"Renaissance Thinking About the Issues of Our Day"
Many advocates of Single Payer recognized that Obamacare was a lot less than what we wanted or were settling for, but we still saw that it saved lives over the political alternative of the moment. I see a similar dynamic here, and it does not make this deal sweet or anything more than it is. It may be all that Obama can squeeze out of a sick system, but even if he might be able to do more if the political calculations are not what he thinks they are, I wish the headline and the point were to indicate who is failing instead of making him the focus.
I can welcome the criticism and applaud the push for more and better fully. I cannot feel as good about the celebration of disappointment and vain suggestion that there is a political alternative to vote for in 2012. Dreaming of a better world may inspire work to bring it to being. If we share that dream in common, we can still avoid dividing those working for it by drawing our lines against those who oppose it. Criticizing the system, and stating that Obama's compromises are inadequate to real reform does not have to be so "Obama has failed" in tone. What good does that accomplish?
Yeah I'm coming around DRC, especially after watching that republican debate last night. See my post in "How Insane is Rick Santorum."
Look into the settlement a little deeper. The fact that not everyone was compensated for in one fell swoop doesn't make this a bad deal. Rachel Maddow ran a spot on this the other day and pointed out that it is a beginning, not an end to the settlements and/or prosecutions. All that's happened at the moment is that the door has been opened and the wheels have been put in motion. There is nothing in the settlement that stops any future legal or civil action by any individual or organization. This is a HUGE win.
N-O-R, Not One Republican, 2012 - pass it on
But it does stop any future legal or civil action by, say, the state of California, which unlike any other individual or organization, has the resources to prosecute these actors.
Unless I'm mistaken.
I suppose when the team you bet on lost but the winner didn't cover the point spread, that might be considered a HUGE win.
Has Rachel Maddow become a DNC puppet?
If you are betting on the spread, it is a win. Rachel is nobody's puppet. Beginnings are what they are, and we can all agree that the game is not over until it is over.
the settlement appears to have been made before the announcement as the 5 banks holding these qualifying mortgages began selling them off so they didn't have to incure any loss. boondoggled.
Surprised? Is the game over? We must save despair for better times!
Unless I'm mistaken.
chilidog. You are mistaken.
Unfortunately the clip at the link doesn't include the interview with New York Attorney General Eric Schneiderman. In that interview he makes very clear that the agreement stops absolutely no one, including the states, from further legal or civil action. In fact, it was a committee of Attorneys General from various states that helped get to the announced agreement. Schneiderman also made it clear that the same committee, representing those states, has already started the next action against those financial institutions.
Selling off the mortgages is a way to temper the loss, not eliminate it. Time will tell whether or not it works for them.
I'm not ready to throw the whole operation under the bus just because it's not immediately as complete as I would like it to be. All of us have either been hit hard by this fraud, or have a close friend or family member who has. I still have hope that there will be restitution for the victims and jail time for the perpetrators.
N-O-R, Not One Republican, 2012 - Pass it on
And who is going to pay for these re-finance and loan modifications? The borrowers who made large down payments and their payments on time. Because this will in all likelyhood further depress home values.
It was however a smart move on Obamy's part because it, in essence, is barely a slap on the back of the hand of the bankers and rewards irresponsible borrowers. The banks will continue to hedge their bets and continue to support him and it gives the appearance of helping distressed borrowers.
It is a step forward as well. It is better than nothing and does not end the game. Responsible home owners are going to pay for the mess if he does nothing. This will help some, but not nearly enough. If we focus on the bad guys instead of blaming Obama for the system being corrupt, we will be doing what we can instead of being played.
Loan modifications and loan write downs will hurt responsible home buyers that paid down and continue to make their payments by depressing real estate values further in those areas hit hardest. It rewards those that couldn't ,or wouldn't make their payments. The 'too big to fail" banks get by with barely a slap on the hand.
The six largest banks ( Goldman Sachs, Morgan Stanley, JP Morgan Chase, Citigroup, Bank of America and wells Fargo) now hold assets equal to 60% of gross national product.
These huge banks are giant financial vacuum cleaners. Over the past couple of decades we have witnessed a financial consolidation in this country that is absolutely unprecedented.
This trend accelerated during the recent financial crisis. While the big boys were receiving massive bailouts, the hundreds of small banks that were failing were either allowed to collapse or they were told that they should find a big bank that was willing buy them out.
No, responsible home buyers and the taxpayers are going to get the shaft again and Obama get good political mileage out of this and gets to sidestep congress again.
We would all love to send the banksters and the cheats straight to hell, but conservative bs has prevented anything serious. Obama may get "good political mileage" out of being better than they are, but he also gets a ton of crap from the disappointed as well as smears from the criminals. Which side are you on? You don't have to say the policy is great, but why make it about Obama getting "good political mileage" rather than the best he can squeeze out of the corrupt system?
Making it all about Obama is disingenuous from either side.
DRC, we all know Obamy's your boy. To start with, why did the taxpayers have to bail the "too big to fail" bastards out in the first place? Now taxpayers (especially a resposible home buyer) have to take the shaft again so irresponsible borrowers get rewarded? That is really fair.
Yeah, making excuses and blaming the other guys is yours and Obamy's stock-in-trade.
A few of FACTS that the Apologetic Wing of the Dem party disciples like to gloss over via their interminable obfuscations:
1) The Bill Obama agreed to with the Banking Industry grants immunity against prosecution to the Wall Street elites against the fraudulent activity which is characterized as robo-signing.
In the foreclosure industry, robo-signing is the practice of a bank employee signing thousands of documents and affidavits without verifying the information contained in the document or affidavit. Some reports have revealed that one bank official performed the Herculean task of signing off on almost 10,000 documents in one month. The practice calls into question the validity of thousands of mortgage foreclosures across the country. When the practice recently came to light, four major banks, J.P. Morgan Chase, Ally Financial/GMAC, Bank of America and Wells Fargo all called a halt to foreclosure actions in 23 states. In the days following their announcements, Bank of America ceased foreclosures in all 50 states. A coalition of 40 attorneys general plan on launching a probe into mortgage-servicing practices and may hold them accountable where there were violations of state foreclosure laws.
Robo-signing is fraud. Any individual concocting a simiular scheme which bilked billions would have been prosecuted to the full extent of the law. This is not the case with the banking industry however.
2) Of the agreed financial settlement of 26 billion the Banking Industry is required to pay 5 billion penalty while the other 21 billion is passed on to the taxpayer. Let me say that again, taxpayers pick up the bulk of the meltdown that THEY NEVER CREATED.
3) Out of 4 million foreclosures only 750,000 people will qualify for a one time check of between 1,800-2,000 thousand dollars.
Had a Republican President signed a similar agreement with the Banking industry which granted criminal immunity against the scope of fraud and additionally passed the bulk of the settlement on to consumers, the Dem Apologists would be screaming to high heaven against the injustice of it all.
Ever notice how deep the hypocrisy runs when it happens to be the Banksters Boy instead?
Unfortunately the clip at the link doesn't include the interview with New York Attorney General Eric Schneiderman. In that interview he makes very clear that the agreement stops absolutely no one, including the states, from further legal or civil action.
Words have meanings. "Settlement" means something is SETTLED, i.e. you did something wrong to me, I agree to take something from you without going to court, and you never have to answer to me for that wrong again.
It's possible that that this "settlement" is not really a settlement, in that no one in journalism or anywhere else has any critical thinking skills. And I would never rely on the statement of an elected official. That's why we have the Thom Hartmann message boards.
Perhaps the details will come to light after a few months. I am certain it was a very good deal for the banks.
The details show why it took 13 months.
It appears more attention was paid to how it would appear and when it the story would break (at the beginning of the election cycle for the incumbent) than what it would actually do.
We are left with the sad choice of deciding between: Is this Admin. dishonest or just incompetent? Does either answer get my vote?
Note to BullWin: Be a mortgage-industry shill elsewhere. Foreclosed properties do immediate and long-term damage to home prices (from "comparables" listings and negligent property upkeep by the new owners [bank/group that foreclosed]. The amount of a Loan on a property can only affect the price of the home if the sale is contingent upon assuming the existing loan otherwise
Except for the Markets, where the imaginary is encouraged to be believed as real, wealth is pretty much a closed system. All those ill-gotten gains are still out there waiting to be returned to their rightful places.
The American Dream Film-Full Length
The American Dream
Nov 12, 2010
Today, most American students don’t even understand what a central bank is, much less that the battle over central banks is one of the most important themes in U.S. history. The truth is that our nation was birthed in the midst of a conflict over taxation and the control of our money. Central banking has played a key role in nearly all of the wars that America has fought. Presidents that resisted the central bankers were shot, while others shamefully caved in to their demands. Our current central bank is called the Federal Reserve and it is about as “federal” as Federal Express is. The truth is that it is a privately-owned financial institution that is designed to ensnare the U.S. government in an endlessly expanding spiral of debt from which there is no escape. The Federal Reserve caused the Great Depression and the Federal Reserve is at the core of our current economic crisis. None of these things is taught to students in America’s schools today.
In 2010, young Americans are taught a sanitized version of American history that doesn’t even make any sense. As with so many things, if you want to know what really happened just follow the money.
The following are 41 facts about the history of central banks in the United States that every American should know….
#1 As a result of the Seven Years War with France, King George III of England was deeply in debt to the central bankers of England.
#2 In an attempt to raise revenue, King George tried to heavily tax the colonies in America.
#3 In 1763, Benjamin Franklin was asked by the Bank of England why the colonies were so prosperous, and this was his response….
“That is simple. In the colonies we issue our own money. It is called Colonial Script. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers.
In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one.”
#4 The Currency Act of 1764 ordered the American Colonists to stop printing their own money. Colonial script (the money the colonists were using at the time) was to be exchanged at a two-to-one ratio for “notes” from the Bank of England.
#5 Later, in his autobiography, Benjamin Franklin explained the impact that this currency change had on the colonies….
“In one year, the conditions were so reversed that the era of prosperity ended, and a depression set in, to such an extent that the streets of the Colonies were filled with unemployed.”
#6 In fact, Benjamin Franklin stated unequivocally in his autobiography that the power to issue currency was the primary reason for the Revolutionary War….
“The colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money, which created unemployment and dissatisfaction. The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the prime reason for the Revolutionary War.”
#7 Gouverneur Morris, one of the authors of the U.S. Constitution, solemnly warned us in 1787 that we must not allow the bankers to enslave us….
“The rich will strive to establish their dominion and enslave the rest. They always did. They always will… They will have the same effect here as elsewhere, if we do not, by (the power of) government, keep them in their proper spheres.”
#8 Unfortunately, those warning us about the dangers of a central bank did not prevail. After an aborted attempt to establish a central bank in the 1780s, the First Bank of the United States was established in 1791. Alexander Hamilton (who had close ties to the Rothschild banking family) cut a deal under which he would support the move of the nation’s capital to Washington D.C. in exchange for southern support for the establishment of a central bank.
#9 George Washington signed the bill creating the First Bank of the United States on April 25, 1791. It was given a 20 year charter.
#10 In the first five years of the First Bank of the United States, the U.S. government borrowed 8.2 million dollars and prices rose by 72 percent.
#11 The opponents of central banking were not pleased. In 1798, Thomas Jefferson said the following….
“I wish it were possible to obtain a single amendment to our Constitution – taking from the federal government their power of borrowing.”
#12 In 1811, the charter of the First Bank of the United States was not renewed.
#13 One year later, the War of 1812 erupted. The British and the Americans were at war once again.
#14 In 1814, the British captured and burned Washington D.C., but the Americans subsequently experienced key victories at New York and at New Orleans.
#15 The Treaty of Ghent, officially ending the war, was ratified by the U.S. Senate on February 16th, 1815 and was ratified by the British on February 18th, 1815.
#16 In 1816, another central bank was created. The Second Bank of the United States was established and was given a 20 year charter.
#17 Andrew Jackson, who became president in 1828, was determined to end the power of the central bankers over the United States.
#18 In fact, in 1832, Andrew Jackson’s re-election slogan was “JACKSON and NO BANK!”
#19 On July 10th, 1832 President Jackson said the following about the danger of a central bank….
“It is not our own citizens only who are to receive the bounty of our government. More than eight millions of the stock of this bank are held by foreigners… is there no danger to our liberty and independence in a bank that in its nature has so little to bind it to our country? … Controlling our currency, receiving our public moneys, and holding thousands of our citizens in dependence… would be more formidable and dangerous than a military power of the enemy.”
#20 In 1835, President Jackson completely paid off the U.S. national debt. He is the only U.S. president that has ever been able to accomplish this.
#21 President Jackson vetoed the attempt to renew the charter of the Second Bank of the United States in 1836.
#22 Richard Lawrence attempted to shoot Andrew Jackson, but he survived. It is alleged that Lawrence said that “wealthy people in Europe” had put him up to it.
#23 The Civil War was another opportunity for the central bankers of Europe to get their hooks into America. In fact, it is claimed that Abraham Lincoln actually contacted Rothschild banking interests in Europe in an attempt to finance the war effort. Reportedly, the Rothschilds were demanding very high interest rates and Lincoln balked at paying them.
#24 Instead, Lincoln pushed through the Legal Tender Act of 1862. Under that act, the U.S. government issued $449,338,902 of debt-free money.
#25 This debt-free money was known as “Greenbacks” because of the green ink that was used.
#26 The central bankers of Europe were not pleased. The following quote appeared in the London Times in 1865….
“If this mischievous financial policy, which has its origin in North America, shall become endurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without debt. It will have all the money necessary to carry on its commerce. It will become prosperous without precedent in the history of the world. The brains, and wealth of all countries will go to North America. That country must be destroyed or it will destroy every monarchy on the globe.”
#27 Abraham Lincoln was shot dead by John Wilkes Booth on April 14th, 1865.
#28 After the Civil War, all money in the United States was created by bankers buying U.S. government bonds in exchange for bank notes.
#29 James A. Garfield became president in 1881, and he was a staunch opponent of the banking powers. In 1881 he said the following….
“Whoever controls the volume of money in our country is absolute master of all industry and commerce…and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.”
#30 President Garfield was shot about two weeks later by Charles J. Guiteau on July 2nd, 1881. He died from medical complications on September 19th, 1881.
#31 In 1906, the U.S. stock market was setting all kinds of records. However, in March 1907 the U.S. stock market absolutely crashed. It is alleged that elite New York bankers were responsible.
#32 In addition, in 1907 J.P. Morgan circulated rumors that a major New York bank had gone bankrupt. This caused a massive run on the banks. In turn, the banks started recalling all of their loans. The panic of 1907 resulted in a congressional investigation that ended up concluding that a central bank was “necessary” so that these kinds of panics would never happen again.
#33 It took a few years, but the international bankers finally got their central bank in 1913.
#34 Congress voted on the Federal Reserve Act on December 22nd, 1913 between the hours of 1:30 AM and 4:30 AM.
#35 A significant portion of Congress was either sleeping at the time or was already at home with their families celebrating the holidays.
#36 The president that signed the law that created the Federal Reserve, Woodrow Wilson, later sounded like he very much regretted the decision when he wrote the following….
“A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men … [W]e have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world–no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men.”
#37 Between 1921 and 1929 the Federal Reserve increased the U.S. money supply by 62 percent. This was the time known as “The Roaring 20s”.
#38 In addition, highly leveraged “margin loans” became very common during this time period.
#39 In October 1929, the New York bankers started calling in these margin loans on a massive scale. This created the initial crash that launched the Great Depression.
#40 Rather than expand the money supply in response to this crisis, the Federal Reserve really tightened it up.
#41 In fact, it was reported the the U.S. money supply contracted by eight billion dollars between 1929 and 1933. That was an extraordinary amount of money in those days. Over one-third of all U.S. banks went bankrupt. The New York bankers were able to buy up other banks and all kinds of other assets for pennies on the dollar.
But are American students being taught any of this today?
Of course not.
In fact, it is a rare student that can even adequately explain what a central bank is.
We have lost so much of what is important about our history.
And you know what they say – those who forget history are doomed to repeat it.
It is absolutely critical that we educate as many Americans as possible about what is really going on in our financial system and about why we need to make some truly fundamental changes.