Good News for Seniors: Sen. Bernie Sanders Will Be On Budget Conference Committee

I think this is a good thing. Because I do not like the idea of the Republicans attempting to tinker with Social Security and Medicare.

Via The Huffington Post:

In what can only be seen as good news for people who like traditional earned-benefit programs like Social Security and Medicare, here’s one name that appears on the list of Senate conferees in the upcoming Paul Ryan-Patty Murray budget talks — Vermont independent Sen. Bernie Sanders. This ensures that beneficiaries of these programs will, at the very least, have one strong, supportive voice in the room who won’t go down in a squishy heap of “grand bargaining.” (I’m sure Paul Ryan is thrilled.)

Statement via Sen. Bernie Sanders Official website:

Sen. Bernie Sanders was appointed to a Senate and House budget conference committee to create a long-term budget plan by Dec. 13 to avert another government shutdown. A member of the Senate Budget Committee, Sanders said he looks forward to developing an alternative to the stopgap, sequestration-level budget that Congress approved late Wednesday as part of an agreement to reopen the government. “I am excited about being a member of the budget conference committee and I look forward to working with my Democratic and Republican colleagues to end the absurdity of sequestration and to develop a budget which works for all Americans. In my view, it is imperative that this new budget helps us create the millions of jobs we desperately need and does not balance the budget on the backs of working people, the elderly, the children, the sick and the poor,” Sanders said.

The conference committee was assigned to try to reconcile differences between separate budgets passed earlier this year by the Senate and the House.

[…]

The Senate budget protects Medicare while the House version would end Medicare as we know it by providing coupons for private health insurance. Unlike the House budget, the Senate resolution does not repeal the Affordable Care Act, which would prevent more than 20 million Americans from getting health insurance. The House version would eliminate grants for up to 1 million college students while the Senate plan protects Pell grants. The House version would kick up to 24 million Americans off of Medicaid while the Senate budget would protect their benefits. The Senate budget calls for new revenue while the House version would provide trillions of dollars in tax breaks mainly for the wealthiest Americans and profitable corporations offset by increased taxes on the middle class.

Progressive Blog Corrent has the full list:

House Democrats:

Rep. James Clyburn (S.C.)
Rep. Chris Van Hollen (Md.)
Rep. Nita Lowey (N.Y.)

From Senate Democratic Caucus:

Sen. Patty Murray (Ore.)
Sen. Ron Wyden (Ore.)
Sen. Bill Nelson (Fla.)
Sen. Debbie Stabenow (Mich.)
Sen. Bernie Sanders (Vt.)
Sen. Sheldon Whitehouse (R.I.)
Sen. Mark Warner (Va.)
Sen. Jeff Merkley (Ore.)
Sen. Chris Coons (Del.)
Sen. Tammy Baldwin (Wis.)
Sen. Tim Kaine (Va.)
Sen. Angus King (Maine)

In case anyone cares, here’s the list of Republicans:

House Republicans:

Paul Ryan (Wis.)
Rep. Tom Cole (Okla.)
Rep. Tom Price (Ga.)
Rep. Diane Black (Tenn.)

Senate Republicans:

Sen. Jeff Sessions (Ala.)
Sen. Charles Grassley (Iowa)
Sen. Mike Enzi (Wyo.)
Sen. Mike Crapo (Idaho)
Sen. Lindsey Graham (S.C.)
Sen. Rob Portman (Ohio)
Sen. Pat Toomey (Pa.)
Sen. Ron Johnson (Wis.)
Sen. Kelly Ayotte (N.H.)
Sen. Roger Wicker (Miss.)

The reason why I say that Bernie Sanders is good addition to the group is this; Bernie Sanders is an independent populist type. He is not a Obama loyalist, and he will not be afraid to stand up to the Obama Democrats.

I have always said on this blog, that the solution to America’s debt problem is not the ripping out of Social Security or Medicare. The solution is to get rid of the so-called “Free Trade” deals and the pork barrel spending, which both parties partake in. Furthermore, tariffs for all imports would pay down our debt and fund the social safety net.

Either way, it is good to see someone like Bernie Sanders fighting for the seniors and the disabled in this Country; like my aunt, who is developmentally disabled.

Chuck Baldwin minces no words about Paul Ryan

I have to like Chuck Baldwin, he does not mince words:

It has happened again. We go through this every four years, and every four years the vast majority of “conservatives” fall for it. This is such a broken record. What did Forrest Gump say: “Stupid is as stupid does”? And wasn’t it P.T. Barnum who said, “There’s a sucker born every minute”? Well, here we go again.

Neocon RINO George H.W. Bush picks “conservative” Dan Quayle. “Conservative” G.W. Bush picks neocon RINO Dick Cheney. Neocon RINO John McCain picks “conservative” Sarah Palin. Now, neocon RINO Mitt Romney picks “conservative” Paul Ryan. As long as there is one “conservative” on the ticket, mushy-headed “conservatives” across the country will go into a gaga, starry-eyed, hypnotic trance in support of the Republican ticket. I’m convinced that if Lucifer, himself, was the GOP Presidential candidate, he would get the support of the Religious Right and Republican “conservatives” as long as he selected a reputed “conservative” to join his ticket. And, by the way, the notable “conservative” wouldn’t think twice about joining such a ticket, either, I’m convinced.

Let’s just get this on the record: since 1960, there have only been two Presidential nominees (from the two major parties) who were not controlled by the globalist elitists. One was a Democrat, John F. Kennedy; the other was a Republican, Ronald Reagan. Kennedy was shot and killed; Reagan was shot. Every other President, Democrat or Republican, has been totally controlled, which is why none of them have done diddly-squat to make a difference in the direction of the country. On the issues that really matter, Mitt Romney and Paul Ryan are just more of the same!

via Chuck Baldwin — Paul Ryan: More Of The Same.

He goes on to say that Ron Paul is the only one; and I disagree with that. However, I will say this; he is right about Romney and Ryan. Which is I am voting for:

Goode/Clymer in 2012

He will not win the election

But voting for anything else is simply Anti-American

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Government Records $229 billion deficit for a month

Elections matter folks, this is why. Greece, here we come!

The U.S. government just notched its highest ever monthly deficit, with the red rink running to an estimated $229 billion in February.

The Congressional Budget Office, in a preliminary analysis, reported that the February 2012 deficit broke last year’s monthly record of $223 billion.

The office attributed the shortfall in part to a decline in revenue — mainly because of a $25 billion increase in income tax refunds thanks to disbursement timing issues.

According to the CBO, processing delays pushed refund payments that would have been distributed in January off into February. And the additional day in February this year allowed for extra refunds to be distributed during the month that otherwise would have been paid out in March.

The CBO projected that for the first five months of the fiscal year, the federal government is running a $578 billion deficit.

The projected deficit this year is once again projected to top $1 trillion

via Government Records Highest-ever Monthly Deficit | Fox News.

The only thing I can truly say about this one is this; elections matter. This is what happens when you put progressives and moderate Republicans in Government, they spend on your dime and you get stuck with the tab and most usually, you do not get a thing for it in return.  This is why we have to get people elected to political office, in City, State and Federal levels; who at the very least, have the American people’s interests in mind and not their own political fortunes in mind. Because when the political veterans are running the show; both Republican and Democratic Parties; this is what you get —- Debt.

China cannot buy our debt forever, or eventually they will own this Country. Not to mention, China is not exactly a free Country. All China would have to do, is tell the United States that they will not be buy anymore of our debt and we, as a Nation, would be history. We, as Conservatives have no one to blame, but ourselves for this fine mess.  The Republican Party elected a moderate Republican by the name of Richard Nixon, who wanted so badly to make a name for himself and that idiot liberal Republican just had to go to China and normalize relations with those Communist bastards. Which is pretty darned ironic, considering what the Communists in China did to John Birch.  This is one Conservative who felt Watergate was nothing more than sweet justice. (…and No, I am NOT being snarky!)

This why we the American people, the silent majority; need to vote differently this coming November. Our Nation’s future might just depend on it.

 

 

My thoughts on the mortgage settlement

You can read about this here, here, here and here.

First of all, let me say this; this issue here, above all of the others, is why I packed it in with the Democratic Party. On top of all of the class warfare, class resentment, racial resentment and everything else; was the realization that I made, that the Democratic Party, starting in 1973 and again in 1993 literally rigged the system to fail. This was by loosing credit restrictions to allow people, who had no business even getting loans, to get credit so easily.

Then once the system failed, the Government, started by George W. Bush in 2008 with tarp loans and the bailing out banks that were “Too big to fail.” Not to mention the fact that the Republicans ripped out regulations that made the whole thing like one million percent worse and when the Republican Congress received a warning that the whole thing was going to collapse, what did they do? They held a hearing and the CEO of Freddy and Fannie played the RACE CARD, they retreated! 😡 I won’t even get into the stupidity of the Federal Reserve, which really made some seriously idiotic mistakes.

Then instead of Obama being smart and saying, “We’re not picking favorites, we are going to allow the market to correct itself.” Instead, he continued the bailouts and even spent more on top of that. Not the mention his attempt to destroy our private healthcare system.

Anyhow, this settlement is not perfect; in fact, it stinks and someone has given a bullet-point list as to why.

This is via Naked Capitalism:

Here are the top twelve reasons why this deal stinks:

1. We’ve now set a price for forgeries and fabricating documents. It’s $2000 per loan. This is a rounding error compared to the chain of title problem these systematic practices were designed to circumvent. The cost is also trivial in comparison to the average loan, which is roughly $180k, so the settlement represents about 1% of loan balances. It is less than the price of the title insurance that banks failed to get when they transferred the loans to the trust. It is a fraction of the cost of the legal expenses when foreclosures are challenged. It’s a great deal for the banks because no one is at any of the servicers going to jail for forgery and the banks have set the upper bound of the cost of riding roughshod over 300 years of real estate law.

2. That $26 billion is actually $5 billion of bank money and the rest is your money. The mortgage principal writedowns are guaranteed to come almost entirely from securitized loans, which means from investors, which in turn means taxpayers via Fannie and Freddie, pension funds, insurers, and 401 (k)s. Refis of performing loans also reduce income to those very same investors.

3. That $5 billion divided among the big banks wouldn’t even represent a significant quarterly hit. Freddie and Fannie putbacks to the major banks have been running at that level each quarter.

4. That $20 billion actually makes bank second liens sounder, so this deal is a stealth bailout that strengthens bank balance sheets at the expense of the broader public.

5. The enforcement is a joke. The first layer of supervision is the banks reporting on themselves. The framework is similar to that of the OCC consent decrees implemented last year, which Adam Levitin and yours truly, among others, decried as regulatory theater.

6. The past history of servicer consent decrees shows the servicers all fail to comply. Why? Servicer records and systems are terrible in the best of times, and their systems and fee structures aren’t set up to handle much in the way of delinquencies. As Tom Adams has pointed out in earlier posts, servicer behavior is predictable when their portfolios are hit with a high level of delinquencies and defaults: they cheat in all sorts of ways to reduce their losses.

7. The cave-in Nevada and Arizona on the Countrywide settlement suit is a special gift for Bank of America, who is by far the worst offender in the chain of title disaster (since, according to sworn testimony of its own employee in Kemp v. Countrywide, Countrywide failed to comply with trust delivery requirements). This move proves that failing to comply with a consent degree has no consequences but will merely be rolled into a new consent degree which will also fail to be enforced. These cases also alleged HAMP violations as consumer fraud violations and could have gotten costly and emboldened other states to file similar suits not just against Countrywide but other servicers, so it was useful to the other banks as well.

8. If the new Federal task force were intended to be serious, this deal would have not have been settled. You never settle before investigating. It’s a bad idea to settle obvious, widespread wrongdoing on the cheap. You use the stuff that is easy to prove to gather information and secure cooperation on the stuff that is harder to prove. In Missouri and Nevada, the robosigning investigation led to criminal charges against agents of the servicers. But even though these companies were acting at the express direction and approval of the services, no individuals or entities higher up the food chain will face any sort of meaningful charges.

9. There is plenty of evidence of widespread abuses that appear not to be on the attorney generals’ or media’s radar, such as servicer driven foreclosures and looting of investors’ funds via impermissible and inflated charges. While no serious probe was undertaken, even the limited or peripheral investigations show massive failures (60% of documents had errors in AGs/Fed’s pathetically small sample). Similarly, the US Trustee’s office found widespread evidence of significant servicer errors in bankruptcy-related filings, such as inflated and bogus fees, and even substantial, completely made up charges. Yet the services and banks will suffer no real consequences for these abuses.

10. A deal on robosiginging serves to cover up the much deeper chain of title problem. And don’t get too excited about the New York, Massachusetts, and Delaware MERS suits. They put pressure on banks to clean up this monstrous mess only if the AGs go through to trial and get tough penalties. The banks will want to settle their way out of that too. And even if these cases do go to trial and produce significant victories for the AGs, they still do not address the problem of failures to transfer notes correctly.

11. Don’t bet on a deus ex machina in terms of the new Federal foreclosure task force to improve this picture much. If you think Schneiderman, as a co-chairman who already has a full time day job in New York, is going to outfox a bunch of DC insiders who are part of the problem, I have a bridge I’d like to sell to you.

12. We’ll now have to listen to banks and their sycophant defenders declaring victory despite being wrong on the law and the facts. They will proceed to marginalize and write off criticisms of the servicing practices that hurt homeowners and investors and are devastating communities. But the problems will fester and the housing market will continue to suffer. Investors in mortgage-backed securities, who know that services have been screwing them for years, will be hung out to dry and will likely never return to a private MBS market, since the problems won’t ever be fixed. This settlement has not only revealed the residential mortgage market to be too big to fail, but puts it on long term, perhaps permanent, government life support.

As we’ve said before, this settlement is yet another raw demonstration of who wields power in America, and it isn’t you and me. It’s bad enough to see these negotiations come to their predictable, sorry outcome. It adds insult to injury to see some try to depict it as a win for long suffering, still abused homeowners.

I have zero to add to this. The only thing I will ask is, who’s paying for all of this? Answer: You and Mein Taxes. 😡

This is why we need a new political Party to get in there and fix this asinine morass.

Others: (All Liberals BTW…) American Prospect, Washington Post, US Politics, FT Alphaville, ourfuture.org/blogs_chrono/*, Wall Street Journal, Time, The Huffington Post, Swampland, ThinkProgress, Prairie Weather, Firedoglake, Business Insider, Financial Times and Discourse.net, ThinkProgress, The Huffington Post, Washington Monthly, Washington Post, Firedoglake, Rolling Stone, The Big Picture, Business Insider, Hit & Run, The Democratic Daily, Zandar Versus The Stupid, Feministing, ourfuture.org/blogs_chrono/*, No More Mister Nice Blog, Blog of New Orleans, Gambit, emptywheel, The Political Carnival, DealBook, The Page, Booman Tribune and Wall Street Journal, ProPublica, FORECLOSURE FRAUD, Business Insider and Calculated Risk, Washington Post, Daily Kos and Firedoglake, The Atlantic Online

 

The United States Debt Ceiling Hits $15.194 Trillion

So, what does President want? More of your money of course!

The story via WSJ:

The Treasury Department has begun maneuvers to avoid hitting the debt ceiling, as the Obama administration waits for Congress to return from the holiday break before it can raise the federal borrowing limit.

The U.S. government was just a hair below the $15.194 trillion debt ceiling on Tuesday, $25 million shy of the limit Congress set last summer. President Barack Obama sent a letter to congressional leaders Thursday, saying the U.S. debt was within $100 million of the ceiling “and that further borrowing is required to meet existing commitments.”

…and of course:

President Obama formally notified Congress on Thursday of his intent to raise the nation’s debt ceiling by $1.2 trillion, two weeks after he had postponed the request to give lawmakers more time to consider the action.

Congress will have had 15 days to say no before the nation’s debt ceiling automatically is raised from $15.2 trillion to $16.4 trillion.

In a letter to House Speaker John A. Boehner (R-Ohio), Obama wrote that ”further borrowing is required to meet existing commitments.”

Obama had sought to make the request at the end of last month, when the Treasury came within $100 billion of its borrowing limit. However, with Congress on recess, lawmakers from both parties asked the president to hold off. The House is out of session until Jan. 17, and the Senate until Jan. 23.

Since then Treasury officials have used special revenue and accounting measures to maintain the nation’s solvency. Yet the White House cast the delay as a technicality, saying there is no chance the limit will not be increased, even if Republican lawmakers attempt to object.

16.4 trillion dollars?!?! 😯 That is 16.4 trillion of money from China and/or your money through taxes. Either that or it would have to come from slapping tariffs on imports; and we know an internationalist Democrat like Barack Obama would never do that.

So, to be brief; we’re screwed….badly.