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Dylan Ratigan On Property Rights Gone Wrong And America's Descent Into Central Planning Hell
Now that the Fed is officially targeting a path for the level of nominal gross domestic product, which is essentially the politburo's chief central planning task, and is just one step away removed what China does constantly by starting with a GDP assumption and trickling it down through the economy, it is only fitting that America, now on the verge of being a fully-blown communist country, is also abrogating property rights, courtesy of the much discussed foreclosure scandal. Dylan Ratigan provides a concise explanation of just how our bankers have managed to bring us to this last descent into central planning hell.
From Dylan Ratigan
Property Rights Gone Wrong
Most mortgages in America are now backed by our government. And in order for a bank to get that backing from our government it must fill two criteria:
1. The borrowers must be verified by the banks and their agents as qualified.
2. Lenders must fill out paperwork accurately and make sure that
when the home's title changes hands, so does the documentation.
But in the past two decades, a whole lot of the time, that never happened.
Why?
For banks and servicers, the motive was money. Banks profited by
packaging and selling those toxic home loans. Then they profited again
by betting against those same securities. A bet, in essence, that a fraudulent loan wouldn't be paid back.
But why would politicians allow this?
The simple answer is to stay in office.
Giving people huge government incentives to
buy houses made them happier and thus made their politicians more
likely to keep their jobs. And at the same time, the financial services
sector -- the banks making all the money -- were donating to their
political campaigns.
In 2008, the financial sector was the top donor to both the Democratic and Republican candidates.
So where are all these toxic loans now? We own them! At the Federal Reserve, Fannie Mae, and Freddie Mac.
And the banks and politicians will do whatever it takes to prevent a legitimate foreclosure proceeding...one which would easily reveal the lack of qualifications and bad documentation in the loans sold to the government.
Finally, the last and most important why:
Why isn't the government dealing with it now?
Simply because it could reveal systematic criminal and civil fraud at
the highest levels of America's banks and in its political corridors.
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I was thinking to myself today while showering and cutting my wrist while singing CRAWLING IN MY SKIN!!!!!! from Linkin Park
In a free market would fractional reserve banking inevitably occur as banks seek rent/profit?
Further in an anarcho-capitalist society who would control the banks from doing this?
This is off-topic and I asked in another thread a few minutes ago: I was wonering how long the wait was between sign-up and ship-out for you. Also, what's your MOS?
5 Months for enlisted. 9-12 months Officer Candidate School depending on several factors. This is all when I enlisted, trust me I wanted to go OCS but time and financial constraints didn't allow me. I'll sign up for OCS as quickly as possible when I'm done with Basic.
However, my buddy enlisted like a week ago, he won't be leaving til like late April/May. So what's that? 7 months?
I'd imagine OCS people would be nearing 13 months.
I know a lot of OCS people and umm unforunately most of them have teaching or business degrees. It's kinda sad.
My MOS is 21B or Combat Engineer. The longer you wait to sign up the worst your job opportunities. I was stupid and fucked around for a year before I signed up.
That's in line with what I've been hearing regarding the wait, which is just fine becasue who wants to do BCT in the winter? Blah. Spring, FTW. Going to talk to recruiter tomorrow. Hope to be signed up by month's end. Feel free to email me: UrbanRoman@hushmail.com
Well I have lived in Mich my whole life and I'm used to the snow.
I'm sure Missouri will be less cold.
Plus many bases in winter areas have facilities to do PT and some basic exercises indoors.
What about your diabetes and amputated foot?
The army told me they could fix me with those handicap foots that runners use. Diabeetus don't mean nothing as long as I have a a big mac everyday around 12.
OK, I was going to ream Ripped for being a douche, but here you are confirming(?!WTF?!) what he said?
http://www.zerohedge.com/article/35-million-streets-and-rising-french-strikes-escalate-just-how-serious-situation
comment 644015. Strangely, I am drawn to this type of humor. And I would love to get one of those collars for my dog so he would stop licking his balls all night.
You're just jealous that he can.
It's a joke?
Why did this get so far off topic. Dylan Ratigan has been doing what you will not here from anybody else on any other media outlet. He has been squeezing everybody's balls on his show. He ran Fast Money, and on his last shows, one could see how pissed off he was at the Goldman Sachs of the World. The man deserves credit for his courage to tell it like it is. He goes after anybody who is a fraud. If we had more people like him in the media America might actually have a chance to throw the real bums of our country out. That being the Central Bankers ,(CB), and those who keep the power elite in office. It starts at the top with GS and JPM. Mark my words, the way it looks, Jamie Dimon will most likely be the head of the FED or Treasury fairly soon. Just like Lord Blackass, (Lloyd Blankfein), doing God's work. Aren't they all just little angels now. Dylan does not like the fact that taypayers gave Blankfein his 100 million dollar bonus. And when you think of those bonuses they will get this year. Just remember. We paid for them too. Because most of them would be out of business if the FED and Hank Paulson did not bail them out. Remember Hank Greenberg left AIG, with us paying for his diapers for life. Just as we do for Jack Welch from GE. O.K. I'm done with my Rant. Bass Ale time now.
At first it would - but as bank runs and failures occur, the general population will become increasingly skeptical of banks.
Eventually new banks will be compelled to assuage the fear of the public by publishing their reserve ratio, and/or conducting rigorous third party audits.
In the free market, banking, as we know it, would not exist - market pressures would force banks to either have 100% reserves, or, to require CDs from all depositors - matching their debt maturity with credit maturity to stay solvent.
We are in an unprecendented period in world history. Take a person from most any other country, most any other time, an average person, and he/she will understand, to a far greater extent, what money is and how it works... today the average citizen in completely ignorant of these dynamics - ignorance that has permitted the banksters and politicians to do so much damage.
+1000
Most foreigners I know, particularly Asians, distrust banks and strive to find alternatives. It's common for a family to pool resources.
Yes.
The depositors, via bank runs if the banks are poorly run.
As time passes, the age of the bank will become very important, as a bank that has been around for a hundred years is almost certain to be well run, where one that was started last week has no such seal of approval from its customers. More than likely, people would choose what level of risk they are willing to accept , and get a return that is proportional to risk. Current levels of leverage would probably get you a 50% yearly return in a free market (absent the bank's fees), but you would have a good sized chance of losing your money as the bank goes insolvent. Alternatively, you could get a bank that uses very little leverage, but you only get a 10% return. Certainly nothing to sneeze at, but pretty low return for capital in a government-free system. Of course, if you want no risk, you can put in in a vault and pay storage fees.
I think the general austro libertarian analysis is that while fractional reserve banking should not be outlawed, it would be an exceedingly foolish thing to do absent the federal reserve. It would be akin to gambling. The presense of the federal reserve or central bank willing to counterfiet bank notes enables the banks to engage in what would otherwise be gambling.
In an anarcho capitalist society there would probably still exist fractional reserve banks. They would probably attempt to leverage up and make money on a short term opportunity while limiting the ability of depositors or creditors from withdrawing frequently. Kind of like hedge funds now operate.
But this has been the critique of the people on this site and elsewhere -- with backing by the fed, depository instituions are just massive hedge funds with a creditor that has a printing press.
Since there is no backstop the banks would constantly fail if they engaged in this fraud. Because of this eventually only the stupid would invest with an openly fraudulent system. Would you put money in an institution that openly tells you it is committing fraud? "Out business model is to commit fraud and steal from our depositors. So would you like toe set up an account? By the way there are no backstop so when we screw you (and we will) you get nothing"
The system would have to move to more of a CD where the money is given to the bank for a set period earning a set rate. The bank could then turn around and lend that money, and yes there is still risk. Sure fraud based banks would probably still exist but depositing with them would be gambling, which it is now only we have the equally fraudulent FDIC backing up the 1st their fraud.
, lol, hah, There was a guy blaring that on his i-pod on the elevator this morning...it is sickening..sheep go baaah and seem to be life drunk...can't make heads or tails of the situation
we think we own property. We just rent it from the government. If you don't think so, try not paying your 'rent' ( aka property taxes, bonds, fees ) for a few years, and you will see they do. We're serfs to U(ncle) S(hylock).
+1000
The serfs get to "own" a huge debt and capital gains risk.
"highest levels of America's banks and in its political corridors."
That pretty much sums up who they are covering for.
He really went off on his 4:00 Show in much greater detail.
We aren't going communist. We are going fascist.
Sounds about right.
More like Fascommunist --- buckle up and bite down hard!!!!
What if we had a spirital revival, akin to the Great Awakening of the 19th Century? What if lots of straight young men who can't get jobs but don't want to join the military suddenly join monasteries and seminaries and become activists.
There are a lot of big pieces of real estate that the Catholic Church owns with empty monasteries.
What if some actually good, straight people or celibate gays, were to find that the economy is so bad, the bad faith so entrenched that they actually wanted to do something about it.
They resurrect monastic life which much more economically: farms, tends vineyards, makes things and sells things.
They begin a credit union with limits on interest in acknowledgement of usuary.
You can junk this or take pot shots. But, it could happen. There are good people. I know, I live near West Point and see the young people who go there. They are good. They are for the most moral. They are fodder, too.
Some day in the not too distant future, young people may see religious life as an option.
I bet the banksters haven't thought about the power that may represent.
In a lot of ways.
Dropping out, shunning a corrupt and insatiable kleptocracy is the way to go. So it will collapse. And something better based on our shared experience of what not to do can emerge.
http://petraeus2012.com/
Because, to ward off impending fascism, one should elect a general.
Actually not fascism since that is the govt taking over corporations and running them...in our case the corporations have taken over a communist govt. Whats it called technically? Hell I dont know, but its not good.
Hardly matters, both have the same endpoint, and the path looks largely the same.
From Merriam-Webster:
FASCISM: a political philosophy, movement, or regime (as that of the Fascisti) that exalts nation and often race above the individual and that stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation, and forcible suppression of opposition
From Dictionary.com:
a governmental system led by a dictator having complete power, forcibly suppressing opposition and criticism, regimenting all industry, commerce, etc., and emphasizing an aggressive nationalism and often racism.
For an economist's bent see: http://www.econlib.org/library/Enc/Fascism.html
Corporatism
http://www.youtube.com/watch?v=udI8RPpSleg&feature=related
I'd call it a Corporate Plutocracy.
Actually yes, it is FASCISM.What the hell you think they have been doing?.Puttingtheir folks at TOP spots, or leaving same/same and ordering them on how to run it, who will get paid, and how much.
The Fascists, let the company do the daily shit, and they pull all the strings in the background, and tell who where to shit, and when.
When you fail, they bring in their useless ckskrs, and yes men.
Fascism (pronounced /?fæ??z?m/) is a radical and authoritarian nationalist political ideology.[1][2][3][4] Fascists seek to organize a nation according to corporatist perspectives, values, and systems, including the political system and the economy.
Thanks for clearing the semantics up. Fascism it is.
We did that already.
STATIST
Communism IS fascism IS communism. Same structure, different marketing campaigns.
Only difference is that under communism the "corporation" is a private bank account rather than a public front. In both cases, the "state" (ie. oligarchs) owns all property.
During WWII, the German SS and Russian NKVD worked closely together while the public propaganda was that one was fascist and the other communist (a google search should turn up some good photos of them training and drinking together).
I am disappointed by the bombast in this post. Let's try to disobey Godwin's law (or a Red version of it). America is not "on the verge of being a full-blown communist country." It is worth being accurate about what is happening, because it remains frightening and unnerving, but it is not communism.
It may not be communism in the ideal or classic sense, but it is socialism.
Nationalize the mortgage industry, nationalize two auto companies, nationalize the banks, nationalize airport security into the TSA (9/11), Amtrak, and whatever, there's not a small list.
Wait til we "have" nationalize the Fed and the banks, and then GE.
Nationalized the student loan industry, and they are now using that power to lean on private colleges
Let's not forget Nationalized Healthcare, here are but a few items ( in this Bill that passed),the man who sent this in is a Judge.
A bit of what he sent them. Read it and weep, tell me WTF has most of this to do with Health Care?.
"I am opposed to HB 3200 for a number of reasons. To start with, it is estimated that a federal bureaucracy of more than 150,000 new employees will be required to administer HB3200. That is an unacceptable expansion of a government that is already too intrusive in our lives. If we are going to hire 150,000 new employees, let's put them to work protecting our borders, fighting the massive drug problem and putting more law enforcement and firefighters out there."
"Other problems I have with this bill include:
** Page 50/section 152: The bill will provide insurance to all non-U.S. residents, even if they are here illegally.
** Page 58 and 59: The government will have real-time access to an individual's bank account and will have the authority to make electronic fund transfers from those accounts.
** Page 65/section 164: The plan will be subsidized (by the government) for all union members, union retirees and for community organizations (such as the Association of Community Organizations for Reform Now - ACORN).
** Page 203/line 14-15: The tax imposed under this section will not be treated as a tax. (How could anybody in their right mind come up with that?)
** Page 241 and 253: Doctors will all be paid the same regardless of specialty, and the government will set all doctors' fees.
** Page 272. section 1145: Cancer hospital will ration care according to the patient's age.
** Page 317 and 321: The government will impose a prohibition on hospital expansion; however, communities may petition for an exception.
** Page 425, line 4-12: The government mandates advance-care planning consultations. Those on Social Security will be required to attend an"end-of-life planning" seminar every five years.
** Page 429, line 13-25: The government will specify which doctors can write an end-of-life order.
"Finally, it is specifically stated this bill will not apply to members of Congress. Members of Congress are already exempt from the Social Security system and have a well-funded private plan that covers their retirement needs. If they were on our Social Security plan, I believe they would find a very quick 'fix' to make the plan financially sound for the future."
Honorable David Kithil
Marble Falls , Texas
All of the above should give you all the point blank ammo you need to support your opposition to Obamacare.
** Page 58 and 59: The government will have real-time access to an individual's bank account and will have the authority to make electronic fund transfers from those accounts.
Huh? Really? Well I guess it's only fair because evryone know's government knows best and only works for the good of the citizenry.
nationalize the Fed? Fed, er...-alize the nation.
Yeah, let the PTB indulge in some federasty.
Yes it is communism, you didnt refute that at all. Just said youre disappointed.
Not socialism, not communism, not capitalism...let's call it kleptocracy (a government characterized by rampant greed and corruption)?
Well said. I'm an old Russia hand, lived there a bunch of years under the old and the new regimes. I experienced and studied the Soviet experiment, and loath it, but all talk of what we now face, labeling it as communism or facsim, provokes in me these odd feelings of offensive. I think what we now face, although not nearly as bloody, obviously, is far more corrupt. Communism was corrupt, to be sure, but it also had a certain honesty to it, even if it was the honesty of a jack boot stomping on the face of humanity for all eternity. What we are beset with is this incredibly hypocritical, mendacious leviathan. Over the past year I've watched two friends go through the infinite hoops of securing a mortgage, and to find out that on the other side of the equation there's no semblance of legality... it comes as a bit of a shock. So yes, I vote for the term kleptocracy. It's theft.
+1 (which ain't worth what it used to be)
Can you point out which plank/planks of the Communist Manifesto that has yet to be implemented in the United States?
I can, but there aren't many, and most of those not implemented are in fact well on their way.
Thank you for compelling me to take the Marx down from the shelf; it's a bit dusty since its last reading during college. He is a terrific writer.
Section II, I believe, contains the relevant "platform" (although isn't really that exactly). Let's go through them line-by-line:
"1. Abolition of property in land and application of all rents to public purposes."
-- Only a hysteric would find the temporary nationalization of troubled mortgages to be equivalant to abolition of property (again, bombastic).
"2. A heavy progressive or graduated income tax."
-- By the standards of the top ten wealthiest countries, our income tax is pathetically non-graduated. We still have not managed to learn that trickle-down is stupid.
"3. Abolition o fall right of inheritance."
-- Perhaps the way in which America is more FEUDAL than communist. I refer you to the greediness and self-entitlement of the Walton family.
"4. Confiscation of the property of all emigrants and rebels."
-- Seems orthogonal to the discussion at hand.
"5. Centralization of credit in the hands of the State, by means of a national bank with State capita and an exclusive monopoly."
-- Probably the one item I think we are most in agreement with. But then again, so is the rest of the Western world. And a single agreement with Communist principles a Communist does not make.
"6. Centralization of the means of communication and transport in the hands of the State."
-- What percentage of travel is via Amtrak? Mostly people fly or drive, which they do with their own personal machines or through corporations.
"7. Extension of factories and instruments of production owned by the State... and the improvement of the soil generally in accordance with a common plan."
-- I WISH we did this. All our farms grow is corn! And because of that our country is fat and diabetic.
"8. Equal liability of all to labor. Establishment of industrial armies, especially for agriculture."
-- Yikes! Don't see that in the cards any time soon.
"9. Combnation of agriculture with manufacturing industries; gradual abolition of the distinction between town and country...."
-- I think we've done that on our own accord by creating exurbs. Which, by the way, are an abomination. Concentrated cities interspersed across rural land is by far preferable. Sorry Marx!
"10. Free education for all children in public schools. Abolition of children's factory labour in its present form."
-- My god Karl, you are a monster! Seriously, I WISH we did a better job of upholding this.
So what's our tally? I would argue we haven't fully adopted a SINGLE element.
Someone junked me???!! And I went back to original texts and everything! Sheesh.
You have admirers. Don't happy, be worry.
awww I love you too
There's a tiny but loud contingent here which is CERTAIN that you're a dirty commie rat because you have a copy of the book. ;)
Yes I'm sure.
The Marx reader is an essential component of any library. Relying upon the jaded synopses of others to provide you with your understand of what communism is will only lead to your own intellectual demise.
To avoid further junking of my posts, I'll get out my Smith and put him on the night table :)
They even junked your objection to being junked, uberfinch.
That's as low as it gets. What kind of a dump is this?
As long as we keep complaining, maybe it will change.
I happen to like this dump a lot; I just think there are a few too many battle-hardened crazies who find it difficult to open their minds to diverse perspectives.
How about this:
The Communist Takeover Of America - 45 Declared Goals
Communist Goals (1963) Congressional Record--Appendix, pp. A34-A35 January 10, 1963
Current Communist Goals EXTENSION OF REMARKS OF HON. A. S. HERLONG, JR. OF FLORIDA IN THE HOUSE OF REPRESENTATIVES Thursday, January 10, 1963 .
Mr. HERLONG. Mr. Speaker, Mrs. Patricia Nordman of De Land, Fla., is an ardent and articulate opponent of communism, and until recently published the De Land Courier, which she dedicated to the purpose of alerting the public to the dangers of communism in America.
At Mrs. Nordman's request, I include in the RECORD, under unanimous consent, the following "Current Communist Goals," which she identifies as an excerpt from "The Naked Communist," by Cleon Skousen:
[From "The Naked Communist," by Cleon Skousen]
1. U.S. acceptance of coexistence as the only alternative to atomic war.
2. U.S. willingness to capitulate in preference to engaging in atomic war.
3. Develop the illusion that total disarmament [by] the United States would be a demonstration of moral strength.
4. Permit free trade between all nations regardless of Communist affiliation and regardless of whether or not items could be used for war.
5. Extension of long-term loans to Russia and Soviet satellites.
6. Provide American aid to all nations regardless of Communist domination.
7. Grant recognition of Red China. Admission of Red China to the U.N.
8. Set up East and West Germany as separate states in spite of Khrushchev's promise in 1955 to settle the German question by free elections under supervision of the U.N.
9. Prolong the conferences to ban atomic tests because the United States has agreed to suspend tests as long as negotiations are in progress.
10. Allow all Soviet satellites individual representation in the U.N.
11. Promote the U.N. as the only hope for mankind. If its charter is rewritten, demand that it be set up as a one-world government with its own independent armed forces. (Some Communist leaders believe the world can be taken over as easily by the U.N. as by Moscow. Sometimes these two centers compete with each other as they are now doing in the Congo.)
12. Resist any attempt to outlaw the Communist Party.
13. Do away with all loyalty oaths.
14. Continue giving Russia access to the U.S. Patent Office.
15. Capture one or both of the political parties in the United States.
16. Use technical decisions of the courts to weaken basic American institutions by claiming their activities violate civil rights.
17. Get control of the schools. Use them as transmission belts for socialism and current Communist propaganda. Soften the curriculum. Get control of teachers' associations. Put the party line in textbooks.
18. Gain control of all student newspapers.
19. Use student riots to foment public protests against programs or organizations which are under Communist attack.
20. Infiltrate the press. Get control of book-review assignments, editorial writing, policy-making positions.
21. Gain control of key positions in radio, TV, and motion pictures.
22. Continue discrediting American culture by degrading all forms of artistic expression. An American Communist cell was told to "eliminate all good sculpture from parks and buildings, substitute shapeless, awkward and meaningless forms."
23. Control art critics and directors of art museums. "Our plan is to promote ugliness, repulsive, meaningless art."
24. Eliminate all laws governing obscenity by calling them "censorship" and a violation of free speech and free press.
25. Break down cultural standards of morality by promoting pornography and obscenity in books, magazines, motion pictures, radio, and TV.
26. Present homosexuality, degeneracy and promiscuity as "normal, natural, healthy."
27. Infiltrate the churches and replace revealed religion with "social" religion. Discredit the Bible and emphasize the need for intellectual maturity, which does not need a "religious crutch."
28. Eliminate prayer or any phase of religious expression in the schools on the ground that it violates the principle of "separation of church and state."
29. Discredit the American Constitution by calling it inadequate, old-fashioned, out of step with modern needs, a hindrance to cooperation between nations on a worldwide basis.
30. Discredit the American Founding Fathers. Present them as selfish aristocrats who had no concern for the "common man."
31. Belittle all forms of American culture and discourage the teaching of American history on the ground that it was only a minor part of the "big picture." Give more emphasis to Russian history since the Communists took over.
32. Support any socialist movement to give centralized control over any part of the culture--education, social agencies, welfare programs, mental health clinics, etc.
33. Eliminate all laws or procedures which interfere with the operation of the Communist apparatus.
34. Eliminate the House Committee on Un-American Activities.
35. Discredit and eventually dismantle the FBI.
36. Infiltrate and gain control of more unions.
37. Infiltrate and gain control of big business.
38. Transfer some of the powers of arrest from the police to social agencies. Treat all behavioral problems as psychiatric disorders which no one but psychiatrists can understand [or treat].
39. Dominate the psychiatric profession and use mental health laws as a means of gaining coercive control over those who oppose Communist goals.
40. Discredit the family as an institution. Encourage promiscuity and easy divorce.
41. Emphasize the need to raise children away from the negative influence of parents. Attribute prejudices, mental blocks and retarding of children to suppressive influence of parents.
42. Create the impression that violence and insurrection are legitimate aspects of the American tradition; that students and special-interest groups should rise up and use ["]united force["] to solve economic, political or social problems.
43. Overthrow all colonial governments before native populations are ready for self-government.
44. Internationalize the Panama Canal.
45. Repeal the Connally reservation so the United States cannot prevent the World Court from seizing jurisdiction [over domestic problems. Give the World Court jurisdiction] over nations and individuals alike.
Now do the tally
This was written by Cleon Skousen, a notable ANTI-communist!
Now we're taking our list of communist goals from people who despise them?
Too much hysteria and stupidity on this forum.... yet, it still is, undoubtedly, the best one out there. [sigh]
Cleon Skousen was documenting the goals of the communist party, and made a list of these goals in "The Naked Communist" which was then entered into the congressional record at one point during some testimony.
Your point?
But he wasn't a member of the communist party, which has its own manifesto that I cited and methodically went through.
It's like if Tyler asked you, "Hey Maos Dog, what are your life goals?" And instead I interrupted and started saying stupid hysterical shit. Because yes, I don't in fact care for your poor reasoning, and like Skousen's fear of communism, I find your inability to recognize obvious biases in your argument to be scary.
Nice.
I say "do the tally", it scares you because I am right, so you attack me, my ability to reason, and poor Mr. Skousen
"Skousen spoke at the "God and Freedom Banquet" which was held in honor of Sun Myung Moon to welcome him home from prison. Cleon Skousen spoke very highly of Moon and said that God had sent "Rev." Moon to our country with a revelation and a message."
Oh yes, poor Cleon Skousen who loves the king of all ponzi schemes, the great Reverend himself.
If you're going to keep score, at least use the right scorecard.
Finch wins a point.
Ummm, I was wondering why you were putting in that kind of time doing research to support an argument that people here are absolutely committed to never resolving. You could produce Marx himself, along with Adam Smith for counter-point, have both completely support your position and you would still hear the same thing: American Socialism.
You must be new here?
I am, in fact. I do, however, believe in changing hearts and minds. That's the American way, isn't it? ROFL.
Well, your tally is retarded.
For number 1, no-one owns property in the US. No-one. Everything is owned by the government. Don't believe me? Fail to pay your property taxes and then inform me of the consequences from your local homeless shelter. I rate this as 25% passed.
On number two, we have a heavy, progressive income tax. Remember, when this was written, income taxes did not exist in most of the world, and certainly not in the United States. This is fully passed.
Number 3. Abolition of all right of inheritance. Death taxes exist, and they are extremely high. Countless family farms have been lost to said tax. This is 50% passed.
Number 4. Confiscation of the property of all emigrants and rebels. Certainly not orthogonal. The US now has a heavy exit tax in place to prevent people from giving up their citizenship. Combine this with civil asset forfeiture, and you have this plank 75% passed (you can still get some wealth out of the country, but it is getting progressively harder).
Number 5. You claim you agree that this has occurred, yet you rate it as zero passed. What is wrong with you? This is fully passed.
Number 6. Trains fully nationalized, airlines 75% nationalized, car production is 25% nationalized (higher if you don't count foreign companies that manufacture in the US, but I do). They control the roads 100%. You can not drive without a license. You can not fly, use most buses, or use the train without showing ID. This is 75% passed.
Number 7. The government does not own a large number of factories (that I know of--YET), but it does provide for the cultivation of wasteland (government funded water projects), and pays farmers not to farm in the name of improving soil quality. I know this because I was offered a subsidy of this type for land I was planning on buying for a homestead some years ago. They pay you a great deal of money to plant soil restoring plants and not to harvest it for x number of years, and allow you to renew this indefinitely. This is 75% passed (it would be 50%, but the Feds have driven out so much of our industry, they have to get a lower weight).
8. Equal liability of all to labor. Hmm, you mean everyone has to join a Union? Or that everyone has to get paid the same (minimum wages)? These things have already happened over much of the country. We do not have "industrial armies" (whatever that means) as of yet. This is 25% passed.
9. Suburban sprawl is an undeniable fact, and was caused on purpose with the introduction of the federal highway system. 100% passed.
And finally, number 10. Free education is already a fact, and its effects on the quality of our high school graduates have been nothing short of devastating. No child labor is allowed, even if it means the family choses between prostitution and starvation. Excellent. 100% passed.
So, here we are, with approximately 72.5% of the Communist Manifesto passed and implemented. You, sir, are a moron. Enjoy your purges.
I really wonder why he's wasting his time on this one. Guess socialists are thick-skulled, eh?
All 10 have.
As for regarding the article I am increasingly convinces Terminators should run our government. They don't feel anything so they would apply only logically sound conclusions to humans emotional/social problems in terms of law. They won't be influenced to stay in power via robbing paul to pay john.
Bring in MacCrystal. He can deal with them in in a NY minute.
TPTB is boxed in. No way out.
Ratigan, your voice is resonating. Bravo!
TPTB know its only a matter of short time until the people come after them.
It won't be MacChrystal because he is retired, but a military coup and martial law are looking a lot more likely than I would ever have thought.
Yup... natural next step, I think... If there were a strong fascist-like presence from the right, I could see it elected, but nobody seems to foot the bill, at least today. It would look like a "coup" but it wouldn't really be a "coup", I don't think.
Stay tuned to his show. I rarely turn on the set, but just happened to this afternoon and Ratigan was drilling down to the real issues in a way that made me think he's one of us.
He's not letting this stuff go.
Read Issac Asimov for an interesting take on robots running government.
My .02's, how could they be any worse?
Something in between R. Daneel Olivaw and the Terminator/Skynet?
Dylan,
If you're reading this, get Karl Denninger on your show.
Why would he want to do that.
Karl believes that banks lend and a homeowner borrowers. Sorry, that is fiction. There is no loan, there is no loan funded and there is no borrower.
All one has to do is read the Modern Money Mechanics by the Federal Reserve to understand the process.
"However that may be, a plaintiff cannot convert a claim of damages for breach of contract into an equitable claim by the facile trick of asking that the defendant be enjoined from refusing to honor its obligation to pay the plaintiff what the plaintiff is owed under the contract and appending to that request a request for payment of the amount owed. A claim for money due and owing under a contract is “quintessentially an action at law.” Hudson View II Associates v. Gooden, 222 A.D.2d 163, 644 N.Y.S.2d 512, 516 (1996); see also Atlas Roofing Co. v. Occupational Safety & Health Review Comm'n, 430 U.S. 442, 459, 97 S.Ct. 1261, 51 L.Ed.2d 464 (1977)."
WAL MART STORES INCORPORATED ASSOCIATES HEALTH AND WELFARE PLAN v. WELLSTwo Faces: Demystifying the Mortgage Electronic Registration System's Land Title Theory
Christopher Lewis Peterson
University of Utah - S.J. Quinney College of Law
Real Property, Probate and Trust Law Journal, Forthcoming
Abstract:
Hundreds of thousands of home foreclosure lawsuits have focused judicial scrutiny on the Mortgage Electronic Registration System (“MERS”). This Article updates and expands upon an earlier piece by exploring the implications of state Supreme Court decisions holding that MERS is not a mortgagee in security agreements that list it as such. In particular this Article looks at: (1) the consequences on land title records of recording mortgages in the name of a purported mortgagee that is not actually mortgagee as a matter of law; (2) whether a security agreement that fails to name an actual mortgagee can successfully convey a property interest; and (3) whether county governments may be entitled to reimbursement of recording fees avoided through the use of false statements associated with the MERS system. This Article concludes with a discussion of steps needed to rebuild trustworthy real property ownership records.
Foreclosure, Subprime Mortgage Lending, and the Mortgage Electronic Registration System
Christopher Lewis Peterson
University of Utah - S.J. Quinney College of Law
University of Cincinnati Law Review, Vol. 78, No. 4, 2010
Abstract:At the roots of the worst recession since the Great Depression were unaffordable home mortgages packaged into securities, sold to investors, and used as capital assets by financial institutions. The process of securitization, as well as financial institution over-leveraging associated with it, has been well documented and explored. However, there is one company that was a party to more questionable loans and foreclosures than any other and yet has received virtually no attention in the academic literature. Mortgage Electronic Registration Systems, Inc., commonly referred to as “MERS,” is the recorded owner of over half of the nation’s residential mortgages. MERS operates a computer database designed to track servicing and ownership rights of mortgage loans anywhere in the United States. But, it also acts as a proxy for the real parties in interest in county land title records. Most importantly, MERS is also filing foreclosure lawsuits on behalf of financiers against hundreds of thousands of American families. This Article explores the legal and public policy foundations of this odd, but extremely powerful, company that is so attached to America’s financial destiny. It begins with a brief explanation of the origins of the county real property recording systems and the law governing real property liens. Then, it explains how MERS works, why mortgage bankers created the company, and what MERS has done to transform the underlying assumptions of state real property recording law. Next, it explores controversial doctrinal issues confronting MERS and the companies that have relied on it, including (1) whether MERS actually has standing to bring foreclosure actions; (2) whether MERS should be considered a debt collector under the federal Fair Debt Collection Practices Act; and (3) whether loans recorded in MERS’ name should have priority in various collateral competitions under state law and the federal bankruptcy code. The article culminates in a discussion of MERS’ culpability in fostering the mortgage foreclosure crisis and what the long term effects of privatized land title records will have on our public information infrastructure. The Article concludes by considers whether the mortgage banking industry, in creating and embracing MERS, has subverted the democratic governance of the nation’s real property recording system.
Loan servicers are DEBT COLLECTORS under the FDCPA and in addition to that lack "standing". Even the DEBT COLLECTOR pretending to be an Attorney at Law is subject ot the Act.
"First, a lawyer who regularly tries to obtain payment of consumer debts through legal proceedings meets the Act's definition of "debt collector": one who "regularly collects or attempts to collect, directly or indirectly, [consumer] debts owed . . . another," 15 U.S.C. § 1692a(6)" Heintz v Jenkins 514 US 291, 299 (1995)
The chains that bind are most likely in your own hand.
Stopping the bloodsucking tick debt collector pretending to be an attorney at Law is fairly easy, all one has to do is learn and sustain the Law.
You should write an article explaining it all and submit it to ZH. It would be much more productive than incessantly harping on various talking points in the comments, no?
Well, the first thing ZH should do is stop publishing false information. Which is what a ton of what they do especially when it comes to Law is.
Listening to anyone that believes that the bank loans you their credit is probably a bad move.
No reason to even listen to me, go to the law library.
"All I can do is show you the door, you must walk through it"
I'm certainly not in a position to argue that one way or another. That's why I said you should write an article, and I meant that in all sincerity. I'd love to read your point of view on this whole mess. Even if it did go back to the 1600s and was 100 pages long and full of legal mumbo-jumbo.
Hell, I'd settle for 10 pages of links and a summary paragraph regarding each. I have started in on Modern Money Mechanics, and once I finish that it's on to CFR Title 12 as I saw you suggest a few days ago. You seem to have the knowledge, and you obviously have the passion, so lay it all out for us.
I know you meant it sincerity, the problem is you can't be fully shown the Truth, you must Learn the Truth. If I just told you what to believe instead of you going to read for yourself, I would be no better than the rest of them that are lying to you.
I already did. There is no mortgage, nor did the bank fund a loan. Most probably any party that brings you in on a foreclosure (generally) will lack "standing" for a foreclosure action. That is the holder in due course doesn't show up, with the way so called mortgages are put in REIC without recourse it is basically impossible for the holder in due course to show up. What you have, in generally, is a debt collector that calls himself an attorney at law claiming to be representing a loan servicer, which is actually a debt collector as well. Both lack "standing" as they are not the holder in due course.
Banks do not lend, nor do they charge interest, they charge a "fee" and call it interest.
“A national bank has no power to lend its credit to any person or corporation . . . Bowen v. Needles Nat. Bank, 94 F 925 36 CCA 553
“A bank may not lend its credit to another even though such a transaction turns out to have been of benefit to the bank, and in support of this a list of cases might be cited, which-would look like a catalog of ships.” [Emphasis added] Norton Grocery Co. v. Peoples Nat. Bank, 144 SE 505. 151 Va 195.
“In the federal courts, it is well established that a national bank has not power to lend its credit to another by becoming surety, indorser, or guarantor for him.”' Farmers and Miners Bank v. Bluefield Nat 'l Bank, 11 F 2d 83, 271 U.S. 669
"Nowhere is the express authority granted to the corporation to lend its credit." (Gardilner Trust vs. Augusta Trust, 134 Me 191; 291 US 245)
You can go on and on and....
That means you can protect yourself. Because you know.
And the net is made of different mesh. The fat (law) ignorameous get caught in the 4" mesh, and the law minnow swims through.
Not really an easy proposition.
I urge you as well to contribute an article to ZH.
OK, I think I understand what you are saying. But I thought that the Bank was creating a deposit in the seller's account from its fractional reserve excess, then agreeing that I am the borrower of the funds.
Is it just me, or are the captcha math questions getting easier?
guess he had to take a break from calling the tea party racists
How could Ratigan understand this yet still believe in Global Warming? Oh well, anything that gets the message across to those who get their news from progressive news outlets is helpfull.
There goes that word again. Progress has become a bad word to some people
Retarded teabagger stooges. Will they ever stop self flagellating?
Progressing towards what? Progressives tend to progress away from the individual and towards gov't/elite/cartel control. Libertarians don't progress because Liberty is an absolute.
I consider myself a teabagger/libertarian/anarcho capitalist/ron paulian.
Anyways, I never seen anyone write it so eloquently as you just did.
Social progress comes with economic progress under the umbrella of capitalism, govt forced social progress does not work well and ends up with poor allocation of resources. Look at the TSA or DMV not to sound racist, but where I live they are all blacks who I am sure without the affirmative action bullshit would never have gotten those jobs.
I consider myself a Progressive Libertarian. I also sometimes agree with principled Conservatives. Why all the damning labels? The don't begin to do justice to either the people they're cast upon or the world we live in, imo.
NEVER let anyone call you a Teabagger,unless you participate in that heinous act.
If someone called me that to my face, they would not be going home,for a long while.
Your a Tea Party Member.........I hope the learned here know what a Teabagger is, and does.
IF that flips your Bic, fine, just do not label me with it.
It does not apply to the Tea Bag Party.
And Mr. Market is happy and going up - so all is right with the world.
This is teabagger nonsense.
Bla bla bla, the government is Communist, bla bla bla why isn't the government doing something about this!
Aritcle from CNBC (of all places) seems to think this will extend beyond mortgages in foreclusure..
http://www.cnbc.com/id/39634568
Yes, this is too big to keep out of the MSM. I think we should take a lesson from this--our black-and-white stereotypes really come up short. They might even hold us back.
My wish is to have DYLAN, CHRIS WHALEN, KARL DENNINGER & WILLIAM K. BLACK become AMERICA'S DREAM TEAM & fix this mess .......... & I'll bet my gold that they would succeed......... DYLAN is tops with me.
What I have learned.
Freedom is more of a burden and an obligation than an option or a right.
To divorce political or social rights from moral obligations perverts and corrupts freedom. Christ himself teaches us “Render unto Caesar what is Caesar’s”—not because every Caesar deserves it, but because Caesar’s concern is not with the most important thing in our lives. Caesar is dead, pray for those in power. There has been a persistent question raised among free-market intellectuals in the West: If capitalism did not offer higher living standards than socialism, if a centrally planned economy gave a higher living standard than a free market economy, would you still support capitalism as an economic system? Unique among intellectuals in that he would likely express a stronger preference for capitalism if it offered a lower living standard than socialism!
The failure of socialism as a moral failure rather than an economic failure, and that the superiority of a free market lies in its absence of coercion and its potential ability to foster conditions conducive to personal spiritual development, not in its attainment of higher levels of material comfort for ordinary people. Once the state program is established all criticisms are off limits. This precludes any honest assessment of any aspect of life, since all must pay continual homage to the wisdom and felicity of the party and the system. This pretense and hypocrisy undermines the development of good character and is spiritually debilitating.
You used way too many words to simply state you are retarded.
Ok, so criticism is off the table as the administration hires actors for political events (and shorting is unpatriotic) and everything is on the grid and the housing market is held by the fed (correlations go to 1) and valuations are being centrally determined (fnm in housing and etfs w/ hft in equities) where would you go? Both physically and financially.
.
+1000
Apple will cross 300 today.
Nothing else matters.
I think Apple is over priced.
I don't know how they are doing so well in this market. I'm a huge techie and and I have an iphone but there is no reason for anyone to buying so much of their crap. They upgrade everything every 3 months and then people stupidly buy it and sell their "outdated" model. Look at the price of old iphones on ebay, they're very cheap. Apple's products hold very little resale nowadays vs years ago when they were still niche.
A reasonable assessment using their own numbers and comping those numbers with other similar firms (like MSFT) puts their true value at about $225. Barclays just targeted at $385. LOL.
Where is Douglas MacArthur now when we need him?
McArthtur my ass,Patton...............is who we need.
Not to worry, about 100,000 really smart, clever, and very hungry lawyers are warming up in the bull pen with a "kill 'em all" attitude. Finally, a use for lawyers - can't wait for the class action 60 second spots airing every other minute for the next three months.
Joke: Why don't sharks eat lawyers?
A: professional courtesy
This is going to be really interesting, since an Attorney is an Officer of the Court first and foremost........
Their allegiance, and duty belongs to the system.
In addition to being smart and hungry, a good litigator is . . . short. You want a guy who got his lunch money stolen every day in grade school. That'll turn anyone into a miserable SOB.
the problem with the "banksters" is that the CEO got that job "because he eliminated that deparment." Well...that department turned out to be important. Now they don't have the "money for that new department that I eliminated as CEO." Sooooooo....
The key to any capitalist society is the ability to both succeed and fail. If failure is taken off the table by 'the system' then the people who succeed must pay for the failures. This reduces the incentive to succeed and increases the incentive to move to Switzerland. The irony is that the rich will be fine and the poor will stay poor. It's the middle class that'll get screwed even further from existance and the housing problem expanded. Just let the banks foreclose on 'em, let the market clear. The lenghtening of the process with governmental involvement will only lenghten the down cycle.
Why isn't it considered central planning if the government decides to let defaulting home owners keep houses they haven't paid for and have no intention of paying for?
Why isn't it considered central planning if the government decides to let defaulting banks keep going (via trillions of dollars in bailouts and other instruments) even when they show extraordinary losses, no hope of solvency, and an unwillingness to even serve their basic function of loaning money?
EAT THE BANKERS!!!
Why is it automatically "communism"?
Learn your "isms" man. We're currently living under Corporatism, or the merging of corporate and State interests. Even the SCOTUS is on-board with that one. That cake is baked, get over it.
And Corporatism is a plank in the Fascist platform. The only other plank left is then State-coopted religion. With production/investment, spirituality/culture, and governance all rolled together you can finally move forward without anyone pitching a fuss. And for anyone who does, there's Gitmo.
The only other plank left is then State-coopted religion. With production/investment, spirituality/culture, and governance all rolled together you can finally move forward without anyone pitching a fuss.
The Green Movement? Multiculturalism?
http://www.cato.org/pubs/pas/pa658.pdf
New York Times reported recently that former House Majority Leader Dick Armey’s audiences in North Carolina “were people who tend to distrust the hand of government and suspect that big initiatives from Washington will take something away from them, whether they have a little or a lot. Their way of thinking—libertarian, anti- Washington, old-fashioned get-out-of-myway- and-I’ll-make-it-on-my-own American self-sufficiency—is as old as the republic.
Libertarians are emerging as a force within American politics.
In 2008 libertarians voted heavily for McCain, despite their reservations about his policies and Republicans in general. It seems that libertarians took the prospect of big-government Democrats leading the country through a financial crisis as a more serious threat than Republicans.
Face it we know both Parties are corupt beyond salvage. That when we get to work....
http://theautomaticearth.blogspot.com/2010/09/september-28-2010-graphic-peek-into-our.html
Dylan Ratigan keep printing the facts no matter what. Thank You
Try again. We're not talking about fetishes here.
Excellent,
Could not have said it better myself.
And I agree about state co-opted religion.
When do you think that will happen?
Oh, I don't know---seems with our hate crime laws we are moving along nicely into a "civil religion" of holocaustianity, multiculturalism, anti-white discrimination, and "civility" enjoined upon whites who might be tempted to bet annoyed at the above.
Ratigan is out there on his political rants -- but has been spot on with the Wall Street/ Penn. Ave. connection when he opens up about it. It's Crony Capitalism/corporatism/fascism light
He said before it was "not capitalism when Goldman Sachs and other big Banks are playing a rigged system. A system rigged by Washington so they can't lose."
Pointing the finger at those two in 2008 was a brave thing to do.
When the U.S. starts going bankrupt and waves of Chinese, Japanese & Koreans start arriving on the shores to claim whatever McMansions they want, you can bet I'll be there ... with my domestic servant resume.
Great article. How could Dylan write this and still work for CNBC? One issue.
**In 2008, the financial sector was the top donor to both the Democratic and Republican candidates.**
Equal blame?
Who prominently reported to Congress the problems at FNMA and FRE? Congressional Repubs, Bush Admin, and Alan Greenspan. More than a dozen times as I recall in committee and on the floor.
Who prominently defended FNMA and FRE? Barney Frank, Chris Dodd and Maxinne Waters among others. See their courageous defenses on Youtube.
Who received the greatest contributions from FNMA and FRE? 1) Imam Obama, 2) Barney Frank, 3) Hillary Clinton, 4) Chris Dodd.
All blame is not equal.
8 years of a Republican controlled House, Senate, and Presidency, and you're telling me they couldn't have prevented this from occuring? Sure, they talked about stuff. Did they actually do anything? Apparently not, or this shit wouldn't have happened!
The party system is specifically designed to keep Americans fighting eachother instead of those that seek to (and succeed in) controlling us. Remove head from sand and face reality.
Absolutely Right. "To keep Americans fighting each other" This is what the power elite who control the Media, the Fed, and all who brainwash the none thinkers do. When will we get it. As Phil Gramm, the guy who said we don't need bank regulations, "Stop Whining". "We have sort of become a nation of whiners."
Maybe we need to stop whining at each other and direct it at the bankers and the power elite who control them.
Pan,
the Democrats controlled the Congress for at least half that time.........same under Regan.
Why do you think Clinton straightened out his act?.
He had to.
The Wonder Boy, is a narrcisistic dick, and does not care, he has an agenda, and he'll be got go to hell before he veers to the center.
Either way, it would take a miracle to straighten out this Clusterfoxtrot Nation.
"it is only fitting that America, now on the verge of..."
Don't you mean Amerika?
Amerikwa. http://www.urbandictionary.com/define.php?term=Amerikwa
It has finally hit this thick headed fool what the difference is between the Communist system of China and the Democratic system we enjoy (sic) in the US.
In China, the people cannot vote for the people who wield the power and plan the economy, while in the US people can vote, only it is not for the people who wield the power and control the economy. In China, it is the unelected public sector that sets the rules, while in the US it is the unelected private sector that sets the rules.
The good news is that while in China the call for revolt against the ruling power is not only a felony but a crime against the State and an act of treason, in the US the call for revolt aginst the ruling power would not constitute treason or a crime against the State because the target is not the State. So when the aggrieved people finally do storm the Marriner S. Eccles Building and rid the country of the diseases afflicting it---some lawyer help me here with the legal terminology---it is hardly a serious offense. Oh, I just remembered the legal term: PATRIOTISM.
On a side note, having personally attended one of the universities that produce our "betters", I do not remember being taught in economics class that the best thing one can do for the great masses of unemployed is to give them higher consumer prices. I must have cut class that day.
Thank You D R, you are a hero.
Thank You MSNBC. At least the parent provides outlets across the Nolan Chart.
(NBC, neutral; MSNBC, lefty; CNBC, righty (ok, righty/clueless)).
LOL
Dylan - Thank you for speaking truth to power.
"Why isn't the government dealing with it now?
Simply because it could reveal systematic criminal and civil fraud at the highest levels of America's banks and in its political corridors."
Sums it up perfectly.
Will there be no end to the rampant criminality? My fear is the State AGs will just produce "settlements" with the bank mafia rather than the RICO convictions and 20 years-to-life hard time prison sentences that justice demands.
Let's have a settlement derby! By Bank and by State! Fun!
10 million Countrywide McMortgages infecting the Nation.
So BofA pays CA 773 Million Dollars penalty. (pinky to chin)
Not so Fast...there will be principal reductions!
So, add more. A lot more.
Would it be a over-statement to say the Fed is over-reaching itself!!
How do you rein in the Fed?
They are running amok.
END THE FED should be a national mantra now.
GET RID OF BEN BERNANKE IMMEDIATELY!!