Robert Reich (Why We Shouldn't be Selling the Right to Live in America)

Robert Reich (Why We Shouldn't be Selling the Right to Live in America)

I found many more reasons than the ones Reich cites for not allowing foreigners citizenship if they spend 500,000 dollars on real estate purchases in the United States.

The false pumping up of home values can't be sustained because the money used to purchase U.S. real estate did not come from our local economies and infrastructure. 

Additionally, it is more likely that whomever has that kind of money to spend in the U.S. is possibly also looking to set up an IMPORT business so they can simply displace existing local businesses by importing lower cost products from their own country of origin.

When I first heard of this bill earlier today, I correctly guessed that both a democrat and a republican were behind it. I found it interesting that my google search could not find the number of the bill. Now if only I could remember the site that mentions all of the congressional bill proposals.

When Schumer states that this bill is "neutral" for the U.S. government, he illustrates the out of touchness that afflicts so many congress people.

Is Barack Obama a Banker?

Three things that would instantly help main street and the 99%; lower interest rates on mortgages, lower interest rates on credit card debt for anyone that can PAY DOWN their debts, and lower interest rates on student loans as well. 


These three interest rate reduction moves would instantly provide a surge in local economies as people would have more of their own respend money that they themselves EARNED to then re-spend locally even as they continue to pay down their other debts. 


Lower interest rates would in turn would stabilize city, state sales tax revenue streams and property taxes as well. Ironically, lower interest rates would benefit the federal government income tax receipts as well since income tax interest rate deductions would probably slightly reduce.


It appears that Barack Obama is not interested in either reducing mortgage interest rates or extending the time to pay back a mortgage, nor in reducing credit card interest rates for those who can pay down their credit card debt every month! 


Even the new student loan changes really don't deal with the main issue of lower interest rates, only having to pay when one is employed, and no more penalties and fees tacked on to existing student debt along with student debt relief for those who have paid into the system only to see what they owe, rise!


For those who believe in ending the fed, another equally effective approach is for main street to have much less debt to begin with. Less main street debt means the fed and their cohorts won't have their debt claws into the 99% nearly as deep.  


According to congress person Dennis Cardoza, Obama seems to be against reducing the interest rate charges on prevailing types of consumer debt, even when the consumer would then be in a position to actually pay down all of their debts rather than simply tread water or slowly drown because of the interest rates being charged on their debt. 


Obama seems to be in favor of continuing, engulfing debt for the 99%, resulting in massive profits for his friends and supporters on wall street via the interest rate charges and the penalties, fees and foreclosures that result when a consumer falls behind on their payments.


It seems to me that Obama thinks and acts like a banker.

You are viewing Swarm The Banks. Please check out Parallel Foreclosure blog and UNfair Foreclosures blog as well.

What is Inflamed Debt? Should Dylan Ratigan run for the 2012 democratic nomination?

INFLAMED DEBT (my phrase) occurs when huge amounts of money are tethered to interest rate charges to create an ever growing debt that cannot be paid down. That is the key. 


At the very least, remove the interest rate charges on anyone who has debt and who is also capable of paying down their debt, and that will free up local economies to begin to grow in a myriad of ways.


In this youtube video, Dylan Ratigan does not use the phrase "inflamed debt", but I think that is what he is actually describing when he proclaims that there may be more debt than money in the world, and that the United States is having it's wealth suctioned out by the banks, trade imbalance, and excessive taxation.


Hat tip to Neil Garfield of "living lies" blog who posted this Dylan Ratigan video on his site.

Ironically, it was MSNBC who chose Barack Obama over Hillary Clinton back in 2008 BEFORE the democratic voters could decide for themselves. Bill Clinton has been the only president in the past 80 years to actually lower the yearly budget deficit for 8 consecutive years, the only president.


I am certain that Hillary Clinton would have done the same as Bill Clinton while also helping the 1%.


I just did a google phrase search and only 56 hits came up when the two words "inflamed debt" have quotes around them, (thereby creating a phrase).

You are viewing Swarm The Banks. Please check out Parallel Foreclosure blog and UNfair Foreclosures blog as well.

Sixty Minutes Transcript, Prosecuting Wall Street segment, and a question.

Kudos to Sixty Minutes for printing out the actual transcript of the Prosecuting Wall Street segment. (it's 8 pages long.) This makes it much faster and easier to find important quotes and content than having to wade through the actual video segment. A very nice, time saving gesture from 60 minutes.

Here is a quick transcript edit from two different news articles, see if you can spot the irony. 

From 60 Minutes.... (Quote is on the final page at the end)

Kroft: The perception. I mean, it doesn't seem like you're trying. It doesn't seem like you're making an effort. That the Justice Department does not have the will to take on these big Wall Street banks.

Breuer: Steve, I get it. I find the excessive risk taking to be offensive. I find the greed that was manifested by certain people to be very upsetting. But because I may have an emotional reaction and I may personally share the same frustration that American people all over the country are feeling, that in and of itself doesn't mean we bring a criminal case.

Kroft: If you had said two years ago that nobody was gonna be prosecuted on Wall Street for the subprime mortgage scandal, I think people would think, "It's not possible."

Breuer: Sometimes it takes a number of years to bring these cases. So I'd say to the American people, they should have confidence that this is a department that's working hard and we're gonna keep working hard, so stay tuned.

From the New York Times...

....Especially when mortgages were securitized and sold off to investors, he said, senior bankers turned a blind eye to shortcuts...

...One memory particularly troubles Theckston. He says that some account executives earned a commission seven times higher from subprime loans (versus) prime mortgages. 

So they looked for less savvy borrowers — those with less education, without previous mortgage experience, or without fluent English — and nudged them toward subprime loans.

These less savvy borrowers were disproportionately blacks and Latinos, he said, and they ended up paying a higher rate so that they were more likely to lose their homes. Senior executives seemed aware of this racial mismatch, he recalled, and frantically tried to cover it up.

Theckston, who has a shelf full of awards that he won from Chase, such as "sales manager of the year," showed me his 2006 performance review. it indicates that 60 percent of his evaluation depended on him increasing high-risk loans.

End of New York Times Quote.

So isn't that enough to prosecute?

Wouldn't a mass wall street plea deal offer right now cause hundreds of wall street executive rats to come running and confess their crimes rather than be found out later and possibly receive a sentence that will be much much longer?

How about a Wall Street ad by the Justice Department, "Wall Street Bankers, confess your illegal activities now and receive a sentence that will only be 25% as long as what it will be if you wait until you are found out, tried and convicted. Confess now and get a 2 year sentence, wait, and you will get no less than 8 years - guaranteed". 

You are viewing Swarm The Banks. Please check out Parallel Foreclosure blog and UNfair Foreclosures blog as well.

Notary who blew whistle on foreclosure fraud found dead

Notary who blew whistle on foreclosure fraud found dead.  

LAS VEGAS (KSNV MyNews3) -- The notary who signed tens of thousands of false documents in a massive robo-signing scandal case was found dead in her home on Monday.

The notary, 43-year-old Tracy Lawrence, was supposed to be in court at 8:30 Monday morning for her sentencing hearing. When her attorney did not hear from her for more than an hour, Sr. Deputy Attorney General Robert Giunta asked for a bench warrant to be issued for Lawrence. The judge denied the request. 

Read the rest of the story at the link provided above.