There is only one question to ask any politician starting this year:
Will you support the regulation of derivatives?
That’s it. Everything else is ancillary and fades into the background.
Continue readingAuthor Archives: Deadly Clear
Behind the Scenes: Bank of America – Another Bailout!
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Editor’s note: Please participate in the Poll at the end of the Post.
“Robin Hood in Reverse”: Bank Bailout Bonanza Heats Up (Again)
The Daily Ticker Reports that last Friday Bank of America received ANOTHER so-called “bailout” using tax payer funds. They never really went away so don’t call it a comeback…but it’s been a big week for bailouts.
Bank of America Corp. has agreed to sell part of its home-loan portfolio to government-controlled housing giant Fannie Mae, as the bank looks to shed assets and pare its exposure to an array of mortgage woes. Rithoitz, Blodget and Task have a lively discussion about the Fannie Continue reading
David Stockman: “We have a far worse fiscal situation…”
The Daily Capitalist
Stockman On Budget And Downgrade
By Jeff Harding August 11th, 2011
This is an interview of David Stockman on Bloomberg Radio today by Kathleen Hayes. David goes into the budget crisis and the downgrade. As usual he pulls no punches. “We have a far worse fiscal situation….by 2012, 2013, 2014… the deficit situation is going to be dramatically worse and our ability to cope will be almost non-existent….”
This is an excellent interview on Bloomberg Radio which can be heard Continue reading
Screw Sam! Reconstruct the Mortgages with their Rightful Owners
U.S.Seeks Ideas on Renting Out Foreclosed Property
By EDWARD WYATT
Published: August 10, 2011
WASHINGTON— Uncle Sam wants you — to rent a house from Uncle Sam.
The Obama administration said on Wednesday that it was soliciting ideas on how to turn the federal government’s inventory of foreclosed houses into rental properties that could be managed by private enterprises or sold in bulk.
The goal, the administration said, is to stabilize neighborhoods where large supplies of empty, foreclosed properties have hurt property values. In addition, the plan is an effort to clear the nation’s balance sheet of real estate holdings that, because they have been difficult to sell individually, have hung over the housing market and stunted sales of existing homes and new construction. Continue reading
HYPOTHETICAL LIEN THEORY LIVES – Bye Bye MERS!
HAWAII – In today’s episode following “Look Out Lenders – MERS is About to Take You Down!” the Hawaii bankruptcy court ruled that the Trustee’s hypothetical lien theory held enough water to maintain life in the Motion to Compel the Trustee to Abandon the property. The lender, American Savings Bank FSB, (ASB) and the Trustee have been in settlement discussions. Either way – the MERS demise is set into motion. The judge denied the motion WITHOUT prejudice in order that it could be brought back at some future date, if necessary. Continue reading
RSN: Austerity: The Wrong Prescription
“…the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.” Take over the mortgages – stupid! SEIZE MERS.
Austerity: The Wrong Prescription
By Carl Gibson, Reader Supported News
09 August 11
Reader Supported News | Perspective
f you were a patient in intensive care, sick and in pain, what would you say to a doctor whose only recommendation was cutting off your blood supply, meals and therapy, and redirecting your pain medicine to another patient who was already healthy and well? Would you follow your doctor’s orders, or sue them for malpractice? Continue reading
Look Out Lenders – MERS is About to Take You Down!
HAWAII – In a precedent setting move today, a bankruptcy Chapter 7 Trustee filed a Supplemental Objection under a hypothetical lien theory to the Debtor’s Motion to Compel the Trustee to Abandon the underwater property – the day before the hearing.
The Trustee’s pleading states that the lender, American Savings Bank FSB in Hawaii, had not properly perfected the mortgage at the time of the Debtor filing a petition for bankruptcy, the “Mortgage was in fact in favor of MERS as nominee for ASB at the time of the filing of the petition.” This move essentially strangles the lender. Continue reading
RSN Special: Keith Olbermann | Four Great Hypocrisies of the Deal
Posted By Reader Supported News / 02 August 11 AM
Keith Olbermann | Four Great Hypocrisies of the Deal
Keith Olbermann, Special Comment/Current TV
“Keith Olbermann’s Special Comment on the four great hypocrisies of the debt deal and the necessity of taking the governance of this nation back from politicians.”
INSIDE JOB – Understanding the Collapse of the Economy -REMOVED
I’d like to think my blog was enough of a threat to Wall Street to pull YouTube clips off the Internet – but this afternoon INSIDE JOB was gone. SONY PICTURES pulled the clips off of the Internet.
It’s a great documentary – if you can find a copy buy it, rent it share it with your friends. Everyone should know what happened to our economy. We cannot ignore it because it’s not going away or getting better any time soon.
‘Inside Job’ is the first film to provide a comprehensive analysis of the global financial crisis of 2008, which at a cost over $140 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse. Continue reading
INSIDE JOB Parts 3 & 4 – REMOVED
Part III: The Crisis
By this time, warnings were being sounded by advisors to the Federal Reserve (the Fed) and the FBI, which was seeing a rise in mortgage fraud. Hedge fund manager Bill Ackman and author Charles R. Morris sounded public warnings. The market for CDOs collapsed and investment banks were left with hundreds of billions of dollars in loans, CDOs and real estate they could not unload. What would later be called the Great Recession had begun (November 2007).
Part IV: The Financial Rape of Investors
Wall Street’s deviant behavior extended to to the top. Strip Clubs, drugs, over-the-top expenses like corporate jets to go golfing, entertain or vacation were the norm rather than the exception. The funds that fueled this moral hazard came from pension and retirement funds from government workers, unions and corporate retirement beneficiaries.
