FIRE WOES, FREDDIE/FANNIE WOES SHARE COMMON DENOMINATOR
INDUSTRY NEWS, SHASTA COUNTY
September 12th, 2008
California Forest Fire
For many years now, locals have been vociferous about the build up of volatile fuels in the national forests around Redding. The once vibrant timber industry, that was a major part of the local economy, has dwindled to a few dominant corporate giants that survived because they own their own tracts of timber. The spotted owl was supposedly endangered by logging activities in the national forests leading to cessation of timber sales on public lands. Further studies indicated other factors were to blame for the population drop of the spotted owl but the damage had been done; mills closed and the timber industry was nearly obliterated.
This summer, we saw what can and will happen when warning calls are ignored. More than a million acres of resources went up in smoke releasing tons of green house gases. I doubt environmentalists are happy to see our forests turn to ashes but at least there were many that told them so.
Insiders and government regulators alike vocalized concerns about irregularities at Fannie Mae long before the current take over. The executives in charge at Fannie Mae were more interested in short term profits in order to earn huge bonuses. Now that the chickens have come home to roost, the CEO’s in charge will be given the boot but will leave with obscene severance packages worth millions each. The losers are the borrowers who were duped into bad loans and the taxpayers that will foot the bill to save face for foreign investors that hold the majority of stock in these government sponsored enterprises.
Those that created these problems for our forests and housing industry will turn their backs and walk away with no responsibility to answer for their actions. The rest of us pay the price with debt and higher taxes to make up for the losses. Homeowners have lost their homes, forest industry workers have lost their jobs and we all will pay the price for years to come.
Both the timber industry and the banking industry have been brought to their knees by a lack of action by government bureaucrats in charge of regulating our forests and financial systems. It’s time for leadership with new, bold ideas that will change the course and who’s in charge of our nation’s resources. Failure to do so will jeopardize our country’s future and the quality of life for future generations of our citizens. Our children and grandchildren are counting on us. We need change, and soon!
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
I found your blog on MSN Search. Nice writing. I will check back to read more.
Eric Hundin