Obama’s State of the Economy Address

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EDITOR’S COMMENT AND ANALYSIS: All efforts to date, with singular exceptions, seem to be directed at “settlements” that give short shrift to what was done to millions of homeowners, investors, states cities and towns. Pension funds have been hit hard, making it difficult to meet their obligations and causing some to tell pensioners that their pensions are going to be reduced or even eliminated.  The focus seems to be on stopping these criminal practices in the future. You robbed a convenience store? Just don’t do it again and give back 1% of the money you stole. You killed the proprietor? Don’t do it again.

Nobody is happy about the proposed settlement being  pushed by the White House except those attorney generals and justice department officials that would rather roll over than investigate and bring those who  committed criminal acts to justice. Anyone who was defrauded or otherwise destroyed by this bank-imposed mess deserves restitution — not some hollow promise that the Banks won’t do it again. That is promise that is never going to be kept and it offends the sensibilities of 80% of Americans.

Watching the political trail, observers note that politicians have largely turned a deaf ear to history in favor of what appears to them as good politics. Republicans barely mention the defective mortgage process, the fraudulent sale of bogus securities to institutional investors (i.e.., the managed funds that control our pension and savings), while Democrats wring their hands in impotence avoiding the issue.

The problem is money. Banks are controlling the narrative. They have the money to pay Newt Gingrich $1.6 million+ to help thwart investigations and pass legislation that keeps management safe from prosecution.

Politicians are out of touch with what is happening on the ground where people are looking to government to solve real problems instead of scoring what they think are public relations victories. Those victories will translate into defeat in November.

Polls show that the voting public doesn’t think the President, the Congress or the Courts have a clue about the reality of this situation. The reality is people hate the Banks, hate the bailouts, and hate the politicians who facilitated the bailouts. The truth is that people are suspicious of politicians and don’t believe that anyone new in office will do anything different than anyone claiming incumbency. People fear the future because they can see clearly that nobody is doing anything about it.

Gingrich surged in South Carolina and may continue his surge to become the Republican nominee for President. That was because he talked tough and gave some lip service to the plight of homeowners in foreclosure and homeowners who are walking away from their mortgages in record numbers — something approaching 50% of all foreclosures this year will come from people who are unwilling to pay for the the greed of Wall Street, adding millions more foreclosed homes to a housing market that is already depressed and wrecked beyond all recognition.

The answer is clearly that those who were robbed are due, under our existing set of laws, to get restitution — return of their money, their homes, their pensions and their lives. It is unacceptable for the Banks to keep any part of their ill-gotten gains.

The atmosphere is ripe for third party and little known candidates to run for offices that are essentially vacant or outright “occupied” by the Banks. Running against the Banks and for American jobs using all practical means at our disposal, running to bring back the exceptional character of American innovation and power in the marketplace of commerce and in the marketplace of ideas, will be seen as running for the American dream, whereas all others will be seen as running against it or they will be seen as indifferent to it.

This year, 2012, is a watershed year, if we make it that way. If the candidates come forward who want nothing except a better America, the voters will respond. As for the rest of the politicians, I won’t miss them, will you?

Obama May Highlight Foreclosure Settlement in State of the Union

by Jon Prior

President Obama could mention in the State of the Union address Tuesday new developments in the negotiation between mortgage servicers and government officials, according to two members of Congress.

“There seems to be evidence that he may do something,” said Sen. Sherrod Brown, D-Ohio, in a conference call with reporters Monday, “and we hope ‘the something’ is launching a wider investigation.”

Rep. Brad Miller, D-N.C., said rumors were floating around Washington that the president may even announce the settlement, though he couldn’t confirm that. The White House did not immediately comment. However, a spokesman for Iowa AG Tom Miller, said not to expect a full announcement this week.

In October 2010, evidence surfaced of mortgage servicers, processors and attorneys signing foreclosure affidavits en masse and without a proper review of the loan file as required by law in judicial states. Since those robo-signing allegations surfaced, negotiations to settle the case have labored between the banks, the remaining state attorneys general, the Justice Department and the Department of Housing and Urban Development.

Bank officials have said few if any foreclosures wrongfully took place as a result of the documentation issues. Ally Financial (GJM: 22.16 -0.18%) CEO Michael Carpenter has been the most vocal, even saying in a recent call with investors that he was willing to fight the government in court if the terms did not match what he believed the violations to be.

The president may be feeling the pressure from his base to make this the wide-scale crackdown on Wall Street that Americans have been calling for since the financial crisis struck in 2007.

Justin Ruben, executive director of the progressive group MoveOn.org, said Monday in a recent survey of previous Obama supporters, 60% said they would be unlikely to help him this November should the settlement become a “sweetheart deal for servicers.”

SEE FULL ARTICLE ON HOUSINGWIRE.COM

Write to Jon Prior.

Follow him on Twitter @JonAPrior.

34 Responses

  1. Obamaism is a detriment to our country. If his lips are moving, it’s a lie!

    Like many of you, I could afford my house. Payment of under $700, with upgrades of over 75k, which does not belong to the bank, originator, servicers or anyone else.

    I have been in construction, rehab of houses and construction/contracting in general. I had absolutely nothing to do with the fall of housing prices, the overall market free-fall, the inflated appraisals, cheating on income, selling securities, lying to investors, not funding mortgages, etc…Obama is lying and enabling this process to continue, with no regard for the millions of folks who did the right thing. Even if he were correct in assuming every homeowner in foreclosure bought what they could not afford…..WHO THE HELL ALLOWED IT? The answer is in your face! And as a footnote, it could not have been accomplished with out lawyers…they are flying under the radar on this.

    My $.02

  2. Enraged

    I do not get “hurt.” Cannot be involved with all of this for so many years and be “hurt.” Believe I am quite clear — the fraud is in the origination and foreclosures fraudulent due to the fraud in origination. Subprime refinances were not mortgages. Check your satisfaction/discharge records at the origination. Security investors and trustees are not the creditor. Sorry you do not understand this.

  3. @Anonymous,

    I realize that you were hurt by our posts and I apologize.

    That being said, there is a way to explain anything clearly. I don’t get that with your posts which read like something only a few people can understand and decipher.

    I had that problem with Nancy Drewe as well. If it makes no sense, I don’t read it.

  4. Enraged and Todd

    Wrote below last night, when all was finished. Some turn around by the speech, but, like many, not entirely convinced.

    Sorry, if you do not like what I write. Frankly, I do not like, myself, some of what is written here. But, always courteous.

    I first started with no support. No one around to listen. I was alone. Quite confident in what I know today. And, I battle every day — far beyond what you know.

    I do not need approval. I know what I know. And, I proceed without ever looking for approval. I no longer need it. If you find it convoluted, Enraged, there is a reason I am discreet. Have stuck my neck out — as far as I can.

    chris

    Your 2 cents means a lot. Media has prevented coverage. That is a major problem.

  5. Neil something is missing .Do you know what it is?Do you know where it went? Do you know how to get it back? Do you realy care about this country? I thought you did care,and I still think you might. Here are four simple questions,Please answer them honestly,and in a place were everybody will see.One moore question,if you don’t mind.Can I be of any service to you in your quest for the truth? I just might have what your looking for. Very truly yours Todd Hess

  6. “Is Schneiderman selling out? Did the White House get to him?”

    You ain’t seen nothing yet… Stay tuned. We are all about to see what a f$cking joke this country has become..

  7. Is Schneiderman selling out? Did the White House get to him?

    http://www.scribd.com/doc/79363312/Is-Schneiderman-Selling-Out-Will-there-be-any-meaningful-investigations

  8. That says it all.

    Obama’s Favorite Wall Streeters
    We’ve already made our choice for the best headline of the year, so far: “Citigroup Replaces JPMorgan as White House Chief of Staff.”
    January 23, 2012 |
    Flickr Creative Commons / hervalPhoto Credit: Flickr Creative Commons / herval LIKE THIS ARTICLE ?
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    We’ve already made our choice for the best headline of the year, so far: “Citigroup Replaces JPMorgan as White House Chief of Staff.”

    When we saw it on the website Gawker.com we had to smile — but the smile didn’t last long. There’s simply too much truth in that headline; it says a lot about how Wall Street and Washington have colluded to create the winner-take-all economy that rewards the very few at the expense of everyone else.

    The story behind it is that Jack Lew is President Obama’s new chief of staff — arguably the most powerful office in the White House that isn’t shaped like an oval. He used to work for the giant banking conglomerate Citigroup. His predecessor as chief of staff is Bill Daley, who used to work at the giant banking conglomerate JPMorgan Chase, where he was maestro of the bank’s global lobbying and chief liaison to the White House. Daley replaced Obama’s first chief of staff, Rahm Emanuel, who once worked as a rainmaker for the investment bank now known as Wasserstein & Company, where in less than three years he was paid a reported eighteen and a half million dollars.

    The new guy, Jack Lew – said by those who know to be a skilled and principled public servant – ran hedge funds and private equity at Citigroup, which means he’s a member of the Wall Street gang, too. His last job was as head of President Obama’s Office of Management and Budget, where he replaced Peter Orzag, who now works as vice chairman for global banking at – hold on to your deposit slip — Citigroup.

    Still with us? It’s startling the number of high-ranking Obama officials who have spun through the revolving door between the White House and the sacred halls of investment banking. Sure, you can argue that it makes sense that the chief executive of the nation would look to other executives for the expertise you need to build back from the disastrous collapse of the banks in the final year of the Bush Administration. Remember — it was Bush and Cheney with their cronies in big business who helped walk us right into the blast furnace of financial meltdown, then rushed to save the banks with taxpayer money. That little fact seems to have been overlooked in the current primaries.

    All this brings back memories of Hank Paulson, doesn’t it? Hank Paulson, the $700 million man who became secretary of the treasury for President Bush. Paulson had been head of Goldman Sachs, the rich investment bank. As his successor at Goldman Sachs, Paulson chose Lloyd Blankfein. Several times, according to Bloomberg News, Rolling Stone, and Paulson’s own memoir, the treasury secretary made sure Blankfein and Goldman got privileged inside information.

    But Bush and Cheney aren’t the only ones to have a soft spot for financiers. President Obama may call bankers “fat cats” and stir the rabble against them with populist rhetoric when it serves his interest, but after the fiscal fiasco, he allowed the culprits to escape virtually scot-free. When he’s in New York he dines with them frequently and eagerly accepts their big contributions. Like his predecessors, his administration also has provided them with billions of taxpayer dollars – low-cost money that they used for high-yielding investments to make big profits. The largest banks are bigger than they were when he took office and earned more in the first two-and-a-half years of his term than they did during the entire eight years of the Bush administration. That’s confirmed by industry data.

    And get this. It turns out, according to The New York Times, that as President Obama’s inner circle has been shrinking, his “rare new best friend” is Robert Wolf. They play basketball, golf, and talk economics when Wolf is not raising money for the president’s campaign.

  9. “We’ve all paid the price for lenders who sold mortgages to people who couldn’t afford them, and buyers who knew they couldn’t afford them.”

    I take this extremely personally.

    I could afford the damn house when I bought it. I didn’t create this financial scandal that nearly destroyed the world’s economy. I had a job, a future and a pension plan. Until 2008, my debts were paid regularly and my credit was over 820. But for the bank taking me for a ride, lying, stealing, cheating, misapplying my payments, refusing to give me back my money and refusing to grant me a mod; but for the bank having no legal interest in the house for want of respecting the laws of my state; but for the bank forcing me incur thousand and thousands in legal and attorney’s fees, my house payment would be made!!!

    Nothing happened in a vacuum; this was manmade and bankmade. Thousands became insanely rich from destroying countless lives and nothing will be done. In fact, the few people who could have done something to bring justice to this country are being silenced.

    We will not see any banker in jail. I am so angry, I can’t see straight.

  10. Huey has it right. Our votes are never truly disclosed and the ruling elite put the dummy they want in office. We need to demand that an independent agency audit the election results. A large church would have enough people to count the votes rapidly enough, and then we could rely on true election results rather than the lies of the political establishment run by the oligarchs.

    We can write Ron Paul in, even if he isn’t on the ballot, but I fully expect them to lie and say he didn’t win by popular vote, although everyone I talk to says they are going to vote for him because in their minds he represents personal freedom. He has already made a plan to get rid of the TSA and get the government out of education, end the wars for profit, close military bases world wide and bring those enlisted men and women home. He favors talks and cooperation over empire building and meddling in other country’s affairs. When there is nothing left of our constitution but shreds, he is the leader who will restore our liberties and demand justice for the criminal bankers. He is the only candidate who has the guts to stand up and demand an audit of the criminal federal reserve, and the bankers are afraid of him. They’ll go to any lengths to discredit him and keep him out of the picture, deny him the opportunity and equal time to speak in the debates. He must really pose a threat to the globalist’s plans!

  11. @Todd,

    I promise: it is nothing personal. Anonymous has a very convoluted way of speaking. I don’t get anything of what he writes. I stopped reading him months ago. Makes no sense to me.

    If you ask direct questions, most people here will give you direct answers. Some of them might even say: “I don’t know”. Quite mature, I might say…

  12. Anonymous states that “The main issues have been silenced.We had a voice-voice has been silenced.” Im totaly confused now,who is in possesion of these vocal cords from which this voice used to eminate? That is my first question. I have so many many many more questions But like so many times before ,no real answers to my questions ever do I recieve .So why bother asking?There are no stupid questions,just stupid people who ask them. RIGHT ANONYOMUS???????

  13. I guess I’m not the only one… Here it is, in his own words.

    Mr. President, Your Fraudclosure Announcement Is A FAILURE….here’s why
    January 24th, 2012 | Author: Matthew D. Weidner, Esq.

    It really is disgusting all the senseless chatter that means nothing……here’s part of the reason why….first the drivel and nonsense:

    “There’s never been a better time to build, especially since the construction industry was one of the hardest-hit when the housing bubble burst. Of course, construction workers weren’t the only ones hurt. So were millions of innocent Americans who’ve seen their home values decline. And while Government can’t fix the problem on its own, responsible homeowners shouldn’t have to sit and wait for the housing market to hit bottom to get some relief.

    That’s why I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates. No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it won’t add to the deficit, and will give banks that were rescued by taxpayers a chance to repay a deficit of trust.

    Let’s never forget: Millions of Americans who work hard and play by the rules every day deserve a Government and a financial system that do the same. It’s time to apply the same rules from top to bottom: No bailouts, no handouts, and no copouts. An America built to last insists on responsibility from everybody.

    We’ve all paid the price for lenders who sold mortgages to people who couldn’t afford them, and buyers who knew they couldn’t afford them. That’s why we need smart regulations to prevent irresponsible behavior. Rules to prevent financial fraud, or toxic dumping, or faulty medical devices, don’t destroy the free market. They make the free market work better.

    There is no question that some regulations are outdated, unnecessary, or too costly. In fact, I’ve approved fewer regulations in the first three years of my presidency than my Republican predecessor did in his. I’ve ordered every federal agency to eliminate rules that don’t make sense. We’ve already announced over 500 reforms, and just a fraction of them will save business and citizens more than $10 billion over the next five years. We got rid of one rule from 40 years ago that could have forced some dairy farmers to spend $10,000 a year proving that they could contain a spill – because milk was somehow classified as an oil. With a rule like that, I guess it was worth crying over spilled milk.

    I’m confident a farmer can contain a milk spill without a federal agency looking over his shoulder. But I will not back down from making sure an oil company can contain the kind of oil spill we saw in the Gulf two years ago. I will not back down from protecting our kids from mercury pollution, or making sure that our food is safe and our water is clean. I will not go back to the days when health insurance companies had unchecked power to cancel your policy, deny you coverage, or charge women differently from men.

    And I will not go back to the days when Wall Street was allowed to play by its own set of rules. The new rules we passed restore what should be any financial system’s core purpose: Getting funding to entrepreneurs with the best ideas, and getting loans to responsible families who want to buy a home, start a business, or send a kid to college.

    So if you’re a big bank or financial institution, you are no longer allowed to make risky bets with your customers’ deposits. You’re required to write out a “living will” that details exactly how you’ll pay the bills if you fail – because the rest of us aren’t bailing you out ever again. And if you’re a mortgage lender or a payday lender or a credit card company, the days of signing people up for products they can’t afford with confusing forms and deceptive practices are over. Today, American consumers finally have a watchdog in Richard Cordray with one job: To look out for them.

    We will also establish a Financial Crimes Unit of highly trained investigators to crack down on large-scale fraud and protect people’s investments. Some financial firms violate major anti-fraud laws because there’s no real penalty for being a repeat offender. That’s bad for consumers, and it’s bad for the vast majority of bankers and financial service professionals who do the right thing. So pass legislation that makes the penalties for fraud count.

    And tonight, I am asking my Attorney General to create a special unit of federal prosecutors and leading state attorneys general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis. This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans.

    A return to the American values of fair play and shared responsibility will help us protect our people and our economy. But it should also guide us as we look to pay down our debt and invest in our future.”

    From Abigale Field:

    President Obama,

    you’re right, critics of yours from the left–people like me–love the idea of NY Attorney General Eric Schneiderman chairing a “special unit to investigate misconduct and illegalities that contributed to both the financial collapse and the mortgage crisis” that would be “part of a new Unit on Mortgage Origination and Securitization Abuses.” But that’s not what you’re announcing.

    Schneiderman isn’t chairing anything. He’s Co-Chairing. That’s a huge difference. If he’s Chair he’s in charge. If he’s Co-Chair he needs consensus. And who is he Co-Chairing with? Lanny Breuer. That’s unacceptable.

    ABIGALE FIELD

  14. The more things change… The more they keep the two party system. The illusion of choice!

  15. So, he spoke. I listened. With all my ears. All of them.

    Didn’t hear once the words “foreclosures”, “fraud”, “bank prosecutions”. We’re on our own. We’re gona have to keep fighting in courts and in our individual states. Good luck fixing the economy without tackling fraudclosures!

    Shhheeesh!!!

  16. @ ANONYMOUS

    Neil has done a great job bringing together what otherwise, would have been a silent minority, unable to find resources and information to fight the systematic abuses. However, I agree with this settlement breadth out of incomplete or lack of information, being finalized. There is ample evidence of felonious behavior out here and every agency, FBI, OCC, SEC, AG’s, etc…have limited the media coverage of this atrocity and left the majority of us vulnerable to these settlements, which represent pennies on the dollar.

    As the housing market continues to spiral out-of-control and citizens are thrown in the streets, the agencies created to protect the citizens, instead protects the thieves. Has everyone forgotten, we the taxpayers, pay the salaries of these agents/agencies?

    I suspect if a settlement is imminent, the folks in court will eventually be heard. My concern: will the settlements be dismissed or mitigated based on those terms? If so, we are all in shit!

    As Always, My $.02

  17. Neil — do not mean to be critical, as you have brought many together here, and your blog has served a purpose. But, you continued to promote the security investors interests, rather that than the homeowner victims. Years have been wasted.

    Security investors not the creditor. Subprime refinances never discharged/satisfied the prior mortgage.

    Could have used more publicity here. Did not happen. Now stuck with an administration who does not know its left from right. And, any meaningful investigation will go by the wayside.

    I have repeated this over and over again here. However, to my dismay, many have just promoted their own agenda, which claims to help only on an individual borrower – for a fee. The main issues have been silenced. We had a voice — voice has been silenced.

    And, I have also stated that the business practice of claiming to help individual homeowners will be crushed by any AG settlement. Warned of that, a long time ago.

    All we have left, is to challenge the settlement, if at all possible. Not sure it is. And, if we do, better be prepared to tell it like it really is. No more covering. But, without publicity of the real issues, there will be no challenge to the AG settlement. Real issues have been silenced.

    Obama will be be reelected, and cover-up will remain.

    Major mistakes made here. Failed to confront the real issues. Tried my best.

  18. @iwantmynpv

    You are right, of course. The papers say Ocwen/New Century, which of course went bankrupt weeks after my loans was funded…ooops, sorry, not funded. They are still in court in Delaware I believe?

    newenglandblonde@yahoo.com…Thanks, In advance.

  19. There is a great case hot off the Appeals court (which have reversed, voided, remanded, recused judges, and have shown justice to us when there is very little justice in the district courts.)….on one of the livinglies article that just came out today to read and learn from. It is great and ….mutiple Appeals cases on stopforeclosure.com that came out today that you should read. All good news.

  20. @Chris, it is impossible for you to be in Court with New Century since they filed bankruptcy years ago and swore before the judge no assets were left. If it is the Trustee of a pool that New Century fetched for a loan originator I have an entire list of first interrogatories you can send.

    The opposing counsel will smile, but he will know that it is headed to settlement. Not one bank in this process will risk losing REMIC quals over one loan. Someone posted something so important last week; always remind the court you are not seeking a free house. Get through to the Judge that you are merely seeking the same opportunity to restructure as was given our fearless leaders, er i mean lenders.. er leaders. Hard to tell the difference anymore.

  21. I thought Federal court is district court! Am I messed up? Learn something new everyday. Chris the Appeals courts seem to be where the justice is. District court which I thought was federal court correct me if I am off with that, it is possible. State court, then federal/district court, then Appeals court is what I thought. There is federal prosecuting court also I believe. I am Pro Se also, However have learned Propria persona is better. That is suppose to mean we really do not know what we are doing and the court is to give us special consideration. I dont know why plain Pro Se does not qualify for that! Frustrating. Look up judicial notice and judicial cognizance also. It is suppose to give a pro se/ propria persona an advantage, since we are not educated in law.

  22. @ Abby

    I was told you may have a plethora of information regarding New Century. Is this correct? If so, can we chat? I am in Federal Court, NC with them on Quiet Title, Fraudulent Conveyance and Cloud on Title. I am in the discovery process after getting a dismissal on the District Court complaint to foreclose on the property, last Tuesday. They are at me in every court and every place they can swing at me. I am pro-se and concerned.

  23. You can download this Foreclosure Fraud web also: OCC | Acting Comptroller John Walsh Talks About Securitization and Derivatives at the American Securitization Forum | Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledgea

  24. oops I see part of my post posted before. Not sure why! Sorry!

  25. I think the politicians all think the world revolves around them and they are to big to fail. They have kept their little secrets in the closet that are out now and have become so egregiously brazen and drunk with greed they harmed so many over ten million at least and counting probably much more, and many more are of the know of this harm, and are so far removed from the real world they have no idea they are toast if they continue supporting this greed, and plundering. I would rather see their true colors and vote them out. Let them be greedy and plunder until the 99% votes them out and let them be seen for what they are. Mitt thinks Bondi is great! Tells you right there not to vote Mit. Rick Perry is on a video with BOA telling him we are here to help you. The bankster should have said here to give you money to help us.
    See: Bank of America To Rick Perry: ‘We Will Help You Out’ | Video Cafe videocafe.crooksandliars.com › Blogs › scarce’s blogAug 19, 2011 – Bank of America To Rick Perry: ‘We Will Help You Out’ … Bank of America announced today they were laying off 3500 immediately, and as many … You can see a photo of him here. … Full video can be seen at CSPAN, here.
    Gingrich is taking bank money for his campaign. Dont trust him at all. The only one I can see to trust is possible Santorium and Ron Paul, and Ron scares me with some of his statements, but means well and I would feel safer with him that Obama or the many of the other candidates. A third party is definitely looking good to Americans now. Most people I talk to don’t claim to be either Rep or Democrate they are ticked off with both and most of us feel they are like good cop bad cop and making it look like we have a choice when the are reaching across the isle to shake hands not help the American people. For the most part they all disclaim the two parties. Their greed will kick them in the ass in the end [or in the end of their ass]. Obama has just about set up the government to declare marshal law and take over as a dictator, perhaps that is why he is acting like he is not worried. And for the bank officials stating they have done nothing wrong and the foreclosures were justified…..We all know the truth to that farce coming out of the gansta’s mouths. Whaaat we’ve done nothing wrong! What ganster would admit they did? These criminal entities have proven to be unconscionably corrupt beyond means. I am sure they have stolen in ways we have not yet discovered or proven. Including identity theft not only in the housing market but selling identities to the corrupt. And flat out stealing from accounts that are easy to steal from, and holding out checks until the incoming checks come in on the poor then giving credit after the checks have produced nsf fees. It is unlimited what they probably have done. I have not seen any reason to believe otherwise and a lot of reasons to believe they have taken part in crime in every step of banking. I trully believe the stock market is rigged just like gambling. You might as well be throwing your money in a fish pond and making a wish. I know just like casino’s a few get lucky.

  26. @ abby, i have been saying exactly that for years. Swaps are one thing, when there is something intrinsic underlying. when you allow synthetic swaps you are practically begging the banks to write awful products, pay a premium for rating, take the specific garbage into one pool, picked by the counter-party. They than can go short the entire pool or tranch many times over, and make obscene amounts of money as american get crushed.

    Same works with commodities. Just like equity markets used to be a place for companies to raise capital and expand, the etf’s allow just a couple of key players to control market direction. With commodities, it was a form of an insurance contract that allowed business to hedge against wild fluctuation. The creation of synthetic swaps is nothing more than a betting game and a means to skirt reserve requirements.

    If they want to keep swaps, so be it. Just regulate them like an insurance contract with specific execution features and time premium. If someone pulls an AIG again, we let them all fail and stick the systemic risk bullshit in the same jail cell.

  27. I think the politicians all think the world revolves around them and they are to big to fail. They have kept their little secrets in the closet that are out now and have become so egregiously brazen and drunk with greed they harmed so many over ten million at least and counting probably much more, and many more are of the know of this harm, and are so far removed from the real world they have no idea they are toast if they continue supporting this greed, and plundering. I would rather see their true colors and vote them out. Let them be greedy and plunder until the 99% votes them out and let them be seen for what they are. Mitt thinks Bondi is great! Tells you right there not to vote Mit. Rick Perry is on a video with BOA telling him we are here to help you. The bankster should have said here to give you money to help us.
    See: Bank of America To Rick Perry: ‘We Will Help You Out’ | Video Cafe videocafe.crooksandliars.com › Blogs › scarce’s blogAug 19, 2011 – Bank of America To Rick Perry: ‘We Will Help You Out’ … Bank of America announced today they were laying off 3500 immediately, and as many … You can see a photo of him here. … Full video can be seen at CSPAN, here.
    Gingrich is taking bank money for his campaign. Dont trust him at all. The only one I can see to trust is possible Santorium and Ron Paul, and Ron scares me with some of his statements, but means well and I would feel safer with him that Obama or the many of the other candidates. A third party is definitely looking good to Americans now. Most people I talk to don’t claim to be either Rep or Democrate they are ticked off with both and most of us feel they are like good cop bad cop and making it look like we have a choice when the are reaching across the isle to shake hands not help the American people. For the most part they all disclaim the two parties. Their greed will kick them in the ass in the end [or in the end of their ass]. Obama has just about set up the government to declare marshal law and take over as a dictator, perhaps that is why he is acting like he is not worried. .

  28. You’ve all heard the saying about politicians, “if they’re lips are moving, they’re lying.” Nothing different in 2012. If newt wins I will be convinced that our votes are NOT even counted. Our Presidents are appointed by the UN and the Global Elite.

  29. Can’t wait to see the watered down version of the truth coming out of the White House.

  30. @Enraged
    More White House Phone Numbers

    i have good luck with the faxing to President Obama

    Comments: 202-456-1111
    Switchboard: 202-456-1414
    FAX: 202-456-2461

  31. HOT OFF THE PRESS–ACTING OCC COMPTROLLER WALSH’S SPEECH TO AMERICAN SECURITIZATION FORUM 1-24-2012

    http://www.scribd.com/doc/79265865/JAN-24-2012-ACTING-OCC-COMPTROLLER-WALSH-S-SPEECH-TO-AMERICAN-SECURITZATION-FORUM

  32. @Abby,

    Calls don’t get through.

  33. Call Your Senator

    Call The White House at (202) 456-1111

    Here’s what you can say when you call:

    “Hi, my name is [NAME], and I am calling from [STATE].

    I’m calling to ask President Obama to stand up for homeowners and hold Wall Street accountable. We need a full-scale investigation into the big banks and Wall Street, and criminal prosecution for bank executives. Furthermore, any settlement with big banks must include at least $300 billion worth of principal reduction for underwater homeowners.”

    IF YOU CAN’T CALL GO TO THE WHITE HOUSE WEBSITE AND EMAIL PRESIDENT OBAMA, BUT A CALL IS BETTER.

    http://thinkprogress.org/special/2011/11/16/369522/federal-prosecutions-financial-fraud/

  34. I have a feeling that any president is not really that concerned over whether he gets re-elected again. He got the job and the money and the sooner he gets out of office the less he has to do.

    We are the ones who think that the president is concerned. In my opinion, any president with low ratings is foolish to run again, unless he’s got some game changer up his sleeve he’s going to pull out in the nick of time to appease the voters or some sponsor is behind it and he must fulfill some kind of pre-ordained contract.

    Otherwise, what’s the point?

    And even IF this president were to come out and announce something spectacular, 1. could we believe him? 2. Do we really think it was his idea? 3. Just more hogwash to get re-elected?

    Same game. More of the same.

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