The Banksters are back to business as usual...
By louisehartmann
Homeowners are screwed again. Banksters are laying the groundwork for a second financial crisis. The Wall Street Journal is reporting that private investment firms are once again giving out subprime mortgages to interested homeowners who normally wouldn’t qualify for a home loan. It was these exact subprime mortgages that inflated the housing bubble and crashed the economy 3 years ago.
But since Congress failed to pass meaningful Wall Street reform – and Republicans are defunding Wall Street watchdogs – the banksters are back to business as usual – turning the housing market back into a high-stakes casino to gamble with America’s economic future.
Comments
#2
Do you recall the classic picture of Jesus knocking on our door? There is no door knob on Jesus’ side. We have the door knob. Are we willing to open the door for Jesus? Are we also willing to open our heart to Jesus? Let Jesus enter our heart so we can be with Him someday in heaven. We will never win a battle in our police state with tanks on our streets to control any unrest by the masses. We will never be free in our police state. Our life is not about winning battles. Our life is about winning the war and the prize for the winner is heaven and to be with Jesus and His communion of saints for all eternity.
#3
Wow, hard act to follow..
Yesterday's news had Moodys et al giving Ireland's bonds a junk rating.
'Scuse me, were these the same wizards who rated the credit default / toxic mortgage paper as AAA, then cried.. just an opinion.. no responsibility. Now, what are the odds that there are buddies of these guys placed to cash in on all of this? Hedge has such an innocuous sound. Great when Republican politicians are personally shorting the US dollar while making that real sincere effort to help..
Feh!
Rick
#4
I called in earlier about preventing the GOP from hacking apart Pell Grants and other need-based education grants. http://www.savepell.org/SavePellDay is organizing a national day of online activism on July 25 2011. Everyone who believes in equality in education and that a quality education should be available to all and not just those who were lucky enough to be born into a wealthy family, I urge you to participate.
#5
47 thousand American troops are still in Iraq. There are 5 months left in 2011. Is Obama pulling 9 thousand troops out of Iraq each month? Or is Hillary now also running the Department of Defense? Will the 'Scoop' Jackson neo-conservative, warmongering wing of the Democratic Party ever be defeated?
#6
There is something good happening in congress that everyone should know about. Every now and then one of our representatives with a backbone and a clear voice stands up for the people. Marcy Kaptur is a gutsy congresswoman from Ohio who has introduced a bil to save us from economic ruin. It is titled, "The Return to Prudent Banking Act of 2011", H.R. 1489. It's purpose is to reinstate the Glass Steagall Act of 1933 which had been in place to prevent bank fraud for 66 years until 1999. Alan Greenspan and a host of Republicans have been busy chipping away at the Glass Steagall protections for years but it was finally completely undone by Clinton in 1999 allowing Citibank and Travelers Insurance to merge. The law disallows commercial banks to use people's savings to make risky investments and then bet against them with hedges and insurance deals. This is exactly what has been going on now since the law was repealed. So let's put the train back on the track and reinstate the Glass Steagall Act by supporting HR 1489. Call your representative in the House and ask him or her to cosponsor the bill as soon as possible. It has cosponsors so far. Our current monetary system is no longer sustainable. There isn't enough money in the world to make the payments. So let's stop pretending and wipe the gambling debts off the books. Glass Steagall would provide the legal framework to do that. Call congress today 202 225-3121.
#7
Who's really suprised? The entire toxic assest scandal worked once it will work again. The entire system is "to RIGGED to fail". The American tax paying public will be bailing out and helping to finance more corporate fraud, theft, corruption and GREED, all legal under the American corporate friendly Department of Jokestice. I just wrote a funny!
#8
Of the fifty-one(51) senior executives of the major Wall Street banks, trade exchanges, and regulatory agencies, thirty-seven(37) are **** or have ****** spouses. This is a numerical representation of 72%. **** are approximately 2% of the U.S. population. Therefore **** are over-represented among the senior executives of the major Wall Street banks, trade exchanges, and regulatory agencies by a factor of 36 times(3,600 percent). Now this may mean absolutely nothing to some people...and I'm not sure it really means anything to me but....I'm just saying.....
just do a google search on the last part: wordpress.com/who-controls-wall-street which shows all the photos.
#9
Why should we believe The Wall Street Journal ? Consider the source.
I also want to comment on the Sinister Reverse Mortgage Plan of which Robert Wagner is so fond of talking about in front of his Lincoln. Many elderly have long paid their mortgages off and their home is their greatest asset. Less than half the value of a house is given in a reverse mortgage. In cases where there are no heirs and a person wants to live better to the end they could sell their asset themselves and spend their last days at The Breakers. Reverse Mortgages are desperate measures.
It is also a way to downgrade and limit the landowning class. Family strength is built on the descension of property to the next generation. A reverse mortgage just about guarantees there will be nothing to pass on, except to the mortgage company.
Even if you are really mad at everyone in your family, it still better to show them favor over a mortgage company which has gaged the length of your life and at what moment they will most likely take your property back. A company which holds a number of reverse mortgages can then BORROW against their future earnings, and in devious schemes such as this, housing prices are fixed.
XXXXX
#10
As I try to prepare my soul for judgment day, I realize now that I am an obsolete American. Satan’s disciples have orchestrated a plan to make you and I throw away Americans.
Obama will be leaving the WH at 12:00 noon on January 20, 2013 with more money than the $270 million chest that I have shared with you. Obama is a corporatist and an elitist!!! He played us for suckers!!!
http://news.yahoo.com/blogs/ticket/obama-raised-86-million-2012-election-effort-130027481.html
Will Obama be leaving the WH with $400 million in a trust fund???
Mary Magdalen was one of Jesus’ disciples as He walked on earth. She has also been vilified as a harlot. She was not a harlot. She was a woman of means and her friends were persons of means. They, to some degree, helped to fund the Jesus Movement during His three year ministry. Mary followed Jesus because she became mesmerized by Jesus brilliant language skills for His day. His words had a positive impact on His followers. We, too, need to be mesmerized by Jesus’ words. If more persons were mesmerized by His words, we would have more justice and peace in our world.
#11
Oh, congress DID pass financial reform- the most extensive since the Great Depression. But current representatives in the House are taking billions- yes billions of dollars- from an exploding financial lobby working against implementing them. In fact, they are doing their best to gut the reforms, defund them and not let them become enacted. Bachmann actually proposed a bill to rescind them, despite overwhelming approval of US citizens!
Read the Newsweek article: http://www.newsweek.com/2011/07/10/the-billion-dollar-bank-heist.html
and they have Srah Palin on their cover this week? Seriously?!
#12
NOW is the time to nationalize one of these too-big-to-fail banks. We'll see an immediate end to shenanigans. And then use this bank to compete with the crooks.
Jack Lohman
#13
Thom...Judging by the number of bible quoting morons, it seems the far right has mounted a terrangilist attack on whatever you have to say. I wonder what they"ll believe in when Murdoch and Fox go under...
Peace and Prosperity to everyone..
tD
#14
Which god would that be? Your god... his god... her god or theirs? unless you are in direct communication w/him or her or pick'em, then faith is faith whatever religion it may be... good is what it is... peace. In all religions.
#15
It never really stopped, and it's getting common again. I work as a consumer bankruptcy attorney and we get people in all the time who are being offered the same old cock and bull story about buying into homes they can't afford and "refinancing later," loans with terrible terms, ARM loans, interest only loans, the works. Just crap. I also hear ads on the radio all the time from different mortgage companies making the same bs promises. We need a super crash to get everyone's attention. Maybe then they'll actually fight for change instead of sitting by and letting it happen.
#16
I'm sure the banksters feel pretty cocky after their last bubble experience. Let's see, no jail time, they're now bigger than too big to fail, record bonuses, no meaningful reform, neutered watchdogs, lots of tax evasion options along with extended tax cuts, not even riots or tarr and featherings due to SOCIALIZED LOSSES!
What a pathetic commentary on the state of our so called DEMOCRACY!
Murdoch's investor's are on the run, he's finished!
#17
Thanks for sharing your thoughts Thom. I am hesitant to give up on Pres. Obama just yet. I really believe we have to be patient. Our oppressors are in the process of being isolated and alienated. The tea party and GOP are not in control of their own destiny. They are very much being subjugated by a higher power. At this point in time I pray that you give Pres. Obama the benefit of the doubt that he is actually serving as a positive element of change. It is very complicated but Pres. Obama is not a servant of the anti-Christ. He is a firm believer in government transparency. We need to focus on isolating and alienating this tea party agenda. That is where are energy needs to go. If the weight of their political power is removed I am confident that Pres. Obama will turn our country in the right direction. Right now their is an anchor on his boat that calls itself the GOP. I do believe that miracles can happen. I've been witnessing a lot of them in my personal life lately. I do believe we can all work together to remove this GOP and this tea party movement from power. At that point in time we will be able to make a more objective account of what are the Presidents real desires. Right now his desires are being held hostage. We will not be able to see that until that anchor is removed. So please keep working hard on alienating and isolating the tea party agenda as you have been doing. And please try to give Pres. Obama the benefit of the doubt for the time being. It is a chess match right now and the Pres. in his heart does not want to sacrifice these essential obligations. He is simply calling the GOP's bluff with this maneuver. It is our job as consciencious observors to analyze the situation and analyze how the GOP is reacting. They are becoming more and more divided every day and their trust in each other is breaking down. Many are calling for Boehner to step down. Their legitamacy as a party is very much being challenged right now. It's time to drive a stake in their heart. Anyhow, that's my one and 1/2 rupees on the matter. Just food for thought. So many people are listening to you Thom. Be strong and go for the juggler.
#18
How can anyone be surprised that members of the Wall Street “criminal cabal” are back in business? A few years ago, some of the dirtiest dogs slinked out of downtown Manhattan, supposedly in disgrace for their role in plunging America into (near) economic collapse. Remarkably, however, many of them reappeared a short time later, with their greedy, cankerous paws all over the government’s financial sector! Republicans, democrats, independents, anarchists, etc, joined at the hip by their insatiable desire for “more”. They are master manipulators, using confusion and fear to disorient, so that attention can be controlled and easily diverted. They are divisive; pitting one against the other, because a house divided cannot stand. Have there ever been so many diabolical and corrupt politicians inside the Beltway? Today, the United States seems destined to demise, not because of nefarious, unforeseen circumstances, but because of ruthless, rich, and powerful, people seeking to build a, so-called, “global community” (where they can grow richer and more powerful). We have a broken government, infested with immoral leaders; people seeking the immediate gratification brought about by gaining (more) wealth and (more) power. They are not concerned that the United States is tumbling into the Abyss, as long as they get “their’s”, first. They are far more concerned with the success of globalization, than the success of the United States.
#19
"He (Obama) is a firm believer in government transparency."
Oh, is he really??? And I suppose the "transparency" that Wikileaks brought doesn't count? If Obama is a firm believer in government transparency then he should have no problem in giving Julian Assange a medal....instead of the scorn he has put on him. Obama is a hypocrite and a liar...he lied when he campaigned and once he got our votes he let his real self be known...supporting the rich and not supporting his constituents. He will not be any different if he is re-elected. He'll still be the "can't we all just get along..wimp or faux Democrat that he is. He's working for our enemies...haven't you caught on by now?
#20
Private investment firm is not a bank.
#21
I believe this show needs to have on some guests who are professionals who can A) talk about the medical and related needs of the elderly and disabled in a way that is critical of those who are ignorant and hostile of these areas and B) in an objective and well-researched way, talk about the expenses this country has with social domestic needs and programs as they are matched with revenues.
I am not a conservative; only someone who is aware that health care is expensive, that when I visit downtown Chicago, I see an increase in the number of homeless people asking for donations, that we have millions of unemployed people, that transportation and infrastructure are being left out of the equation, that education is underfunded, and that I don't accept the idea that there is no possible future threat from Islamic terrorists or that nothing should be done about Al Qaeda in certain disorganzed, choatic countries.
Talking repeatedly and regularly about raising taxes on the wealthiest people to a rate that existed when Clinton was president or before Reagan was in office is not politically realistic at this time and for the forseeable future. But even if taxes were raised on the top 2%, with all of the needs that we have in this country, compounded by the high number of unemployed citizens and a slow economy, I am not sure that would be enough of an increase in revenue to pay for the deficit while addressing the needs and governmental obligations.
A physician would be the most qualified to explain what might happen to people with illnesses and health care needs -- and to doctors and hospitals as well -- if people suddenly could not afford health care. If the health care legislation that was passed by the Democratic congress was repealed, and if Medicare were radically changed, only someone who has a professional understanding of medicine and health can speak with authority to combat the terrible level of hate and stupidity that many people have concerning the health of millions. A psychiatrist or psychologist could talk about issues pertaining to mental illness such as homelessness or stigma as well as discuss the emotionally imbalanced state of right-wing extremists and why so many middle-class people are willing to vote Republican. Washington and Baltimore together have five medical schools, one of which is one of the leading institutions in the world. Perhaps a professor of medicine could become a regular on the program.
A political scientist might be able to speak to what would happen (politically) if there is an economic collapse and/or significant cuts in domestic programs that people rely upon. How would average people, some of whom may have been involved with the Tea Party movement, react if the conservative extremists go to far and hurt even Tea Party supporters? How do you get progressives to be more realistic about reality and reduce some of the infighting amongst themselves?
Rupert Murdock is not completely invincible as recent developments have suggested. Why not have a media expert on and discuss how to pressure the networks to provide better coverage of economic inequality as well as foreign affairs?
If you had on some educated guests who were not political hacks but were professionals, they could be given a chance to speak and provide explanations and answer some questions without conflict and friction.
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Fool me once shame on you, fool me twice shame on me! McConnell wants to end voting because whitey is rapidly becoming a minority in the Anti-Christ. No elections means white supremacy forever!!!!!
I will try to remain in touch someway. Obama readies the Anti-Christ to throw grandma and grandpa under the bus. He will gut all of our nations’ social safety programs.
You are still in my prayers. May God guide you as agents of change for a better America and a better world! Let go and let God take the wheel in our lives! I have asked Jesus to take the wheel in my life. He is the only One who can save us and the United States of Mortal Sin, aka the Anti-Christ, from ourselves.
With God all things are possible. – Matthew 19:26
I conclude this comment with Carrie Underwood singing a song. As she sings, I am calling to Jesus for His help because He knows best and I am also calling upon Jesus to change my heart!
http://www.youtube.com/watch?v=OTUBI_WFORY&NR=1
http://www.youtube.com/watch?v=cUjUvoynGMM&feature=related