(Via Fox News Video)
This one somehow snuck past me.
I happen to read on Populist Jim Hightower’s website about this one here and I went and looked it up and sure enough; there it was in black and white:
WASHINGTON –– To Wall Street, this town might seem like enemy territory. But even as federal regulators and prosecutors extract multibillion-dollar penalties from the nation’s biggest banks, Wall Street can rely on at least one ally here: the House of Representatives.
The House is scheduled to vote on two bills this week that would undercut new financial regulations and hand Wall Street a victory. The legislation has garnered broad bipartisan support in the House, even after lawmakers learned that Citigroup lobbyists helped write one of the bills, which would exempt a wide array of derivatives trading from new regulation.
The bills are part of a broader campaign in the House, among Republicans and business-friendly Democrats, to roll back elements of the 2010 Dodd-Frank Act, the most comprehensive regulatory overhaul since the Depression. Of 10 recent bills that alter Dodd-Frank or other financial regulation, six have passed the House this year. This week, if the House approves Citigroup’s legislation and another bill that would delay heightened standards for firms that offer investment advice to retirees, the tally would rise to eight.
Both the Treasury Department and consumer groups have urged lawmakers to reject the bills, warning that they could leave the nation vulnerable again to excessive financial risk taking. The House proposals stand little chance of becoming law, having received a much chillier reception in the Senate and at the White Ho
You believe those greedy bastards? Jim Hightower is not amused and rightly so:
On the day before Halloween, the ethically-challenged members of our lobbyist-haunted House of Representatives did a perverse imitation of “Profiles in Courage,” turning that body into “Profiles in Spinelessness.”
In particular, they cravenly caved in to an outrageous and dangerous demand by Wall Street whiners. Such financial powerhouses as Citigroup just hate having their profiteering recklessness restrained by the regulatory reforms passed after their 2008 financial meltdown. Even though the shockwaves from that Wall Street collapse continue to devastate America’s middle class, the banking elite have completely recovered – including recovering their swaggering arrogance and ability to sway money-hungry congress critters with rich campaign donations. — Read the rest at Jim Hightower’s site
I am shocked that more Conservatives are not swinging from the trees on this one here! To their credit, there are some Democrat Party house members that are opposed to this bill and rightly so. This is the same idiotic crap that brought down the stock market and killed our economy; thank goodness there is some semblance of sanity up on the hill.
Sure enough the Bill passed the house, But it is not expected to make it through the Senate and the White House has said that they would veto the thing, if it made it to the President’s desk. Which in this instance is a very good thing. However, this is not the point. What is the point is this: Those same bastards who caused the great meltdown of 2008, are now lobbying our Government to put things back as they were, so that this sort of thing could happy again. That my friends is enough to make an economic populist, like myself, to want to bite a nail in two!
The people that caused the Wall Street meltdown and downturn in our economy ought to be brought up on treason charges, and lined up against a wall and shot! But, instead, they are trying to buy their way back to lawlessness. This my friends, is an outrage.
This is from 2010, but I just discovered it. It is very good. It is a 4 part series. I highly recommend it.
There are a good deal of parallels between this and what is going on now in this country.
It could and most likely will happen again.
Enjoy this six part series by PBS on “The Crash of 1929 & The Great Depression”:
Despite what has happened locally here and how I feel about it; I must continue on writing and blogging about what I consider to be important.
It seems that in Ohio, there has been a decline in voter registration, especially in Democratic Party strongholds. This is also signaling a national trend. Here is the Story and Video via Fox News Channel:
“Don’t boo, vote,” President Obama often says in his stump speech whenever crowds boo a Romney plan.
The off-hand call to vote may be by design. It comes amid a precipitous decline in Democratic voter registration in key swing states — nowhere more apparent than in Ohio.
Voter registration in the Buckeye State is down by 490,000 people from four years ago. Of that reduction, 44 percent is in Cleveland and surrounding Cuyahoga County, where Democrats outnumber Republicans more than two to one.
“I think what we’re seeing is a lot of spin and hype on the part of the Obama campaign to try to make it appear that they’re going to cruise to victory in Ohio,” Cuyahoga County Republican Chairman Rob Frost said. “It’s not just Cuyahoga County. Nearly 350,000 of those voters are the decrease in the rolls in the three largest counties, Cuyahoga, Hamilton and Franklin.”
Frost points out that those three counties all contain urban centers, where the largest Democrat vote traditionally has been.
Ohio is not alone. An August study by the left-leaning think tank Third Way showed that the Democratic voter registration decline in eight key swing states outnumbered the Republican decline by a 10-to-one ratio. In Florida, Democratic registration is down 4.9 percent, in Iowa down 9.5 percent. And in New Hampshire, it’s down down 19.7 percent.
“It’s understandable that enthusiasm is going to wane a little bit from that historic moment (in 2008),” says Michelle Diggles, the study co-author and senior policy adviser for Third Way. “You can only elect the first African-American president of this country once.
Of course, there are other reasons why people are just not happy anymore with the Democrats:
One Democratic Party consultant told Fox News that independents in Ohio may be leaning Democratic – an effect that may be tied to the bailout of Chrysler and GM. One of eight people in Ohio work in businesses directly tied to the auto industry. The state has been carpeted with Obama ads that point to his bailout of the industry and it’s managed bankruptcy.
I do not mean to toot my own horn; but in this case, I must. I predicted that stuff like this would happen on my old blog. When the bailouts happened, and when the healthcare bill was pushed through. The truth is Independents are simply running away from Obama. Another thing too that this report did not cover; is that some Democrats are simply not happy with the Obama Administration. This is for a number for reasons: The continuation of Bush’s polices on the war on terror and the war is one. The failure to close the prisons in Gitmo is another. The continuing of the war in Afghanistan is another. Also too, Ohio is also a union State and when Obama’s chief of staff at the time, said “F*** the big three!”, many in Ohio heard about that too. This all makes for a unpopular President.
Also too; the economy in Ohio, here in Michigan; and nationally, just plain sucks. There are many small businesses in Ohio, many of whom are faithful Democrats; and they are just looking at their bottom lines and are looking at this President and wondering, “What on earth are they doing to us?” To be fair, it is not all of Obama’s fault. The Federal Reserve with it’s QE1, QE2 and now QE3 is not helping the situation at all. When the fed prints more money, inflation happens, which drives the prices of everything up and this, in turn, hurts businesses. Which, in turn, hurts the economy. Bill Clinton learned this lesson early on, and made adjustments. Jimmy Carter and this President, did not. For that, they are paying a price at the polls.
I should also mention that this current foreign policy debacle in Libya, and Egypt and the rest of the Arab World is also weighing heavy on the minds of people as well. As it was in 1979, with the Iran hostage crisis. Now, Iran is being a problem again. Which is very ironic.
History has such a strange way of repeating itself.
Update: Here’s Romney’s Presser on the subject.
If it were not for the fact that this story was so darned funny; it would actually be pretty sad.
Mother Jones the crypt keeper of all things liberal, comes up with some really super secret video of Mitt Romney telling the absolute truth about the Obama voting people.
Here are the videos:
On Obama voters:
On Treating Obama gingerly, because he does not want to lose the independent voter:
On his consultants:
On the fact that most people couldn’t give a rip about politics; that they care about bread and butter issues:
On Obama and Wall Street; and if Mitt Romney wins, Wall Street will improve:
In this idiotic article, the author makes a false claim:
Well, um, actually —- Via Washington Examiner:
Mother Jones reporter David Corn claims the line about Obama promising to get unemployment under eight percent is not true.
Corn is wrong: Two of Obama’s economic advisers released a report in January 2009 arguing that the economic stimulus bill would have unemployment under 6 percent by now.
Also too The Astute Bloggers reminds us of the following:
From the Economic Collapse Blog:
The following are 16 statistics which show that the number of Americans dependent on the government is at an all-time high….
#1 According to the Census Bureau, 49 percent of all Americans live in a home that gets direct monetary benefits from the federal government. Back in 1983, less than a third of all Americans lived in a home that received direct monetary benefits from the federal government.
#2 The amount of money that the federal government gives directly to Americans has increased by 32 percent since Barack Obama entered the White House.
#3 The number of Americans receiving Social Security disability benefits has increased by 10 percent since Barack Obama first took office.
#5 The number of Americans on food stamps recently hit a new all-time high. It has increased by 3 million since this time last year and by more than 14 million since Barack Obama first entered the White House.
#6 Today, one out of every seven Americans is on food stamps and one out of every four American children is on food stamps. This is unprecedented in American history.
#7 In 2010, 42 percent of all single mothers in the United States were on food stamps.
#8 Back in 1980, government transfer payments accounted for just 11.7% of all income. In 2010, government transfer payments accounted for 18.4% of all income, which was a new all-time high.
#9 By the end of 2011, approximately 55 million Americans received a total of approximately 727 billion dollars in Social Security benefits. As the retirement crisis becomes much worse, that dollar figure is projected to absolutely skyrocket.
#10 According to the Congressional Budget Office, the Social Security system paid out more in benefits than it received in payroll taxes in 2010. That was not supposed to happen until at least 2016.
#11 Back in 1965, only one out of every 50 Americans was on Medicaid. Today, one out of every 6 Americans is on Medicaid, and things are about to get a whole lot worse. It is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.
#12 The U.S. government now says that the Medicare trust fund will run out five years faster than previously anticipated.
#13 The total cost of just three federal government programs – the Department of Defense, Social Security and Medicare – exceeded the total amount of taxes brought in during fiscal 2010by 10 billion dollars.
#14 It is being projected that entitlement spending by the federal government will nearly double by the year 2050.
#15 Right now, spending by the federal government accounts for about 24 percent of GDP. Back in 2001, it accounted for just 18 percent.
#16 When you total it all up, American households are now receiving more money directly from the federal government than they are paying to the government in taxes.
So, in other words, Romney told the truth about the left and now they are having a collective (Something they do well, collectivism!) heart attack about it. Two words lefties: Oh well. Truth hurts don’t it?
Here is the Fed chairs announcement:
The Story via CNN.COM:
NEW YORK (CNNMoney) — The Federal Reserve announced plans to unleash more stimulus Thursday, in its third attempt at a controversial program to rev up the U.S. economy.
The policy, known as quantitative easing and often abbreviated as QE3, entails buying $40 billion in mortgage-backed securities each month. The end date remains up in the air, as the Fed will re-evaluate the strength of the economy in coming months.
The Fed is wasting no time. The purchases begin Friday and are expected to add up to only $23 billion for the remainder of September.
The bond-buying policy “should put downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative,” the Fed’s official statement said.
Meanwhile, the Fed will continue its existing policy known as Operation Twist. Together the two programs will add $85 billion in long-term bonds to the Fed’s balance sheet each month.
Now what effect will this have on our money supply?
Ryan W. McMaken writing over at Lew Rockwell’s blog correctly observes:
The effect of this will be:
- Even less saving going on than is happening now. Why do the lending institutions need more liquidity? Because there are no real life loanable funds in the first place. No one is putting money in depository institutions, for example, because interest rates are at rock-bottom levels, but also because people have no excess money to save. So, the Fed is creating fake loanable funds through the purchase of the MBSs. Much of this will probably be newly-created money.
- It will maintain the focus on consumer spending rather than investment. The idea is to keep people spending on real estate. Thus, less will be spent on business investment.
- People will incur more debt.
We’ve heard for years from some incorrigible economists that what we need is the Fed to pump up the real estate market to get people spending again. Their answer is: more debt, more spending, less savings and investment.
This is what has been happening for years to no avail, of course, and the Fed is now just turning it up a notch. I’m sure recovery is right around the corner.
The definition of insanity/Keynesianism: Doing the same thing over and over and expecting a different result.
A-farking-men. This is what happens, when you elect the same very idiots, who screwed the housing markets squarely into the ground. People that voted for this sort of Government, get exactly what is coming to them and the sort of Government that they voted for. Who the heck ever heard of printing money, that you do not even have to print? It is the textbook case of utter insanity.
I will say this; if Mitt Romney loses this election and the way recent events have turned out, he just might lose —- and this Nation goes into the crapper, because Conservatives and the Republican Party decided to pick a safe candidate. Then the Republican Party should be shut down for good and a new Conservative Party formed. Others have said it, I know and they are absolutely correct.
This stuff right here is the very reason why I hung it up with the Democratic Party and stopped voting for them and supporting them. I am not a millionaire or even someone with any sort of money at all. Hell, I have been unemployed for 8 damned years. However, I do know stupidity, when it see it; and it is on full display here. Only insane people would do stuff like this, and try to rev up the economy. The solution is to let the free-market work and do its job, not stick a statist finger in it.
Also too; as much as I am not a big fan of weaving ads into my blog postings. I believe this one is important. This would be a good time as any to get into Gold, Silver and other metals. I deal with two companies that sell the stuff. Their banners are below and they both come highly recommended.
It would be absoutely insane not to get into at least some sort of Gold or other precious metal investment.
I saw this over at HotAir.com and I thought I would share it here:
Not that this is anything new really. I have been writing about this crap sack’s lies since 2007 on my old blog.
Here are some more of Obama’s lies:
and they wonder why Joe Wilson said this:
Welcome to reality Democrats! This is what you elected and what you are about to be stuck with, when he LOSES!
I hate to be the one to say it, but I told you so. I even wrote it early this morning; that Obama’s rhetoric in his speeches does not match realities on the ground and that includes his performance.
Buzzfeed even noticed the lack of mention of the Unemployed:
CHARLOTTE, NC — President Barack Obama’s acceptance speech at the Democratic National Convention Thursday night didn’t include language targeted at the nation’s unemployed.
Despite boilerplate language about the job losses four years ago and his plans to create jobs, Obama did not specifically address the millions of Americans still struggling to find a job or a job that meets their needs.
Obama’s speech also avoided any mention of the unemployment rate, which is still above 8 percent and fell in August because 368,000 Americans left the workforce. Obama was briefed on the August jobs report yesterday afternoon, hours before he took the stage in Charlotte.
The latest data from the Bureau of Labor Statistics shows that the nation created only 96,000 jobs in August, well below what analysts expected, while the previous two months of job gains were also revised downward. On the surface the jobs report is a mixed bag for Obama, but nearly every underlying statistic reveals lingering economic weakness.
Mitt Romney weighed in:
“If last night was the party, this morning is the hangover. For every net new job created, nearly four Americans gave up looking for work entirely. This is more of the same for middle-class families, who are suffering through the worst economic recovery since the Great Depression. After 43 straight months of unemployment above 8 percent, it is clear that President Obama just hasn’t lived up to his promises, and his policies haven’t worked. They aren’t better off than they were four years ago. My plan for a stronger middle class will create 12 million new jobs by the end of my first term. America deserves new leadership that will get our economy moving again.”
The American Enterprise Institute weighs in with charts galore and a bit of commentary:
AEI lays out the truth in grim detail:
– Nonfarm payrolls increased by only 96,000 in August, the Labor Department said, versus expectations of 125,000 jobs or more. The manufacturing sector, much touted by the president in his convention speech, lost 15,000 jobs.
– Since the start of the year, job growth has averaged 139,000 per month vs. an average monthly gain of 153,000 in 2011.
– As the chart at the top shows, the unemployment rate remains far above the rate predicted by Team Obama if Congress passed the stimulus. (This is the Romer-Bernstein chart.)
– While the unemployment rate dropped to 8.1% from 8.3% in July, it was due to a big drop in the labor force participation rate (the share of Americans with a job or looking for one). If fewer Americans hadn’t given up looking for work, the unemployment rate would have risen.
– Reuters notes that the participation rate is now at its lowest level since September 1981.
– If the labor force participation rate was the same as when Obama took office in January 2009, the unemployment rate would be 11.2%.
– If the participation rate had just stayed the same as last month, the unemployment rate would be 8.4%.
– The Labor Department also said that 41,000 fewer jobs were created in June and July than previously reported. The change in total nonfarm payroll employment for June was revised from 64,000 to 45,000, and the change for July was revised from 163,000 to 141,000.
– The broader U-6 unemployment rate, which includes part-time workers who want full-time work, is at 14.7%.
– The employment-population ratio is perhaps the broadest measure of the health of the labor market. It just shows how many Americans — not in the military or in prison — as a share of the population actually have some sort of a job. That number fell last month to 58.3%, just off its Great Recession lows.
– Each month, The Hamilton Project examines the “jobs gap” — the number of jobs that the U.S. economy needs to create in order to return to pre-recession employment levels while also absorbing the people who enter the labor force each month. If we added 96,000 jobs every month, we would not close the jobs gap until after 2025, as this chart shows.
– The average workweek for all employees on private nonfarm payrolls was unchanged at 34.4 hours in August. The manufacturing workweek declined by 0.2 hour to 40.5 hours, and factory overtime was unchanged at 3.2 hours.
– The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours.
– In August, average hourly earnings for all employees on private nonfarm payrolls edged down by 1 cent to $23.52. Over the past 12 months, average hourly earnings rose by just 1.7 percent.
– In August, average hourly earnings of private-sector production and nonsupervisory employees edged down by 1 cent to $19.75.
As President Obama likes to say on in his campaign speeches; when his supporters boo Mitt Romney or the Republicans — “Don’t Boo, VOTE!” Well, I think it is quite obvious that it is time for Americans to vote differently. Because it is quite obvious to this writer that President Obama has done nothing to match his flowing rhetoric in his speeches.
Even Jennifer Rubin over at the Washington Post, which is very liberal says the following:
We can surmise that Obama’s lackluster performance last night was due in part to an early look at a jobs report that not even his most dogged media shills can spin. Mitt Romney put out a statement that read: “If last night was the party, this morning is the hangover. For every net new job created, nearly four Americans gave up looking for work entirely. This is more of the same for middle class families who are suffering through the worst economic recovery since the Great Depression. After 43 straight months of unemployment above 8%, it is clear that President Obama just hasn’t lived up to his promises and his policies haven’t worked. We aren’t better off than they were four years ago. My plan for a stronger middle class will create 12 million new jobs by the end of my first term. America deserves new leadership that will get our economy moving again.”
The job numbers will likely harden the perception that the president is in over his head. The voters do not see a “recovery.” A call for “more time” is unconvincing if one has the sense neither that four nor 40 years would make a difference under this president.
Romney will continue to hammer away at the president’s failures. But he would be wise to push (as he is doing in 15 new ads in eight states) his own plans for middle-class Americans, and most especially domestic energy development. Voters are certain things are bad; they now need to be reassured Romney will be better. With these jobs numbers the public might well conclude: How could he do any worse?
To this I can only add a very hearty Gentile Protestant Christian —- Amen.
Others: The Moderate Voice, BuzzFeed, Reuters, JOSHUAPUNDIT, The Right Scoop, Ed Driscoll,Questions and Observations, Instapundit, Sister Toldjah, Le·gal In·sur·rec· tion, Blue Crab Boulevard,NewsBusters.org blogs, Power Line, Fausta’s Blog, National Review and Patterico’s Pontifications (via Memeorandum)
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!
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:
Yes, I said that and do please, quote me on it.
Video: (Via Mediaite)
Touré didn’t just say that – he said that Romney was “using the playbook Republicans have been using for decades now.” In other words, Republicans have been involved in so-called “niggerization” for decades.
This is disgusting. It’s a lie, and what’s more, it waters down racism to the point where anything qualifies – and to the point that real racism isn’t taken seriously anymore. According to Touré, it’s racist to suggest that Obama is the “food stamp president,” even if he’s elevated food stamp usage to record levels; it’s racist to call him angry; but it’s not racist for Joe Biden to suggest that freeing Wall Street will put black people “back in chains.”
Only MSNBC would put a fool like Touré on the air every night. And only the racially extreme left would consider Touré an eloquent spokesperson for their perverse views.
Okay, now I am going to say what Ben did not have the room or even the heart to say up there in that quoted text above. As a white man, who has been unemployed for the last eight goddamned years and has watched as family members, friends and neighbors of mine lose their jobs, their homes, and their dignity over the last eight years —- of which Obama has been in office for almost four years of that time. Let me say that I have watched as Obama has engaged in the ‘niggerization’ of America.
I have watched as President Obama bailed out Wall Street and left people on Main Street to suffer. I have watched as Barack Obama went out of his way to protect failing companies like General Motors and Chrysler (READ —- UNIONS!) — Which are headed for bankruptcy again —- and then not do a goddamned thing for non-union working class folk —-like myself.
The fact is that unemployment is up, food stamp enrollment is up, social security enrollment is up and the Nation’s GDP is down, manufacturing is down and economy is just goddamned awful. Whose fault is that? It is President Barack Obama’s fault. If Barack Obama had just left the economy alone, it would have been just fine and would have recovered. However, no, he spent like a drunken sailor and now this Country is $15 TRILLION dollars in debt and what do we have to show for it? —– Not one goddamned lousy thing except for the debt itself. Oh, we got something all right, a lousy goddamned healthcare bill that utterly robbed Medicare!
So, if the liberal Democrats want to talk about ‘niggerization’ of anything, I suggest they look in the goddamned mirror and also take a look in the White House and look real close at what the “magic negro” that they elected to the office of President of the United States is really doing! Because I tend to suspect that, these clowns are just plain damned clueless.
This is what the Democrats have left, their leader has failed, and his reelection is in jeopardy. They have nothing left in their bag; —- except for class and racial warfare. This will cost them dearly too. Because Independent people are going to see this and they are going to run away from it. Racial resentment is a turnoff to most people.
This is not what Martin Luther King Jr. taught; this is the sort of thing Malcolm X preached and practiced. It was wrong then and it is wrong now. This is why Martin Luther King Jr. has a monument in Washington DC and Malcolm X does not. Because preaching this sort of division does nothing to advance the black cause, all it does is cause hate and resentment. It used to work in the 1970’s and even in the 1980’s. However, I tend to believe the Americans, even black Americans, are just a little smarter than that anymore. They are tired of the division and the warfare and just want to get along with everyone. I mean, blacks can go to Selma, Alabama now and eat, shop and sleep about anywhere they want to there now.
Therefore, to MSNBC and this Toure character, I say this: Your racial resentment and “the evil white man” magic act are getting a bit stale. I think it is time you found a new script and some new talking points. Because smart Americans, like me, see right through this and reject it wholeheartedly. By that, I mean; Black Americans, White Americans, Latino Americans, and every other goddamned race of Americans too. All Americans see right now is the fact that there are no jobs, and that they have no money and huge bills and mortgages that are underwater — and the best thing you idiots at MSNBC can do is play the race card? My God —- has defending hope and change gotten that bad?
In closing: ‘niggerization’ —- Nigga please! You idiots do not even know the meaning of the word!
Update: Toure apologizes
This here is why:
(Reuters) – Federal Reserve Chairman Ben Bernanke on Friday issued a call to action to restore housing markets, saying depressed house prices and sales are a serious drag on the economic recovery.
“The state of housing has been an impediment to a faster recovery,” he said in remarks prepared for delivery to a home builders’ conference in Orlando.
“Because the troubled housing market continues to depress construction activity and employment, we need to continue to develop and implement policies that will help the housing sector get back on its feet,” Bernanke added.
As I have written time and time again; “action” by Democrats is what put America into the shape that it is now. if anything, we need to the Government to get their darned slimy paws off of the private housing market and let it correct itself. Sure, pain will be felt; that happens in capitalistic society — deal with it.
This is what happens when you elect socialists into power, remember this come November.
The story: (H/T Jazz Shaw)
The $25 billion settlement with banks over foreclosure abuses may result in a wave of home seizures, inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely.
Lenders slowed the pace of foreclosures as they negotiated with attorneys general in all 50 states for more than a year over allegations of faulty and fraudulent paperwork used to repossess homes. With yesterday’s agreement, banks are likely to resume property seizures.
“The best thing about the settlement, frankly, is that it will be done,” said Stan Humphries, chief economist for Seattle-based Zillow Inc. (Z), a provider of home-sales data. “The shadow of the settlement hung over the market for a year now.”
The backlog of foreclosures has trapped homeowners in properties they can no longer afford, depressed neighborhood prices by increasing the number of abandoned homes and led banks to tighten mortgage credit standards because of uncertainty about the cost of their potential obligations. Foreclosure starts fell 46 percent in December from October 2010, when the investigation into the so-called robo-signing of mortgage documentation began, according to Irvine, California-based RealtyTrac Inc.
At the risk of sounding like, of all people, Ron Paul; This is what happens when Government gets involved with the private market. It gets screwed up and attempts to fix it, screw it up even worse! Let this be a lesson to our Government and all involved; do not involve yourself in private markets, like housing. It only messes things up. The sad thing is, a whole bunch of people had to suffer, because a group of liberal elitists decided that a tried and true system just had to be tweeked to give to the “have-nots” and from what I read above, the suffering is just beginning.