Wednesday, November 12, 2008

Rove, Edwards, Financial Lobbying Group to Join in Howling Chorus

The Commercial Financial Association, a trade group for asset backed lenders, will offer Karl Rove and John Edwards the opportunity to debate at their meeting in San Francisco. The topic will be "the recent election and its impact on the U.S. economy and business environment."

All three brands, Rove, Edwards & the CFA, would be taken off the shelf, if they were dog food. The Bush administration and greedy American CEO's set the table for the fall financial meltdown. Karl Rove was a key part the George W. Bush White House.

The CFA represents the lending arms of commercial banks, independent finance companies, floor plan financing organizations, factoring organizations and financing subsidiaries of major industrial corporations. CFA membership is by organization. Membership comprises:

24% - Banks
76% - Non-Bank Financial Institutions

John Edwards' political stock cratered after an extramarital affair was revealed. How will the three groups combine on stage? Will they howl at each other in a backyard, late night chorus? Who will throw their shoe at the stage to stop their irritating prognostications? If they couldn't predict or prevent the meltdown, why should we listen?

Ironically, Treasury Chief Hank Paulson revealed new uses for the toxic asset recovery program (TARP). He wants to change the Financial Rescue Program (FRP) to help nonbank firms. That helps members of the CFA, as 76% are nonbanks.

Congress got bait and switched. I'm afraid that describes America's political process as well. We keep recycling dog food, or its sorry leadership equivalent. Did someone FRP? It's most malodorous...

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