Crush Depth Alert: Solutions For Supplying Power To America's Distressed Financial Systems

In "Crush Depth Alert" a 'true insider' gives the reader the real factors that led America into the Greatest Recession Since the Great Depression (GRSGD). Concise, easy to understand data analysis takes the reader into the heart of darkness where privately owned Government Sponsored Enterprises (GSEs) called Fannie Mae and Freddie Mac purchase products from their own portfolios and further supplement that policy by continuously lowering mortgage rates, placing the country at risk. Overlooking reasonable fiduciary standards in their underwriting systems, the GSEs and big banks encouraged American homeowners to increase mortgage debt well above the rate of America's economic GNP growth. Author, James Boswell, looks at public FDIC figures only to find that banks did not need a government TARP bailout. The figures show that they were simply short on cash and did not want to sell assets at bottom line prices. Boswell illustrates the consequences as a crush depth alert, providing a parallel analogy that the United States is the 'USS United States', a nuclear submarine experiencing 'flooding in the engine room'. Boswell says every system and operation on a submarine has to work efficiently to support mission objectives. One weak valve can 'scram' the reactor and take the ship down. The stresses placed on the housing sector of the economy weakened it as an engine valve that provides power to the economy and individual homeowners. Boswell's concern is that this is not the only weak valve. He sounds the alert that without action the 'USS United States' risks reaching crush depth, a point of no return to the surface. Understanding the problem is just the beginning. Boswell is out to bring the 'USS United States' to the surface. "Crush Depth Alert" is filled with recommendations for adding energy to economic engines including: regulations; the elimination of certain policies, operations and organizations; a focus on innovation and a sense of accountability and pride in excellence; the use of performance evaluation and risk management tools for optimum performance, early identification of problems and the curbing of waste and fraud. Boswell brings optimism and clarity where many other authors on this subject bring woolly thinking, speculation and dumbfounded scenarios. James Boswell's authority comes from twelve years monitoring the risk of half a trillion dollar portfolio of mortgage-backed securities that carried the Full Faith and Credit Guaranty of the United States behind them; from helping Ginnie Mae work through the Savings & Loan crisis of the 1980's and 1990's; from recognition of his work for Ginnie Mae-receiving a Vice-Presidential Award in 1995; from his publications in the Mortgage Banking Association's "Mortgage Banking Magazine" and Jess Lederman's "The Handbook of Mortgage Banking: Trends, Opportunities and Strategies"; from his work with Tristan Yates developing PERC (Performance Evaluation Report Card) a methodology tool that was a 2010 top ten finalist in the WIPRO-Knowledge@Wharton Innovation Tournament; and from his educational degrees from Indiana University's School of Public and Environmental Affairs and the University of Pennsylvania's Wharton School.