I think your arguments and criticisms are valid. That's why I'm invested in JPS and not in commons. Still, I think it's helpful to present and discuss Howard's arguments here. The discussion may help to clarify whether they are realistic or not.
Howard is FOS and makes clownish comments. He is one of the people responsible for the conservatorship in the first place. He was, after all, CFO from 1990 to 2005 in charge of risk management. He failed. He's a loser....still hanging around trying to justify his ego.