They got so involved with trying to keep up with the mortgage industry
That they securitized millions of mortgages without worrying about quality.
Second, the mortgages that are securitized by the mortgage lenders and the banks,
When they are sold, they must keep a part, not just say, "no thanks".
That way, these institutions would take care that the loans could be repaid,
And they wouldn't let the borrower get caught up in the "teaser loan" charade.
Third involves the companies that rate the mortgage securities,
There are four, but one is small and does things differently.
The giant ones are paid by the companies selling the paper,
They keep their customers happy by using the following caper.
Everything is rated triple-A whether it's good or bad,
Which brings in the highest prices, and makes their customers glad.
The smaller company's clients are the ones doing the buying.
They need an answer that accurate and one where the rater is not trying,
To make the paper look good, by rating it triple-A
If it's worth a B rating, it should be rated a B and that's the way it should stay.
This is the rating system that should be instituted.
It's simple, and it's accurate and not at all convoluted.
Some in Congress will try to create a complicated way of doing thus,
But if they do, you can be sure that it will end up screwing us.
Finally, item four, and this one must be included.
We'll never fix the problem, if this one is diluted.
Credit Default Swaps, in the end must be looked at with a frown,
Because, when push comes to shove, they are what brought the system down.
Insurance is insurance no matter what you try to name it,
And calling it a "swap" will not only defame it,
It can make you think you can get away without reserves to secure them,
But it will cause us all untold grief, of that I can assure them.
As we make progress in passing rules and some new regulations,
We must be sure we don't go too far, there must be limitations.
But surely we can find a way to avoid our present suffering and pain,
While we make reasonably sure that the current conditions will never come again.
The next step on the domestic front is fixing our health care system.
If folks have pre-conditions, insurance companies should not be allowed to dis them.
Everyone in the nation should be covered at premiums they can afford,
And those who don't want to be insured, should be enticed to come aboard.
But equally as important, we need to bring down the cost,
While still improving outcomes, or the real purpose would be lost.
A single payer system might have accomplished this, but that's not in the cards,
The Democrats didn't even try, once the Republicans started throwing shards.
Their propaganda shouted out "This would lead to Socialism",
But that's what Republicans always see, when they look through their Socialism prism.
At any rate, the next step down, is the "Public option", to compete with commercial offers.
But this, they said would cost more than a trillion dollars over ten years, and would come out of
our coffers.
When talking about the system "over ten years", quickly dropped out of the way they talked about it,
Because a hundred billion dollars a year, is what Iraq's been costing, and they never shout about it.
Another thing they often say is that it would drive the commercial systems out.
Well, if that's the case, what in the world have the Republicans been complaining about.
A government run system, they've always said would be terribly inefficient,
It would lead to rationing and care that was insufficient.
To say the government option would be most people's choice, seems rather contradictory,
But Republicans are very good at thinking inconsistently.
And to say the cost will be so high, is also inconsistent,
The total cost should be the same as now, or even be in decent.
Because many costs are hidden now, for people who are uncovered,
They're picked up in more expensive Emergency rooms, which we long ago discovered.
But some bill will soon be passed, and that will be a start,
And let's hope it's not the kind of bill that puts the horse before the cart.
The energy bill that passed this week might be in that category,
Cap and trade is the basic approach, but that's just part of the story.
The agriculture industry has been totally exempted,
And it's not clear that the remaining bill will accomplish what is intended.
There are those that insist it will kill more jobs than could ever be created.
But others say CO2 in the atmosphere will be greatly abated.
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