Editor’s Note: The simple reasons for the failure of the Federal program are not just that they lack clearly defined goals; they lack clearly defined understanding of the problems of title and appraisal fraud. Homeowners are sitting with property that is (a) hopelessly underwater (b) with hopelessly clouded title and (c) hopelessly engaged in mandated [...]
Perhaps most notably, but least mentioned, the bill requires the credit rating agencies, Moody’s, Fitch, and Standard & Poors, to not only be more transparent, but also potentially liable for issuing “bad ratings” on bonds. The role of the bond market and the credit rating agencies in the financial meltdown is not widely understood, I’m aware, but it’s nice to know that Congress is aware, and this is evidence that that’s the case.
PLUNDER – The Crime of Our Time, is a movie produced and directed by Danny Schechter, that shows what Wall Street did to destroy our economy. It’s the first movie that clearly shows that what’s happened over the last several years was not a natural disaster, nor was it a market correction. The destruction of our credit and financial markets, along with the housing market was not caused by irresponsible borrowers, it was the result of financial terrorism… a series of criminal acts perpetrated by Wall Street’s bankers who made billions as a result.
Everyone knows how much I love sarcasm… or at least have come to love sarcasm writing about the foreclosure crisis… and on this article I think I might have taken my sarcasm to such a level that readers, especially those that read quickly, may have missed it. I say this because I received an email from a reader and our conversation back and forth follows.
People… we have to stop the foreclosures. They breed more foreclosures. They reduce spending and lower tax receipts. They cause increased unemployment. They cause more bonds to default. They make our banks insolvent. They are a “HOLE IN THE BOTTOM OF OUR BOAT. It doesn’t matter what else we do… as long as we allow the foreclosures to continue unchecked… we are doomed to a future that none of us would want for our children.
“A growing list of more than a dozen state bars and the ABA have asked for changes in congressional legislation aimed at protecting consumers from financial fraud because it contains language so broad that the everyday work of lawyers in various practice areas would be swept into the web of federal regulators.”
Tens of thousands of people may have taken advantage of the first-time homebuyer tax credit to defraud the government, an IRS watchdog office said Thursday.
Herein lies the ultimate Achilles’ Heel of Obamacare. [...] Read the rest »
“In what has become a routine spectacle, financial regulators went to Congress this week and raised objections to major portions of President Obama’s plan to overhaul financial industry rules.”
It is hard to draw any other conclusion but that hundreds of billions in new funding will be required to keep the FDIC operating. Given the catastrophic consequences of the FDIC failing, starting with a bank run of biblical proportions, there’s no question it will get whatever funding it needs. By loading the new loan guarantee responsibilities and the PPIP onto the FDIC’s back, the administration will go back to Congress and ask for the next large bailout.”
“Whether or not C-Span itself requested that You Tube pull the channel is not known, but it is clearly in the public interest and constitutes fair use to show a clip less than 10 minutes in length of what the people who are supposedly our Representatives are saying in Congress on our behalf.
As we have highlighted before, You Tube arbitrarily suspends accounts based on flimsy copyright claims that aren’t even properly investigated.”
“Disenfranchisement” [Definition] – the revocation of the right of suffrage (the right to vote) to a person or group of people, or rendering a person’s vote less effective, or ineffective.
Everyday, I read the headlines and half of me can’t believe what’s happening… and it keeps happening; the other half completely believes this madness. Our government officials are out of control. They’ve lost it… I mean completely lost their marbles but we’re to blame because we’ve elected these looney tunes to office and we continue to do so. The average American is being fleeced. We are going to get taxed beyond comprehension. Mark my words. It’s coming. It will come in all sorts of nasty realities. We’re on the hook for $700 Billion. $350 Billion has just been slammed through the system. Gone. And what do we have as a result? More foreclosures, more write-downs, more people losing their homes, their jobs.
The Bailout Funds (ie. TARP Funds) were to be used to help “struggling” banks get a cash infusion so that they would continue to lend money to consumers to keep the economy going. At least this is what our pal “Hank” Henry Paulson said to us American citizens and Congress to sell this craziness to us. You know, it was an emergency and in order for the US economy to survive, we gotta get these banks liquid so that they’ll continue to lend. All that…
Alright, so we’re talking about the largest appropriation of taxpayer dollars (and/or printed money) in US history here. $700 billion! And we even have to “urge” transparency and accountability? I’d like to say, “I can’t believe it” but unfortunately I can. Folks, this is what this blog is all about. We have the most irresponsible, [...]
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