July 31, 2009
It was being described as "the brink of financial Armageddon" when America's largest banks and brokerages accepted billions of dollars in taxpayer money in late 2008 to rescue them from collapse. We now know that these financial concerns took advantage of loose governmental requirements for tracking the TARP funds and have now made a miraculous recovery.
The TARP funds were approved by Congress to allow the U.S. Treasury to purchase or insure up to $700 billion of "troubled" assets. "Troubled assets", in the legislation, were defined as "(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.
Not only were mortgages and securities related to mortgages the main target of the legislation, strangely they were the only "troubled assets" NOT addressed following release of the rescue funds. Instead, the money went to big banks and brokerage firms, insurance companies, hedge companies and pretty much anyone else to use for anything but distressed mortgages.
It is now being revealed by N.Y. Attorney General Andrew Cuomo that nine banks and brokerages such as Chase, Merrill Lynch, Citibank, and the Bank of America received $175 billion in TARP funds after claiming over $100 billion in 2008 losses. The banks involved have seen an amazing turnaround and are now reporting huge profits. It's just incredible what you can do with "free" money! The banks were so happy that Chase (Jamie Dimon CEO), who received $25 billion in "rescue funds", gave away $33 billion to executives as bonus payments. Merrill Lynch (Stan O'Neal and John Thain CEOs) received $27 billion and rewarded their genius execs with $3.6 billion in bonuses and now are part of Bank of America; Citibank (Vikram Pandit CEO), a recipient of $45 billion were so thrilled with their executive's performance that they threw bonuses worth $5.3 billion at these super financiers.
Getting the message? It was more important to further compensate the criminal bankers who conspired to bring down the real estate market, while manipulating the entire process, than to provide some assistance to distressed homeowners. Billions in bonuses to crooks while nothing to the victims of these bloodsuckers, even when funds were specifically targeted for that very purpose.
Unless Congress brings down the hammer on these CEOs, their henchmen, their Boards and the heads of companies further down the food chain (mortgage brokers/servicers, hedge funds, insurance companies), the American voters are going to show their displeasure at the next election opportunity. Bankers should also take note, because bloggers will be relentless in exposing the names of all of the players who have profited at the expense of homeowners and all taxpayers.
A full report from the Cuomo investigation is available at:
http://www.reuters.com/article/ousiv/idUSTRE49S85720081029
Friday, July 31, 2009
Thursday, July 30, 2009
SENATE TO INVESTIGATE BANKS & BROKERAGE FIRMS FOR RESIDENTIAL MORTGAGE FRAUD
July 31, 2009
In an encouraging move by the Senate, a panel is reportedly investigating a number of banks and brokerage houses including Goldman Sachs, Washington Mutual, Deutsch Bank for mortgage fraud. This is the best news homeowners have received during the housing crisis that was initiated when these financial concerns got too greedy.
It's being alleged that many financial institutions engaged in fraud when they knowingly allowed unqualified applicants to obtain mortgages. They subsequently "bundled" these "liar loans/no doc loans" with other more stable mortgages, misrepresented the quality of the mortgages for the rating agencies and then sold them as investment securities.
These greed-driven criminals were so confident that they had the perfect scam that they had the audacity to take out insurance against the securities they had sold to protect them from losses when their plan to destroy the real estate market came to fruition. The insurance company (AIG) couldn't pay when the claims came in and the taxpayer had to step in and actually pay these crooks AGAIN! Now, they'd like to get the property back through foreclosure so they can profit even further.
It's hard to believe they've been able to successfully divert attention from their guilt, but homeowners are beginning to put the pieces together. The picture that is developing implicates Congressional members such as Chris Dodd, Kent Conrad, and Barney Frank among others who will be fully exposed during the fraud investigation.
In an encouraging move by the Senate, a panel is reportedly investigating a number of banks and brokerage houses including Goldman Sachs, Washington Mutual, Deutsch Bank for mortgage fraud. This is the best news homeowners have received during the housing crisis that was initiated when these financial concerns got too greedy.
It's being alleged that many financial institutions engaged in fraud when they knowingly allowed unqualified applicants to obtain mortgages. They subsequently "bundled" these "liar loans/no doc loans" with other more stable mortgages, misrepresented the quality of the mortgages for the rating agencies and then sold them as investment securities.
These greed-driven criminals were so confident that they had the perfect scam that they had the audacity to take out insurance against the securities they had sold to protect them from losses when their plan to destroy the real estate market came to fruition. The insurance company (AIG) couldn't pay when the claims came in and the taxpayer had to step in and actually pay these crooks AGAIN! Now, they'd like to get the property back through foreclosure so they can profit even further.
It's hard to believe they've been able to successfully divert attention from their guilt, but homeowners are beginning to put the pieces together. The picture that is developing implicates Congressional members such as Chris Dodd, Kent Conrad, and Barney Frank among others who will be fully exposed during the fraud investigation.
Tuesday, July 28, 2009
DISTRESSED HOMEOWNERS IGNORED BY MORTGAGE COMPANIES, BANKS
July 28, 2009
On February 18, 2009, President Obama announced a $75 billion program "The Homeowner Stability Initiative" to assist distressed homeowners and help rescue their homes from foreclosure. The intent was right on target, but implementation has been ignored by holders of residential mortgages. It has to be apparent that the holders of these notes are going to do everything possible to profit even more from the fraud that they have engaged in and greed they have continued to show throughout this crisis.
This well-intentioned program has not only been under promoted, it has barely been implemented. To date, the program has been used on a "trial basis only" according to Administration sources. You have to ask yourself why, when 1.5 million homeowners have lost their homes to foreclosure already this year and it is estimated that 5 to 6 million may suffer the same fate before this situation stabilizes, aren't the Program's funds being utilized with the same speed as "rescue funds" given to insurance companies, banks, automakers, etc.?
There can only be one answer. Lobbyists for the banking/mortgage company crooks and personal relationships between their CEOs and politicians on Capital Hill are preventing these committed funds from being used to ease the rate of foreclosures. These people have no conscience and have only one goal: Squeeze every dollar they can from this scheme because it's unlikely they can pull off a beauty like this one again right away.
Homeowners facing foreclosure and those who continue to be ignored by their mortgage companies must insist that this program be instituted completely and immediately! The Administration must also insist that all pending foreclosures be reviewed by an unbiased Program panel prior to a sale being scheduled. Additional sanctions should also be levied upon these unresponsive financial institutions to stop further abuses of homeowners by these greed-driven individuals.
An MSNBC article from February 18th that announced the Program is linked below:
http://www.msnbc.msn.com/id/29256639#storyContinued
On February 18, 2009, President Obama announced a $75 billion program "The Homeowner Stability Initiative" to assist distressed homeowners and help rescue their homes from foreclosure. The intent was right on target, but implementation has been ignored by holders of residential mortgages. It has to be apparent that the holders of these notes are going to do everything possible to profit even more from the fraud that they have engaged in and greed they have continued to show throughout this crisis.
This well-intentioned program has not only been under promoted, it has barely been implemented. To date, the program has been used on a "trial basis only" according to Administration sources. You have to ask yourself why, when 1.5 million homeowners have lost their homes to foreclosure already this year and it is estimated that 5 to 6 million may suffer the same fate before this situation stabilizes, aren't the Program's funds being utilized with the same speed as "rescue funds" given to insurance companies, banks, automakers, etc.?
There can only be one answer. Lobbyists for the banking/mortgage company crooks and personal relationships between their CEOs and politicians on Capital Hill are preventing these committed funds from being used to ease the rate of foreclosures. These people have no conscience and have only one goal: Squeeze every dollar they can from this scheme because it's unlikely they can pull off a beauty like this one again right away.
Homeowners facing foreclosure and those who continue to be ignored by their mortgage companies must insist that this program be instituted completely and immediately! The Administration must also insist that all pending foreclosures be reviewed by an unbiased Program panel prior to a sale being scheduled. Additional sanctions should also be levied upon these unresponsive financial institutions to stop further abuses of homeowners by these greed-driven individuals.
An MSNBC article from February 18th that announced the Program is linked below:
http://www.msnbc.msn.com/id/29256639#storyContinued
HOW DO YOU GET A RANGEL TAX DEAL?
July 28, 2009
In a matter that has gotten little attention from the mainstream media, Way and Means Committee Chairman, Charles Rangel (D-NY) has, so far, been able to stonewall efforts to "encourage" him to PAY HIS TAXES!!
This is the guy responsible for actually writing the tax code and he has the audacity to think that he is above the requirements he forces upon the rest of us. The Wall Street Journal is finally putting some pressure on him today in its lead editorial entitled “Morality and Charlie Rangel’s Taxes”.
The following are excerpts from an excellent overview from today's WSJ's editorial.
"Ever notice that those who endorse high taxes and those who actually pay them aren’t the same people? Consider the curious case of Ways and Means Chairman Charlie Rangel, who is leading the charge for a new 5.4-percentage point income tax surcharge and recently called it “the moral thing to do.” About his own tax liability he seems less, well, fervent."
"Exhibit A concerns a rental property Mr. Rangel purchased in 1987 at the Punta Cana Yacht Club in the Dominican Republic. The rental income from that property ought to be substantial since it is a luxury beach-front villa and is more often than not rented out. But when the National Legal and Policy Center looked at Mr. Rangel’s House financial disclosure forms in August, it noted that his reported income looked suspiciously low. In 2004 and 2005, he reported no more than $5,000, and in 2006 and 2007 no income at all from the property".
We were delighted when Rangel admitted to failing to report and disclose his rental income, but we were puzzled that the media simply accepted Rangel’s figure of $75,000 when it appeared the total was much higher.
"We have provided additional information about this income in a Complaint to the Internal Revenue Service. Maybe Rangel realizes that his estimate of unreported and undisclosed income will not fly. As the Journal points out:
Mr. Rangel promised last fall to amend his tax returns, pay what is due and correct the information on his annual financial disclosure form. But the deadline for the 2008 filing was May 15 and as of last week he still had not filed. His press spokesman declined to answer questions about anything related to his ethics problems.
Besides not paying those pesky taxes, Mr. Rangel had other reasons for wanting to hide income. As the tenant of four rent-stabilized apartments in Harlem, the Congressman needed to keep his annual reported income below $175,000, lest he be ineligible as a hardship case for rent control. (He also used one of the apartments as an office in violation of rent-control rules, but that’s another story.)
Mr. Rangel said last fall that “I never had any idea that I got any income’’ from the villa. Try using that one the next time the IRS comes after you. Equally interesting is his claim that he didn’t know that the developer of the Dominican Republic villa had converted his $52,000 mortgage to an interest-free loan in 1990. That would seem to violate House rules on gifts, which say Members may only accept loans on “terms that are generally available to the public.” Try getting an interest-free loan from your banker."
The editorial notes another NLPC-exposed instance of Rangel cheating on his taxes:
The National Legal and Policy Center also says it has confirmed that Mr. Rangel owned a home in Washington from 1971-2000 and during that time claimed a “homestead” exemption that allowed him to save on his District of Columbia property taxes. However, the homestead exemption only applies to a principal residence, and the Washington home could not have qualified as such since Mr. Rangel’s rent-stabilized apartments in New York have the same requirement.
The House Ethics Committee is supposedly investigating Rangel’s tax evasion, as well as a Rangel-led, Citigroup-funded junket to the Caribbean, also exposed by NLPC. Add to the list the propriety of donations to the so-called Charles B. Rangel Center for Public Service at City College of New York.
Until recently, Rangel was predicting an imminent and total exoneration by the Ethics Committee. This prediction was echoed by Eugene Isenberg, the Chairman of Nabors Industries, when I confronted him at the Nabors’ annual meeting on June 2. Isenberg made a million dollar pledge to the Rangel Center at the same time Rangel was preserving a lucrative tax break for the company.
Rangel and Isenberg may be right. The Ethics Committee, under the thumb of House Speaker Nancy Pelosi, is perfectly capable of clearing tax-evader Rangel of wrongdoing, even as Congress levies big, new taxes on the American people.
In a matter that has gotten little attention from the mainstream media, Way and Means Committee Chairman, Charles Rangel (D-NY) has, so far, been able to stonewall efforts to "encourage" him to PAY HIS TAXES!!
This is the guy responsible for actually writing the tax code and he has the audacity to think that he is above the requirements he forces upon the rest of us. The Wall Street Journal is finally putting some pressure on him today in its lead editorial entitled “Morality and Charlie Rangel’s Taxes”.
The following are excerpts from an excellent overview from today's WSJ's editorial.
"Ever notice that those who endorse high taxes and those who actually pay them aren’t the same people? Consider the curious case of Ways and Means Chairman Charlie Rangel, who is leading the charge for a new 5.4-percentage point income tax surcharge and recently called it “the moral thing to do.” About his own tax liability he seems less, well, fervent."
"Exhibit A concerns a rental property Mr. Rangel purchased in 1987 at the Punta Cana Yacht Club in the Dominican Republic. The rental income from that property ought to be substantial since it is a luxury beach-front villa and is more often than not rented out. But when the National Legal and Policy Center looked at Mr. Rangel’s House financial disclosure forms in August, it noted that his reported income looked suspiciously low. In 2004 and 2005, he reported no more than $5,000, and in 2006 and 2007 no income at all from the property".
We were delighted when Rangel admitted to failing to report and disclose his rental income, but we were puzzled that the media simply accepted Rangel’s figure of $75,000 when it appeared the total was much higher.
"We have provided additional information about this income in a Complaint to the Internal Revenue Service. Maybe Rangel realizes that his estimate of unreported and undisclosed income will not fly. As the Journal points out:
Mr. Rangel promised last fall to amend his tax returns, pay what is due and correct the information on his annual financial disclosure form. But the deadline for the 2008 filing was May 15 and as of last week he still had not filed. His press spokesman declined to answer questions about anything related to his ethics problems.
Besides not paying those pesky taxes, Mr. Rangel had other reasons for wanting to hide income. As the tenant of four rent-stabilized apartments in Harlem, the Congressman needed to keep his annual reported income below $175,000, lest he be ineligible as a hardship case for rent control. (He also used one of the apartments as an office in violation of rent-control rules, but that’s another story.)
Mr. Rangel said last fall that “I never had any idea that I got any income’’ from the villa. Try using that one the next time the IRS comes after you. Equally interesting is his claim that he didn’t know that the developer of the Dominican Republic villa had converted his $52,000 mortgage to an interest-free loan in 1990. That would seem to violate House rules on gifts, which say Members may only accept loans on “terms that are generally available to the public.” Try getting an interest-free loan from your banker."
The editorial notes another NLPC-exposed instance of Rangel cheating on his taxes:
The National Legal and Policy Center also says it has confirmed that Mr. Rangel owned a home in Washington from 1971-2000 and during that time claimed a “homestead” exemption that allowed him to save on his District of Columbia property taxes. However, the homestead exemption only applies to a principal residence, and the Washington home could not have qualified as such since Mr. Rangel’s rent-stabilized apartments in New York have the same requirement.
The House Ethics Committee is supposedly investigating Rangel’s tax evasion, as well as a Rangel-led, Citigroup-funded junket to the Caribbean, also exposed by NLPC. Add to the list the propriety of donations to the so-called Charles B. Rangel Center for Public Service at City College of New York.
Until recently, Rangel was predicting an imminent and total exoneration by the Ethics Committee. This prediction was echoed by Eugene Isenberg, the Chairman of Nabors Industries, when I confronted him at the Nabors’ annual meeting on June 2. Isenberg made a million dollar pledge to the Rangel Center at the same time Rangel was preserving a lucrative tax break for the company.
Rangel and Isenberg may be right. The Ethics Committee, under the thumb of House Speaker Nancy Pelosi, is perfectly capable of clearing tax-evader Rangel of wrongdoing, even as Congress levies big, new taxes on the American people.
SEC LAUNCHES REAL ESTATE FRAUD INVESTIGATION
July 28, 2009
The SEC announced today that it is investigating a mortgage investment scheme based in Phoenix involving commercial loans to area developers. These loans were made from a now bankrupt fund, Mortgages Ltd. The company was established to make short-term, high interest loans to commercial concerns. Another Phoenix-based company, Radical Bunny LLC is also being linked by the SEC to Mortgages Ltd.
The former CEO of Mortgages Ltd., Scott Coles, committed suicide last June shortly after the company filed for bankruptcy. Radical Bunny LLC is run by Tom Hirsch, a friend of Coles and the accountant for Mortgages Ltd. Radical Bunny LLC is also currently seeking bankruptcy protection. In addition to Mr. Hirsch, Radical Bunny officers, Berta Walder; Howard Walder and Harish P. Shah have also been named as defendants by the SEC.
Investors in the mortgage fund backing the Mortgages Ltd loans were apparently not informed of the risk involved and were victims of "material misrepresentations". The safety of investor's money, "material misrepresentations" and the unusually high risk involved with the scheme are the focus of the SEC's investigation.
We are encouraged that the SEC is finally bringing real estate fraud charges against those whose greed was instrumental in collapsing the entire real estate market and subsequently the Nation's economy.
It has been our contention that any company/individual that engaged in backing residential or commercial real estate mortgages, without informing buyers of the incredible risk involved with their plan to leverage, bundle, and sell the buyer's mortgage along with a bunch of basically worthless "liar loans" are guilty of fraud. These greedy plans needed to be disclosed to investors in the current case and residential mortgagees who have been robbed by shameless financial crooks.
Now, we just need the first residential mortgage fraud case to be initiated by someone to blow this scheme wide open and expose the extent and nature of the damage done by banks, politicians, brokers, hedge funds, insurance companies, rating and oversight agencies, etc. simply due to their unfettered greed. The same type of charges the SEC is bringing against Mortgages Ltd could easily be proved against any mortgage concern, such as Countrywide Mortgage, who engaged in the "derivatives" scheme employed during the 2003-08 time frame.
The SEC announced today that it is investigating a mortgage investment scheme based in Phoenix involving commercial loans to area developers. These loans were made from a now bankrupt fund, Mortgages Ltd. The company was established to make short-term, high interest loans to commercial concerns. Another Phoenix-based company, Radical Bunny LLC is also being linked by the SEC to Mortgages Ltd.
The former CEO of Mortgages Ltd., Scott Coles, committed suicide last June shortly after the company filed for bankruptcy. Radical Bunny LLC is run by Tom Hirsch, a friend of Coles and the accountant for Mortgages Ltd. Radical Bunny LLC is also currently seeking bankruptcy protection. In addition to Mr. Hirsch, Radical Bunny officers, Berta Walder; Howard Walder and Harish P. Shah have also been named as defendants by the SEC.
Investors in the mortgage fund backing the Mortgages Ltd loans were apparently not informed of the risk involved and were victims of "material misrepresentations". The safety of investor's money, "material misrepresentations" and the unusually high risk involved with the scheme are the focus of the SEC's investigation.
We are encouraged that the SEC is finally bringing real estate fraud charges against those whose greed was instrumental in collapsing the entire real estate market and subsequently the Nation's economy.
It has been our contention that any company/individual that engaged in backing residential or commercial real estate mortgages, without informing buyers of the incredible risk involved with their plan to leverage, bundle, and sell the buyer's mortgage along with a bunch of basically worthless "liar loans" are guilty of fraud. These greedy plans needed to be disclosed to investors in the current case and residential mortgagees who have been robbed by shameless financial crooks.
Now, we just need the first residential mortgage fraud case to be initiated by someone to blow this scheme wide open and expose the extent and nature of the damage done by banks, politicians, brokers, hedge funds, insurance companies, rating and oversight agencies, etc. simply due to their unfettered greed. The same type of charges the SEC is bringing against Mortgages Ltd could easily be proved against any mortgage concern, such as Countrywide Mortgage, who engaged in the "derivatives" scheme employed during the 2003-08 time frame.
Thursday, July 23, 2009
SIMPLE SOLUTION TO ECONOMIC & HOUSING CRISIS
July 23, 2009
Solving the current economic crisis has become just an opportunity for corporate and banking/financial institutions to grab as much taxpayer money as possible. Many of the financial/banking and insurance institutions receiving taxpayer money were actually responsible for initiating this crisis. So why are these concerns being helped when those who they destroyed (i.e., homeowners) are being destroyed?
There would have been a pretty simple solution, which could have been enacted 6 months ago, that would have resolved the current situation almost immediately. Why wasn't it considered? The answer is simple, it would have required holders of mortgages to reduce the principal owed and to then sell their "toxic" paper to the Federal government at the new adjusted prices. These greedy, criminal "financiers" could not conceive of being on the losing end of the proposition and heavily lobbied Congress, the Federal Reserve and the Treasury Department to ignore this option.
Solving the current economic crisis has become just an opportunity for corporate and banking/financial institutions to grab as much taxpayer money as possible. Many of the financial/banking and insurance institutions receiving taxpayer money were actually responsible for initiating this crisis. So why are these concerns being helped when those who they destroyed (i.e., homeowners) are being destroyed?
There would have been a pretty simple solution, which could have been enacted 6 months ago, that would have resolved the current situation almost immediately. Why wasn't it considered? The answer is simple, it would have required holders of mortgages to reduce the principal owed and to then sell their "toxic" paper to the Federal government at the new adjusted prices. These greedy, criminal "financiers" could not conceive of being on the losing end of the proposition and heavily lobbied Congress, the Federal Reserve and the Treasury Department to ignore this option.
Here's exactly how it would have worked and what the result would have meant to homeowners and the Country's economy.
- The Federal government nullifies all "no doc" mortgages, unless the "homeowner" can now produce the proper required documentation that proves they can afford the property. Otherwise, the Feds allow those properties, purchased by people who couldn't afford them to go into foreclosure and the proceeds are returned to the Federal Treasury to assist in funding the remainder of the plan;
- The Federal government then requires all holders of residential mortgages to allow a unbiased panel of real estate experts to reset the principal owed to realistically reflect the collapse in housing values;
- All mortgages are then sold to the Feds at the new adjusted prices;
- The Feds turn these mortgages, many initially ARM-types, into 30-year fixed obligations;
- The Feds pay all outstanding property taxes directly to the State on any homes that have delinquent property taxes and adds this amount to the mortgage's principal;
- Life continues and people can again see a chance to live without the constant fear of loosing their home to the same criminals that took advantage of the lack of governmental regulation and oversight to pocket huge profits at the expense of all American taxpayers.
Arguments against this plan will complain that some homeowners will receive more help than others and point to homeowners who have already paid off most of their note. This is true, but a tax credit or outright tax-free payment to anyone receiving less than what the average homeowner received would bring the playing field level and should have resolved this issue.
Positives of this plan are huge. Not only would it have totally resolved the foreclosure nightmare overnight, it would give homeowners hope. Homeowners would now have an opportunity to immediately begin growing equity in their home, instead of waiting 20 years and worrying the whole time that they'll never recover their initial investment. State governments would receive back property taxes that they desperately need to balance their budgets. Banks shouldn't need any additional funds from taxpayers to pad their already bulging wallets. People will feel more comfortable buying again, auto makers would see a turnaround in sales and other retail concerns would benefit from consumers having a brighter outlook for the future.
The cost? Less than a trillion dollars. How much have we already thrown away to make sure greedy bankers/brokers and insurance companies had funds available to pay themselves huge salaries and bonuses? The actual amount already wasted and the amount still to be thrown away is difficult to determine, but this plan would have easily cost less. In fact, it would probably have been less than what's already been given to the crooks that call themselves bankers, brokers, financiers, etc. If you think my figures are wrong, check them yourself. The median value of the American home according to the National Assoc. of Realtors is $202,000 with the average being $245,000. It's estimated that there are approximately 50,000,000 homes with outstanding mortgages. That would be about 1.2 trillion dollars if everyone owed the full amount of their original mortgage. Have we handed out and plan to hand out this amount yet? The answer is YES PLUS! But obviously not everyone owes the full amount of their original note, so the dollars needed to completely resolve this crisis would have been far less and if we hadn't also paid off the money boys to the tune of 2-3 times (and higher multiples in many cases) their initial investment, well I think you see my point.
Ok Washington, so what's your 5,000 page plan to waste more taxpayer money?
Wednesday, July 22, 2009
FIRST LADY MICHELLE OBAMA LINKED TO PATIENT-DUMPING SCAM
It's being alleged that an organization started and still supported by First Lady Michelle Obama, the Urban Health Initiative (UHI) at the University of Chicago Medical Center, was and is still involved in "patient dumping". When the First Lady was VP at the Medical Center, she initiated the UHI, which was supposed to provide better care to area patients coming into their Emergency Room (ER).
To get the program rolling, Ms Obama's group hired David Axelrod (currently President Obama's Senior Advisor, what a coincidence) to obtain the necessary funds. Mr. Axelrod was very successful with his lobbying efforts by obtaining an initial $23 million grant from the Federal government. Many millions of dollars have subsequently be granted to this institution by government and private organizations. The program's public objective appears to have been to triage in-coming patients to assure they received the most appropriate treatment. Sounds like a noble and reasonable goal, but, as usual, there's a lot more under the surface.
The real goal appears to have been to preserve beds at the prestigious University of Chicago Med. Center for patients with the best insurance payment potential. So, anyone showing up at their ER who did not meet their payment criteria were "referred" during triage to other hospitals, sometimes over an hour away.
Last year, a young boy and Medicare patient, was attacked by a pit bull. The boy's lip was nearly ripped off, but after being triaged at the Univ. of Chicago Medical Center ER, he was refused treatment and referred to a hospital nearly an hour away. A major scandal and investigation insued in LA last year when a strangely similar practice was revealed. Wonder if this one will get any mainstream play?
We sure hope the President's new health care reforms address situations like this one. Wait a minute, is this be exactly the kind of care the Administration intends to provide for us if they get their way? The Chicago model?
It's really amazing how the same players keeping popping up in politics and the world of finance. Long lines of "friends", family and cronies scramble to hang on to these crooks and they somehow always seem to be involved in these, on the surface, altruistic endeavors, which end up just being a money-making scam and/or way to gain more power for themselves.
Is this setting a good example for your daughters Ms Obama? Unfortunately, I fear that your type live in such a different place that you feel somehow above the world the rest of us have to live and survive . When did your invitation come to join the "Club"? Mine came in the Spring of 1974 in Houston, TX. Thankfully, and probably for the wrong reasons, I passed.
Fact of the matter is that I know about your bunch and what your cabal intend. The problem is we're all not as uninformed and stupid as you assume. And, for the very reason that you've chosen to limit access to the spoils, those that oppose your nefarious goals represent a large hurdle for you to overcome. At the very least, it isn't going to be as easy as you thought. Many of your group has already been laying low for over 40 years since their movement fell apart in the '60s. They've been planning for four decades for this day and now they're rubbing their hands together, getting ready for the "Fine 'Ol Solution" as my buddy Early would say.
Just remember what happens when you ass/u/me something? The big difference this time, is that "me" won't be part of the equation, but "u" will!
"Hey Mom, is this true"?
To get the program rolling, Ms Obama's group hired David Axelrod (currently President Obama's Senior Advisor, what a coincidence) to obtain the necessary funds. Mr. Axelrod was very successful with his lobbying efforts by obtaining an initial $23 million grant from the Federal government. Many millions of dollars have subsequently be granted to this institution by government and private organizations. The program's public objective appears to have been to triage in-coming patients to assure they received the most appropriate treatment. Sounds like a noble and reasonable goal, but, as usual, there's a lot more under the surface.
The real goal appears to have been to preserve beds at the prestigious University of Chicago Med. Center for patients with the best insurance payment potential. So, anyone showing up at their ER who did not meet their payment criteria were "referred" during triage to other hospitals, sometimes over an hour away.
Last year, a young boy and Medicare patient, was attacked by a pit bull. The boy's lip was nearly ripped off, but after being triaged at the Univ. of Chicago Medical Center ER, he was refused treatment and referred to a hospital nearly an hour away. A major scandal and investigation insued in LA last year when a strangely similar practice was revealed. Wonder if this one will get any mainstream play?
We sure hope the President's new health care reforms address situations like this one. Wait a minute, is this be exactly the kind of care the Administration intends to provide for us if they get their way? The Chicago model?
It's really amazing how the same players keeping popping up in politics and the world of finance. Long lines of "friends", family and cronies scramble to hang on to these crooks and they somehow always seem to be involved in these, on the surface, altruistic endeavors, which end up just being a money-making scam and/or way to gain more power for themselves.
Is this setting a good example for your daughters Ms Obama? Unfortunately, I fear that your type live in such a different place that you feel somehow above the world the rest of us have to live and survive . When did your invitation come to join the "Club"? Mine came in the Spring of 1974 in Houston, TX. Thankfully, and probably for the wrong reasons, I passed.
Fact of the matter is that I know about your bunch and what your cabal intend. The problem is we're all not as uninformed and stupid as you assume. And, for the very reason that you've chosen to limit access to the spoils, those that oppose your nefarious goals represent a large hurdle for you to overcome. At the very least, it isn't going to be as easy as you thought. Many of your group has already been laying low for over 40 years since their movement fell apart in the '60s. They've been planning for four decades for this day and now they're rubbing their hands together, getting ready for the "Fine 'Ol Solution" as my buddy Early would say.
Just remember what happens when you ass/u/me something? The big difference this time, is that "me" won't be part of the equation, but "u" will!
"Hey Mom, is this true"?
BIN LADEN'S SON KILLED IN MISSILE ATTACK?
July 22, 2009
Reports are scare and are just coming in, but it appears that a Hellfire missile attack "sometime earlier this year" may have killed one of Osama bin Laden's Sons in Pakistan. No other reliable information is available at this time other than an apparent "85% chance it was bin Laden's Son". Glad is wasn't 80% because that's just silly speculation!
Reports are scare and are just coming in, but it appears that a Hellfire missile attack "sometime earlier this year" may have killed one of Osama bin Laden's Sons in Pakistan. No other reliable information is available at this time other than an apparent "85% chance it was bin Laden's Son". Glad is wasn't 80% because that's just silly speculation!
LITTLE TO OLD, LITTLE TO SICK - TAKE A HIKE!
July 22, 2009
If a panel of "experts" have their way and the Administration's health care reforms become law, it's very likely you or someone you know will hear some bad news when illness or injury strikes. Americans need to know that the most important part of the proposed reforms involves who will get what. Under the Administration's and the Democrat's proposal, if their panel of "experts" determines that you are "too sick or too old" you will be denied treatment.
Keep pressing your representatives on this fact, or the next time you need a hip replacement in order to walk painlessly or medicine at age 80 that simply keeps you alive you or someone you love may be extremely disappointed.
If a panel of "experts" have their way and the Administration's health care reforms become law, it's very likely you or someone you know will hear some bad news when illness or injury strikes. Americans need to know that the most important part of the proposed reforms involves who will get what. Under the Administration's and the Democrat's proposal, if their panel of "experts" determines that you are "too sick or too old" you will be denied treatment.
Keep pressing your representatives on this fact, or the next time you need a hip replacement in order to walk painlessly or medicine at age 80 that simply keeps you alive you or someone you love may be extremely disappointed.
OBAMA ADMINISTRATION ACCEPTS BLAME FOR "GLOBAL WARMING"
July 22, 2009
In the last month, a string of announcements by members of the Obama administration to the governments of India and China have basically made it clear that the United States, in the face of pending "Cap in Trade" legislation, has accepted blame for creating "global warming". Funny, I don't remember voting on that or even hearing any debate among unbiased scientists concerning this very important issue.
Apparently we aren't simply happy accepting blame, but have indicated that America intends to pay for any carbon offset penalties imposed on China, India, etc. due to Cap in Trade legislation. Talk about "real money", this is going to be some real money! And, God knows, we can easily afford that little expense right now. What are these people thinking? One official stated that he believed the consumer of the products should shoulder the carbon offset expense, not the producer.
Man, talk about stacking the deck and not recognizing reality! That would mean that China, for example, could simply not impose any environmental standards concerning carbon emissions, which would lower China's cost of manufacturing even more. The environment worsens, especially in China and neighboring areas, and just because America (feel guilt here) has enjoyed a certain quality of life - WE have to pay the penalty?! America didn't steal a good quality-of-life from anyone, especially China. It was due to the hard work, ingenuity and the freedom to do what we've done for over 200 years that America has become the envy and target of the rest of the world.
When other countries have no incentive to do something that might be costly and they see no upside to complying, they simply stonewall or refuse.
Please tell your elected representatives that not only can we not afford this nonsense, but we refuse to let America become the fallguy for any crisis that arises!
In the last month, a string of announcements by members of the Obama administration to the governments of India and China have basically made it clear that the United States, in the face of pending "Cap in Trade" legislation, has accepted blame for creating "global warming". Funny, I don't remember voting on that or even hearing any debate among unbiased scientists concerning this very important issue.
Apparently we aren't simply happy accepting blame, but have indicated that America intends to pay for any carbon offset penalties imposed on China, India, etc. due to Cap in Trade legislation. Talk about "real money", this is going to be some real money! And, God knows, we can easily afford that little expense right now. What are these people thinking? One official stated that he believed the consumer of the products should shoulder the carbon offset expense, not the producer.
Man, talk about stacking the deck and not recognizing reality! That would mean that China, for example, could simply not impose any environmental standards concerning carbon emissions, which would lower China's cost of manufacturing even more. The environment worsens, especially in China and neighboring areas, and just because America (feel guilt here) has enjoyed a certain quality of life - WE have to pay the penalty?! America didn't steal a good quality-of-life from anyone, especially China. It was due to the hard work, ingenuity and the freedom to do what we've done for over 200 years that America has become the envy and target of the rest of the world.
When other countries have no incentive to do something that might be costly and they see no upside to complying, they simply stonewall or refuse.
Please tell your elected representatives that not only can we not afford this nonsense, but we refuse to let America become the fallguy for any crisis that arises!
PARKING IN LOS ANGELES GETTING EXPENSIVE - AND SCARCE
July 22, 2009
Reports are surfacing that parking in Los Angeles is becoming more expensive and even harder to find a legal spot on the street. Not a surprise, but as part of our charge, we intend to at least let people know what's going on when mainstream media ignores an issue and our money is involved.
The clear reason is the State's economic crisis is forcing cities to find revenue wherever they can. Anyone who knows anything about making changes knows that you go for the "low hanging fruit" first. Very easy to remove parking meters, raise the price on those that remain and also jack-up the fines for parking tickets and better yet, tow the car if possible and make the recovery fee huge.
That forces drivers into parking garages or they face a long process of circling and waiting or a ticket or being towed if you park where you shouldn't.
We certainly don't condone parking where you shouldn't just because you're inpatient. However, we feel that Angelinos and visitors should be aware of the situation and what to expect. Be aware that more attempts to grab your money by the State and cities in California are on the way.
Reports are surfacing that parking in Los Angeles is becoming more expensive and even harder to find a legal spot on the street. Not a surprise, but as part of our charge, we intend to at least let people know what's going on when mainstream media ignores an issue and our money is involved.
The clear reason is the State's economic crisis is forcing cities to find revenue wherever they can. Anyone who knows anything about making changes knows that you go for the "low hanging fruit" first. Very easy to remove parking meters, raise the price on those that remain and also jack-up the fines for parking tickets and better yet, tow the car if possible and make the recovery fee huge.
That forces drivers into parking garages or they face a long process of circling and waiting or a ticket or being towed if you park where you shouldn't.
We certainly don't condone parking where you shouldn't just because you're inpatient. However, we feel that Angelinos and visitors should be aware of the situation and what to expect. Be aware that more attempts to grab your money by the State and cities in California are on the way.
OBAMA'S HEALTH CARE PRESSER A DUD
July 22, 2009
I think most of us hope that someone in Washington is trying to do something, we really don't care who steps up at this point. We'll even wipe the slate clean, start anew today. Whatever political party, doesn't matter - ground zero today.
Now, we've heard some pretty disturbing things during Mr. Obama's press conference on health care reform. It's well known that he kind of loves to hear himself talk, but someone should tell him that by droning on and on, he digs lots of holes for himself. This love of self-rhetoric, largely results in ambiguous statements that can be interpreted in a number of ways. And to give the American's the impression that he reads their letters as a way of feeling the pulse of America, well just give me a break.
He seems to underestimate the actual ability of most Americans to think for themselves and to recognize bull shit. If he's reading letters we're in real trouble. Anyone who thinks they can write the President and expect him to actually read it has just rolled out from under a stone or they have a warped understanding of reality.
A couple of examples of this were his reference to exactly what kind of health care could Americans expect from his reforms. He replied that, "... if the proposed treatment won't make you healthier, we won't pay". Does this mean no payment for "prophylactic" treatment that many Americans receive to keep a condition from occurring? If you're a Senior citizen will treatment be withheld if it just keeps you alive?
Ask a hundred people about the intent and I'll wager 95 will say of course you'll be treated to keep a medical condition from reoccurring or possibly occurring due to family history and of course Seniors will receive treatment to keep you alive. Well, let's hope, but you have to see my point. To just listen, it was delivered with great obfuscation that just rattled around in most people's heads.
And what is wrong with the White House Press Corps? They asked him if he and Congress would abide by the reforms and the President totally ignored the question. OK, that's not uncommon, but there's always at least one attempt to follow-up - that didn't happen. With all that's going on in the Country, the Press Corp asks him about the Harvard professor's arrest? Granted, it was a crazy and unwarranted action by the New Haven police and says something about where we are in race relations, but it's not one of the top 50 things that we must quickly address and resolve.
However, I loved his honesty when he said, "Americans haven't seen a lot of laws coming out of Washington lately that will help them out". Fantastic that he actually acknowledges this fact, but why is that the situation? I also liked his statements concerning big banks/brokerages and their apparent inability to recognize that is was their criminal actions that got us into this mess. It's heartening to realize that their complicity is recognized by Mr. Obama. The President also gets a star for saying that the CEO's and top executives (including Board members) of banks, brokerages, insurance companies and the like must wake-up and stop paying themselves obscene amounts of money for failure and criminal activity.
End of new Day 1, we're where we were yesterday, just one day less to deal with the inevitable.
I think most of us hope that someone in Washington is trying to do something, we really don't care who steps up at this point. We'll even wipe the slate clean, start anew today. Whatever political party, doesn't matter - ground zero today.
Now, we've heard some pretty disturbing things during Mr. Obama's press conference on health care reform. It's well known that he kind of loves to hear himself talk, but someone should tell him that by droning on and on, he digs lots of holes for himself. This love of self-rhetoric, largely results in ambiguous statements that can be interpreted in a number of ways. And to give the American's the impression that he reads their letters as a way of feeling the pulse of America, well just give me a break.
He seems to underestimate the actual ability of most Americans to think for themselves and to recognize bull shit. If he's reading letters we're in real trouble. Anyone who thinks they can write the President and expect him to actually read it has just rolled out from under a stone or they have a warped understanding of reality.
A couple of examples of this were his reference to exactly what kind of health care could Americans expect from his reforms. He replied that, "... if the proposed treatment won't make you healthier, we won't pay". Does this mean no payment for "prophylactic" treatment that many Americans receive to keep a condition from occurring? If you're a Senior citizen will treatment be withheld if it just keeps you alive?
Ask a hundred people about the intent and I'll wager 95 will say of course you'll be treated to keep a medical condition from reoccurring or possibly occurring due to family history and of course Seniors will receive treatment to keep you alive. Well, let's hope, but you have to see my point. To just listen, it was delivered with great obfuscation that just rattled around in most people's heads.
And what is wrong with the White House Press Corps? They asked him if he and Congress would abide by the reforms and the President totally ignored the question. OK, that's not uncommon, but there's always at least one attempt to follow-up - that didn't happen. With all that's going on in the Country, the Press Corp asks him about the Harvard professor's arrest? Granted, it was a crazy and unwarranted action by the New Haven police and says something about where we are in race relations, but it's not one of the top 50 things that we must quickly address and resolve.
However, I loved his honesty when he said, "Americans haven't seen a lot of laws coming out of Washington lately that will help them out". Fantastic that he actually acknowledges this fact, but why is that the situation? I also liked his statements concerning big banks/brokerages and their apparent inability to recognize that is was their criminal actions that got us into this mess. It's heartening to realize that their complicity is recognized by Mr. Obama. The President also gets a star for saying that the CEO's and top executives (including Board members) of banks, brokerages, insurance companies and the like must wake-up and stop paying themselves obscene amounts of money for failure and criminal activity.
End of new Day 1, we're where we were yesterday, just one day less to deal with the inevitable.
Monday, July 20, 2009
WATCH FOR AN UPCOMING JACKSON FIVE TOUR
July 20, 2009
We're hearing that Joe Jackson is planning on a Jackson Five tour that would include the surviving four members of the group. A "weird" factor of the tour is that Joe is planning on Michael making an appearance via technology like that used in a "duet" recording that Natalie Cole made as a tribute to her Father over 15 years ago. A similar event was an Elvis spectacular from a few years ago that also used video from his old performances shown to the in-house audience via large-screen monitors, while his band performed the back-up vocals and music live on stage. Now, it wouldn't be out of the realm of possibility that, with new advances in holographic technology, MJ may appear actually "on stage" as a hologram rather than just a video projection. That could be a bit weird.
It is being speculated that a large extent of the Jackson program may consist of previously unreleased MJ songs, with his Brothers providing the back-up vocals and music on stage. An extra added attraction may be Joe trying to prove "that little Blanket can really dance", as he has stated recently. Let's hope they leave MJ's kids out of this venture if it actually gets off the ground.
We're hearing that Joe Jackson is planning on a Jackson Five tour that would include the surviving four members of the group. A "weird" factor of the tour is that Joe is planning on Michael making an appearance via technology like that used in a "duet" recording that Natalie Cole made as a tribute to her Father over 15 years ago. A similar event was an Elvis spectacular from a few years ago that also used video from his old performances shown to the in-house audience via large-screen monitors, while his band performed the back-up vocals and music live on stage. Now, it wouldn't be out of the realm of possibility that, with new advances in holographic technology, MJ may appear actually "on stage" as a hologram rather than just a video projection. That could be a bit weird.
It is being speculated that a large extent of the Jackson program may consist of previously unreleased MJ songs, with his Brothers providing the back-up vocals and music on stage. An extra added attraction may be Joe trying to prove "that little Blanket can really dance", as he has stated recently. Let's hope they leave MJ's kids out of this venture if it actually gets off the ground.
THE TAX MAN'S KNOCKING!
July 20, 2009
We warned in an earlier post, that the tax collectors will be coming after everyone and anyone who they think may owe additional taxes. The latest attempt comes from Pennsylvania where the "Commonwealth" (yeah, apparently they don't think they're a "State") is attempting to collect taxes on Internet purchases of cigarettes. An 83-year old woman from Pennsylvania just received a bill from the "Commonwealth" for nearly $4,500 in back cigarette taxes from purchases she had made on the Internet. Gladys, stick to your guns and question if the statute is written to only allow "States" to collect taxes on cigarette web purchases or if it actually uses the "Commonwealth" terminology? If not, tell them to take a hike! We have to fight fire with fire. They'll try to laugh off the terminology reference as not "relevant", but do you think it would be relevant if they were making the argument?
Only by fighting the upcoming tax collection onslaught do we have any hope in stopping this nonsense. Plus, the "Commonwealth's" Comptroller stated, in support of this collection attempt, that "Everyone should know that they owe sales tax on ANY Internet purchase, regardless of where you live or where the company is located." So, obviously they intend to go after anyone who has made any Internet purchase and who has not paid the applicable sales tax. If Pennsylvania is successful, other fiscally irresponsible States will certainly follow their example and even expand it to include any purchases made over the web.
Think about how many purchases you've made over the years on the Internet without paying sales tax because you lived in a different State (or Commonwealth) than the company selling the merchandise. Apparently, all tobacco purchases are required to be reported to the Federal Government regardless of where the selling company is located (i.e., out-of-State, out-of-Country). Therefore, at least for tobacco, there exists a record of all purchases making it very easy for these "bloodsuckers" to take even more of your hard-earned money.
There's a belief, even among attorneys, that it's impossible to fight Federal or State governments over issues like these. If that attitude is allowed to continue, what chance do we have?
We warned in an earlier post, that the tax collectors will be coming after everyone and anyone who they think may owe additional taxes. The latest attempt comes from Pennsylvania where the "Commonwealth" (yeah, apparently they don't think they're a "State") is attempting to collect taxes on Internet purchases of cigarettes. An 83-year old woman from Pennsylvania just received a bill from the "Commonwealth" for nearly $4,500 in back cigarette taxes from purchases she had made on the Internet. Gladys, stick to your guns and question if the statute is written to only allow "States" to collect taxes on cigarette web purchases or if it actually uses the "Commonwealth" terminology? If not, tell them to take a hike! We have to fight fire with fire. They'll try to laugh off the terminology reference as not "relevant", but do you think it would be relevant if they were making the argument?
Only by fighting the upcoming tax collection onslaught do we have any hope in stopping this nonsense. Plus, the "Commonwealth's" Comptroller stated, in support of this collection attempt, that "Everyone should know that they owe sales tax on ANY Internet purchase, regardless of where you live or where the company is located." So, obviously they intend to go after anyone who has made any Internet purchase and who has not paid the applicable sales tax. If Pennsylvania is successful, other fiscally irresponsible States will certainly follow their example and even expand it to include any purchases made over the web.
Think about how many purchases you've made over the years on the Internet without paying sales tax because you lived in a different State (or Commonwealth) than the company selling the merchandise. Apparently, all tobacco purchases are required to be reported to the Federal Government regardless of where the selling company is located (i.e., out-of-State, out-of-Country). Therefore, at least for tobacco, there exists a record of all purchases making it very easy for these "bloodsuckers" to take even more of your hard-earned money.
There's a belief, even among attorneys, that it's impossible to fight Federal or State governments over issues like these. If that attitude is allowed to continue, what chance do we have?
OBAMA'S CABINET IGNORES PRESIDENTIAL DIRECTIVE
July 20, 2009
Ninety days ago, President Obama directed his Cabinet Secretaries to cut a "mere" $100,000,000 from each of their combined multi-trillion dollar budgets, and to submit their cuts to him in, wait for it, 90 days! Although seen by many as small, insignificant budgetary reductions, I applauded his effort to cut waste and, like Mr. Obama said, "overall, it adds up to some real money".
Well, his deadline is here and not only has this directive been basically ignored, but there hasn't even been any indication that they're working on it! They probably could have complied with the directive by simply purchasing cheaper paper clips!
We were told that by electing Mr. Obama there would be significant "changes" in Washington. Many voters were all too ready for change and the country needs it, apparently now more than ever. Voters were told that the old games would not be tolerated, that there would be transparency, lobbyists wouldn't be considered for White House appointments, proposed legislation would be posted on the Internet to allow for an appropriate review and debate, and the list of proposed "changes" goes on and on.
Have there been ANY significant "changes" since Mr. Obama has taken office? The answer is NO! Not only have there been no changes for the betterment of the country, the current majority has flaunted their situation by such actions as complying with a requirement for proposed legislation to be read on the Senate and House floors prior to voting by actually employing a "speed reader" to fulfill this obligation. Former lobbyists are in more White House positions than ever before. Proposed legislation from Mr. Obama's party is routinely submitted with no time for review, let alone debate. We also don't remember Mr. Obama mentioning that he intended to bypass the "advise and consent" function of Congress by appointing his personal "Czars" to perform the duties of the Cabinet. These are not problems passed on to Mr. Obama by Mr. Bush, which has been the current administration's favorite excuse to date.
Voters wanted a change from the games played in Washington. Looks like we got a change, a different political party, but the same old games remain basically unchanged. The players may be different, and that may be enough for some. But, to taxpayers who actually care about results rather than personality, it's beginning to look like the current Administration may be in way, way over their heads.
And, isn't it amazing that the very issue that started the economic collapse (housing) is being totally ignored. They've thrown out a few "programs" to assist distressed homeowners. However, to a large extent, the only ones that these programs help are homeowners who didn't deserve to obtain a mortgage 3-5 years ago.
Homeowners who properly qualified for their mortgages (down payment, proof of employment, proof of income, credit worthiness, CITIZEN, etc.) and who have been paying their obligation every month for years are ignored. These homeowners, many close to retirement, have seen a huge part of their net worth evaporate. Many have no equity left in their home and most now owe more than their house is worth.
How does the Administration think these homeowners have a chance to recoup their losses? They know it can't happen and it's probably the main reason for keeping it quiet. If more taxpaying home owners realized that their home's value is now in a negative equity situation and, most importantly, that there is virtually no chance of recovering that money, at least not during their lifetime, they'd want somebody's head on a stick!
Everyone else is being "made whole", but the average homeowner is expected to simply rollover for the betterment of big banks and the "disenfranchised". For the most part, the "disenfranchised" are those too lazy to work, to incompetent/stupid to hold a job, too weird to be hired, illegal aliens, and those who have embraced the generational "welfare state" we've created. This is a great group to subsidize in an effort to make them feel better about themselves - this has been our Country's biggest concern over the last 10 years and this mindset is about to destroy our economy. We're all for helping those who deserve it, but to simply give away the farm to make an illegal alien with a rap sheet feel better about themselves is total stupidity.
So, if you're close to or over 60 years old and you're underwater in your mortgage, walk away en masse. You'll never recover the investment in your home, forget about your credit rating and start socking away the money you'd be paying to the bank to stay in the red. Federal and State taxes should be withheld until these clowns can be trusted to spend OUR money wisely. Apparently, nothing else will get their attention.
Meanwhile, most Americans are content to either hide their heads in the sand. Sad.
Ninety days ago, President Obama directed his Cabinet Secretaries to cut a "mere" $100,000,000 from each of their combined multi-trillion dollar budgets, and to submit their cuts to him in, wait for it, 90 days! Although seen by many as small, insignificant budgetary reductions, I applauded his effort to cut waste and, like Mr. Obama said, "overall, it adds up to some real money".
Well, his deadline is here and not only has this directive been basically ignored, but there hasn't even been any indication that they're working on it! They probably could have complied with the directive by simply purchasing cheaper paper clips!
We were told that by electing Mr. Obama there would be significant "changes" in Washington. Many voters were all too ready for change and the country needs it, apparently now more than ever. Voters were told that the old games would not be tolerated, that there would be transparency, lobbyists wouldn't be considered for White House appointments, proposed legislation would be posted on the Internet to allow for an appropriate review and debate, and the list of proposed "changes" goes on and on.
Have there been ANY significant "changes" since Mr. Obama has taken office? The answer is NO! Not only have there been no changes for the betterment of the country, the current majority has flaunted their situation by such actions as complying with a requirement for proposed legislation to be read on the Senate and House floors prior to voting by actually employing a "speed reader" to fulfill this obligation. Former lobbyists are in more White House positions than ever before. Proposed legislation from Mr. Obama's party is routinely submitted with no time for review, let alone debate. We also don't remember Mr. Obama mentioning that he intended to bypass the "advise and consent" function of Congress by appointing his personal "Czars" to perform the duties of the Cabinet. These are not problems passed on to Mr. Obama by Mr. Bush, which has been the current administration's favorite excuse to date.
Voters wanted a change from the games played in Washington. Looks like we got a change, a different political party, but the same old games remain basically unchanged. The players may be different, and that may be enough for some. But, to taxpayers who actually care about results rather than personality, it's beginning to look like the current Administration may be in way, way over their heads.
And, isn't it amazing that the very issue that started the economic collapse (housing) is being totally ignored. They've thrown out a few "programs" to assist distressed homeowners. However, to a large extent, the only ones that these programs help are homeowners who didn't deserve to obtain a mortgage 3-5 years ago.
Homeowners who properly qualified for their mortgages (down payment, proof of employment, proof of income, credit worthiness, CITIZEN, etc.) and who have been paying their obligation every month for years are ignored. These homeowners, many close to retirement, have seen a huge part of their net worth evaporate. Many have no equity left in their home and most now owe more than their house is worth.
How does the Administration think these homeowners have a chance to recoup their losses? They know it can't happen and it's probably the main reason for keeping it quiet. If more taxpaying home owners realized that their home's value is now in a negative equity situation and, most importantly, that there is virtually no chance of recovering that money, at least not during their lifetime, they'd want somebody's head on a stick!
Everyone else is being "made whole", but the average homeowner is expected to simply rollover for the betterment of big banks and the "disenfranchised". For the most part, the "disenfranchised" are those too lazy to work, to incompetent/stupid to hold a job, too weird to be hired, illegal aliens, and those who have embraced the generational "welfare state" we've created. This is a great group to subsidize in an effort to make them feel better about themselves - this has been our Country's biggest concern over the last 10 years and this mindset is about to destroy our economy. We're all for helping those who deserve it, but to simply give away the farm to make an illegal alien with a rap sheet feel better about themselves is total stupidity.
So, if you're close to or over 60 years old and you're underwater in your mortgage, walk away en masse. You'll never recover the investment in your home, forget about your credit rating and start socking away the money you'd be paying to the bank to stay in the red. Federal and State taxes should be withheld until these clowns can be trusted to spend OUR money wisely. Apparently, nothing else will get their attention.
Meanwhile, most Americans are content to either hide their heads in the sand. Sad.
$100 MILLION PER DAY INTEREST ON STIMULUS MONEY
July 20, 2009
As President Obama's job approval ratings slip, and big troubles surrounding his "universal health care plan" seem to be growing, it was announced today that it is costing the U.S. Federal government $100 million per day in interest on the "stimulus" money. That's the money that was supposed to keep unemployment below 8%, create thousands of new related jobs and turn around our collapsing economy. The "stimulus plan" isn't working. TARP funds, initially approved by Congress to purchase the toxic mortgages, were instead used to help their banking buddies continue to pay huge salaries and bonuses to themselves!
At a $100 million/day in interest on money that hasn't even been released yet, you have to wonder how many homes could have been saved from foreclosure from the interest alone.
The American public had better wake-up and soon! How crazy is it to continue ignoring the housing crisis (yes, it's a crisis), especially when American's were fraudulently taken advantage of by banks and mortgage companies. This was CRIMINAL and the American people want those guilty punished and for the government to resolve this crisis in the home owner's favor NOW!
There should be no consideration for potential losses by banks, etc. holding these toxic mortgages - engage in criminal activity and pay the price. The banks are reporting huge profits from the last quarter, after just receiving billions from taxpayers to "rescue" their personal piggy banks.
It was the Federal government that allowed these banking criminals to instigate their scam and their reason was to give low income families to live the American dream and to purchase a house. It didn't matter if the low income applicants could afford the home, didn't matter if they could prove ANY income, on and on. Helping out the "disadvantaged" by instituting these programs destroyed our home values. Now, they're asking us to help them again by insuring everyone. Will anyone help the majority of homeowners that had been paying their mortgages for years and now find themselves underwater because of these follies?
It's time the Federal government stop this nonsense and the continued gifts of billions in tax dollars to their buddies! Help the homeowner or the consequences will be very ugly. Those involved in this scam should be very, very worried.
The extent of the scam is enormous, but we're doing our best to identify at least the biggest players. We will be reporting their names and any personal information we can uncover as soon as possible. If the Federal government won't take action, well....!
As President Obama's job approval ratings slip, and big troubles surrounding his "universal health care plan" seem to be growing, it was announced today that it is costing the U.S. Federal government $100 million per day in interest on the "stimulus" money. That's the money that was supposed to keep unemployment below 8%, create thousands of new related jobs and turn around our collapsing economy. The "stimulus plan" isn't working. TARP funds, initially approved by Congress to purchase the toxic mortgages, were instead used to help their banking buddies continue to pay huge salaries and bonuses to themselves!
At a $100 million/day in interest on money that hasn't even been released yet, you have to wonder how many homes could have been saved from foreclosure from the interest alone.
The American public had better wake-up and soon! How crazy is it to continue ignoring the housing crisis (yes, it's a crisis), especially when American's were fraudulently taken advantage of by banks and mortgage companies. This was CRIMINAL and the American people want those guilty punished and for the government to resolve this crisis in the home owner's favor NOW!
There should be no consideration for potential losses by banks, etc. holding these toxic mortgages - engage in criminal activity and pay the price. The banks are reporting huge profits from the last quarter, after just receiving billions from taxpayers to "rescue" their personal piggy banks.
It was the Federal government that allowed these banking criminals to instigate their scam and their reason was to give low income families to live the American dream and to purchase a house. It didn't matter if the low income applicants could afford the home, didn't matter if they could prove ANY income, on and on. Helping out the "disadvantaged" by instituting these programs destroyed our home values. Now, they're asking us to help them again by insuring everyone. Will anyone help the majority of homeowners that had been paying their mortgages for years and now find themselves underwater because of these follies?
It's time the Federal government stop this nonsense and the continued gifts of billions in tax dollars to their buddies! Help the homeowner or the consequences will be very ugly. Those involved in this scam should be very, very worried.
The extent of the scam is enormous, but we're doing our best to identify at least the biggest players. We will be reporting their names and any personal information we can uncover as soon as possible. If the Federal government won't take action, well....!
Saturday, July 18, 2009
OBAMA'S "CAR CZAR" STEPS DOWN - ALREADY!
July 19, 2009
Wow, this story is really getting buried! After only about 5 months as the President's "Car Czar", Steven Rattner is ending his appointment under the cloud of an SEC investigation. Mr. Rattner is giving GM's and Chrysler's quick emergence from bankruptcy as his reason for leaving to spend more time with his family.
However, it is being reported that Rattner, former CEO of the Quadrangle Group, participated in an "influence-for-pay" scheme while running the company. The Quadrangle Group, a private equity concern, was founded in 2000 by Rattner, who left the company in February 2009 to accept the "Czar" appointment. Recently, the New York Attorney General, Andrew Cuomo, has alleged that Rattner's firm and others paid huge sums to placement agents or "middlemen". These agents would then use their "influence" to obtain investment monies from the NY State Pension Fund and other local government pension plans for the groups paying for their "service". Payments of many millions of dollars are being alleged.
The Washington Post reports that, in SEC filings, a "senior executive" at Quadrangle, whom sources have identified as Rattner, is described as having been directly involved in arranging a $1 million-plus payment to a middleman. Rattner headed Quadrangle until February, when he was tapped to join the Obama administration's auto task force.
Americans have to ask themselves how smart it is to appoint all of these "quasi" cabinet heads to basically run their respective areas, without passing the normal consent process required of Congress. Obviously, something greater than sharing household chores is affecting Mr. Rattner's decision. It's probably a good guess that the SEC investigation was potentially so damaging that a full-blown scandal couldn't be tolerated by the Administration. Therefore, expedite the bankruptcy process and use it as a reason for leaving the post, keep it quiet and hope it blows over quickly - and pray nothing else surfaces to potentially incriminate other Czars.
Now, knowing the games that go on in Washington, do we really think that all of the other 20 or so unconfirmed Czar appointees are clean and honest?
Hope the new guy likes Rattner's choice in office furniture. Otherwise, we'll have additional expenses to redecorate and it'll be interesting to see what kind of government pension Mr. Rattner will receive.
Wow, this story is really getting buried! After only about 5 months as the President's "Car Czar", Steven Rattner is ending his appointment under the cloud of an SEC investigation. Mr. Rattner is giving GM's and Chrysler's quick emergence from bankruptcy as his reason for leaving to spend more time with his family.
However, it is being reported that Rattner, former CEO of the Quadrangle Group, participated in an "influence-for-pay" scheme while running the company. The Quadrangle Group, a private equity concern, was founded in 2000 by Rattner, who left the company in February 2009 to accept the "Czar" appointment. Recently, the New York Attorney General, Andrew Cuomo, has alleged that Rattner's firm and others paid huge sums to placement agents or "middlemen". These agents would then use their "influence" to obtain investment monies from the NY State Pension Fund and other local government pension plans for the groups paying for their "service". Payments of many millions of dollars are being alleged.
The Washington Post reports that, in SEC filings, a "senior executive" at Quadrangle, whom sources have identified as Rattner, is described as having been directly involved in arranging a $1 million-plus payment to a middleman. Rattner headed Quadrangle until February, when he was tapped to join the Obama administration's auto task force.
Americans have to ask themselves how smart it is to appoint all of these "quasi" cabinet heads to basically run their respective areas, without passing the normal consent process required of Congress. Obviously, something greater than sharing household chores is affecting Mr. Rattner's decision. It's probably a good guess that the SEC investigation was potentially so damaging that a full-blown scandal couldn't be tolerated by the Administration. Therefore, expedite the bankruptcy process and use it as a reason for leaving the post, keep it quiet and hope it blows over quickly - and pray nothing else surfaces to potentially incriminate other Czars.
Now, knowing the games that go on in Washington, do we really think that all of the other 20 or so unconfirmed Czar appointees are clean and honest?
Hope the new guy likes Rattner's choice in office furniture. Otherwise, we'll have additional expenses to redecorate and it'll be interesting to see what kind of government pension Mr. Rattner will receive.
Friday, July 17, 2009
MSNBC HOST ED SCHULTZ HAS GONE OVER THE EDGE!
July 17, 2009
We routinely monitor all news channel broadcasts and, by far, Ed Schultz of MSNBC's "Ed Show" is the most partisan of all similar broadcasts. Keith Oberman, again from MSNBC, and host of "Countdown" runs a close second, but he will at least occasionally question a Democratic position. But Schultz is in a totally different category. He's apparently NEVER disagreed with the Democrats, and especially identifies with the most left-leaning of the party.
There's nothing wrong with having a political preference, and if you've got a pulpit you can preach whatever you like (careful of "hate" speech Ed, you can now go to jail if you slip up, thanks to the Democrat's late-night amendment to a Defense bill). But, it's got to be the height of arrogance to believe that ALL Democratic legislation and policy positions are always superior to those proposed by others.
We've always been taught that to blindly follow anything/anyone is to basically admit that you have no ability to critically and/or analytically think for yourself. Both major political parties have a basis for their positions and to dismiss your opponents' views out-of-hand makes it obvious, to all but a small portion of your audience with similar limitations, that you must have a very difficult time trying to think for yourself.
To advocate potentially bankrupting the Country in order to implement all Democratic initiatives is irresponsible to your audience. Hopefully, someone (obviously a Democrat) will someday inform you that your abysmal ratings are due to your inability to connect with most viewers. One day, you might even come to that conclusion on your own as you ponder what you did wrong to end up in the unemployment line.
Unfortunately, this is the attitude of a small, but vocal presence in Congress who would rather destroy our system, rather than working together to solve our common problems and make the Country a better place for us all.
Ed, wake up! We're all on the same team, maybe different views and approaches, but we should all strive for a common goal. Ninety-nine percent of Americans could disagree with one of Mr. Schultz's positions and he'd still be convinced that he knew better. There's no place anymore for the "My way or the highway" attitude exhibited by Schultz. His constant rants of "Don't they remember who won the election?" seems to be his weak attempt to justify his arrogance and radical views.
Sadly, it reminds us of the kid who got beat-up or simply picked on regularly in school and now, as an adult, they seek revenge on those who "wronged" them. They try to achieve this by attempting to misuse a perceived position of power against anyone who has to deal with them, especially if they happen to remind him of those who treated him so badly in the past. Been to the DMV or spoken to a bill collector lately? "Were you regularly beat-up as a child and do you seek revenge?", and "Did you barely graduate from high school or drop-out early due to being harassed by your peers and/or being just plain dumb?". Answering "YES" to these insightful questions must be the main qualification for these positions and yours. Ed?
We routinely monitor all news channel broadcasts and, by far, Ed Schultz of MSNBC's "Ed Show" is the most partisan of all similar broadcasts. Keith Oberman, again from MSNBC, and host of "Countdown" runs a close second, but he will at least occasionally question a Democratic position. But Schultz is in a totally different category. He's apparently NEVER disagreed with the Democrats, and especially identifies with the most left-leaning of the party.
There's nothing wrong with having a political preference, and if you've got a pulpit you can preach whatever you like (careful of "hate" speech Ed, you can now go to jail if you slip up, thanks to the Democrat's late-night amendment to a Defense bill). But, it's got to be the height of arrogance to believe that ALL Democratic legislation and policy positions are always superior to those proposed by others.
We've always been taught that to blindly follow anything/anyone is to basically admit that you have no ability to critically and/or analytically think for yourself. Both major political parties have a basis for their positions and to dismiss your opponents' views out-of-hand makes it obvious, to all but a small portion of your audience with similar limitations, that you must have a very difficult time trying to think for yourself.
To advocate potentially bankrupting the Country in order to implement all Democratic initiatives is irresponsible to your audience. Hopefully, someone (obviously a Democrat) will someday inform you that your abysmal ratings are due to your inability to connect with most viewers. One day, you might even come to that conclusion on your own as you ponder what you did wrong to end up in the unemployment line.
Unfortunately, this is the attitude of a small, but vocal presence in Congress who would rather destroy our system, rather than working together to solve our common problems and make the Country a better place for us all.
Ed, wake up! We're all on the same team, maybe different views and approaches, but we should all strive for a common goal. Ninety-nine percent of Americans could disagree with one of Mr. Schultz's positions and he'd still be convinced that he knew better. There's no place anymore for the "My way or the highway" attitude exhibited by Schultz. His constant rants of "Don't they remember who won the election?" seems to be his weak attempt to justify his arrogance and radical views.
Sadly, it reminds us of the kid who got beat-up or simply picked on regularly in school and now, as an adult, they seek revenge on those who "wronged" them. They try to achieve this by attempting to misuse a perceived position of power against anyone who has to deal with them, especially if they happen to remind him of those who treated him so badly in the past. Been to the DMV or spoken to a bill collector lately? "Were you regularly beat-up as a child and do you seek revenge?", and "Did you barely graduate from high school or drop-out early due to being harassed by your peers and/or being just plain dumb?". Answering "YES" to these insightful questions must be the main qualification for these positions and yours. Ed?
ALASKAN "BLOB" SIGHTED OFF SHORE BY FISHERMEN
July 17, 2009
Alaskan fishermen have just discovered a floating "blob" of unknown origin off the State's shoreline. Although samples have been collected, identification is not yet available. Officials have tentatively said they don't believe it is oil residue. The "blob" has also been characterized as having a "natural smell" and it's apparently a living organism. Pretty strange!
Video link:
http://www.youtube.com/watch?v=WvBWEaYjgIU
Interestingly, the movie "Creepshow 2" shows a very similar substance. Check it out at:
http://www.youtube.com/watch?v=CLdQJVc1GCA&feature=related
Alaskan fishermen have just discovered a floating "blob" of unknown origin off the State's shoreline. Although samples have been collected, identification is not yet available. Officials have tentatively said they don't believe it is oil residue. The "blob" has also been characterized as having a "natural smell" and it's apparently a living organism. Pretty strange!
Video link:
http://www.youtube.com/watch?v=WvBWEaYjgIU
Interestingly, the movie "Creepshow 2" shows a very similar substance. Check it out at:
http://www.youtube.com/watch?v=CLdQJVc1GCA&feature=related
Thursday, July 16, 2009
CLASS ACTION SUIT AGAINST BANKS & MORTGAGE COMPANIES PLANNED
July 16, 2009
In an attempt to force banks and mortgage companies to deal with distressed homeowners, we've learned that a class action suit against these organizations is being considered by a number of community action organizations. These suits would be the result of investigations that indicate low-mid income home buyers, especially loans made to minorities, were deceptive at best. Felony fraud charges are being considered against the top brass of many of these companies.
The coalitions we've spoken to prefer to remain quiet on many of the details concerning the suit, but some groups have said that they plan to consolidate their efforts. Initial targets will include virtually all major banks (e.g., BofA, Citibank, Wells Fargo, Chase, etc.) and mortgage companies (e.g., Countrywide). Also included will be a demand for mortgage servicing companies to immediately identify the "investors" they're representing for purposes of payment collection.
The identification of "investors" being represented by mortgage service companies has been at issue nearly since the real estate meltdown began. Even though required to provide this information by law when requested by the mortgagee, these "black holes" have refused to comply.
The failure to disclose the identification of "investors" makes us think there may be more to their refusals than simply arrogance and incompetence. Is it possible that by revealing these "investors" it will show that the whole CDO venture was a scam?
Since Congress is apparently not interested in saving the homes of taxpaying voters, it's great to see people taking things into their own hands! If Congress wants to this class-action suit to go away, maybe we'll see some action from them. But I would warn against thinking Congress would have home owner's best interests at heart, so watch what might be proposed. If it smells, throw it back!
In an attempt to force banks and mortgage companies to deal with distressed homeowners, we've learned that a class action suit against these organizations is being considered by a number of community action organizations. These suits would be the result of investigations that indicate low-mid income home buyers, especially loans made to minorities, were deceptive at best. Felony fraud charges are being considered against the top brass of many of these companies.
The coalitions we've spoken to prefer to remain quiet on many of the details concerning the suit, but some groups have said that they plan to consolidate their efforts. Initial targets will include virtually all major banks (e.g., BofA, Citibank, Wells Fargo, Chase, etc.) and mortgage companies (e.g., Countrywide). Also included will be a demand for mortgage servicing companies to immediately identify the "investors" they're representing for purposes of payment collection.
The identification of "investors" being represented by mortgage service companies has been at issue nearly since the real estate meltdown began. Even though required to provide this information by law when requested by the mortgagee, these "black holes" have refused to comply.
The failure to disclose the identification of "investors" makes us think there may be more to their refusals than simply arrogance and incompetence. Is it possible that by revealing these "investors" it will show that the whole CDO venture was a scam?
Since Congress is apparently not interested in saving the homes of taxpaying voters, it's great to see people taking things into their own hands! If Congress wants to this class-action suit to go away, maybe we'll see some action from them. But I would warn against thinking Congress would have home owner's best interests at heart, so watch what might be proposed. If it smells, throw it back!
NASA GROUNDS ALL FUTURE SHUTTLE FLIGHTS
July 16, 2009
NASA has just announced that all future space shuttle flights are grounded until further notice. Apparently, an investigation will be conducted concerning the cause of and potential damage to the shuttle caused by debris falling from the shuttle or fuel tanks during take-off on Wednesday.
NASA has just announced that all future space shuttle flights are grounded until further notice. Apparently, an investigation will be conducted concerning the cause of and potential damage to the shuttle caused by debris falling from the shuttle or fuel tanks during take-off on Wednesday.
PELOSI SAYS "UNIVERSAL" HEALTH CARE CAN BE FUNDED WITHOUT TAX INCREASES
July 16, 2009
Nancy Pelosi, Speaker of the House, said today that she believes that the "universal" health care initiative could be funded without large tax increases. She indicated that this can be accomplished by "wringing more out of the system".
What does this political rhetoric really mean? Get ready if you owe anything to the Federal government. They're going to be coming after you like a collection agency of pit bulls on steroids. That will be step one, next expect new "fees" or value-added taxes (VAT) to be assessed against anything Americans currently enjoy, especially if the government thinks a particular activity/consumable is bad for you, a luxury item or morally questionable (e.g., gambling, porn, etc.).
Instead of putting resources into resolving the housing meltdown, investigating the mortgage companies and banks, and closely monitoring these organizations, all hands will be focused on the collection of federal debt and instituting the new "revenue enhancements".
Nancy Pelosi, Speaker of the House, said today that she believes that the "universal" health care initiative could be funded without large tax increases. She indicated that this can be accomplished by "wringing more out of the system".
What does this political rhetoric really mean? Get ready if you owe anything to the Federal government. They're going to be coming after you like a collection agency of pit bulls on steroids. That will be step one, next expect new "fees" or value-added taxes (VAT) to be assessed against anything Americans currently enjoy, especially if the government thinks a particular activity/consumable is bad for you, a luxury item or morally questionable (e.g., gambling, porn, etc.).
Instead of putting resources into resolving the housing meltdown, investigating the mortgage companies and banks, and closely monitoring these organizations, all hands will be focused on the collection of federal debt and instituting the new "revenue enhancements".
ONLY WASHINGTON CAN SAVE THE HOUSING MARKET
July 16, 2009
It's become all to evident that the banks and mortgage companies have positioned and insulated themselves against any financial losses that they might have experienced as a result of the collapse in housing prices. Worst of all, the collapse was totally due to these companies own actions, with implicit (and sometimes public) approval from Congress and no oversight from the SEC.
Mr. Frank, Mr. Baucus, Mr. Grassley, Mr. Dodd please investigate the refusal of most banks and mortgage companies to deal with homeowners in good faith. Large numbers of "loan modification services" have recently been found to be scams, again taking advantage of distressed homeowners. Homes that fall into the "jumbo loan" category aren't selling because it's nearly impossible to obtain financing, even with a huge down payment. "Short sales" are routinely being dismissed by these companies because they are sure they can make out better by forcing homeowners into foreclosure.
Even though these companies engaged in deception and were allowed to operate with no regulatory oversight, attorneys will not take on these groups to force them to face the music. Instead, they continue to operate in a manner that is beyond greed and now approaches a level never before seen.
Over 336,000 properties were foreclosed on just last month! When will someone in the Federal government stop this bleeding?
It's become all to evident that the banks and mortgage companies have positioned and insulated themselves against any financial losses that they might have experienced as a result of the collapse in housing prices. Worst of all, the collapse was totally due to these companies own actions, with implicit (and sometimes public) approval from Congress and no oversight from the SEC.
Mr. Frank, Mr. Baucus, Mr. Grassley, Mr. Dodd please investigate the refusal of most banks and mortgage companies to deal with homeowners in good faith. Large numbers of "loan modification services" have recently been found to be scams, again taking advantage of distressed homeowners. Homes that fall into the "jumbo loan" category aren't selling because it's nearly impossible to obtain financing, even with a huge down payment. "Short sales" are routinely being dismissed by these companies because they are sure they can make out better by forcing homeowners into foreclosure.
Even though these companies engaged in deception and were allowed to operate with no regulatory oversight, attorneys will not take on these groups to force them to face the music. Instead, they continue to operate in a manner that is beyond greed and now approaches a level never before seen.
Over 336,000 properties were foreclosed on just last month! When will someone in the Federal government stop this bleeding?
Wednesday, July 15, 2009
BANK OF AMERICA RIPPING OFF CUSTOMERS
July 15, 2009
We've received several disturbing reports concerning the Bank of America (BofA). Recently, this recipient of $25 billion in TARP funds, "rescue" money from tax paying Americans, has apparently begun an illegal and fraudulent program to re-open business and commercial accounts that were closed by the customer. BofA then attempts to charge the fraudulently-opened account for services (e.g., payroll, etc.) that the bank had provided when the account was open.
Of course the accounts have no funds since they had been appropriately closed by the customer, so BofA sends the fraudulently opened accounts to a collection agency. Once this has happened, all parties involved (i.e., BofA, collection agencies, etc.) begin the merry-go-round of denying responsibility and accountability. The former customer is never notified of this transaction by BofA, that is until they begin receiving harassing phone calls from bill collectors and demands for payment in the mail.
Now, taxpayers have had to bail-out these crooks in order to save their tails and in return they are trying to rob customers who tried to properly close their accounts handled by this behemoth. We are calling on the Senate Banking Committee, the FDIC, the Federal Reserve and State Attorneys General to investigate BofA in regards to their illegal activity.
These types of activities by banks must be stopped! They have failed their stockholders and Americans in general, requiring rescue TARP funds in order to stay in business. They cannot be allowed to perpetrate outright fraud on former customers.
Please Mr. Frank, initiate an investigation immediately!
We've received several disturbing reports concerning the Bank of America (BofA). Recently, this recipient of $25 billion in TARP funds, "rescue" money from tax paying Americans, has apparently begun an illegal and fraudulent program to re-open business and commercial accounts that were closed by the customer. BofA then attempts to charge the fraudulently-opened account for services (e.g., payroll, etc.) that the bank had provided when the account was open.
Of course the accounts have no funds since they had been appropriately closed by the customer, so BofA sends the fraudulently opened accounts to a collection agency. Once this has happened, all parties involved (i.e., BofA, collection agencies, etc.) begin the merry-go-round of denying responsibility and accountability. The former customer is never notified of this transaction by BofA, that is until they begin receiving harassing phone calls from bill collectors and demands for payment in the mail.
Now, taxpayers have had to bail-out these crooks in order to save their tails and in return they are trying to rob customers who tried to properly close their accounts handled by this behemoth. We are calling on the Senate Banking Committee, the FDIC, the Federal Reserve and State Attorneys General to investigate BofA in regards to their illegal activity.
These types of activities by banks must be stopped! They have failed their stockholders and Americans in general, requiring rescue TARP funds in order to stay in business. They cannot be allowed to perpetrate outright fraud on former customers.
Please Mr. Frank, initiate an investigation immediately!
SHOOTING ON CAPITAL HILL
July 15, 2009
At approximately 6 p.m. ET today, Washington Metro police shot and killed a motorist attempting to elude a pursuit. The deceased driver of a white Mercedes apparently brandished a weapon when stopped and refused to comply with police commands. The incident was only about a quarter mile from the Capital and just on the edge of Capital grounds.
The shooting occurred just as the Sotomayor confirmation hearings were ending.
At approximately 6 p.m. ET today, Washington Metro police shot and killed a motorist attempting to elude a pursuit. The deceased driver of a white Mercedes apparently brandished a weapon when stopped and refused to comply with police commands. The incident was only about a quarter mile from the Capital and just on the edge of Capital grounds.
The shooting occurred just as the Sotomayor confirmation hearings were ending.
SOTOMAYOR ADMITS VERBAL "FAILURE"
July 15, 2009
In the second round of confirmation hearings by the Senate Judiciary Committee, Judge Sonja Sotomayor admitted, during tough Republican questioning, that her now infamous statement concerning how she thought a wise Latina would make a better decision than a white male, was not correct and characterized the remarks as a "verbal failure".
Yesterday, Senator Lindsey Graham cited anonymous reviews by Sotomayor's Second Circuit colleagues that indicated her poor temperament, bullying of attorneys, and a general lack of respect shown towards those appearing before her.
Earlier this month, a decision Sotomayor handed down earlier this year denying a "reverse discrimination" lawsuit brought by White and Latino firefighters from Connecticut was overturned by the Supreme Court. Most egregious was the manner in which she denied the suit by simply summarily dismissing the matter in a one paragraph statement.
These three examples would be enough to sink most nominees for the highest court in the land, but in America's culture of "political correctness", it is excused and even discussing these issues is labeled as "mean-spirited" by some of her supporters.
While her accomplishments should be applauded, those qualifications are not so stellar as to make her the best candidate for the position. It is hard to determine what special attributes this nominee brings to the Court, other to make it more diverse. Again, this is simply not a good enough reason to confirm her to a position that has no oversight or potential for removal once seated on the bench.
We've proven that we have become a "diverse" nation, just as our elected officials, judges and special interest groups have decreed. To a large extent, this change has happened over the last decade, and cultural changes like "the diversity initiative" normally takes much longer to implement. Now that the country has met the "diversity" goal, it is simply irresponsible to continue pushing this issue to the potential detriment of the Court.
In fact, a liberal Georgetown law professor, Michael Seidman, thinks she's either intellectually lacking or the Judge has perjured herself in her testimony due to her recanting and refusal to answer questions using the "it may come before the Court" excuse. Sorry, although a tactic used successfully by prior nominees, it just cannot continue to be used as a defendant might use the "I refuse to answer because my answer may incriminate me" defense - weak at best.
Confirming Sotomayor simply as an example of our "cultural progress" must be closely examined. There are numerous more qualified judges available to choose from and it would be nice if someone would explain to the American people why she's the most qualified person for the Court. Without this revelation, it's going to be clear that the Congressional majority is not concerned with picking the best candidate. They will only be making this issue another distraction, when their battle has been already won.
As to the criticism of her "bullying" from the bench, I think we've all experienced this attitude when dealing with some "minorities", especially those who perceive that they have a measure of power or control over a particular situation. I know, racist, etc., but it's time we get honest about the world we live in. Continuing to walk on eggshells when referring to a certain element of our society is not productive, but rather fosters this attitude of self-righteous importance among those who need the "power" to feel better about themselves. In short, this type of attitude usually points to a person who will do whatever they need to do in order to be seen as "somebody".
In the second round of confirmation hearings by the Senate Judiciary Committee, Judge Sonja Sotomayor admitted, during tough Republican questioning, that her now infamous statement concerning how she thought a wise Latina would make a better decision than a white male, was not correct and characterized the remarks as a "verbal failure".
Yesterday, Senator Lindsey Graham cited anonymous reviews by Sotomayor's Second Circuit colleagues that indicated her poor temperament, bullying of attorneys, and a general lack of respect shown towards those appearing before her.
Earlier this month, a decision Sotomayor handed down earlier this year denying a "reverse discrimination" lawsuit brought by White and Latino firefighters from Connecticut was overturned by the Supreme Court. Most egregious was the manner in which she denied the suit by simply summarily dismissing the matter in a one paragraph statement.
These three examples would be enough to sink most nominees for the highest court in the land, but in America's culture of "political correctness", it is excused and even discussing these issues is labeled as "mean-spirited" by some of her supporters.
While her accomplishments should be applauded, those qualifications are not so stellar as to make her the best candidate for the position. It is hard to determine what special attributes this nominee brings to the Court, other to make it more diverse. Again, this is simply not a good enough reason to confirm her to a position that has no oversight or potential for removal once seated on the bench.
We've proven that we have become a "diverse" nation, just as our elected officials, judges and special interest groups have decreed. To a large extent, this change has happened over the last decade, and cultural changes like "the diversity initiative" normally takes much longer to implement. Now that the country has met the "diversity" goal, it is simply irresponsible to continue pushing this issue to the potential detriment of the Court.
In fact, a liberal Georgetown law professor, Michael Seidman, thinks she's either intellectually lacking or the Judge has perjured herself in her testimony due to her recanting and refusal to answer questions using the "it may come before the Court" excuse. Sorry, although a tactic used successfully by prior nominees, it just cannot continue to be used as a defendant might use the "I refuse to answer because my answer may incriminate me" defense - weak at best.
Confirming Sotomayor simply as an example of our "cultural progress" must be closely examined. There are numerous more qualified judges available to choose from and it would be nice if someone would explain to the American people why she's the most qualified person for the Court. Without this revelation, it's going to be clear that the Congressional majority is not concerned with picking the best candidate. They will only be making this issue another distraction, when their battle has been already won.
As to the criticism of her "bullying" from the bench, I think we've all experienced this attitude when dealing with some "minorities", especially those who perceive that they have a measure of power or control over a particular situation. I know, racist, etc., but it's time we get honest about the world we live in. Continuing to walk on eggshells when referring to a certain element of our society is not productive, but rather fosters this attitude of self-righteous importance among those who need the "power" to feel better about themselves. In short, this type of attitude usually points to a person who will do whatever they need to do in order to be seen as "somebody".
Thursday, July 9, 2009
U.S. MILITARY REVEALS DETAILS OF "PROJECT MAV"
July 9, 2009
In an especially interesting airing, the Military Channel publicly revealed the existence of an extremely agile "aircraft" (designated "Project Mav"), reportedly developed for military reconnaissance missions, but capable of being weaponized. What makes this a most unusual design is that is would appear from a distance to resemble a "flying oil drum". Pretty weird stuff if they had not actually shown a video clip of a test flight. The video shows this object zipping around with the near agility of an insect, hovering in mid-air and then demonstrating some pretty impressive speed capabilities.
Although apparently not a "secret" per se, especially among those who closely follow such developments, the aircraft's existence was previously not widely known or publicized.
Photos of either an earlier or more recent design (compared to the vehicle shown in the program) is depicted and additional information is available at the following sites:
http://www.realitymod.com/forum/f22-military-technology/48572-t-hawk-mav.html
http://www.theregister.co.uk/2008/11/05/mav_goes_t_hawk/
Without doubt, these things have been misidentified as "UFOs" for many years. Although this subject is a little off our normal beat, the Itis R Times always tries to keep the public aware of significant events going on around us - especially those getting little or no coverage by the mainstream media.
In an especially interesting airing, the Military Channel publicly revealed the existence of an extremely agile "aircraft" (designated "Project Mav"), reportedly developed for military reconnaissance missions, but capable of being weaponized. What makes this a most unusual design is that is would appear from a distance to resemble a "flying oil drum". Pretty weird stuff if they had not actually shown a video clip of a test flight. The video shows this object zipping around with the near agility of an insect, hovering in mid-air and then demonstrating some pretty impressive speed capabilities.
Although apparently not a "secret" per se, especially among those who closely follow such developments, the aircraft's existence was previously not widely known or publicized.
Photos of either an earlier or more recent design (compared to the vehicle shown in the program) is depicted and additional information is available at the following sites:
http://www.realitymod.com/forum/f22-military-technology/48572-t-hawk-mav.html
http://www.theregister.co.uk/2008/11/05/mav_goes_t_hawk/
Without doubt, these things have been misidentified as "UFOs" for many years. Although this subject is a little off our normal beat, the Itis R Times always tries to keep the public aware of significant events going on around us - especially those getting little or no coverage by the mainstream media.
HOUSING CRISIS CONTINUES TO BE IGNORED
July 9, 2009
In what can only be described as hiding their heads in the sand, Congress continues to find time to address every and any issue except the housing crisis. The most critically "at risk" component of our economy is being completely ignored and we have to ask why is there complete silence on the subject? The answer is most likely that lobbyists for the banking and mortgage industries are doing a stellar job.
You just have to wonder what kind of "sweetheart" deals are being cooked-up to keep a lid on the crisis? Maybe Chris Dodd (D-Connecticut) is waiting for better refi terms, since his initial "Friends of Angelo" home loan from former Countrywide Mortgage CEO Angelo Mazilo (the details of which have never been revealed to this day!) is probably not so favorable in today's market. Even after numerous calls for details of the favorable under-the-table mortgage, Dodd has successfully been able to sweep the issue under the table for years.
There must be a really major reason for the silence, because ignoring it for much longer will destroy our economy. It doesn't matter how much money they throw at other institutions (e.g., banking, insurance, automobile), without a strong recovery in housing, the economy is doomed. It's going to be ugly when homeowners finally wake-up and discover that, after faithfully paying their mortgage every month for years, not only have they lost all the equity in their home, but now they're actually underwater in the loan. Worse of all, they'll realize that elected governmental officials and their appointees were instrumental in facilitating the continued collapse and they'll also discover that recovery of their investment isn't going to happen. On that fateful day, I hope our elected officials and their cronies have ...., well let's just let them figure that one out.
We are demanding some REAL action NOW!
In what can only be described as hiding their heads in the sand, Congress continues to find time to address every and any issue except the housing crisis. The most critically "at risk" component of our economy is being completely ignored and we have to ask why is there complete silence on the subject? The answer is most likely that lobbyists for the banking and mortgage industries are doing a stellar job.
You just have to wonder what kind of "sweetheart" deals are being cooked-up to keep a lid on the crisis? Maybe Chris Dodd (D-Connecticut) is waiting for better refi terms, since his initial "Friends of Angelo" home loan from former Countrywide Mortgage CEO Angelo Mazilo (the details of which have never been revealed to this day!) is probably not so favorable in today's market. Even after numerous calls for details of the favorable under-the-table mortgage, Dodd has successfully been able to sweep the issue under the table for years.
There must be a really major reason for the silence, because ignoring it for much longer will destroy our economy. It doesn't matter how much money they throw at other institutions (e.g., banking, insurance, automobile), without a strong recovery in housing, the economy is doomed. It's going to be ugly when homeowners finally wake-up and discover that, after faithfully paying their mortgage every month for years, not only have they lost all the equity in their home, but now they're actually underwater in the loan. Worse of all, they'll realize that elected governmental officials and their appointees were instrumental in facilitating the continued collapse and they'll also discover that recovery of their investment isn't going to happen. On that fateful day, I hope our elected officials and their cronies have ...., well let's just let them figure that one out.
We are demanding some REAL action NOW!
WHAT'S GOING ON BETWEEN CONGRESS AND THE CIA?
July 9, 2009
It's being reported that Leon Panetta, CIA Chief, has apparently confirmed in a "secret Intelligence briefing" that the agency routinely lied to Congress. This raises issues concerning how safe we can feel if the CIA is withholding information or misleading our elected officials.
Only a couple of months ago, Nancy Pelosi, Speaker of the House, claimed that the CIA had routinely provided misleading information to Congress. Following Pelosi's statement, Panetta denied the claim, but now it's being reported that he's confirming the deception.
Confused yet? It gets better, because today Panetta says that his "secret" briefing statements were misquoted or simply incorrect. Come on, do we really need these games? I thought we were all on the same team and we certainly don't need any more distractions!
What possibly could be their their reason for potentially putting all Americans at risk? The issue of not sharing information between law enforcement agencies was instrumental in allowing the terrorists to pull off their plot on 9/11. How many times do we have to suffer the insolence of groups that feel no responsibility to anyone but themselves? Who do they think they are, bankers?
It would be great if everyone would just do their job and leave petty disagreements out of the equation. But that ignores reality. In reality, it's all about insuring their survival in a very tenuous environment.
It's being reported that Leon Panetta, CIA Chief, has apparently confirmed in a "secret Intelligence briefing" that the agency routinely lied to Congress. This raises issues concerning how safe we can feel if the CIA is withholding information or misleading our elected officials.
Only a couple of months ago, Nancy Pelosi, Speaker of the House, claimed that the CIA had routinely provided misleading information to Congress. Following Pelosi's statement, Panetta denied the claim, but now it's being reported that he's confirming the deception.
Confused yet? It gets better, because today Panetta says that his "secret" briefing statements were misquoted or simply incorrect. Come on, do we really need these games? I thought we were all on the same team and we certainly don't need any more distractions!
What possibly could be their their reason for potentially putting all Americans at risk? The issue of not sharing information between law enforcement agencies was instrumental in allowing the terrorists to pull off their plot on 9/11. How many times do we have to suffer the insolence of groups that feel no responsibility to anyone but themselves? Who do they think they are, bankers?
It would be great if everyone would just do their job and leave petty disagreements out of the equation. But that ignores reality. In reality, it's all about insuring their survival in a very tenuous environment.
ILLINOIS SENATOR BURRIS DECIDES NOT TO RUN IN NEXT ELECTION
July 9, 2009
Illinois Senator Roland Burris is expected to announce tomorrow that he will not run in the next election to in an effort to formally retain the seat he was appointed to by former Governor Blagojevich. The appointment raised the ire of Congressional Democrats at the time. However, it seems he may have made a deal with the Democratic caucus to retain his seat throughout his current term without further hassle from the Dems if he agreed not to run.
Illinois Senator Roland Burris is expected to announce tomorrow that he will not run in the next election to in an effort to formally retain the seat he was appointed to by former Governor Blagojevich. The appointment raised the ire of Congressional Democrats at the time. However, it seems he may have made a deal with the Democratic caucus to retain his seat throughout his current term without further hassle from the Dems if he agreed not to run.
Wednesday, July 8, 2009
CA TO DECIDE IF THEY'LL ACCEPT THEIR OWN IOUs
July 9, 2009
In a real head-scratcher, California State officials announced yesterday that they are debating whether State offices can accept State IOUs from taxpayers who received them from the State for payment of State debt. Talk about not closing the circle. State officials have no confidence in their ability to agree on a budget and work within it. These clowns are really sending a wonderful message to the State's taxpayers.
We think that form of payment (i.e., IOUs) should become the California State "currency" for all debts public and private inside the State. It would make it a little harder for the bureaucrats to spend what they don't have outside the State at least. Plus, State residents could print their own as needed, just like State Clown money!
In a real head-scratcher, California State officials announced yesterday that they are debating whether State offices can accept State IOUs from taxpayers who received them from the State for payment of State debt. Talk about not closing the circle. State officials have no confidence in their ability to agree on a budget and work within it. These clowns are really sending a wonderful message to the State's taxpayers.
We think that form of payment (i.e., IOUs) should become the California State "currency" for all debts public and private inside the State. It would make it a little harder for the bureaucrats to spend what they don't have outside the State at least. Plus, State residents could print their own as needed, just like State Clown money!
MORTGAGE SERVICE COMPANIES BLOCKING REAL ESTATE RECOVERY
July 9, 2009
You have to wonder what's going on and what these "Mortgage Service" companies are anticipating. Reports are that thousands of homeowners, who are unfortunate enough to have their mortgages serviced by (i.e., basically collect payments for an "investor") these blackholes, are being totally stonewalled when trying to resolve their defaulting loans.
These paper-shuffleing companies are largely staffed by low-level clerical employees who have no authority, ability or incentive to work with troubled homeowners. They are also apparently under orders from Management to "loose" or deny receipt of documents that homeowners are attempting to submit.
A typical example of these companies is Saxon Mortgage. A homeowner recently arranged for a "short sale" at a reasonable price, relative to current property values and the prospective buyer properly submitted the offer to Saxon Mortgage. For this type of sale, the actual "short sale" offer may require over 50 pages of documents. However, after 4 months and at least six attempts to submit the 50+ page offer, the buyer terminated the offer due to total frustration with Saxon. Saxon Mortgage repeatedly denied receiving the offer packages and it is next to impossible to ever speak to the same person at this company more than once. But as noted earlier, it really wouldn't matter since there's a reason for this behavior, and would you believe it - it's GREED!
The very same types who packaged and sold CDOs (packages of "toxic" mortgages, in most cases), many being "sold" to their own shell companies. Now, they've profited from the initial sale of the CDO, collected on the default insurance policy and now have the property back on their books, with little or no investment on their part.
How many of these companies have also received TARP funds? This would be close to triple-dipping on the same investment and still owning the property free and clear. Now, if they can only get the defaulting homeowner on the hook, they can realize nearly 4 times their original investment and still get to sell the foreclosed home. It's tough to explain, tougher to understand and, for that very reason, absolutely counted on by those who "masterminded" what they think is a brillant scam.
Anyone who thinks this is fiction need only try to find out who actually owns the indivdual mortgages serviced by companies like Saxon. These companies are required to provide that information if requested in writing by the homeowner, but it's amazing how many times these requests get "lost" or are never received. Almost sounds like a pattern of ignoring anything that would require these companies to begin indentifying the actual "investors" that they represent.
We've got some of our guys trying to get to the bottom of this mess, and we'll submit anything we find to the SEC and other germane regulatory agencies. But, wouldn't it be great if the Federal government would devote a little investigative effort? I'm sure taxpayers would like to know if the same loans have been satisfied, in full, two or three times already using taxpayer money disquised as "rescue", "TARP" or whatever they want to call it.
You have to wonder what's going on and what these "Mortgage Service" companies are anticipating. Reports are that thousands of homeowners, who are unfortunate enough to have their mortgages serviced by (i.e., basically collect payments for an "investor") these blackholes, are being totally stonewalled when trying to resolve their defaulting loans.
These paper-shuffleing companies are largely staffed by low-level clerical employees who have no authority, ability or incentive to work with troubled homeowners. They are also apparently under orders from Management to "loose" or deny receipt of documents that homeowners are attempting to submit.
A typical example of these companies is Saxon Mortgage. A homeowner recently arranged for a "short sale" at a reasonable price, relative to current property values and the prospective buyer properly submitted the offer to Saxon Mortgage. For this type of sale, the actual "short sale" offer may require over 50 pages of documents. However, after 4 months and at least six attempts to submit the 50+ page offer, the buyer terminated the offer due to total frustration with Saxon. Saxon Mortgage repeatedly denied receiving the offer packages and it is next to impossible to ever speak to the same person at this company more than once. But as noted earlier, it really wouldn't matter since there's a reason for this behavior, and would you believe it - it's GREED!
The very same types who packaged and sold CDOs (packages of "toxic" mortgages, in most cases), many being "sold" to their own shell companies. Now, they've profited from the initial sale of the CDO, collected on the default insurance policy and now have the property back on their books, with little or no investment on their part.
How many of these companies have also received TARP funds? This would be close to triple-dipping on the same investment and still owning the property free and clear. Now, if they can only get the defaulting homeowner on the hook, they can realize nearly 4 times their original investment and still get to sell the foreclosed home. It's tough to explain, tougher to understand and, for that very reason, absolutely counted on by those who "masterminded" what they think is a brillant scam.
Anyone who thinks this is fiction need only try to find out who actually owns the indivdual mortgages serviced by companies like Saxon. These companies are required to provide that information if requested in writing by the homeowner, but it's amazing how many times these requests get "lost" or are never received. Almost sounds like a pattern of ignoring anything that would require these companies to begin indentifying the actual "investors" that they represent.
We've got some of our guys trying to get to the bottom of this mess, and we'll submit anything we find to the SEC and other germane regulatory agencies. But, wouldn't it be great if the Federal government would devote a little investigative effort? I'm sure taxpayers would like to know if the same loans have been satisfied, in full, two or three times already using taxpayer money disquised as "rescue", "TARP" or whatever they want to call it.
JACKSON'S DOC SAYS HE DOESN'T "THINK" HE'S FATHER
July 8, 2009
"To the best of my knowledge, I'm not the Father of these children". That was the statement made by Michael Jackson's dermatologist Dr. Arnold Klein on this morning's "Good Morning America" in reference to Michael Jackson's children. Now, I don't know about you, but ol' Ike would know and I think, short of a criminal act that involved my loosing consciousness and the subsequent and surreptitious collection, most other males of age would feel the same way.
Seems there might be more here than originally thought, or someone just wants to play with people's heads. I think most guys would answer, "No, I'm absolutely not the Father", unless plausible deniability is being hinted. In any event, you got to feel sorry for the children who have just lost their Father and now have to live through the craziness ramping up. It's really sad to see the greed that a situation like this creates and the children are the only ones who will be damaged. But when there are millions of dollars at stake, a damaging lifelong effect on a child won't even enter into the picture, other than "concerned" platitudes to deflect critism of those trying to reap the greatest benefit.
"To the best of my knowledge, I'm not the Father of these children". That was the statement made by Michael Jackson's dermatologist Dr. Arnold Klein on this morning's "Good Morning America" in reference to Michael Jackson's children. Now, I don't know about you, but ol' Ike would know and I think, short of a criminal act that involved my loosing consciousness and the subsequent and surreptitious collection, most other males of age would feel the same way.
Seems there might be more here than originally thought, or someone just wants to play with people's heads. I think most guys would answer, "No, I'm absolutely not the Father", unless plausible deniability is being hinted. In any event, you got to feel sorry for the children who have just lost their Father and now have to live through the craziness ramping up. It's really sad to see the greed that a situation like this creates and the children are the only ones who will be damaged. But when there are millions of dollars at stake, a damaging lifelong effect on a child won't even enter into the picture, other than "concerned" platitudes to deflect critism of those trying to reap the greatest benefit.
HOMES PRICES CONTINUE TO FALL - HELLO, WASHINGTON!
July 8, 2009
When you see real estate prices falling in Manhattan, you know things are bad. Two years into a total collapse of residential home values, our elected officials in Washington continue to ignore the herd of elephants in the room. These bureaucrats continue to treat this disaster like they initially handled the destruction from Katrina. At least eventually the Federal and State government woke up and decided the pictures of homeowners living on their roofs was poor PR.
Well, to date, our representatives in Washington are still dozing, while housing values continue to sink below the rising waters of taxes, corporate bailouts and growing deficits. When are our officials going to put some effort into addressing this issue? It still comes down to the banks, hedge funds and insurance companies would need to take a hit to resolve or at least arrest the decline and those greedy players are convinced that this won't happen. Their lobbyists are doing a great job keeping the bunch in Washington from tackling the problem. Until one of our elected officials takes up the fight, we intend to lump the all of them into one ineffective group interested only in protecting their political lives.
Can someone in Washington take charge of this critical component of our economy? We immediately need an independent group charged with reviewing all pending foreclosures and stopping those who can prove income and a reasonable potential to fulfill a new fixed-rate mortgage commitment. Those who were speculating and obtained mortgages via "no doc" loans either go to the end of the line or would be ineligible to participate, just let them walk with no credit penalty and take over the property. The "no doc" loans were a huge part of the problem and most were in way over their heads right out of the gate.
New property values must be established when re-negotiating the new mortgages, and this is where the banks and mortgage companies dig in their heels and the accountants start ripping their out hair. That's too bad, but if an economic turnaround is going to happen in most of our lifetimes, they're going to have to deal with it. We've made this point before, but the pain needs to be shared and so far, the homeowner is the only one feeling it!
This would be a fantastic opportunity for one of our Congressional representatives or maybe the Republican minority to generate huge constituent support. Mr. Boehner, Mr. Cantor, Mr. Bachus let's address this crisis NOW!
When you see real estate prices falling in Manhattan, you know things are bad. Two years into a total collapse of residential home values, our elected officials in Washington continue to ignore the herd of elephants in the room. These bureaucrats continue to treat this disaster like they initially handled the destruction from Katrina. At least eventually the Federal and State government woke up and decided the pictures of homeowners living on their roofs was poor PR.
Well, to date, our representatives in Washington are still dozing, while housing values continue to sink below the rising waters of taxes, corporate bailouts and growing deficits. When are our officials going to put some effort into addressing this issue? It still comes down to the banks, hedge funds and insurance companies would need to take a hit to resolve or at least arrest the decline and those greedy players are convinced that this won't happen. Their lobbyists are doing a great job keeping the bunch in Washington from tackling the problem. Until one of our elected officials takes up the fight, we intend to lump the all of them into one ineffective group interested only in protecting their political lives.
Can someone in Washington take charge of this critical component of our economy? We immediately need an independent group charged with reviewing all pending foreclosures and stopping those who can prove income and a reasonable potential to fulfill a new fixed-rate mortgage commitment. Those who were speculating and obtained mortgages via "no doc" loans either go to the end of the line or would be ineligible to participate, just let them walk with no credit penalty and take over the property. The "no doc" loans were a huge part of the problem and most were in way over their heads right out of the gate.
New property values must be established when re-negotiating the new mortgages, and this is where the banks and mortgage companies dig in their heels and the accountants start ripping their out hair. That's too bad, but if an economic turnaround is going to happen in most of our lifetimes, they're going to have to deal with it. We've made this point before, but the pain needs to be shared and so far, the homeowner is the only one feeling it!
This would be a fantastic opportunity for one of our Congressional representatives or maybe the Republican minority to generate huge constituent support. Mr. Boehner, Mr. Cantor, Mr. Bachus let's address this crisis NOW!
WILL YOUR COMPANY-PAID HEALTH CARE BENEFITS BE TAXED?
July 8, 2009
We may be seeing a textbook example of double-talk coming out of Washington concerning the future of health care. We've been told by the President and his spokespeople that, "If you're happy with your current insurance company, you'll be able to keep it". This rhetoric is to placate those who fear the Federal government's health care plan will totally replace the coverage they currently enjoy.
Their statement may be true, but the untold part is the "other shoe" dropping and that "shoe" would be the painful part of keeping your current coverage. If you are employed/retired and your employer currently pays your health insurance premium AND you choose to keep your current coverage, the Federal government (and probably State also) may decide this "paid insurance" is actually "income" and, of course, taxable. I say "may" tax the benefit, but with the critical nature of our Federal and State economies, do we really think the Feds or State governments would pass-up an opportunity to pull more money into the coffers?
We may be seeing a textbook example of double-talk coming out of Washington concerning the future of health care. We've been told by the President and his spokespeople that, "If you're happy with your current insurance company, you'll be able to keep it". This rhetoric is to placate those who fear the Federal government's health care plan will totally replace the coverage they currently enjoy.
Their statement may be true, but the untold part is the "other shoe" dropping and that "shoe" would be the painful part of keeping your current coverage. If you are employed/retired and your employer currently pays your health insurance premium AND you choose to keep your current coverage, the Federal government (and probably State also) may decide this "paid insurance" is actually "income" and, of course, taxable. I say "may" tax the benefit, but with the critical nature of our Federal and State economies, do we really think the Feds or State governments would pass-up an opportunity to pull more money into the coffers?
Tuesday, July 7, 2009
LARGE MAJORITY OF AMERICANS SAY "NO" TO SECOND STIMULUS PACKAGE
July 7, 2009
The newest Rasmussen Reports poll shows a whopping 60% of Americans are currently against a second "Stimulus Package". Those favoring a second package accounted for 28% of those polled, with 12% being "unsure".
Admittedly, the Administration is beginning to recognize what most tax-paying Americans have known for some time - the economy is in really bad shape, and worse than they thought. Gee, that should give Americans confidence. But don't let them fool you, they knew full well the consequences of their actions versus our ability to fund their follies.
So what were they thinking? Bottom line, this may be their only opportunity to do what we've been planning for the last 40+ years and they cannot let fiscal responsibility get in the way.
Only 10% of the first "Stimulus Package" has been spent, according to the Administration. So, why are they already saying that we may need another? Well, it makes you wonder if they underestimated the solution so badly, what other "estimates" are flawed? Based on initial performance, we should all question their ability to responsibly predict anything.
The newest Rasmussen Reports poll shows a whopping 60% of Americans are currently against a second "Stimulus Package". Those favoring a second package accounted for 28% of those polled, with 12% being "unsure".
Admittedly, the Administration is beginning to recognize what most tax-paying Americans have known for some time - the economy is in really bad shape, and worse than they thought. Gee, that should give Americans confidence. But don't let them fool you, they knew full well the consequences of their actions versus our ability to fund their follies.
So what were they thinking? Bottom line, this may be their only opportunity to do what we've been planning for the last 40+ years and they cannot let fiscal responsibility get in the way.
Only 10% of the first "Stimulus Package" has been spent, according to the Administration. So, why are they already saying that we may need another? Well, it makes you wonder if they underestimated the solution so badly, what other "estimates" are flawed? Based on initial performance, we should all question their ability to responsibly predict anything.
BANKS TO STOP TAKING CA'S IOU'S AFTER FRIDAY
July 7, 2009
This is a surprise! The major banks (Bank of America, Chase, Citibank, etc.) are refusing to potentially take a hit to their bottom line by honoring CA's IOU's after this Friday. This action speaks volumes about the economic outlook for the tax-loving State of California.
The State of California has seen "Tea Party" rallies to protest the huge increases in state taxes and the total lack of fiscal responsibility exhibited by elected state officials. Although largely ignored by the mainstream media, these protests still show a growing dissatisfaction with the inept handling of the State's finances.
It's often said that Washington looks to California for the future. Let's hope to God that doesn't happen! Can you imagine the chaos that would ensue if the Federal government had to start issuing IOUs? This seemingly unimaginable event would have already happened if not for the Feds being able to print money, with apparently no constraints and with taxpayers having no idea of what is backing this explosion of paper money.
But the big banks, God love em! These are the only business enterprise in America that will NEVER have to worry. They have too many buddies at the Federal Reserve, in Congress and sprinkled throughout the administration. Their lobbyists must be the most popular guys and gals within the Beltway! The entire country will tank before they will feel the pain the rest of us have to experience. At least that's their historical philosophy. However, if the country is to survive, these huge financial institutions must take a hit commensurate with that we're all feeling. After all, had they not been so greedy initially, we wouldn't be facing financial catastrophe.
This is a surprise! The major banks (Bank of America, Chase, Citibank, etc.) are refusing to potentially take a hit to their bottom line by honoring CA's IOU's after this Friday. This action speaks volumes about the economic outlook for the tax-loving State of California.
The State of California has seen "Tea Party" rallies to protest the huge increases in state taxes and the total lack of fiscal responsibility exhibited by elected state officials. Although largely ignored by the mainstream media, these protests still show a growing dissatisfaction with the inept handling of the State's finances.
It's often said that Washington looks to California for the future. Let's hope to God that doesn't happen! Can you imagine the chaos that would ensue if the Federal government had to start issuing IOUs? This seemingly unimaginable event would have already happened if not for the Feds being able to print money, with apparently no constraints and with taxpayers having no idea of what is backing this explosion of paper money.
But the big banks, God love em! These are the only business enterprise in America that will NEVER have to worry. They have too many buddies at the Federal Reserve, in Congress and sprinkled throughout the administration. Their lobbyists must be the most popular guys and gals within the Beltway! The entire country will tank before they will feel the pain the rest of us have to experience. At least that's their historical philosophy. However, if the country is to survive, these huge financial institutions must take a hit commensurate with that we're all feeling. After all, had they not been so greedy initially, we wouldn't be facing financial catastrophe.
Monday, July 6, 2009
MESSAGE TO STATE AND FEDERAL POLITICIANS - GET TO WORK!
July 6, 2009
An old friend of L. Ike's just stopped by to visit. Seems the former diplomat is a bit disturbed over current events in Washington. He said, "Ike, you know it's simpler than everyone makes it". He proceeds to say that it would be very easy to get a message to the politicians - "cut off the money!". "You know, they can't throw us all in jail", he "joked". "Nothing else is going to get their attention".
The old fellow talks to a lot of pretty connected individuals around the country. According to our friend, not too many people are happy about the prospect of giving the State and Federal governments nearly half of their income via taxes to fund a "business as usual" agenda in Washington and their State capitals. Citizens want waste and pet projects stopped. No more blatant support of illegal aliens, close our borders until we can get a handle on our economy. And the next bank that tries to get additional taxpayer money had better think twice about it. And, if people have a choice of where to live, do not settle in a State with a State income and sales tax. That is unless you want another 20-25% of your income to be taken and used by the State politicians for nothing more than mainly fattening their own wallets.
Most people don't realize that for a small percentage of what the Federal government has already thrown away, they could have saved the homes of those who deserved it. We're absolutely not in favor of saving the homes of those who elected to take advantage of "no doc" loan programs, when they and the lenders knew full well they couldn't afford the obligation. This is another wonderful idea we can thank ol' Barney Frank, Nancy Pelosi, Maxine Waters and the rest of their cabal for instituting in a successful effort to increase their voter base. But many deserving families have had their future destroyed while Washington politicians give them lip service at best.
Every foreclosure should have been and should furthermore be reviewed by a truly independent concern. If the homeowner can provide proof of income sufficient to pay a realistic fixed-rate mortgage based on the new significantly lower property value, they should be allowed to stay in their home. So what if the Federal government might have to help the homeowner by paying back property taxes or whatever. It's a small price in comparison and it would do more to rescue the economy than anything attempted to date.
This would/could have cost a minuscule amount of taxpayer money compared to the wholesale giveaway of tax money that the banks, insurance and automobile companies have received. Those concerns have received and continue to receive obscene amounts of taxpayer money from Washington politicians for one main purpose: to ensure their buddies on Wall Street could continue to live like kings by not interrupting the flow of huge amounts of money paid to executives who basically destroyed their companies while being rewarded for doing so. Ike wishes he had learned this secret to success when he was younger. He always thought that you had to do something significantly positive that added value to your company in order to be considered for a "bonus".
Politicians, stay at home and do the job you were elected to do - I know it would be a radical approach, but give it a try! Voters are getting fed up with your feeble attempts to represent them. You'll no longer be able to fool your constituents because people like our fearless publisher won't let it happen - you'll be gone!
If the politicians don't quickly get the message, our old friend's recommendation would at least sure make things interesting!
An old friend of L. Ike's just stopped by to visit. Seems the former diplomat is a bit disturbed over current events in Washington. He said, "Ike, you know it's simpler than everyone makes it". He proceeds to say that it would be very easy to get a message to the politicians - "cut off the money!". "You know, they can't throw us all in jail", he "joked". "Nothing else is going to get their attention".
The old fellow talks to a lot of pretty connected individuals around the country. According to our friend, not too many people are happy about the prospect of giving the State and Federal governments nearly half of their income via taxes to fund a "business as usual" agenda in Washington and their State capitals. Citizens want waste and pet projects stopped. No more blatant support of illegal aliens, close our borders until we can get a handle on our economy. And the next bank that tries to get additional taxpayer money had better think twice about it. And, if people have a choice of where to live, do not settle in a State with a State income and sales tax. That is unless you want another 20-25% of your income to be taken and used by the State politicians for nothing more than mainly fattening their own wallets.
Most people don't realize that for a small percentage of what the Federal government has already thrown away, they could have saved the homes of those who deserved it. We're absolutely not in favor of saving the homes of those who elected to take advantage of "no doc" loan programs, when they and the lenders knew full well they couldn't afford the obligation. This is another wonderful idea we can thank ol' Barney Frank, Nancy Pelosi, Maxine Waters and the rest of their cabal for instituting in a successful effort to increase their voter base. But many deserving families have had their future destroyed while Washington politicians give them lip service at best.
Every foreclosure should have been and should furthermore be reviewed by a truly independent concern. If the homeowner can provide proof of income sufficient to pay a realistic fixed-rate mortgage based on the new significantly lower property value, they should be allowed to stay in their home. So what if the Federal government might have to help the homeowner by paying back property taxes or whatever. It's a small price in comparison and it would do more to rescue the economy than anything attempted to date.
This would/could have cost a minuscule amount of taxpayer money compared to the wholesale giveaway of tax money that the banks, insurance and automobile companies have received. Those concerns have received and continue to receive obscene amounts of taxpayer money from Washington politicians for one main purpose: to ensure their buddies on Wall Street could continue to live like kings by not interrupting the flow of huge amounts of money paid to executives who basically destroyed their companies while being rewarded for doing so. Ike wishes he had learned this secret to success when he was younger. He always thought that you had to do something significantly positive that added value to your company in order to be considered for a "bonus".
Politicians, stay at home and do the job you were elected to do - I know it would be a radical approach, but give it a try! Voters are getting fed up with your feeble attempts to represent them. You'll no longer be able to fool your constituents because people like our fearless publisher won't let it happen - you'll be gone!
If the politicians don't quickly get the message, our old friend's recommendation would at least sure make things interesting!
AUDIT FORT KNOX DEPOSITORY
July 6, 2009
It's again time to determine how much gold remains in the vaults of Fort Knox. With the tremendous debt being incurred by the U.S. Federal government, it's important to let taxpayers know that the Federal Reserve is printing money they can't back.
Of course this won't happen. Can you imagine the panic that would ensue and the run on banks if the facts were released to the public? What good would a run on banks do if your paper money was worthless?
Do the politicians in Washington really think everyone is clueless? Time is running out on their ability to use taxpayer money as their personal piggybank. It's time to placate the public before it's too late. Washington politicians must enact legislation that forces banks and mortgage companies to re-set home loans to reflect the property's current value.
Continuing to ignore the most important aspect of our collapsing economy is irresponsible beyond belief. Americans want the mortgage and foreclosure issues addressed NOW!
It's again time to determine how much gold remains in the vaults of Fort Knox. With the tremendous debt being incurred by the U.S. Federal government, it's important to let taxpayers know that the Federal Reserve is printing money they can't back.
Of course this won't happen. Can you imagine the panic that would ensue and the run on banks if the facts were released to the public? What good would a run on banks do if your paper money was worthless?
Do the politicians in Washington really think everyone is clueless? Time is running out on their ability to use taxpayer money as their personal piggybank. It's time to placate the public before it's too late. Washington politicians must enact legislation that forces banks and mortgage companies to re-set home loans to reflect the property's current value.
Continuing to ignore the most important aspect of our collapsing economy is irresponsible beyond belief. Americans want the mortgage and foreclosure issues addressed NOW!
DISTRACTIONS FROM U.S. PROBLEMS ABOUND!
July 6, 2009
Man, right in the middle of the worst financial crisis in almost anyone's memory, there sure are a lot of distracting things happening to deflect attention from what's going on in Washington. Celebrity deaths, N. Korea missles, Afganistan, pirates, Iranian election protests, WOW! What's the chance?
My God, what ever happened to the CIA/Nancy Pelosi controversy? Oh, and by the way, isn't Speaker Pelosi on a junket to Italy? In the middle of an extremely important period of U.S. financial crisis, she feels its more important to spread her charm abroad! Maybe she used frequent flyer miles, otherwise it's a very poor use of taxpayer money and her time. They honest to God feel like it's "business as usual". Someone needs a wake-up call in Washington!
Our fearless publisher, L. Ike Itis, feels it's high time for someone in Washington to DO THEIR JOB!
Man, right in the middle of the worst financial crisis in almost anyone's memory, there sure are a lot of distracting things happening to deflect attention from what's going on in Washington. Celebrity deaths, N. Korea missles, Afganistan, pirates, Iranian election protests, WOW! What's the chance?
My God, what ever happened to the CIA/Nancy Pelosi controversy? Oh, and by the way, isn't Speaker Pelosi on a junket to Italy? In the middle of an extremely important period of U.S. financial crisis, she feels its more important to spread her charm abroad! Maybe she used frequent flyer miles, otherwise it's a very poor use of taxpayer money and her time. They honest to God feel like it's "business as usual". Someone needs a wake-up call in Washington!
Our fearless publisher, L. Ike Itis, feels it's high time for someone in Washington to DO THEIR JOB!
A POSSIBLE SOLUTION?
July 6, 2009
We've reported that if politicians continue to embrace the same mindset they've grown to expect, our economy is destined to collapse. We may have one hope, but it will take a total reversal of their current game plan. Another "stimulus package" is probably just around the corner. If it comes to be, it MUST be completely devoted to rescuing homeowners and the Feds must mandate that mortgage companies reduce the principal owed on ALL properties to reflect the damage our politicians have caused to the real estate market and our general economy.
The financial institutions have gotten theirs - up front, as "rescue funds", as insurance settlements on defunct CDOs. Now, it's time they finally take the hit that they deserve. As long as financial institutions are allowed to ALWAYS win, the game is, shall we say, FIXED!
The CEOs and senior staff have taken 100's of millions of dollars in salary and bonuses just in the last few years. During that period, they were greedily selling toxic mortgages, packaged and fraudulently rated. These are the very investment instruments that would have brought down their little scam, if not for the Treasury Department, the Federal Reserve and Congress "rescuing" their companies.
What did this "rescue" accomplish? Well, it allowed the financial institutions to continue to pay huge salaries, bonuses, take lavish trips and junkets - the same old game continues.
Now, homeowners must demand that the Federal government turn its attention to the real problem. Mortgage companies must be dealt with, quickly and harshly. Most mortgage companies fraudulently entered into contracts without warning buyers that their mortgage would most likely be packaged with potentially "toxic" mortgages and sold as investment instruments. Not only should this scenerio have been highlighted, but the huge risk potential should also have been stated.
By not informing consumers of this potential and the very real risk involved is outright fraud. Why isn't anyone investigating the very reason our economy has tanked? Is there an honest politician willing to take on this challenge? It is almost assured, that if an elected official would finally take the side of homeowners, they would find themselves re-elected, while their greedy collegues are scrambling to find a new scam outside of government.
We've reported that if politicians continue to embrace the same mindset they've grown to expect, our economy is destined to collapse. We may have one hope, but it will take a total reversal of their current game plan. Another "stimulus package" is probably just around the corner. If it comes to be, it MUST be completely devoted to rescuing homeowners and the Feds must mandate that mortgage companies reduce the principal owed on ALL properties to reflect the damage our politicians have caused to the real estate market and our general economy.
The financial institutions have gotten theirs - up front, as "rescue funds", as insurance settlements on defunct CDOs. Now, it's time they finally take the hit that they deserve. As long as financial institutions are allowed to ALWAYS win, the game is, shall we say, FIXED!
The CEOs and senior staff have taken 100's of millions of dollars in salary and bonuses just in the last few years. During that period, they were greedily selling toxic mortgages, packaged and fraudulently rated. These are the very investment instruments that would have brought down their little scam, if not for the Treasury Department, the Federal Reserve and Congress "rescuing" their companies.
What did this "rescue" accomplish? Well, it allowed the financial institutions to continue to pay huge salaries, bonuses, take lavish trips and junkets - the same old game continues.
Now, homeowners must demand that the Federal government turn its attention to the real problem. Mortgage companies must be dealt with, quickly and harshly. Most mortgage companies fraudulently entered into contracts without warning buyers that their mortgage would most likely be packaged with potentially "toxic" mortgages and sold as investment instruments. Not only should this scenerio have been highlighted, but the huge risk potential should also have been stated.
By not informing consumers of this potential and the very real risk involved is outright fraud. Why isn't anyone investigating the very reason our economy has tanked? Is there an honest politician willing to take on this challenge? It is almost assured, that if an elected official would finally take the side of homeowners, they would find themselves re-elected, while their greedy collegues are scrambling to find a new scam outside of government.
SAY IT AIN'T SO JOE!
July 6, 2009
Vice President Joe Biden was quoted today as saying "Honestly, we misread the economy". Well, we have to give him credit for at least saying what is painfully obvious. Anyone closely watching what is happening to our Country, and especially the mishandling of our tax dollars, knows that the economy is close to hitting a critical level, again. So, don't be surprised when the Federal government soon announces another "stimulus" package. That could very well be the fatal blow.
Meanwhile, our State and Federal politicians continue to try and play the game just like they always have. They refuse to believe that their "gravy train" is soon to be a thing they reminisce about with other members of the "Ol' Boys & Girls Club".
They're starting to say it, now will it be reported? Please don't let the people we elected to represent US, continue to destroy our future.
It's time for taxpayers to wake up and realize that the vast majority of elected officials (and CEOs of large financial institutions) have a singular mindset. Their endgame and main objective, once elected/ensconced is simple: Get theirs (quietly and along the way, set-up family dynasties in many cases), and then stash the booty somewhere they think it will be safe when/if things come crashing down. So, they've lived the good life and think they've insulated themselves from the pain the rest of us face. But publicly, proudly and loudly they promote "social reforms" designed to keep them in office as long as possible.
Unfortunately, there's a big problem developing. Their "social reforms" have finally bankrupted the Country. This game has been going on for so long, that they cannot possibly keep it alive much longer. It's really similar to the Madoff situation. Ultimately, the piper will come calling. Will they get the same punishment?
Vice President Joe Biden was quoted today as saying "Honestly, we misread the economy". Well, we have to give him credit for at least saying what is painfully obvious. Anyone closely watching what is happening to our Country, and especially the mishandling of our tax dollars, knows that the economy is close to hitting a critical level, again. So, don't be surprised when the Federal government soon announces another "stimulus" package. That could very well be the fatal blow.
Meanwhile, our State and Federal politicians continue to try and play the game just like they always have. They refuse to believe that their "gravy train" is soon to be a thing they reminisce about with other members of the "Ol' Boys & Girls Club".
They're starting to say it, now will it be reported? Please don't let the people we elected to represent US, continue to destroy our future.
It's time for taxpayers to wake up and realize that the vast majority of elected officials (and CEOs of large financial institutions) have a singular mindset. Their endgame and main objective, once elected/ensconced is simple: Get theirs (quietly and along the way, set-up family dynasties in many cases), and then stash the booty somewhere they think it will be safe when/if things come crashing down. So, they've lived the good life and think they've insulated themselves from the pain the rest of us face. But publicly, proudly and loudly they promote "social reforms" designed to keep them in office as long as possible.
Unfortunately, there's a big problem developing. Their "social reforms" have finally bankrupted the Country. This game has been going on for so long, that they cannot possibly keep it alive much longer. It's really similar to the Madoff situation. Ultimately, the piper will come calling. Will they get the same punishment?
Friday, July 3, 2009
HOW DID THE HOUSING CRISIS DEVELOP?
July 3, 2009
How did the housing crisis develop and who was responsible? It's basically pretty simple and the reason is all too obvious. Too often, reporters get so bogged down in their own attempt to explain a particular situation that they bore their readers. We're going to give to the "bullet points", some of the major names of those involved, plus links for you to do your own research if you don't believe what you're about to read. We also recommend that you watch CNBC's special "House of Cards" the next time it plays in your area or on demand at Hulu.com.
Some of the major names you need to blame are:
Members of Congress Barney Frank, Maxine Waters, Nancy Pelosi, Chris Dodd.
Other Federal government players: Fed Chairman Ben Bernanke; Christopher Cox Chairman of the SEC and SEC regulators.
Main Players: Fredrick Rains of Freddie Mac; Angelo Mozilo former CEO of Countrywide Mortgage; investment banks/bankers and hedge funds who conspired to create an investment vehicle known as Collateralized Debt Obligations (CDO) made up of "TOXIC" sub-prime mortgages packaged and fraudulently rated AAA by underwriters; AIG.
Reason: GREED! Plain and simple greed! The accumulation of obscene amounts of money as "salary, bonus, stock options" that were thrown at the top players in this "game".
This is what happened. The Congressional players mentioned earlier wanted to expand their voter base. They correctly figured that if they could play to the disenfranchised, a huge and previously ambivalent and non-voting portion of our population, they could add tremendous numbers to their constituency.
Now, how to get this group onboard? Answer: Let's make sure they can "live the American dream" by becoming homeowners. We'll make it next to impossible for anyone to be turned down for a mortgage. We'll even let people with no documented income qualify.
Now, we need to get others to buy into the scheme. That's where Freddie Mac and Fredrick Rains enters the picture. Promise him big bonuses for buying up these toxic mortgages and one major player is on the team. Now, get the word out to mortgage brokers, investment bankers and let them "play around" with this worthless paper to make it look like an investment opportunity.
The investment boys/girls came up with the CDO idea for marketing these toxic "assets". These CDOs were sold to pentions, mutual funds, etc. and they were off - making huge amounts of money for themselves in the process.
Now, to make sure they didn't feel the sting when things turned bad (and they knew they would). They bought insurance from AIG to insure that they would be paid when things eventually went in the toilet.
Now, most homeowner's have lost most if not all of the equity they had built over years of faithfully paying their monthly mortgage payment. The bankers and investment bunch have collected 10's of millions of dollars in "bonuses", which basically bankrupted many of their companies. Many of their firms have now been rescued by the Federal government at taxpayer's expense and taxpayers have also rescued AIG, who had to pay off on the insurance policies when the CDOs became worthless.
When are government officials going to actually help out homeowners? Never, unless, homeowners demand that this issue be seriously addressed. Will Congress and the President listen? Probably not until their hand if forced. The Federal and State governments are in desperate need of funds. They intend to find it anywhere they can.
Support for the nonsense going on in Washington and in many State Capitals (attention California) has to stop. They cannot continue to spend and ignore the underlying issue if citizens don't fund their folly. Elected officials who don't get the message soon will find themselves outside the club after the next chance voters have to throw the bums out!
A mere fraction of the "stimlus package" devoted to housing could have arrested the housing meltdown and quickly turned the economy around. Now, we've paid off all the cronies and insiders, own automobile companies, insurance companies and things are NOT getting better.
Mr. President and members of Congress, please require all holders of mortgages to immediately do the following:
How CDOs are to blame:
http://marketplace.publicradio.org/display/web/2008/10/03/cdo/
Angelo Mozilo
http://www.sec.gov/news/press/2009/2009-129.htm
http://www.nytimes.com/2009/06/05/business/05insider.html
Franklin Raines and Freddie Mac
http://seattletimes.nwsource.com/html/businesstechnology/2004358433_webraines18.html (Raines)
How did the housing crisis develop and who was responsible? It's basically pretty simple and the reason is all too obvious. Too often, reporters get so bogged down in their own attempt to explain a particular situation that they bore their readers. We're going to give to the "bullet points", some of the major names of those involved, plus links for you to do your own research if you don't believe what you're about to read. We also recommend that you watch CNBC's special "House of Cards" the next time it plays in your area or on demand at Hulu.com.
Some of the major names you need to blame are:
Members of Congress Barney Frank, Maxine Waters, Nancy Pelosi, Chris Dodd.
Other Federal government players: Fed Chairman Ben Bernanke; Christopher Cox Chairman of the SEC and SEC regulators.
Main Players: Fredrick Rains of Freddie Mac; Angelo Mozilo former CEO of Countrywide Mortgage; investment banks/bankers and hedge funds who conspired to create an investment vehicle known as Collateralized Debt Obligations (CDO) made up of "TOXIC" sub-prime mortgages packaged and fraudulently rated AAA by underwriters; AIG.
Reason: GREED! Plain and simple greed! The accumulation of obscene amounts of money as "salary, bonus, stock options" that were thrown at the top players in this "game".
This is what happened. The Congressional players mentioned earlier wanted to expand their voter base. They correctly figured that if they could play to the disenfranchised, a huge and previously ambivalent and non-voting portion of our population, they could add tremendous numbers to their constituency.
Now, how to get this group onboard? Answer: Let's make sure they can "live the American dream" by becoming homeowners. We'll make it next to impossible for anyone to be turned down for a mortgage. We'll even let people with no documented income qualify.
Now, we need to get others to buy into the scheme. That's where Freddie Mac and Fredrick Rains enters the picture. Promise him big bonuses for buying up these toxic mortgages and one major player is on the team. Now, get the word out to mortgage brokers, investment bankers and let them "play around" with this worthless paper to make it look like an investment opportunity.
The investment boys/girls came up with the CDO idea for marketing these toxic "assets". These CDOs were sold to pentions, mutual funds, etc. and they were off - making huge amounts of money for themselves in the process.
Now, to make sure they didn't feel the sting when things turned bad (and they knew they would). They bought insurance from AIG to insure that they would be paid when things eventually went in the toilet.
Now, most homeowner's have lost most if not all of the equity they had built over years of faithfully paying their monthly mortgage payment. The bankers and investment bunch have collected 10's of millions of dollars in "bonuses", which basically bankrupted many of their companies. Many of their firms have now been rescued by the Federal government at taxpayer's expense and taxpayers have also rescued AIG, who had to pay off on the insurance policies when the CDOs became worthless.
When are government officials going to actually help out homeowners? Never, unless, homeowners demand that this issue be seriously addressed. Will Congress and the President listen? Probably not until their hand if forced. The Federal and State governments are in desperate need of funds. They intend to find it anywhere they can.
Support for the nonsense going on in Washington and in many State Capitals (attention California) has to stop. They cannot continue to spend and ignore the underlying issue if citizens don't fund their folly. Elected officials who don't get the message soon will find themselves outside the club after the next chance voters have to throw the bums out!
A mere fraction of the "stimlus package" devoted to housing could have arrested the housing meltdown and quickly turned the economy around. Now, we've paid off all the cronies and insiders, own automobile companies, insurance companies and things are NOT getting better.
Mr. President and members of Congress, please require all holders of mortgages to immediately do the following:
- Decrease the principal to realistically reflect current market prices;
- Allow homeowners to enter into fixed-rate mortgages, regardless of balance owed, with a monthly payment not to exceed 25% of the family's net income, including property taxes and insurance.
How CDOs are to blame:
http://marketplace.publicradio.org/display/web/2008/10/03/cdo/
Angelo Mozilo
http://www.sec.gov/news/press/2009/2009-129.htm
http://www.nytimes.com/2009/06/05/business/05insider.html
Franklin Raines and Freddie Mac
http://seattletimes.nwsource.com/html/businesstechnology/2004358433_webraines18.html (Raines)
Thursday, July 2, 2009
Welcome to the ITIS R TIMES
Friday, July 3, 2009
Welcome to the premier post of the ITIS R TIMES! We hope you will drop by often to check on important issues that will be affecting all Americans, but especially issues that are getting little or no mainstream media coverage.
Our mission statement is simple: Let American citizens know what's really going on in our Federal and State governments. It's a time of tremendous change, and, as usual, some changes are good - unfortunately, many are bad. In the last 100 years, this country has undergone some radical changes. Many of the more important changes have involved years of debate and even periods of civil unrest. Admittedly, we've dealt with most of these issues slowly, but importantly and, to a large extent, in a "one off" manner. At times, the painfully slow pace of change has frustrated some, but it has given our citizens and elected officials time to debate, discuss, investigate the issues and assess the potential impact before ultimately deciding the issue.
However, we are currently on the precipice of so many significant changes to our country, that many important issues are getting lost in the shuffle and by the speed in which these changes are being instituted.
Therefore, it is our mission to identify important current issues that will affect your future. It is also our intent to keep our reporting non-partisan and factual. Rumors will be reported as such, but only when germane to an ongoing search for the ultimate truth.
So, let the chips fall where they may, and all elected officials, unions, lobbyists, special interest groups, etc. should be formally on notice that at least one source will be watching and reporting on your actions, good and bad. If American's are aware, it's going to become more and more difficult for those among you with questionable intentions to accomplish your schemes.
For far too long, a sense of arrogance among many of those who will be watched closely has resulted in "backroom" and "sweetheart" deals hatched out of the view of the public and for the main benefit of those who have made their "Deals with the Devil". If we're successful, it's going to be a lot more difficult for them.
Our initial focus will be on the housing crisis, how it developed, who's at fault, why is it continuing? It's amazing that the main issue that got the economy going in the wrong direction is also the one issue getting no attention by our Federal government. Only weak and feeble attempts have been made by Washington to make American homeowners THINK the Federal government is trying to help them. Actually, there's been no serious attempt to solve anything and things are about to get much worse.
Welcome and we'll be watching for you!
Welcome to the premier post of the ITIS R TIMES! We hope you will drop by often to check on important issues that will be affecting all Americans, but especially issues that are getting little or no mainstream media coverage.
Our mission statement is simple: Let American citizens know what's really going on in our Federal and State governments. It's a time of tremendous change, and, as usual, some changes are good - unfortunately, many are bad. In the last 100 years, this country has undergone some radical changes. Many of the more important changes have involved years of debate and even periods of civil unrest. Admittedly, we've dealt with most of these issues slowly, but importantly and, to a large extent, in a "one off" manner. At times, the painfully slow pace of change has frustrated some, but it has given our citizens and elected officials time to debate, discuss, investigate the issues and assess the potential impact before ultimately deciding the issue.
However, we are currently on the precipice of so many significant changes to our country, that many important issues are getting lost in the shuffle and by the speed in which these changes are being instituted.
Therefore, it is our mission to identify important current issues that will affect your future. It is also our intent to keep our reporting non-partisan and factual. Rumors will be reported as such, but only when germane to an ongoing search for the ultimate truth.
So, let the chips fall where they may, and all elected officials, unions, lobbyists, special interest groups, etc. should be formally on notice that at least one source will be watching and reporting on your actions, good and bad. If American's are aware, it's going to become more and more difficult for those among you with questionable intentions to accomplish your schemes.
For far too long, a sense of arrogance among many of those who will be watched closely has resulted in "backroom" and "sweetheart" deals hatched out of the view of the public and for the main benefit of those who have made their "Deals with the Devil". If we're successful, it's going to be a lot more difficult for them.
Our initial focus will be on the housing crisis, how it developed, who's at fault, why is it continuing? It's amazing that the main issue that got the economy going in the wrong direction is also the one issue getting no attention by our Federal government. Only weak and feeble attempts have been made by Washington to make American homeowners THINK the Federal government is trying to help them. Actually, there's been no serious attempt to solve anything and things are about to get much worse.
Welcome and we'll be watching for you!
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