Is it good to be rich?

When a poor guy robs a rich guy, he goes to prison. But when the mostly-white rich guys screw over poor minorities – no one goes to jail. Bailed out Bank of America will pay a $335 million "settlement" to the federal government – after it was found that a subsidiary of the bank – Countrywide Financial, “systemically discriminated against minority home-buyers at the peak of the U.S. Housing bubble.” The banksters charged Blacks and Latinos much higher interest rates on homes than they did to whites of similar financial backgrounds. The investigation found that minorities were far more often conned into subprime exploding home mortgages – the stuff responsible for the Housing bubble and crash, and the foreclosure crisis. So now Bank of America will dish out a couple hundred million dollars to make the crime go away – and not one executive will go to jail for robbing poor people. It’s good to be rich in America.

Comments

mathboy's picture
mathboy 10 years 41 weeks ago
#1

comment moved

DRichards's picture
DRichards 10 years 41 weeks ago
#2

From Our Republican Congressman Randy Forbes

The House voted on Tuesday to go to conference to negotiate the differences between the House and Senate proposals to extend the payroll tax break, unemployment benefits and avert a 27% cut in Medicare physician payments. Extending the payroll tax cut for a full year ensures that taxes will not increase for the nearly 170 million Americans who pay payroll taxes, with the average working family saving $1,000 in 2012. The House's measure would extend these benefits for a full year while the Senate's plan would only provide a two-month extension. Senate Majority Leader Harry Reid has indicated that the Senate will not return to negotiate a final agreement with the House while thousands of businesses across the country have expressed concern that a short-term extension would cause significant logistical and accounting difficulties for employers. Without further action by the Senate, the payroll tax cut and unemployment benefits will expire at the end of the calendar year and the 27% cut in Medicare physician payments will go into effect.

Question of the Week: Do you support legislation that provides for a full year extension of the payroll tax break and unemployment benefits and averts a 27% cut in Medicare physician payments?

( ) Yes, I support a full year extension.
( ) No, I do not support a full year extension.
( ) Other.
( ) I am unsure.

Take the poll here.

Congressman Forbes' statement in support of a full year payroll tax cut extension is available here.

Lore's picture
Lore 10 years 41 weeks ago
#3

Here is an interesting article that should be discussed ......

http://www.securityweek.com/china-hackers-breach-us-chamber-commerce

Cyber war with China has been ongoning for 5 years .......

Chamber of Commerce had been losing data for a year .....

So where is the coverage?

arky12's picture
arky12 10 years 41 weeks ago
#4

House GOP on a conference call as I type this out. It is a little after 4 PM CST where I live. C Span says a deal possible soon. We'll see, I'm keeping watch.

mwalkerco's picture
mwalkerco 10 years 41 weeks ago
#5

And none of those loans will be corrected to the proper and fair rate, will they?!

THAT'S the real travesty here- those who were robbed get no restitution. Only in America...

MichaelN's picture
MichaelN 10 years 41 weeks ago
#6

... So now Bank of America will dish out a couple hundred million dollars to make the crime go away – and not one executive will go to jail for robbing poor people. It’s good to be rich in America.

And, of course, BofA will just tack the $335N onto their cost of doing business and we screw-ees will end up paying it. Yes, it's good to be rich in America. Changing the laws so as to pierce the corporate veil and permit actual humans to bear the consequences of corporate misdoing is the only way we're ever going to stop such behavior. Until then, good luck.

Steve G's picture
Steve G 10 years 41 weeks ago
#7

to be fair, BofA bought Countrywide in 2009

bewildered1's picture
bewildered1 10 years 41 weeks ago
#8

We should keep in mind, that if B of A didn't purchase Countrywide, we the tax payer would be on the hook. Countrywide's violations, as a mortgage banker quite separate from B of A, and fully regulated, would be the responsibility of the Washington bureaucrats and regulators. Thanks to an incredibly poor decision on the part of B of A, with no public money, Countrywide was purchased.

It should also be noted, the our AG, decided that Countrywide did nothing illegal, and let the CEO off with a small fine. Countywide could never had become so big, without the assistence of Fannie and Freddie. Recently, four of their executives have been indicted.

dianhow 10 years 41 weeks ago
#9

Holder is a wimp BoA pays 335 mil but Robbed taxpayers / home buyers of billions Another WAll St scam . And GOP demands we remove regulations put on them NO NO Regs must even get stronger ! Wall St banks should be broken up . They are Bigger and more powerful & corrupt than ever Goldman Sachs rules WAll St and the FED . BoA bought Countrywide for a pittance Taxpayers got scammed big time as usual Fact Only reason AIG got bailed out is they owed Goldman Billions Bush Paulson Bernacki took care of their own

OrgDevGuy's picture
OrgDevGuy 10 years 41 weeks ago
#10

My profession is organizational development - my entire career is built around working with broken organizations. After dealing with B of A for nearly a year on the short sale of my Chicago condo, I can say without reservation that it is the most irreparably broken organization that I have ever encountered.

All current & past executives of both B of A & Countrywide should be in jail & the organization should be forced into receivership, at the very least, or shut down completely.

2950-10K's picture
2950-10K 10 years 41 weeks ago
#11

Bernie Madoff could use the company of some like minded gentlemen!

Hey tea-bagger reps, it looks like you might still have a chance to voice- "vote no", and prove to everyone you don't mind raising taxes on the working poor! Norquist and the Kochs rule at any cost, even if it costs the entire working class more hardship.

John Steinsvold's picture
John Steinsvold 10 years 41 weeks ago
#12

An Alternative to Capitalism (if the people knew about it, they would demand it)

Several decades ago, Margaret Thatcher claimed: "There is no alternative". She was referring to capitalism. Today, this negative attitude still persists.

I would like to offer an alternative to capitalism for the American people to consider. Please click on the following link. It will take you to an essay titled: "Home of the Brave?" which was published by the Athenaeum Library of Philosophy:

http://evans-experientialism.freewebspace.com/steinsvold.htm

John Steinsvold

“Insanity is doing the same thing over and over and expecting a different result."

~ Albert Einstein

TheGuyTony's picture
TheGuyTony 10 years 41 weeks ago
#13

Good morning Thom,

Been listening to your show on XM radio for about 2 years now. So you know, the only reason I renew my XM contract is because of you and others on the same channel.

I often wonder, why doesn't the Democrats actually get together and set an agenda to go after rich people, bankers, republicans, corrupt media and start attacking them first? I mean, they try to screw the middle class, unions, working families, education and use religion to hide behind. Are they not the ones who say religion should not be involved in politics? Are they the ones who use the bible to defend their case? I don't understan and how can they do this and not get pointed a finger at?

It's time for us to embarrass them and do onto them as they do onto us. If they don't like paying their fare share of taxes, why don't we set a MAXIMUM WAGE in this country? Who's job is the most imprtant? The president? CEO of a corrupt bank? A corrupt politician?

If the republicans don't like to raise taxes then how can they allow this tax to expire? Should they not want to renew or even further the tax deduction? They speak with 2 tongues.

The job creators have had tax breaks for a while now and recently extended too. But no jobs! So, why don't we state to the republicans, that we did it your way with tax breaks extension for the rich but still no jobs. Now it's time to help the middle class... I say the heck with the extension, we should get $2k more back in tax breaks and until the jobs do infact come back. AND the RICH SHOULD PAY FOR IT UNTIL THE JOBS DO COM BACK!

Also on a final NOTE!...

A new rule they should adopt and set up regulations for is to change the way banks charge interst on a mortgage! Banks front load all of their interest in the first 10 years of payments. I think and I beleive if they make the interest payments EQUAL during the life of the mortgage that would HELP everyone who gets a mortgae. It would allow everyone to build equity faster on their homes and allow someone to have more money saved to buy their next home if they wish.

What do you think about making interest payments eqaul for the life of your mortgage and nt front loading all the interest in the first 7-10 years of the mortgage?

A new agenda for an election year to get banks out of putting us in debt so they control our lives. They control our country's debt so thats whay they control our government.

Inflation is really caused by DEBT and TAXES we pay.

PEACE ALL!

resourcerer's picture
resourcerer 10 years 41 weeks ago
#14

Is it good to be rich?

Why does the government sue and get the settlement? What about all the people who were robbed of their homes and livelihoods by the banksters? Seems the government gets the money back so they can, once again, give it BACK to the banksters as soon as they whine again about needing another bailout. None of the money ever gets back to those who really suffer from the moneytraders at the top. The System is not "broken," it's working REALLY well for a few people. Time for a system that works for EVERYONE.

uncbros's picture
uncbros 10 years 41 weeks ago
#15

Bank of America prove with every transgression that they have no shame, conscience,or consequence for what they do as all Corporations do. There by showing beyond a shadow of a doubt they are not a person.

DRichards's picture
DRichards 10 years 41 weeks ago
#16

Just curious if the $335 million "settlement" to the federal government was paid for out of the bailout funds provided by the tax payers...

MaryMary's picture
MaryMary 10 years 41 weeks ago
#17

... So now Bank of America will dish out a couple hundred million dollars to make the crime go away – and not one executive will go to jail for robbing poor people.

Thank You President Obama, and Attorney General Holder.

Tanman1978's picture
Tanman1978 10 years 41 weeks ago
#18

Everyone should check out a video on you tube. Perfect song for us 99%ers. The band name is 'The Mysteries Gone' and song is 'Poor Mans Lament'.

stersource's picture
stersource 10 years 40 weeks ago
#19

Nobody ever worked for a poor person. And the poster "give my dad a job" BARF Tell him to get off his ASS and go get ajob! Only in socialist countries does the gov't "owe" people a job!! and you, child, better learn that! We were just in vegas on business and a vacation. Big sign "On government subsistence (welfare) Free phone and airtime" Many of us are paying for these nobma phones!! GET A JOB!!!

Move out of the tent You are not an Indian!!!

2950-10K's picture
2950-10K 10 years 40 weeks ago
#20

Stersource, I'm betting the Christmas ghosts with the loud clangy chains missed you again last night, better luck next year.

The photo was taken during The Great Depression, an economic disaster caused by a very human vice known as greed....WOW, it's pretty cold to be offended by this picture! Anyway FDR worked hard to ensure our generation would never have to relive the economic terror portrayed in that photo...... terror caused by a few who lacked self control.

Well guess what? A few people like Phil Gramm spun their webs and succeeded in bringing the nightmare back to life. We the 99% want to correct the mistakes created by their lack of self control, which will most likely enhance your quality of life as well.

By the way, via hard work my entire life, I happen to be pretty well off, but you know what, it's poverty of the soul I fear most!

Also, no one ever got rich without the sweat off a poor mans back!

......And I love camping in tents...but do not know of any indigenous people living year round in them... historically they never did in the Northeast.......where I live!......... Merry Christmas !

bewildered1's picture
bewildered1 10 years 40 weeks ago
#21

The AG already let the CEO of Countrywide off the hook.

lindsze's picture
lindsze 10 years 40 weeks ago
#22

Bank of America and all the other banks plus the wall street people should be in jail for a very long time and not the country club jail either. They should share the cell of all the other criminals. Maybe, they will learn something from being scared out of the wits.

leighmf's picture
leighmf 10 years 40 weeks ago
#23

In the worst cases, prison terms for executives and public officials who commit impossibly serious banking and federal crimes, will generally mean mowing lawns on an air force base a few years while domiciled in a minimum security federal facility.

Considering the hundreds of millions in booty already stashed away before "the takedown," while waiting for parole, hundreds of millions is very good pay for a few years of groundskeeping, not an unpleasant occupation at all. Though law-abiding groundskeepers scarcely receive hundreds of millions for their time.

Instead, white collar convicts should be relieved of rider mowers and be made to clean up biohazards, suicides, and bloody drug related crime scenes, since their higher intelligence will make them careful at their work, less apt to expose themselves to a terrible disease. Such work may also show them the role of greed in social disease, and why they, as former "more fortunates" should be held responsible.

MaryMary's picture
MaryMary 10 years 40 weeks ago
#24

Good idea, but first they have to be indicted, tried and convicted. It's up to President Obama, and AG Holder to take the first step.

Travis.T's picture
Travis.T 10 years 40 weeks ago
#25

I think that taking advantage of anyone (and yes as a white woman I get taken advantage of by every business) should be a crime. As far as those sub-prime mortgages go, they tried to get me to take one. Of course, common sense told me that I could not afford what the so called "experts" said I could. A person taking a $300,000 mortgage on a $30,000 per year or less income is not very wise especially with high interest rates.

  • Bankers are not the only ones to blame for the housing crisis. The people taking out these multiplier loans seems to be people who never should have applying for a mortgage in the first place.

leighmf's picture
leighmf 10 years 40 weeks ago
#26

MaryMary, We believe it's their job, but it never happens. Why not? I've been given the answer by an AG.

"Because too many careers would be ruined."

MaryMary's picture
MaryMary 10 years 40 weeks ago
#27

That's sad. I believe Obama's and Holders career will be ruined, if they don't do their job. First step, appoint a special prosecutor.

Clarissa Smith's picture
Clarissa Smith 10 years 40 weeks ago
#28

I'd like to divide Bank of America and make several Credit Unions out of it -- changing the resulting free capital to something useful. The other corporations will know then what might happen to them and possibly behave more carefully....

Those banksters who obviously had been frauding people, got to be prosecuted as private persons. Frankly, in such cases I dislike the idea prison at all. Prison is necessary if people are dangerous because they're violent. Those fraudsters should be watched by GPS, cams and mics instead: Prison at home. Generally I don't like that big brother thing, but just in these cases I'd like to have them watched around the clock: It must be clear they're not doing any businesses without permission. They should be prohibited to work in bank and insurance sector for lifetime. They should work for very low pay, having a GPS device at their wrists. Just for those years they would be in prison otherwise.

MaryMary's picture
MaryMary 10 years 40 weeks ago
#29

There has to be indictments, a trial, and convictions before punishment is given. It's up to President Obama and Attorney General Holder. I doubt if President Obama will prosecute those who have contributed over a billion dollars to his re-election campaign. Your anger is misdirected.

Elioflight's picture
Elioflight 10 years 40 weeks ago
#30

2950-10k: You are my hero! Great human response to an ignorant heartless overused comment.

Badams's picture
Badams 10 years 40 weeks ago
#31

Yes. Sock it to the rich. Sounds like you are just jealous of them. Sure, there are bad people. Bad poor people too. What do you suppose we do? 90 percent taxes? Just steal their money and send it off to poor people?

Clarissa Smith's picture
Clarissa Smith 10 years 40 weeks ago
#32

Smarty, I explained what I'd like to see.

Besides, what "anger?" I'm a jazz musician, I blow all my anger away LOL.

Clarissa Smith's picture
Clarissa Smith 10 years 40 weeks ago
#33

No, you right-wingers get jealous if we only talk about fair share. You make me laugh all the time, you guys have no logic at all LOL!

By the way, why don't ya just happily dance home and chug-a-lug on the Bush tax break not expiring still?

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