How Foreclosures Are Impacting Election Prospects

First, let’s clear out one thing: neither Romney nor Obama caused the wave of millions of foreclosures. In fact, while the Republicans are guilty of obstructionism in Congress and across the country, the most you could say about Republicans is that they didn’t do enough to stop the foreclosures. The same is true for a portion of Democrats. Wall Street created a scheme where the only possible ending was an enormous wave of fraudulent foreclosures.

Second as to the positions of the two presidential candidates, neither one has any bragging rights.

Romney in true Republican style said let the housing market “bottom out “— the market will take care of itself. That’s like saying to guests on a sinking ship, we’ll wait until after it sinks and then the natural action of the currents will bring your bodies up for recovery.

Romney was dead wrong on that, doesn’t understand the importance of housing in the economy and is completely out of touch with the idea that government is “of the people, by the people and FOR the people.” He said the same thing about the car industry and was dead wrong on that, so we shouldn’t expect any help from a Romney administration when it comes to housing, and therefore we shouldn’t expect anything more than a sluggish economy during his tenure, if he has one.

Obama has made some baby steps in the right direction but did not understand and perhaps still does not understand the scope of the crimes committed on Wall Street and is still acting as though the fall of the mega bank empires will have devastating results to our economy. Quite the contrary is true. And his estimates of how many homes he saved is about 10 times thee actual number.

As long as Obama listens to Wall Street about what to do about Wall Street crimes his policies are held prisoner to the people who ought to be in prison. And the criticism of his aloofness in dealing with Congress is justified. Not that Romney would be any better after more than 800 vetoes in Massachusetts as Governor.

So this isn’t about who SHOULD be president or who SHOULD control congress, it is about who WILL be president and who WILL control Congress.

The metrics are unavoidably simple and direct. Millions of people have been ejected from their homes. That is a fact. There are more than 10 million registered voters who were ejected from their homes. Why neither candidate has courted these people as voters is beyond comprehension. But the fact is that without registering to vote in their new places of abode, they won’t be voting in this year’s election.

The overwhelming majority of homeowners who were illegally foreclosed and ejected from their homes were from so-called minority groups. They included single mothers, some of whom were married to men fighting overseas — a foreclosure that is specifically prohibited under law, but that didn’t stop the banks from carrying out their illegal and fraudulent claims of securitization, assignment and keeping the huge profits from recurring resales of the same mortgages to multiple counter-parties.

In this group of foreclosures composed of “minority” or specially described voters, the overwhelming majority of them would vote for the President and Democrats running in their districts. But many of them won’t vote because of various reasons that either prohibited or interfered with their registration to vote — like desperate trying to find a job.

I cannot put an exact metric on it because all I have is anecdotal evidence. But from ALL ends of the political spectrum, it is clear that a high percentage of evicted homeowners will not vote this November. That could easily swing the election one way or the other. With more than 10 million disenfranchised voters (or some portion thereof), the deal is stacked for Romney and the Republicans.


Politics Diverting Us From the Real Issues

“The bottom line is that conservatives don’t conserve anything. They have their hand deeper into the public purse than anyone else. Liberals don’t liberate anyone either, providing the tools to prospects for progress and prosperity. The terms should not be used because nobody means what they say.” Neil F Garfield

Editor’s Comment: Romney’s latest gaffe is only a mistake in terms of him having said it, not that that he didn’t mean it. To set the record straight the 47% pay payroll taxes that the rich don’t pay, have incomes under $50,000 per year, and one third of them are seniors and disabled with incomes lower than $20,000 per year getting Social Security and similar benefits that they paid for when they were working. But isn’t really the problem.

The problem is that what Romney gave voice to was a feeling amongst the elite Democrats and Republicans who look at the bottom economic half of the country with disdain. Although they are working, paying Social Security and Unemployment taxes most of these people are treated as though they are trash to be taken out and cleaned somehow. Those taxes amount to over 12% of their income whereas the income from wealth, escape those taxes altogether.

And THAT is the reason it is so easy for banks to manipulate politicians, law enforcement and regulators into doing nothing about the cancer growing on our society — fake mortgages, fake foreclosures, fake evictions, and fake income and assets reported for the banks. Some of the media are picking up on the fact that the stolen money from investors is not being recognized as taxable income, which it is, and that the IRS isn’t pursuing hundreds of billions of income taxes that are due from the Banks. Talk about getting a free ride.

Today’s conference call (7 PM EDT) with members will touch on this along with the usual report on what is getting traction and what tactics and strategies might be used to confront the banks who are faking ownership of the loans when they neither loaned the money nor purchased the loan with money.

My take on the political landscape is this: I speak with people from the so-called far right political spectrum to the far left political spectrum. I speak to members of fringe groups too.

The overwhelming consensus amongst all of them from one end to the other is that government is corrupt, banks are corrupt and that our society is in the wrong hands mostly without candidates who will speak to these issues. We need a new crop of politicians who are no so encumbered with loyalties to the bank oligopoly because at some time, the ticking time bomb is going to blow. I speak of economic meltdown, caused by fabricated transactions and assets that our counted as part of our national wealth and GDP.

If you ask people specific questions about what is fair, just, moral, ethical and legal nearly all of them respond with the same answers. So why are we a divided nation? Why to we listen to sound bites instead of forcing the candidates to speak to us about our issues, about our stress and anxiety — whether we will have a roof over our heads, whether we will have food on the table, whether our children will be educated well enough so that they can fill the jobs that are ready to be filled. Right now there are 3 million such jobs.

You would think that someone would want to do something about it. Obama tried to put through a bill to do something about that but he didn’t push hard enough. Republicans scoffed at it because of their allegiance to the super rich whose boatloads of money are floating nearly all the republicans and many of the democrats in local, state and Federal elections.

But we can’t blame one or even a group of politicians if we, the Boss, as the voters who control who governs us, don’t do our job and get educated about issues, educated about candidates and exercise our absolute right to vote in the elections.

The current crop of incumbents doesn’t worry about our reaction because we don’t have any reaction tot heir stupid policies, bills and laws. We are a nation of apathy where vote turnout has been going lower and lower. The reason is the same as the unemployment situation. The figures would be worse if we added those back who simply gave up. Don’t give up your vote. Use it and mean it!

Why Hasn’t De Marco Been Fired?

Editor’s Notes: It is already well -established that write-down of principal is the only sane thing to do in these circumstances. De Marco standing as head of of the GSE’s refuses to consider that and even refuses to push for modifications, preferring foreclosures instead. Foreclosures are what is killing the economy, destroying lives and providing windfall upon windfall profits to Wall Street. Who is in charge — De Marco or Obama?

He is still talking as though there are deserving homeowners and undeserving homeowners. In any PONZI scheme, there are people whose greed is more than other “investors.” But they are all treated the same when it comes to getting restitution. It’s time to level the playing field. Fire DeMarco and start forcing modifications and settlements where people can pay some reasonable amount of monthly payment on a reasonable balance that does not carry forward the appraisal fraud at origination of the loan.

AND by the way, when will Obama or Romney address the criticism that they are not talking about foreclosure, which is the elephant in the living room?


Even the Chinese Know It

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Editor’s Comment:


The Financial Times ran an article 2 days ago about the Chinese being encouraged to spend more aand save less. I’m no fan of China’s political system, or even its economic policies (which come to think of it are the same thing, as Von Mises points out). As we look around the world and see Iceland prospering, China’s growth slowing to a mere 8% while our REAL GDP is still negative or by the reckoning of most economists, headed into downward territory. These propering countries who have concentrated on stmulating the rate of commerce (i.e. the economy) are the countries that are reducing debt (Iceland is now at the point where more than 25% of household debt has been eliminated not with spending fiscal stimullus money but with pressure on the idiots that got us into this messs- the banks.

Then look at the countries who are effectively governed by the banks, directly or indirectly— like US and Europe. They stand in stark contrast to Iceland and China. We are headed into what is called a “double dip” recession as though we would have hands up with ice cream cones in them, but the truth is that these recessions is literally taking food, medicine, and clothes off the table while they send their children into schools that are no longer able to teach and are located in neighborhoods that are less safe from criminal activity and the occoasional warehouse fire all because of “austerity.” Such neighborhoods are also less familiar and less appealing than the ones they got thrown out of after being tricked into using a home in which generations of their family grew up as the source of cheap capial encouraging, cajoling and pushing them with literally midnight visits to get them to sign on the dotted line to purchase a defective, fraudulent loan products whose purpose was to fail.

As we look at those countries who have adpted the politics and economics of austerity (“less spending” or “spending cuts” as it is known in the U.S.) the consequences could not be more clear — austerity, spending cuts, less spending, get the government out of the way are all slogans  that are leading us into disaster. And they are all spoken by people who are owned and controlled by the banks. And at the risk of offending my readers with political statements, Obama was exactly right when he said that the purpose of government was not to turn a business profit like Romney said he did (my sources tell me that Mitt was a figurehead running for president and they were making him look good, not that he was actually of any value). Obama correctly points out that government’s purpose is to maintain a society in which everyone gets a fair shake and a fair shot at the brass ring. Thus government is not for the rich who already got wealthy but for those who have not yet  achieved wealth. And this is because history teaches that no society has ever endured without a strong middle class.

This country needs to revive its economy by having more people spend more money. The obstacles to that are that too many people have no money, no  credit and no jobs. This is the time to divert the corporate welfare of farm subsididies and oil subsidies and the like to those programs that will give all our citizens a fair shake and a fair shot at success.

Like Iceland, the way to increasing the value of our currency, the way to prosperity is to reduce household debt. And the biggest item here that not only decreases household debt but increases household wealth is to return the homes that were wrongfully foreclosed and not to give a pittance of money to the victims with a slap on the wrist to those who stole the home with a credit bid when they were not only not the creditor, but they had never invested a dime in purchasing the loan. That used to be illegal. Wait a minute, it still is illegal. So why are we allowing the banks to continue this charade and why does the government, including Obama’s administration, drag its feet in taking apart these monsters that destroyed our economy? Why is the administration assume that the 7,000 OTHER banks and credit union wolld not prosper and enter into tacit agreements to keep the government afloat while we wait for the stimulus to take effect?

There is no expert or pundit that says we are wrong. All the banks have been able to do is to roll out doomsday sayers who say that if we follow the law we will be headed for disaster. Well take a look.  Disaster is here. And the Dow Jones Industrial Average is not a proper indicator or substitutute for people who can’t put food on a table that is now located in a dwelling that the rest of us would not even consider — their car.

We choose instead to protect the banks at all costs and we call that austerity because where else is the money going to come from except the banks who siphoned it out illegally? That is our policy, our politics and our economics. And while our soldiers risk life and limb because their country called them to duty, their families were being foreclosed, some at the precise moment they were taking a shot in the leg or heart for us. Is this the society we sent them to fight for?

Continuing The Worship of Money

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Editor’s Comment:

The high priests of money located at the NY Federal Reserve and in Wall Street banks serve as the people nearest to the god of money and therefore are far more persuasive than the rest of us. We are all believers. And in that lies the undermining of the spiritual foundation of our society, our country and our future.

The trickle down theory artfully presented by one of Romney’s partners at Bain Capital makes a brilliant case filled with logic and faith in the system. The fact that there are parts of a theory that work, is hardly a reason to accept the whole theory. Romney’s partner is successfully arguing for capitalism, with which I agree — up to a point (firefighters, police, ambulance etc). Where the argument breaks down to simply absurd is that income inequality is somehow good for us and that we should be thankful for it.

If income inequality were a good thing then U.S. Prosperity, employment and economic power would be at an all time high. Instead they are at a serious low point and without further stimulus will move into recession mode which is where Europe is now, with mmost people agreeing that austerity was a bad idea.

But we listen to this nonsense because of our worship and submission to money and those that have it. And so we stagnate despite the white elephant in the living room. For the past 35 years the financial sector has been sucking money out of the system instead of putting it into the economy — which is the ONLY rational for even having a financial sector (banks, in particular). Having an economy grow where the richest 1% received 93% of the benefit is crazy.  Treating those people with extra tax incentives to do more of the same is insane.

We are a society of people serving we hope higher causes, ideals and spiritual hopes and dreams. We exist as a society not for the sake of money but for the sake of peace, prosperity, the general welfare and fairness (read our constitution — if you don’t like what it says, then you must amend it because it states the foundation and basis of our society).

Instead we let the high priests of money direct our society, our government, our thoughts and even our faith. That they stole a gargantuan amount of money from the citizens directly and indirectly as taxpayers is now known widely and yet we continue to believe.

We need more stimulus. But so far all stimulus proposals stop at the door finance instead of examining the underpinnings of our society, our government and our high priests. The largest chunk taken out of the economy amounting to trillions of dollars should simply be put back in — practicing fairness and pursuit of happiness and the general welfare of the citizens. And the way to put it back in is to stop (not slow) the foreclosures, reverse the 5 million foreclosures that were illegally obtained and work out a fair settlement on the money where everyone shares in the burden if rebuilding our society.

That stimulus will hurt nobody and cost nothing except to the banks that stole the money and homes. That stimulus of merely returning collective wealth from where it was stolen will result in spending and investing as any healthy society would have us do. And it would result, without tax increases, in fully funded social security, Medicare, Medicaid, police, fire and rebuilding our road, power, water and other infrastructures that are an embarrassment to all Americans.

Above all we must return to our faith in our ideals and view money, power and wealth as merely necessary evils that represent the cost of maintaining a society — a cost, I said, not a goal.

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