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.
Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts
Wednesday, July 22, 2009
Monday, July 20, 2009
$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....!
Thursday, July 9, 2009
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!
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