Home

Flagged · as · abusive!

Recent Entries · Archive · Friends · User Info

* * *
Well, at least now we know. All the money we've dumped into the banksters' coffers to help them renegotiate possibly salvageable mortgage loans? They were happy to accept the money, but that apparently concludes their interest in the undertaking.


Credit the Boston Federal Reserve Bank for commissioning a study to find out the truth. The undertaking doesn't seem to have any "next step," though. Apparently, all you homeowners who thought you might have a shot at holding onto your homes, uh, you can go now.


Thank goodness Congress wasn't railroaded into giving judges "cramdown" authority to revise mortgage terms the way they can rewrite other forms of debt. That would be, you know, socialism. Or something.


And oh yes, you remember that widely popularized, plausible-sounding notion that the holdup on mortgage renegotiations was that hardly any mortgages are actually held by the banks that wrote them, having been bundled and sold? In the real world, apparently not so much. Check out the last paragraph. "The Fed found no difference in the rate of aid between investor-controlled loans and those that lenders own directly."


"One of the study's coauthors . . . said the government would be better off giving the money directly to struggling borrowers to help them with their payments, rather than to lenders that are averse to working out the troubled loans. 'Loan modification is not profitable for lenders,' Willen said. 'If it were profitable, they would go out and hire staff.' "
-- from Jenifer Kim's Boston Globe report today,
"Lenders avoid redoing loans, Fed concludes"


"The problem is worse than we thought. The failure to do these modifications means the whole situation stays bad longer."

-- Rep. Barney Frank, as quoted in the Globe article


"You have more money going to the banks and the servicers than you do to the homeowners. It would make more sense to just give money to the borrowers."
-- economist Dean Baker, as quoted in the Globe article


Click the link, read the study, understand that our government is solely owned and operated by a few wealthy corporations. Oh! And a big "FUCK YOU" for thinking it otherwise!

Current Mood:
BOHICA! BOHICA!
* * *


Republicans running as Democrats.


Evan Bayh and a group of Democrats has essentially changed sides. Telling their constituents sorry, but I'm actually a conservative, sorry.


Do not let them walk away with impunity!
Dog the Blue Dogs, or Republicrats
http://www.ourfuture.org/node/36490


Let them know you will not vote for them again.

Current Mood:
determined determined
* * *


Today, the Citizens for Responsibility and Ethics in Washington (CREW) released Revolving Door, a first-ever comprehensive look into the activities of 24 members of President Bush’s cabinet. The 108-page report is based on a six-month CREW investigation.


CREW’s report shows that the “revolving door” remains wide open. After leaving their government positions, many of these top officials joined the ranks of the companies that they once regulated! Where now they are highly compensated. In many instances, they have helped their new employers obtain lucrative government grants and contracts. SOunds fishy no?


The report names the companies these former officials have joined and the private interests for which they have advocated. Perhaps more importantly, it also reveals the power they continue to wield within the government. Conflicts of interests just don't seem to bother the Bush White House or the Bush DOJ.


Highlights from Revolving Door include:


- 17 former cabinet officials hold positions with a total of 119 companies.


- 17 former officials hold positions with 65 companies that lobby the federal government.


- 15 former officials hold positions with 40 companies that lobby those officials’ former agencies.


- 9 former cabinet members hold positions with 15 companies that began or resumed lobbying the former officials’ agencies after those officials joined the companies.


No wonder the unemployment rate is so high, these 49 guys draw pay for 239 jobs!
The most prodigious corporate adviser appears to be former Secretary of the Department of Health and Human Services Tommy Thompson, who has worked for 42 different companies since leaving the Bush administration.


Melanie Sloan, CREW’s Executive Director, stated, “CREW’s investigation has shown that most of these former Bush administration officials have cannily leveraged their time spent in the public sector. By using their government positions as springboards to new lucrative opportunities, they have successfully made a mint on the backs of American taxpayers. It may be legal, but it is certainly not honorable.”


Bush had a press conference on Monday where he attempted to rewrite history by declaring that his administration will be well thought of in history books, he sees no real missteps or blunders and got angry when questioned about the speed of the Katrina response.


Cheney threw Bush under the bus with the tired "I was only following orders" bullshit, claiming that Bush was the real brain behind it all. He also claimed that he did nothing to expand the VP powers, I guess forgetting the video of him saying he had done so........


The topper is that Bush said on Sunday that he ordered the torture! A war crime. I wonder if the convictions of the specialists and corporals from Abu Graib will be overturned since their testimony was that they were ordered to carry out these acts?

Current Mood:
I told you so. I told you so.
* * *

Advertisement