Memo to Obama: time to break the refinance strike by the big banks

August 31, 2010

There are growing signs of unease bordering on desperation inside the Obama White House. Most of the O Team now understands that the real, private economy never got out of Dip Number One. The prospect of a permanent downward shift in “trend growth” to a lower track, and continued double digit unemployment, are driving a search for alternative measures that has even touched conservatives in the worlds of finance and economics.

The Obama Administration and the Fed have taken the position that the crisis affecting the U.S. economy and the financial sector is slowly ending. In fact, the largest banks remain profoundly troubled by bad assets on their books as well as claims against these same banks for assets sold to investors. By allowing banks to “muddle along” and heal these wounds using low interest rates provided by the Fed, the Obama Administration is embracing a policy of deflation that has horrible consequences for U.S. workers and households.

In a post over the weekend on ZeroHedge –  “Bernanke Fed Drives Deflation With Zero Rate Policy” — I described the negative effects of the Fed’s low interest rate policy on bank earnings, as well as consumer and corporate spending and saving. When interest rates are low, savers move their preference for liquidity to infinity, especially after the past several years of market breakdown. Retirees spend less because the interest earned on bonds and savings has plummeted.  Here’s an excerpt:

When the Fed buys securities through QE, it is removing duration from the markets, pushing down yields and volatility. For a while this boosts the net interest margin (NIM) of leveraged investors such as banks, who are able to borrow at lower rates to fund current assets. As assets re-price to the low rates maintained by the Fed, however, NIM begins to disappear. Over the medium to longer term, think of duration and NIM as being linked, so obviously a sustained period of QE is bad for NIM. This is why NIM in the U.S. banking sector is starting to fall.

Just as the earnings of leveraged investors like banks are starting to suffer due to zero rate policy, so too the spending by all manner of savers, from retirees to companies and not-for-profits to municipalities, is falling too. Fed Chairman Bernanke and the other members of the FOMC are killing the real economy to save the banks — but none of the benefit flowing to the banks is reaching U.S. households. In fact, the Obama Administration has been providing political cover for the Fed to conduct a massive, reverse Robin Hood scheme, moving trillions of dollars in resources from savers and consumers to the big banks and their share and bond holders.

The first priority is to make clear to the largest banks, especially the top four institutions — JPMorganChase (JPM), Bank of America (BAC), Wells Fargo (WFC) and Citigroup (C), that the party is over when it comes to providing credit to the real economy. Until President Obama and Fed Chairman Bernanke recognize that six institutions — FNM, FRE, BAC, C, JPM and Wells Fargo — have broken the mechanism which makes interest rate easing work, we will make little progress fixing the economy.

“In every Fed easing event during my career in finance (1986, 1992, 1998, 2002), it was the wave of refinancing of debt after the Fed eased interest rates that put permanent disposable income into the hands of households,” notes a former Fed official who worked in the banking industry for decades. “In this last easing, however, FNM, FRE and the TBTF banks have conspired to break the transmission mechanism for monetary policy and are now strangling the U.S. economy to save themselves from past errors.”

Rules changes made by FNM and FRE since the Treasury’s conservatorship began in 2008 have prevented millions of American consumers and business from refinancing their mortgage debts. The Bernanke Fed will attempt to compensate for this de facto freeze on refinancing with QE II, but this will fail.

So what should President Obama do?

First, the Obama Administration should use the power provided in the Dodd-Frank legislation to force an accelerated cleanup of bad assets and to mandate refinancing and principal reductions for performing loans with viable borrowers. If any banks resist, the Treasury should use the power under current federal law to remove recalcitrant officers and directors of these same banks.

Second, President Obama also needs to focus on the growing competitive problem in the U.S. mortgage sector. The mortgage banking industry suffered significant consolidation since 2007. In particular, the competitive, third part origination players went out of business via bankruptcy or by being taken over. The industry is now dominated by a cozy oligopoly of Too Big To Fail banks (TBTF).

The top three banks control 55% of all mortgage originations. The top 10 banks control 95%. The top five run the only surviving channels to sell loans to Fannie Mae (FNM) and Freddie Mac (FRE), and force their pricing upon the entire banking industry. Small banks give up half the economics of a typical loan to sell a loan to FNM or FRE indirectly, through WFC or JPM. Why is there no antitrust investigation of the top banks by the Department of Justice?

The Obama Administration should move to restructure FNM and FRE now, not in 2011. The Treasury should use its existing authority under the conservatorship to force FNM and FRE to make rules changes to allow for the refinancing of all existing residential mortgages, if only to reduce the current cost of the debt and increase disposable income for households.

By moving on reforming FNM and FRE, the Obama Administration can provide relief to home owners and also send a strong message to Wall Street and global investors that the practice of “too big to fail” is at an end. We should always remember that the model of the government sponsored enterprises (GSEs) goes back to fascist Italy and Germany of the 1920s. The very public demise of these GSEs is an important part of ending TBTF for the large banks — but only part of the story.

President Obama should make some political hay over the fact that loan origination margins for the top four banks have gone from ½ point to over 4 points in the last two years. This is the subsidy for Wall Street above and beyond the zero interest rate policy of the Fed. The Obama Administrations needs to require changes in the way in which FNM and FRE do business with the banking sector and with mortgage holders, and use these changes to reform the mortgage market in preparation for legislation from the Congress.

By reducing barriers to refinancing by FNM and FRE, and aggressively forcing private banks to mark mortgages to market and accept principal write-downs or short sales to clear the backlog of bad debt, the Obama Administration can restore balance to the economy and create a healthy basis for new growth.

141 comments

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Wow! A brilliant article. I’m not holding my breath, however, that the Obamacrats will effect any of the recommendations mentioned or that they even understand what these recommendations are.

Posted by Gotthardbahn | Report as abusive

Amen to that !! Get Paul Volker out from behind the Obama administration, or we will go down that same road, but different tune, that he took Jimmy Carter and the rest of the country. Put Berneke back in charge. I smell a one-term president if he doesn’t.

Posted by prinfin | Report as abusive

Best letter I have read in years. My fear is that we will continue to move in the opposite direction.

Posted by maxboehmer | Report as abusive

Right on the money. Many of the assets that are underwater were acquired at discounted prices and the losses were realized when they were bought pennies on the dollar. Let’s pass some of the discounting on to the consumer.

Posted by mortgagelite | Report as abusive

The Fed will never, ever raise interest rates again. They will keep rates here until the Fed is dissolved in roughly 10 years (or less). If the Fed raises rates the entire system comes tumbling down, NIM be damned.

I think of the Fed as the first driver on a freeway to hit a patch of dense fog. The minute they hit their breaks they cause a huge pile-up behind them. They’re not going to hit the breaks. They may run off the highway because they can’t see where they’re going but that’s a risk they can take. What they know will happen is that tapping the breaks will put a lot of people in the hospital.

Posted by DarkMath | Report as abusive

You do realize that Obama and his people never bite the hands that contribute millions of dollars to his campaign or the Democratic Party, do you?

The man is owned by the banksters, as is his Treasury Department, as is the FED.

Posted by section9 | Report as abusive

The steps outlined below should have been implemented 2 years ago in conjunction with the Fed’s Quantitative Easing programs for the banks. Taxpayers received no benefit from Bernanke’s policies.

We need policies where each consumer is allowed to clean up their household balance sheet based on credit card abuses and mortgage fraud that has been occurring for years. These Policies may be complicated but need to be fair for all. Banks instead of paying bonuses should hire hundreds of employees to implement the following:

1. All “purchase money” loans should get an automatic principle write down regardless of financial status. Not helping folks today with a “purchase money” loan is a disgrace, because this is one situation where the bank is equally at fault if not more at fault. These folks were busy working and trusted realtors, mortgage brokers, government propaganda and the whole FIRE industry to provide sound financial advice. This advice was forced on the homeowner for very large fees and commissions paid out of the homeowners pocket.

All homeowners who refinanced and can PROVE with receipts the additional cash after the first “purchase money” loan was for home improvements then this loan should qualify for a principle write down regardless of income in addition to the above scenario.

2. Second Home Loans and HELOC not backed by home improvement receipts and credit card debt should be treated equally under the same new policy. There is no difference between the debt if a homeowner refinanced to pay off credit card debt or if a renter / homeowner did not or have the option.

As it stands today after 6 months of defaulting on your credit cards you have no option but to endure the collection agencies and a 7 year hit on your credit report as opposed to a homeowner defaulting on second loans. Why did congress not add a recourse clause to the recently passed credit card act? What good is the credit card act if there is no recourse to recapture the abusive penalties? All debt today already collected and paid, charged off or still being paid should be recalculated going back 10 to 15 years using the new rules for a new outstanding balance. After crediting back to the consumer the years of bad abuses then set up a program for each individual to pay off the debt based on the monthly payment he/she can afford. In addition force the banks to send refund checks to folks who have paid the usury penalties and late fees based on new calculations using the new credit card act definition of credit card abuse. This is fair for both the consumer in debt and the consumer who did not use credit cards or did not do multiple cash-out refi’s. There is no disputing second home loans and HELOC are given huge leniency in the credit reporting arena yet are equal to credit card debt. All state recourse and non-recourse laws would have to be overridden.

3. Bernanke can assist the banks via QE 2.0 to absorb the losses the banks will take on in the above policies after the losses have been absorbed by clawbacks on ill gotten gains and bank bonuses.

Posted by FrankSmith123 | Report as abusive

We need policies where each consumer is allowed to clean up their household balance sheet based on credit card abuses and mortgage fraud that has been occurring for years. Banks instead of paying bonuses should hire hundreds of employees to implement the following:

1. All “purchase money” loans should get an automatic principle write down regardless of financial status. Not helping folks today with a “purchase money” loan is a disgrace, because this is one situation where the bank is equally at fault if not more at fault. These folks were busy working and trusted realtors, mortgage brokers, government propaganda and the whole FIRE industry to provide sound financial advice. This advice was forced on the homeowner for very large fees and commissions paid out of the homeowners pocket.

All homeowners who refinanced and can PROVE with receipts the additional cash after the first “purchase money” loan was for home improvements then this loan should qualify for a principle write down regardless of income in addition to the above scenario.

2. Second Home Loans and HELOC not backed by home improvement receipts and credit card debt should be treated equally under the same new policy. There is no difference between the debt if a homeowner refinanced to pay off credit card debt or if a renter / homeowner did not or have the option.

As it stands today after 6 months of defaulting on your credit cards you have no option but to endure the collection agencies and a 7 year hit on your credit report as opposed to a homeowner defaulting on second loans. Why did congress not add a recourse clause to the recently passed credit card act? What good is the credit card act if there is no recourse to recapture the abusive penalties? All debt today already collected and paid, charged off or still being paid should be recalculated going back 10 to 15 years using the new rules for a new outstanding balance. After crediting back to the consumer the years of bad abuses then set up a program for each individual to pay off the debt based on the monthly payment he/she can afford. In addition force the banks to send refund checks to folks who have paid the usury penalties and late fees based on new calculations using the new credit card act definition of credit card abuse. This is fair for both the consumer in debt and the consumer who did not use credit cards or did not do multiple cash-out refi’s. There is no disputing second home loans and HELOC are given huge leniency in the credit reporting arena yet are equal to credit card debt. All state recourse and non-recourse laws would have to be overridden.

3. Bernanke can assist the banks via QE 2.0 to absorb the losses the banks will take on in the above policies after the losses have been absorbed by clawbacks on ill gotten gains and bank bonuses.

Posted by FrankSmith123 | Report as abusive

[...] and the Fed are “killing the real economy to save the banks,” Chris Whalen asserts. By allowing banks to heal their wounds through low rates, they [...]

Great job and great call out on the profitability of the banks generating an 800% increase in profits on loan originations. When the crisis started all the blame was shifted to greedy mortgage brokers as the cause. It was almost eerie how the big banks chimed in or even worse stayed silent as the brokers came under attack. These banks knew the truth, get rid of the brokers and profits will go through roof and while transaction transparency goes out the window. The real blame rests with the keepers of the gold… the lenders. The brokers did not dream up their compensation structure… it was put together by the big banks and taught by the bank sales people to the brokers that originated the deals. Yet the only blame hit the brokers. This was easy because the brokers had essentially no organized voice in Washington. Blaming brokers makes about much sense as blaming the waiter because you don’t like the way the chef cooked your meal… the waiter is involved but the chef is responsible.

With competition and transparency out of the way the banks are once again exploiting the consumer in the loan process while regulators make sure the competition never returns. As for banks writing down principle balances and agreeing to mods that make sense, it is an idea that would solve a lot of problems but a better approach would be to finish the foreclosures and stop rewarding bad behavior of delinquent borrowers… next and most important, provide a government sponsored loan program that allows foreclosed borrowers to renter the housing market as buyers at more appropriate price levels. This step would put over a million of foreclosed homeowners back into the homeownership game and create a huge demand for housing that would actually absorb the glut of foreclosures.

Posted by mtgpro | Report as abusive

Fannie and Freddie need to disappear but what will happen when all the toxic crap they hold ends up at the Big 5 banks?

Posted by STORYBURNthere | Report as abusive

[...] a Policy of Deflation September 1, 2010 tags: Chris Whalen, Deflation by salientpoints Chris Whalen nails [...]

[...] Whalen of Institutional Risk Analytics writing at Reuters says that The Obama Administration and the Fed have taken the position that the crisis affecting [...]

[...] This post was mentioned on Twitter by Holden Lewis, Francois T, DAC, haymoney, Shanny Basar and others. Shanny Basar said: RT @rcwhalen: Fight Banksters! http://bit.ly/aWdvqP [...]

[...] Reuters  –  Aug 31, 2010[snip]… The Obama Handing out and the Fed have taken the position [...]

In the ZH article, you wrote, “The Fed is paying banks next to nothing to park $1 trillion in excess reserves deposited with the central bank. The Fed should drive rates for bank reserves down into negative territory, essentially penalize banks for not lending or investing in private assets.”

With $1 trillion leaving the Fed, there could certainly be an increase in investment in private assets, but there’s nothing that guarantees this by simply lowering IOER to -0.x%. Also, these funds would compete for yield and further exacerbate the problem which you describe.
Lowering IOER is easing, which seems incompatible with your conclusion that says the Fed needs to raise interest rates. How do you reconcile?

Posted by E_B | Report as abusive

Excellent article!
“Most of the O Team now understands that the real, private economy never got out of Dip Number One.”

I’m not sure they are capable of understanding such a simple reality.
Anyone talking about a double dip is both mislead and misleading: There has never been a recovery in the real America of working and unemployed people, small business, households, etc.
Therefore, the second ‘dip’ isn’t a dip at all – just the same grim, reality that won’t go away, even after O & Team appear on TV with their messages of hope, etc.

Posted by yr2009 | Report as abusive

The first lucid solution I have read in weeks.
Finally, someone is thinking instead of complaining.

Great Article

Posted by GoldChef | Report as abusive

[...] bank executives. I don’t agree.  Let me preface with a bit of background:  The writer argues that the biggest financial institutions in the U.S. have failed to spread the savings from reduced [...]

You asked the question. Here’s my take. The people have to know that the Government cares. Scrap the NAFTA treaty. It never had a chance. Take oil out of commodity trading. Move the jobs back to the US that were moved to China. It was a bonehead decision, made by boneheads. Instruct EPA that they can make no new rules unless the technology is there to implement the rules. Same goes for passing laws that states must implement Federal laws with no money to do it. Stop rule making by federal agencies without congressional and public review and approval.(Hint, Hint, this includes public approval, not public comment). Make these changes now while the patient(economy) isn’t dead.

Posted by fred5407 | Report as abusive

there is nothing more Obama or anybody can do. Mr Obama is not intelligent at all, he had an excellent opportunity at the beginning of the recession to order corporations who were to recieve bailout funds to agree to strict oversight and regulation( including a complete freeze of executive bonuses), but no, he wrote them a blank check. what did he expect them to do. Mr Obama is just a puppet on a string who has no real power . It is really interesting to see how this will all unfold.

Posted by xila654 | Report as abusive

By the time president Erkel figures this out, it will be too late.

Posted by misterliu | Report as abusive

A High Impact Jobs Creation Plan is essential.

The engine of growth and economic stability in almost all countries is small business and unless we are able to help this sector out of the current dilemma I would submit that we will eventually see more global crisis, perhaps of even greater magnitude. Majority of the current financial problems are rooted in lack of employment and this is precisely what small business can resolve in record time.

Consider facilitating a credit, through the unemployment office, to all small businesses so they can hire only three employees at market rates. 6 million jobs at $50k per year would require only a $300B facility with $100B going back to the Government in taxes, effectively a $200B Highly Impactful Stimulus package.

Posted by 1voice | Report as abusive

Principal reduction is the WRONG ANSWER! Principal reduction to underwater mortgages = moral hazard! There were 2 parties in the toxic mortgage bubble: the banks and the borrowers. The solution to the housing market is foreclosure and resale at prices that are in line with historical norms. These foolish and greedy borrowers should not be rewarded for gaming the system any more than the lenders should be rewarded.

Outside of the most extreme bubble areas (unfortunately, I live in one), responsible borrowers that did not engage in HELOC abuse and have been dutifully paying down their mortgages are not underwater! Most of the people that are now clamoring for principal reduction are the same ones that used their houses as ATM’s, tapping their imaginary equity for tax-free income. Remember all those snake-oil salesmen telling people to “put your house to work for you”? Remember your neighbors with $50K household incomes, living in 5,000 sq. ft. homes, and driving a new BMW every other year during the bubble? This reckless and greedy behavior should not be bailed out by the U.S. taxpayer.

Foreclosure and resale AND A RETURN TO TIME-HONORED LENDING STANDARDS are the correct solutions to this problem. No home should ever be sold for less than a 20% down payment. When that is the case (along with full and rigorous documentation of income), the U.S. taxpayer will not need to bail out the banks, because foreclosure and resale will cover the cost of the defaulted loan.

Posted by LifeInTheOC | Report as abusive

The US government has been following the Keynes’s theories of massive government spending. It also moves toward central planning arena of the Soviet economic model. Look! Is it a good choice for the economy? It will be answered after decades. I think big government is a very bad idea as it will kill private initiatives, innovations, business freedoms, and more. Governments unwisely spend the money they do not have. This will lead to debt burden on future generation, devaluation of currency, runaway inflation, higher taxes which will kill jobs and new investments. The role of government should be kept into regulating the playing field, not an investment arm. If the governments play both roles: referee (set regulations) and player (investing in and running businesses) in the field, it would be very unfair to private businesses.

Posted by BillNG | Report as abusive

If I were President I would bring jobs back by raising tariffs on all imports so that things made here cost the same as imports. You get better quality and the market becomes fair across the board. China can survive on it’s own if it makes the proper changes. The Stock market will shudder but it is all ready and new investments will arise from businesses in the US. Another immediate thing I would do is enforce immigration laws to the fullest extent and close the figgin’ border. By cutting back on the defense budget I would reduce the deficit rather quickly and many soldiers would be back home guarding ALL borders. It is about time we start taking care of our own. That’s my platform and you can just write my name in in 2012.Fred do you wanna be vice pres.?

Posted by ThePup | Report as abusive

Well, if social media is so popular, why dont we use a similar approach here.since the government doesnt have the funds or means to help the country, they should rely on the people. A very popular economic theory is – people respond to incentives. Announce that any individual(non-immigrant) who buys a house/condo will be granted a green card if he/she pays 60% of the value of the house upfront. When this could be done for visas, this seems like a plausible way out.

Posted by Ohcomeon | Report as abusive

Hey,The Pup, I think we could do better. Right now the people do not consider that they have a voice. Some even think anything would be better than what we have now. I think there are a lot of Senators and Congressment hiding out in DC when they should be back home digging ditches and learning how it is to work.

Posted by fred5407 | Report as abusive

We need something like H1B for politicians … vv. displace home grown crooks, and bring in some less expensive, disposable, foreign muscle: Scandinavians for integrity; Sicilians for clean-up work; and Chinese to make things happen without argument.

Posted by SanPa | Report as abusive

Hey, ThePup –

- Many of the items we import now we cannot produce on our own anymore, the factories are closed and the cost to reopen them alone would be astronomical. Moreover, that type of economic protectionism will lead to us (or any other nation) being shunned in terms of international trade. This isn’t 1920 anymore, we, like other nations depend on international trade. Jacking tariffs is a very short sighted way to solve that problem. For us to have those jobs in this country, and have them pay a livable wage, that $200 TV at Wal-Mart would cost you $1100. No HD, either.

Obama should do what he can to remove the influence of Fannie and Freddie (how much can he really do, though?), and Americans need to get better at producing what we produce best, knowledge. We are no longer a manufacturing-based economy, and we aren’t going to become one ever again. Americans need to get over that, go back to school, get educated, and start being a part of the knowledge economy. If not, they’re going to be left out in the cold, period.

Posted by Adam_S | Report as abusive

I guess I can assume my prior (and eminently logical) question from 7 am EDT was censored? Forgive me if I wasn’t sycophantic, but I was polite. I asked how the author can reconcile a call for higher interest rates while simultaneously advocating an extreme easing of monetary policy via a penalty on IOER.

Posted by E_B | Report as abusive

Maybe if Obama stops spending like a progressive on steroids, stops bailing out car and teacher unions, stops chasing jobs away by threatening to tax every company based on employee headcount and starts closing our borders to illegals maybe then the economy would fix itself.

Posted by DaBear | Report as abusive

Bumbles needs to resign.

Posted by Letsbehonest | Report as abusive

The real answer, the answer tht American’s don’t want to hear is that the debt-induced consumption boom can only be corrected by bringing debt back into historical proportion to GDP- which will take a reduction in government expenditures and entitlement programs and a reduction in our standard of living until productivity gains can once again become the engine of income and consumption. This will take years to unwind as it took years to accumulate to today’s epic proportions. We either make the hard choices now or the markets will force the corrections on us with much greater pain for all.

Posted by richjacy | Report as abusive

[...] Whalen has a particularly tough-minded post at Reuters in which he explains why QE does little for the real economy (similar to the conclusions reached by [...]

[...] Take-Out September 2, 2010, 7:48 am –Chris Whalen, in a broadside against Fannie, Freddie and TBTF Banks, writes on his Reuters blog: “Fed Chairman Bernanke and the other members of the FOMC are [...]

[...] Main Street (and the economy) Will Continue to Stagger As Christopher Whalen points out, today ”the largest banks remain profoundly troubled by bad assets on their books as [...]

Unconsitutional, illegal, and immoral. You can’t abrogate contract law merely to suit the needs of the majority; that’s unethical. Aside from that, the courts will not allow it.

Posted by DavidMerkel | Report as abusive

[...] Chris Whalen – Memo to Obama: time to break the refinance strike by the big banks [...]

[...] Chris Whalen – Memo to Obama: time to break the refinance strike by the big banks [...]

Let me tell you what I think is unconstitutional, illegal and immoral.

When the last my kids went off to college, I sold my 1980′s four-level home and downsized to a modest but nice 1960′s rambler in an older neighborhood. I made a down-payment equal to approximately a quarter of the rambler’s value. That money vaporized in a matter of weeks, but it didn’t stop there. The value of my home continued to decline by tens of thousands of dollars and hasn’t stopped declining yet.

The economy and banking system collapsed due to banking industry shenanigans that made some very wealthy people in that industry vastly more wealthy than they were previously.

I and millions of people like me lost big and gained nothing. Those who lost nothing and gained big talked to their friends in Congress and convinced them to pass the cost of the collapse to me and my descendants (auto industry costs, Freddie and Fanny, etc have not been repaid by Wall Street and never will be).

A few of those corporations paid some modest fines, but nobody went to jail because the big winners managed to get their friends in Congress to allow the SEC to dole out punishments instead of the court system. That move also kept the investigation details safely behind closed doors rather than subject to public scrutiny. Their friends in Congress got a little press by performing some public scoldings and everyone went back to their ivory towers with grins on their faces and a jingle in their pockets.

Many millions of people lost their ability to provide for their families, millions more lost much of the money they had invested over the course of several decades when the stock market collapsed, and now the only “safe” place for the money they have left is in bank accounts that earn practically no interest at all.

To make matters worse, those banks get their money at approximately 0% interest from the Fed, then use the money to generate more money through investments rather than making loans.

It hurts me ears to hear you speak of constitutionality, legality and morality.

There is obviously a class of people in this country who are not subject to those constraints.

These days, laws are for manipulating the little people into providing ever greater wealth and power to the elite.

I used to think anarchists were just a bunch of crazy people on the fringes of society who couldn’t afford their Thorazine. Now, I think they just might have a point.

It reminds me of when I studied the French Revolution in college. Sure there were some terrible injustices and inequities, but It was hard to wrap my head around how thousands of people could get so angry that they would attack the ruling class and mark each fall of the guillotine with shouts of glee and jubilation.

I get it now.

Posted by breezinthru | Report as abusive

Good thinking. Wondering what you think of it’s implication on society as a whole though? There are times when things like this begin to have global expansion and frustration. I’ll be around soon to check out your response.

Excellent ideas throughout this post, you just gained a brand new reader. Do you have any feedback on your most recent post though?

I’m wondering if you have noticed how the media has changed? Now it seems that it is discussed thoroughly and more in depth. It’s that time to chagnge our stance on this though.

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