surprising when you realize how much MBA members and lenders throughout the country—big and small--rely on Fannie and Freddie to provide liquidity, manage lender mortgage volumes, and securitize all the loans the banks (large and small) and other mortgage providers prefer to sell or keep on their books as MBS.

(I can’t believe that years of chaos, confusion, and transition, which such a massive legislative transformational shift would produce, is worth more than the “bird in the hand” which the GSEs represent for the MBA and its dues payers. That’s one of the reasons I don’t believe that the MBA rank and file are onboard with Steven’s’ plans.)

To me, the MBA’s fundamental and selfish position, which the trade association speaks about only in code—“The GSEs have crossed a bright line separating primary and secondary mortgage markets” (Huh, the GSEs don’t originate mortgages and their regulator—with the help of the Treasury--sets their guaranty fees!)-- is Fannie and Freddie have too much influence over the loans MBA lenders originate in the primary market which smoothly enter the secondary market where GSE rules dominate. That operational reality has been a very positive national phenomenon when you compare GSE default rates with those of other mortgage guarantors and portfolio lenders.

When the GSEs in 2008 were put into conservatorship by Hank Paulson and the last Bush Administration—with a follow up matching repressive Obama Administration regulatory performance--the GSEs were told to prohibit lenders from processing  “subprime loans”  through the F&F underwriting and securitization windows—and they have succeeded, impressively in doing that.

For years, the MBA has lined up behind every major (and minor) legislative effort to screw the GSEs, including all the variations of the Corker-Warner bills as well as the Milken Institute Michael Bright and Ed DeMarco schemes (and anything Jim Parrott and Michael Stegman endorse), while denying their intent and actions.

Those endorsements were set up and justified  by the over-hyped  MBA “Task Force” deliberations and subsequent report, rumored to be produced from a Wells Fargo provided wish list that backed all sorts of big bank priorities, which at the end of the day meant no more Fannie and Freddie spoiling the MBA’s—and big bank-- soup.

In the past two years, while the MBA mostly has looked to Capitol Hill for relief for their members, the MBA and its leaders are beginning to see that Congress may not do their bidding, despite the continued efforts of the retiring Sen. Bob Corker (R-Tenn.) and Rep. Jeb Hensarling (R-Tex.).

So what could be worrying causing sleepless nights at MBA HQ these days?

Maybe the fact that most in Congress aren’t listening or have many other legislative priorities on their agenda.

Then, how about this little nugget from the National Association of Mortgage Professionals publication??? (See below.)

Fannie and Freddie May Be Totally Revamped in the Blink of an Eye
You may wonder how Fannie and Freddie could be totally changed in a matter of days considering Congress has been stalemated for years on that issue.  That is only the case because Mel Watt, FHFA Director, wants Congress to make the changes.  Next year, President Trump gets to appoint a new FHFA Director who may decide he wants to completely change them.  We have focused on the power of the CFPB Director but the FHFA Director is another unaccountable head of an “independent agency” that can do whatever he pleases. That became abundantly clear in a House Financial Services Committee hearing today featuring Treasury Secretary Mnuchin.  The Director has the unchecked power to take them out of conservatorship or completely change the way they operate. 

Wow, how about that possible gut punch to the MBA’s bread basket??

Could Mr. Stevens and the MBA be displaying its fears that Federal Housing Finance Agency Director (FHFA), Mel Watt—whose term expires in early 2019 and most likely won’t be reappointed by President Trump—has all the legal authority in the world he needs to structurally change the GSEs, end the net worth sweep and restore Fannie and Freddie to their more traditional privately owned roles??

 Will he or won't he, if Congress folds its cards?

It’s hard for me to believe that Mel Watt on his way out the door would shake things up in that manner, but who knows?

He might if he believes his decent legacy of “regulating’ the GSEs could get flushed away by selfish, big bank driven legislation which only rewards the rolling-in-cash obtuse large financial institutions but not the nation’s secondary mortgage market operations or certainly its mortgage consumers.

C’mon, Mel Watt consort with Steve Mnuchin, let him get his $100 Billion plus for Treasury’s worries over deficit spending, while you breathe life into a secondary mortgage market pair that has and will do a better job than any combination of new big bank creations, plus the sleepy-eyed Government National Mortgage Association (Ginnie Mae), which also means the squirming/sticky hands of Michael Bright and Ed DeMarco.

This Week in Trump World

For me, it has been very difficult to concentrate on GSE issues—which means the fate of Fannie Mae and Freddie Mac—while so much else has been going on in DC with the President and his Administration, both of which seem to careen from one calamity to another.

After more than a year in office, the crises seem never to stop, with major allegations from one mess or another accusing senior Trump officials—and then the sloppy Trump handling raising further doubts--as they try and keep up with the mercurial President who seems to be haunted by his own pantry of skeletons and reacts defensively—not like a thoughtful, responsible leader —when one of his team meets trouble.

There is nothing I can or will add to the Rob Porter screw-up which exposed both the President’s lack of understanding/sympathy for the female victims of abuse and the number of WH execs—who handle top secret information—without the requisite security clearances. The GOP would howl if that were Obama’s team.

I would share some different perspectives with those who look at Washington and see nothing wrong with how our President and his team are dealing with the major challenges facing the United States, domestically and internationally.

I’ll share two thought provoking vignettes and an op ed column, describing stuff going on in the White House and behavior from our President.

The first is a quote from a Vanity Fair article—before the Rob Porter incident-- about how John Kelly, Trump’s Chief of Staff, manages his boss.

According to a source Vanity Fair describes as “Republican close to the White House,” things are not, in fact, okay. That individual rather colorfully summed up the situation, telling the publication, “It’s like Kelly views Trump as a mushroom. He wants to keep him in the dark and feed him a bunch of s**t.” 
The second comes from a POLITICO reference to a new book by Democrat political consultant Lanny Davis. 
SNEAK PEEK – LANNY DAVIS in his new book “The Unmaking of the President 2016: How FBI Director James Comey Cost Hillary Clinton the Presidency”: “In 1984, the psychiatrist Otto Kernberg described a severe form of narcissism called ‘malignant narcissism,’ with personality traits that, in combination, constitute a significant pathology and mental disorder. ... 1. A sense of entitlement ... 2. Lack of conscience and empathy ... 3. A sadistic streak ... 4. Egocentrism ... 5. Grandiosity ... 6. Paranoia ... 7. A manipulative nature ... 8. Project their bad behavior onto others ...” 
Last is a link to Maureen Dowd’s New York Times op-ed, Sunday, February 11. 
Trump Shows Us the Way

Maloni, 2-12-2018

Sunday, February 4, 2018

The man had a VISION worth considering...

The Market

Has anyone heard our Bragger-in Chief take credit/responsibility for Friday’s 666* point stock market DROP? Anyone think he will?

President Trump extolled previous market upside swings as coming because of his policies? The reason our stock market is so successful is because of me.”

(*Isn’t that the Devil’s number?)

 I guess we can look forward to DJT and “Biscuit” Sanders blaming Barack Obama for the past five days’ worth of market carnage, the worst decline in two years?

I had a “vision!”

A small but important one, stick with me…..

I’ve been called a lot of things but never a “visionary,” but that could change after this edition hits the blogosphere.

Maybe I was too heavily influenced finishing the final book (#9)—Assassin’s Fate, in a three trilogy set, by fantasy writer Robin Hobb (actually her pseudonym) -- about the Farseer royal family, complete with their many bastards. All the Farseers—family members and kids--could see into the future (and the past) and influence events but not always avoiding terrible consequences.

Ms. Hobb’s many books involve love, hate, treachery, pomp, magic, dragons, “live ships,” royalty, torture, booty, white blond hair, bodily functions, silver-sipping fiends of one type or another---- basically just like the life and denizens I encounter “inside the Beltway!!”

For context, I’ll also mention—as my grandkids know--I believe in UFOs, BigFoot, and the Loch Ness monster. Just based on the simple math those hundreds of thousands of observations, going back generations, all can’t be wrong or lies.  

Only one—in each category—has to be correct for us to own some real mysteries here on earth beyond what’s in President Trump tax returns or his fidelity to Melania?

But, back to my vision.

As blog readers know—and some abhor--I try and write each week some mix of GSE developments, as well as my worrisome views on various Trump administration actions, certainly when the topics entwine (when don’t they?).

The vision came to me midweek, after reading the public airing of the Corker-Warner 2.0 GSE reform package (which predictably and nakedly jacks up Michael Bright’s salary, along with that of other Ginnie Mae executives, I mean why write some legislation if you first don’t take of your very own financial needs?) and hearing President Trump’s first State of the Union address

That speech, unfortunately, was 80% about Trump and the rest, airy fairy generalities and personal biases no diverse nation's thoughtful chief executive country ever should utter to a country hungry for unity, leadership and calm compassionate direction. (And sorry Donald it wasn’t the most heavily watched, as Obama, W. Bush, and Clinton each drew larger audiences for one of their speeches.)

Maybe my vision is a nightmare or just a progressive’s lame dream, you decide?

Bad News for DJT (Maybe?)

In the dream. I see the Trump  Administration’s ongoing acid rain assault on America and its institutions, constantly degrading someone or something, hammering our civic and cultural  principles of fairness, opportunity, law and democracy,  accompanied by crude venomous discourse shaped to shift voter attention away from his calamitous deeds and actions--and that's just on days ending in "y."

Despite its front page presence, a determined President Trump in his first SOTUS never alludes to Russia or the claims about his bro Putin’s interference in the 2016 election; the day after his SOTUS, our President refused to implement legislation passed overwhelmingly in both the Senate and House demanding more sanctions on Putin’s government and Putin’s cabal of homie rich Russian bad guys. (Can you figure out Trump's Russian thing, yet, Andy, Barney, Aunt Bea, Grandpa, John Boy, Kirk, Spock, Scotty, or Lassie?? Maybe it’s related to….?)

Clearly, Donald Trump and his gang’s unprecedented attacks on the FBI and the Justice Department are part of DJT’s intent to poison public opinion in advance of what will be very uncomfortable for the Trump family when Special Counsel Robert Mueller finally reports about possible federal crimes committed.

The presidential assault is all about DJT, once again, the egotist who needs to belittle people and things to make himself feel important.

Warning: When he says something “is not,” there is a good chance “it is.”

The mid-term elections should dovetail, roughly in time, with Special Counsel Mueller finishing his investigation into Russian interference into the 2016 election and the new House—where indictments begin—asked to consider impeaching Donald Trump in 2019.

Watch carefully as this White House will stonewall and slow walk every way it can to forestall that approximate timetable.

Cutting to the chase, the vision contemplates all of this Trump chaos, confusion, and anger leading to the Democrats capturing control of the House of Representatives in November (which hopefully will result in Nancy Pelosi becoming “something” emeritus and not the Speaker of the House).

Where do Fannie and Freddie fit in here?

With  all of the above going on—not to mention congressional disputes over the Budget, infrastructure, Dreamers, immigration, anger at this Administration for ignoring Congress’s call to impose further sanctions on the Putin regime and his oligarchic cronies—Congress will have little time or the will, to turn upside down the nation’s mortgage markets and give everything over to the greedy nation’s largest banks and their sponsors at the Government National Mortgage Association (Ginnie Mae) and FHFA, under whomever the White House chooses to succeed Mel Watt.

In other words, Congress likely kicks the GSE can down the road, again.

Not that I expected much more from Sen. Bob  Corker (R-Tenn.)  and his allies but last week’s leaked legislative product was laughable and represented all the worst his critics anticipated about sucking the GSEs dry and then pitching them on the scrap heap while letting the big banks feast on Fannie and Freddie assets.

Totally gratuitous, too, was the Corker-Warner-Bright-DeMarco-Stevens-Wells Fargo scheme giving the big banks, already top heavy with earnings, a new federal guarantee (which they neither need nor deserve)—before exposing consumers to all the tricks and manipulations which the big financial dudes have employed for years (while earning record profits, the banks still found ways to deviate, violate, and lose billions in huge federal and regulatory fines).

Stevens, MBA, Milken, Wells Fargo=Corker-Warner 2.0

This crappy legislative proposal comports with recommendations from David Stevens, on behalf of the Mortgage Bankers Association and its infamous “task force,” working from a draft fashioned by Wells Fargo Bank, as well as a slug from Michael Bright and Ed DeMarco funded by the Milken Institute. (See non-sequitur below. Ah, again??)

Last week, David Stevens reportedly assured us the Senate bill would “do no harm to Fannie and Freddie.”

I guess the Senate GSE proposal must represents the new principles of the GOPTR, the Grand Old Party of Treasury Rape, since it takes the Government National Mortgage Association, a full-fledged tiny and sleepy federal agency--born in 1970 out of Fannie Mae’s leavings—inflates it (sound familiar?) and tells it to expand without the talent or expertise and take over the $10 Trillion dollar US mortgage market?

Their legislation screams, “Screw you consumers/mortgagors, who are you and why should we care? We made the big banks happy and they are the ones who contribute to our campaigns, not you.”

Once the R’s dipped their snouts into that federal hog wallow with their $1.5 Trillion tax giveaway and gave themselves grand huzzahs—for which Uncle Sam picks up the tab-- there’s no getting those boys back to where they once were, the handwringing political party worried about federal government growth and excessive deficit spending.

So Yippee Kiyay, GOP dudes. Try and blow Fannie and Freddie away, rampage on! That's our new ID.

(Where’s Jeb Hensarling whose mantra always was to oppose a large federal presence in the mortgage market? Apparently, he’s suddenly disappeared from the policy scene as he job hunts for his next rice bowl on Wall Street or at the MBA?)

Enter the Maloni vision and cue “haunting the GOP” music

In my vision, Corker-Warner 2.0, hopefully with my help, draws tepid reviews—and maybe a few GOP objectors in the now 51-49 GOP Senate—as many of the same disputes rev up that killed its progenitor.

In the meantime, the continued Trump campaign against all things federal/legal and threatening the POTUS, scares off worried Republicans; GOP congressional retirements and internecine disputes rage.

More young people, angry at what they see, and reawakened older voters, discomfited by the current craziness and possible assaults on Social Security and Medicare—who may have stayed home in 2016 or voted for Donald Trump—say never again and take out their wrath on Republican incumbents and new office seekers, setting up congressional political flips.

The Mueller report comes out and ties DJT and Trump Inc. to enough violations that even Evangelicals are shame faced.

Nation wakes up from a bad dream; Trump still here but utilizing the 26th Amendment, his Cabinet agrees to send a lobotomy team into the Oval Office, starring HUD Secretary and brain surgeon Dr. Ben Carson, who--while finishing his surgery--screams a weird double entendre self-salute, “Donald, I’ve made the cut!”

How fitting!!

Worried he’s next, Mike Pence, sans wife, seeks refuge in Canada as a conscientious objector!!

Treasury Secretary Steve Mnuchin steps forward, sees Congress can’t get a GSE act together—looks lovingly/hungrily at the $100 Billion or more the GSE warrants represent—and with creative executive action returns the GSEs to life serving the United States as privately owned utilities or corporations convincing Congress, “It’s a fair tradeoff.”

Vision ends.

But remember, even Robin Hobb’s  Farseer family, occasionally, got their future predictions wrong!

Stormy’s Friend??


(One man’s opinion: the shoddily prepared—and non-Trump vindicating—Devin Nunes (R-Cal.) memo will just usher in more hateful ideological bickering and confusion, indeed making Putin’s day.)

Are you proud Devin?


Maloni, 2-4-2018