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Move Over Vampire Squid, Enter Rocket Docket - Matt Taibbi Takes Fraudclosure Mainstream
The man who made Goldman Sachs a household name (using some very helpful and lurid imagery), has found a new target: Bank of America, JP Morgan, Wells Fargo and Citi.... And the "Rocket Docket." Quote Taibbi: "The Rocket Docket exists to launder the crime and bury the evidence by speeding thousands of fraudulent and predatory loans to the ends of their life cycles, so that the houses attached to them can be sold again with clean paperwork. The judges, in fact, openly admit that their primary mission is not justice but speed." And here comes the trademark Taibbi visual: "the foreclosure crisis is Too Big for Fraud. Think of the Bernie Madoff scam, only replicated tens of thousands of times over, infecting every corner of the financial universe. The underlying crime is so pervasive, we simply can't admit to it — and so we are working feverishly to rubber-stamp the problem away, in sordid little backrooms in cities like Jacksonville, behind doors that shouldn't be, but often are, closed." Pure genius.
From Courts Helping Banks Screw Over Homeowners: Retired judges are rushing through complex cases to speed foreclosures in Florida, from Rolling Stone Magazine
Th
e foreclosure lawyers down in
Jacksonville had warned me, but I was skeptical. They told me the state
of Florida had created a special super-high-speed housing court with a
specific mandate to rubber-stamp the legally dicey foreclosures by
corporate mortgage pushers like Deutsche Bank and JP Morgan Chase. This
"rocket docket," as it is called in town, is presided over by retired
judges who seem to have no clue about the insanely complex financial
instruments they are ruling on — securitized mortgages and labyrinthine
derivative deals of a type that didn't even exist when most of them
were active members of the bench. Their stated mission isn't to decide
right and wrong, but to clear cases and blast human beings out of their
homes with ultimate velocity. They certainly have no incentive to
penetrate the profound criminal mysteries of the great American mortgage
bubble of the 2000s, perhaps the most complex Ponzi scheme in human
history — an epic mountain range of corporate fraud in which Wall Street
megabanks conspired first to collect huge numbers of subprime
mortgages, then to unload them on unsuspecting third parties like
pensions, trade unions and insurance companies (and, ultimately, you and
me, as taxpayers) in the guise of AAA-rated investments. Selling lead
as gold, shit as Chanel No. 5, was the essence of the booming
international fraud scheme that created most all of these now-failing
home mortgages.
The rocket docket wasn't created to investigate any of that. It exists
to launder the crime and bury the evidence by speeding thousands of
fraudulent and predatory loans to the ends of their life cycles, so that
the houses attached to them can be sold again with clean paperwork. The
judges, in fact, openly admit that their primary mission is not justice
but speed. One Jacksonville judge, the Honorable A.C. Soud, even told a
local newspaper that his goal is to resolve 25 cases per hour. Given the way the system is rigged, that means His Honor could well be throwing one ass on the street every 2.4 minutes.
Foreclosure lawyers told me one other thing about the rocket docket. The
hearings, they said, aren't exactly public. "The judges might give you a
hard time about watching," one lawyer warned. "They're not exactly
anxious for people to know about this stuff." Inwardly, I laughed at
this — it sounded like typical activist paranoia. The notion that a
judge would try to prevent any citizen, much less a member of the media,
from watching an open civil hearing sounded ridiculous. Fucked-up as
everyone knows the state of Florida is, it couldn't be that bad. It
isn't Indonesia. Right?
Well, not quite. When I went to sit in on Judge Soud's courtroom in
downtown Jacksonville, I was treated to an intimate, and at times
breathtaking, education in the horror of the foreclosure crisis, which
is rapidly emerging as the even scarier sequel to the financial meltdown
of 2008: Invasion of the Home Snatchers II. In Las Vegas, one
in 25 homes is now in foreclosure. In Fort Myers, Florida, one in 35. In
September, lenders nationwide took over a record 102,134 properties;
that same month, more than a third of all home sales were distressed
properties. All told, some 820,000 Americans have already lost their
homes this year, and another 1 million currently face foreclosure.
Throughout the mounting catastrophe, however, many Americans have
been slow to comprehend the true nature of the mortgage disaster. They
seemed to have grasped just two things about the crisis: One, a lot of
people are getting their houses foreclosed on. Two, some of the banks
doing the foreclosing seem to have misplaced their paperwork.
For most people, the former bit about homeowners not paying their
damn bills is the important part, while the latter, about the sudden and
strange inability of the world's biggest and wealthiest banks to keep
proper records, is incidental. Just a little office sloppiness, and who
cares? Those deadbeat homeowners still owe the money, right? "They had
it coming to them," is how a bartender at the Jacksonville airport put
it to me.
But in reality, it's the unpaid bills that are incidental and the
lost paperwork that matters. It turns out that underneath that little
iceberg tip of exposed evidence lies a fraud so gigantic that it
literally cannot be contemplated by our leaders, for fear of admitting
that our entire financial system is corrupted to its core — with our
great banks and even our government coffers backed not by real wealth
but by vast landfills of deceptively generated and essentially worthless
mortgage-backed assets.
You've heard of Too Big to Fail — the foreclosure crisis is Too Big
for Fraud. Think of the Bernie Madoff scam, only replicated tens of
thousands of times over, infecting every corner of the financial
universe. The underlying crime is so pervasive, we simply can't admit to
it — and so we are working feverishly to rubber-stamp the problem away,
in sordid little backrooms in cities like Jacksonville, behind doors
that shouldn't be, but often are, closed.
And that's just the economic side of the story. The moral angle to
the foreclosure crisis — and, of course, in capitalism we're not
supposed to be concerned with the moral stuff, but let's mention it
anyway — shows a culture that is slowly giving in to a futuristic
nightmare ideology of computerized greed and unchecked financial
violence. The monster in the foreclosure crisis has no face and no
brain. The mortgages that are being foreclosed upon have no real owners.
The lawyers bringing the cases to evict the humans have no real
clients. It is complete and absolute legal and economic chaos. No single
limb of this vast man-eating thing knows what the other is doing,
which makes it nearly impossible to combat — and scary as hell to watch.
What follows is an account of a single hour of Judge A.C. Soud's
rocket docket in Jacksonville. Like everything else related to the
modern economy, these foreclosure hearings are conducted in what is
essentially a foreign language, heavy on jargon and impenetrable to the
casual observer. It took days of interviews with experts before and
after this hearing to make sense of this single hour of courtroom drama.
And though the permutations of small-time scammery and grift in the
foreclosure world are virtually endless — your average foreclosure case
involves homeowners or investors being screwed at least five or six
creative ways — a single hour of court and a few cases is enough to tell
the main story. Because if you see one of these scams, you see them
all.
»
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The final count in Florida (when the Press counted them) showed Gore
won the election.
Where did you get that twisted idea about Bush winning?
Facts on the Gore Victory in the final Vote Count by the Press in Florida.
Robert Parry is an excellent researcher and Journalist. He broke the IRAN/CONTRA Story.
This is what he says. GORE WON. PERIOD ! Where did you get the idea BUSH Won? It was/is not true.
Everything else that says BUSH Won is propaganda used to cover for a Coup d'etat that occured when the Supreme Court ruled for Bush.
We need to start impeaching the Supreme Court Justices who participated in the election theft from the American Voters. NOW.
***********READ***********************
Gore's Victory
By Robert Parry
November 12, 2001
So Al Gore was the choice of Florida’s voters -- whether one counts hanging chads or dimpled chads. That was the core finding of the eight news organizations that conducted a review of disputed Florida ballots. By any chad measure, Gore won.
Click for Printable Version
Gore won even if one doesn’t count the 15,000-25,000 votes that USA Today estimated Gore lost because of illegally designed “butterfly ballots,” or the hundreds of predominantly African-American voters who were falsely identified by the state as felons and turned away from the polls.
Gore won even if there’s no adjustment for George W. Bush’s windfall of about 290 votes from improperly counted military absentee ballots where lax standards were applied to Republican counties and strict standards to Democratic ones, a violation of fairness reported earlier by the Washington Post and the New York Times.
Put differently, George W. Bush was not the choice of Florida’s voters anymore than he was the choice of the American people who cast a half million more ballots for Gore than Bush nationwide. [For more details on studies of the election, see Consortiumnews.com stories of May 12, June 2 and July 16.]
The Spin
Yet, possibly for reasons of “patriotism” in this time of crisis, the news organizations that financed the Florida ballot study structured their stories on the ballot review to indicate that Bush was the legitimate winner, with headlines such as “Florida Recounts Would Have Favored Bush” [Washington Post, Nov. 12, 2001].
Post media critic Howard Kurtz took the spin one cycle further with a story headlined, “George W. Bush, Now More Than Ever,” in which Kurtz ridiculed as “conspiracy theorists” those who thought Gore had won.
“The conspiracy theorists have been out in force, convinced that the media were covering up the Florida election results to protect President Bush,” Kurtz wrote. “That gets put to rest today, with the finding by eight news organizations that Bush would have beaten Gore under both of the recount plans being considered at the time.”
Kurtz also mocked those who believed that winning an election fairly, based on the will of the voters, was important in a democracy. “Now the question is: How many people still care about the election deadlock that last fall felt like the story of the century – and now faintly echoes like some distant Civil War battle?” he wrote.
In other words, the elite media’s judgment is in: "Bush won, get over it." Only "Gore partisans" – as both the Washington Post and the New York Times called critics of the official Florida election tallies – would insist on looking at the fine print.
The Actual Findings
While that was the tone of coverage in these leading news outlets, it’s still a bit jarring to go outside the articles and read the actual results of the statewide review of 175,010 disputed ballots.
“Full Review Favors Gore,” the Washington Post said in a box on page 10, showing that under all standards applied to the ballots, Gore came out on top. The New York Times' graphic revealed the same outcome.
Earlier, less comprehensive ballot studies by the Miami Herald and USA Today had found that Bush and Gore split the four categories of disputed ballots depending on what standard was applied to assessing the ballots – punched-through chads, hanging chads, etc. Bush won under two standards and Gore under two standards.
The new, fuller study found that Gore won regardless of which standard was applied and even when varying county judgments were factored in. Counting fully punched chads and limited marks on optical ballots, Gore won by 115 votes. With any dimple or optical mark, Gore won by 107 votes. With one corner of a chad detached or any optical mark, Gore won by 60 votes. Applying the standards set by each county, Gore won by 171 votes.
This core finding of Gore’s Florida victory in the unofficial ballot recount might surprise many readers who skimmed only the headlines and the top paragraphs of the articles. The headlines and leads highlighted hypothetical, partial recounts that supposedly favored Bush.
Buried deeper in the stories or referenced in subheads was the fact that the new recount determined that Gore was the winner statewide, even ignoring the “butterfly ballot” and other irregularities that cost him thousands of ballots.
The news organizations opted for the pro-Bush leads by focusing on two partial recounts that were proposed – but not completed – in the chaotic, often ugly environment of last November and December.
The new articles make much of Gore’s decision to seek recounts in only four counties and the Florida Supreme Court’s decision to examine only “undervotes,” those rejected by voting machines for supposedly lacking a presidential vote. A recurring undercurrent in the articles is that Gore was to blame for his defeat, even if he may have actually won the election.
"Mr. Gore might have eked out a victory if he had pursued in court a course like the one he publicly advocated when he called on the state to 'count all the votes,'" the New York Times wrote, with a clear suggestion that Gore was hypocritical as well as foolish.
The Washington Post recalled that Gore "did at one point call on Bush to join him in asking for a statewide recount" and accepting the results without further legal challenge, but that Bush rejected the proposal as "a public relations gesture."
The Bush Strategy
Instead of supporting a full and fair recount, Bush chose to cling to his official lead of 537 votes out of some 6 million cast, Bush counted on his brother Jeb’s state officials to ensure the Bush family’s return to national power.
To add some muscle to the legal maneuvering, the Bush campaign dispatched thugs to Florida to intimidate vote counters and jacked up the decibel level in the powerful conservative media, which accused Gore of trying to steal the election and labeled him "Sore Loserman."
With Bush rejecting a full recount and media pundits calling for Gore to concede, Gore opted for recounts in four southern Florida counties where irregularities seemed greatest. Those recounts were opposed by Bush’s supporters, both inside Gov. Jeb Bush’s administration and in the streets by Republican hooligans flown in from Washington. [For more details, see stories from Nov. 24, 2000 and Nov. 27, 2000]
Stymied on that recount front, Gore carried the fight to the state courts, where pro-Bush forces engaged in more delaying tactics, leaving the Florida Supreme Court only days to fashion a recount remedy.
Finally, on Dec. 8, facing an imminent deadline for submitting the presidential election returns, the state Supreme Court ordered a statewide recount of “undervotes.” This tally would have excluded so-called “overvotes” – which were kicked out for supposedly indicating two choices for president.
Bush fought this court-ordered recount, too, sending his lawyers to the U.S. Supreme Court. There, five Republican justices stopped the recount on Dec. 9 and gave a sympathetic hearing to Bush’s claim that the varying ballot standards in Florida violated constitutional equal-protection requirements.
At 10 p.m. on Dec. 12, two hours before a deadline to submit voting results, the Republican-controlled U.S. Supreme Court instructed the state courts to devise a recount method that would apply equal standards, a move that would have included all ballots where the intent of the voter was clear. The hitch was that the U.S. Supreme Court gave the state only two hours to complete this assignment, effectively handing Florida’s 25 electoral votes and the White House to Republican George W. Bush.
A Third Hypothetical
The articles about the new recount tallies make much of the two hypothetical cases in which Bush supposedly would have prevailed: the limited recounts of the four southern Florida counties – by 225 votes – and the state Supreme Court’s order – by 430 votes. Those hypothetical cases dominated the news stories, while Gore’s statewide-recount victory was played down.
Yet, the newspapers made little or nothing of the fact that the U.S. Supreme Court’s decision represented a third hypothetical. Assuming that a brief extension were granted to permit a full-and-fair Florida recount, the U.S. Supreme Court decision might well have resulted in the same result that the news organizations discovered: a Gore victory.
The U.S. Supreme Court’s proposed standards mirrored the standards applied in the new recount of the disputed ballots. The Post buries this important fact in the 22nd paragraph of its story.
“Ironically, it was Bush’s lawyers who argued that recounting only the undervotes violated the constitutional guarantee of equal protection. And the U.S. Supreme Court, in its Dec. 12 ruling that ended the dispute, also questioned whether the Florida court should have limited a statewide recount only to undervotes,” the Post wrote. “Had the high court acted on that, and had there been enough time left for the Florida Supreme Court to require yet another statewide recount, Gore’s chances would have been dramatically improved.”
In other words, if the U.S. Supreme Court had given the state enough time to fashion a comprehensive remedy or if Bush had agreed to a full-and-fair recount earlier, the popular will of the American voters – both nationally and in Florida – might well have been respected. Al Gore might well have been inaugurated president of the United States.
Favored Outcome
But this outcome was not the favored hypothetical of the news organizations, which apparently wanted to avoid questions about their patriotism. If they had simply given the American people the unvarnished facts, the reality that the voters of Florida favored Al Gore might have bolstered the belief that Bush indeed did steal the White House. That, in turn, could have undermined his legitimacy during the current crisis over terrorism.
In its coverage of the latest recount numbers, the national news media also showed little regard for the fundamental principle of democracy: that leaders derive their just powers from the consent of the governed, not from legalistic tricks, physical intimidation and public-relations maneuvers.
It is that understanding that is most missing in the news accounts of the latest recount figures.
Presumably, the American people are supposed to accept that everything just turned out right – the Bush dynasty was restored to power, the proper order was back in place. Anyone who begs to differ is a “conspiracy theorist” or a “Gore partisan.”
Bull, the NY times went down and concluded Bush won, your wrong.
I rent, But i am quite prepared to be a Tunnel Dweller if need be. Sundance just aired a documentary that shows how people live under the streets of Manhattan. I am beginning to get ideas in my head. Its either that or take the Jeremiah Johnson route.
Check out these tales, including last one about guy who lived underground for a decade on high-rent Nantucket.... http://www.subsurfacebuildings.com/TwentiethCenturyCavemen.html
it sure beats a FEMA camp
Does this article exist as a single page or PDF somewhere?
IF YOU'RE GETTING FORECLOSED ON NOW, you have a lawyer, you're having this identical problem with robo-signers or lost paperwork..
...ask your lawyer if he's willing to take a few depositions, including inquiring into whether the plaintiff bank has had any MBS bought by the Fed, relationship with Fed, you see where I'm going. He/She might want to speculate outright ownership by the Fed.
Some good discovery in one of these little cases might lead right where the Fed is fighting Pittman and FOIA, but lawsuit discovery rights go far beyond FOIA rights.
I had two conversations today that were enlightening. A friend of mine who owned about 12 homes and half a dozen commercial buildings plus some expensive airplanes and cars told me 5/6 years ago to dump what I had and take the tax hit. He did just that. Today he said he is starting to buy property but not airplanes. I don’t know how he knows what he knows, but he has been absolutely accurate for the 12 years I have known him. So Cal and Fla are ready for buying at the bottom prices he says. He has the same concern for honest government (maybe more so) and honest business as the ZH bunch. But, he has made a buck or so front running the pack. I guess that is what ZH is partly about.
Called my coin store today to buy some Kennedy clad silver half dollars. NONE in stock and NONE expected. $4.50 is the price he said if he could get any. So boys and girls, in SoCal, they are gone. Guess someone has a bubble some where they have it stored in.
I'm actually stupider for having read that...
That can never happen, these people won't be forclosed on because that practice is illegal..
signed..
Dollar defying gravity.
Onlooker,
Although you may be impressed with your friends financial savy, what he may not know, and you don't realize is that buying property right now isn't a bright move, we still have about 20% more to loose in the Housing sector but should be straightened out by the end of 2011. That's when you buy real estate. Just a friendly tip.
Lots of different types of "real estate". I have a friend buying smaller commercial retail centers at 10-12 caps on conservative in-place under-writing. He's buying it for an investment. If it were me, I'd be buying certain types of commercial properties simply to get out of FRN's.
A system that cannot continue...wont.
Taibbi is best when chasing banksters. The recent RS piece where he painted the Teap Party as a bunch of old farts in government-provided scooters was a miss. They also have him doing NFL commentary, which is pretty good.
Sorry, that was funny too. And dead on accurate.
Can't pick and choose.
My first post.
When do we start burning down JP Morgan offices?
Keep me in the loop.
Welcome aboard.
Please count me in on this. I've been ready to go for two years now. The waiting really is the hardest part.
Siap posted but the biggest fraud were conducted by the people who lied about their income and they deserve what they get now.
Capt'n
Winter get-together in NYC for Zero Hedgies. Wear your screen name so you can get past security.
Tyler, please set this up.
Nice idea, but until the banksters go down, it would effectively be a sting operation.
I had a parent on Halloween give a thumbs up on my ZH bumper sticker.
ZH bumper sticker? Where can I get one?
Have never put a bumper sticker on any car in my life. I would gladly put a ZH bumper sticker on my car right now.
Tear in eye tonight over this rocket docket shit. The constitution is being destroyed before us. Due process is due process - regardless of whether someone is a deadbeat or not - we are all affected by this. The rule of law is being warped, bent and broken. It is only a hop, skip and a jump from here to anarchy.
http://fecundstench.com/images/Bumper%20Stickers/Zero%20Hedge.jpg
Anarchy is already here, the rocket docket is only the latest in your face example.
The SEC is another example.
And ZH bumper-stickers are a great idea, I will have a friend make one for my car.
That way, when they round us up, I will be sure to get a prime place in the "camp".
Just download the image and print your own. They are water resistant as advertised.
You have no idea how right you are about Anarchy... It's creeping in at all levels...
it's almost down to "Anything Goes" in a lot of places that people would never consider it occuring.
Power stuggles on all levels, flattening of vertical power structure; little fish can bring the fight to big fish nowadays.
Things are DEFINATELY changing rapidly in my corner of the world. Like nobody there has ever seen before.
Worse is that the only consensus is that things are going to get worse and not better. Usually there are a few Pollyannas, but I can't find any around our work habitations these days.
false leadership sees itself and is looking for guidance.
from the rear. now. it is a great opportunity but who is
prepared to deliver the truth? who knows the way? that
must be you. good luck.
NSA will bring drinks.
NSA Nanite Kool-Aid:
Kool-Ite
Comes in 4 flavs... Blueberry is best.
Keeps your pores really clear and your stools nice-n-firm.
the catch is that you have to drink it while on your knees.
The wheels of democracy move very slowly, but they move. There will be many grinding political battles; the recent elections being the first. It's exactly the slow grind of democracy that will see us through the current mess. People and events passed are overshadowed by the present and slowly the truth emerges and given sufficent interest the cold blind metal of justice is served.
Optimistic. I hope you are right. But I see the Roman Empire burning right now.
Not if the nation is populated by people with attention deficit dis....what? what was that?
Hey Obama! Get off your high house and see the mass damage you are allowing to be perpetrated against the citizens of the United States. Then put a stop to it.
I know from 15 years of real estate that this fine industry is corrupt from top to bottom. The mortgage brokers lie to the head offices, the head offices lie to the regional offices and the regional offices lie to the head offices. What happpened to the industry to make it even more deplorable than it already was is the fact that the industry was deregulated and the bonuses increased. Coupled to the fact that it became harder to find qualified buyers with proper downpayments (25% DP at least) you ended up with the zero money down loan. This was the final straw and once this high risk group had been exhausted too then the game was over. It is like the government programs which drag demand forward. Well this is what happened to the mortgage market. Now it will be years before there is any significant demand again. I have to think with the amount of obvious fraud that is infecting all areas of the financial world we are witnessing the end of an era of greed.
I bet one could find Journeymen from all lines of work who would say the exact same thing about their respective fields.
Livin the lie.
Regards
I am an academic. Check.
USURY INTEREST: Let's get to the fucking point.
Who's ready to cap it? The removal of the state caps fueled the banks into what they are today, from the nice institutions they were in the 70's. It was the first domino. It also started their massive 50-state lobbying machine. Mysteriously, this isn't even discussed today.
consumer credit card debt = prime plus what?
I say 15 max.
Imagine the immediate stimulus, targeted and with zero "leakage".
Any interest-bearing debt-money system is destined to collapse. In our current system, all money is created as debt. Therefore, not enough money exists to pay both interest and principal. The system requires geometric organic loan growth to perpetuate. All geometric curves go parabolic. All parabolic systems fail.
Lowering an interest rate only delays the inevitable. What you need to do is to change the system.
It's Thursday, I'm talking about something that could work next Monday. Capping interest is doable. The best part, it's easy to understand. Politically, it feeds likely voters. Perfect in every way, yet the pyramid on top stops the discussion dead.
You will NOT talk about this at the water cooler. Verboten! Back to work!
This summer I refinanced my house on a loan that originated with Countrywide and was assumed by BofA. There is no doubt the loan was securitized into a REMIC (which cannot own the note by design (or pay a lot of taxes and fees, etc.)), but I was never notified of anything until I heard from BofA to send my checks to them from then on. My new loan made a trip to FNMA after two stops in two months. In reading this, my question is that even though BofA received the payoff from the new loan, what happens when a guy who somehow gets ahold of the original note from the Countrywide archive in the BofA basement shows he is the actual owner of the note and demands years of back payments or will foreclose? Since MERS was undoubtably used as the "trail of ownership" rather than the actual documents, tell me why my worries aren't valid.
Every ship of state has its boiler room
The point that Tabibi really needs to ram home is:
Therefore, homeowners can't make their repayments largely because of bank fraud. Therefore banks should pay for the surplus valuation (based on fraud). That manifests as a revaluation of the home (and the loan) downwards with banks paying the difference and leaving homeowners to service the much smaller debt.
So, without a housing market at this time, the banks that run thousands of properties through foreclosure will end up hanging on to theem for a few years.
Are they thinking some way to run up a new bubble?
Hey, it worked well last time, every real good scammer runs it over and over again.
Yep, you got it, and if the banks can't afford to hang onto the properties, then the Fed will happily take them. The Fed has a very long timeline for pushing these things back into the market.
Seems like the FED is going to be the bad bank for everything - MBS,Treasuries, houses. Can they be a bad bank with garbage assets and still issue FRM's as the WRC? Will the rest of the world accept those FRM's?
I read the article and was fairly disturbed. I work within the Justice System but I am not a lawyer, I do know many, many Attorneys. Most of them Prosecutors for State and Fed. I showed this to one in particular that I work closely with and trust to shoot me straight.
He wouldn't go to the article from his station at work after I showed him the excerpt on ZH, so he read it from mine (I am a well known risk taker).
He was incredulous! We have a "Rocket Docket" for Narcotics and this guy works it. He says 25 Cases an hour is "probably not legally defensible" as the supporting paperwork would lag behind so far after several days of that speed of operation that it would be likely to be lost or never filed properly with the Court, or not filed within the time allowed for such filings.
Admittedly he is not a Civil Attorney, but he is anal as all hell and he knows the Fed laws up and down on property... Because he seizes a shitload of it.
He really didn't want to look at it too hard, he already has issues with "the system" and doesn't need me egging him on... He already has a poster from "Falling Down" "Scarface" and another of a psychotic howling monkey on his office walls... Poor Bastard.
But it's just another case of erosion of the "Consent of the Governed" as he put it while he shook his head and walked out.
my sarcasm meter runs wide but "consent of the governed" is
a level of intrigue beyond my normal experience. what? is he a
fucking englishmen? never to be trusted in the dark and that is why
god gave them an empire where the sun never sets. g .galloway.
or there abouts.
in my experience
law survives by virtue of voluntary compliance, ( consent of the governed ?).
that is the law as prescribed and codified makes sense and is in accordance
with "natural law" or real human behaviour as it relates to the conceptual
and symbolic realities human life is destined to adhere to. erosion of the consent
of the governed in this case sounds like it may just be what we need. is that what
he meant? if not, i hope he enjoys his monkey. governed by the banks? good luck.
He thinks that we will become like Mexico if people turn their backs on (our little part) of the government.
He also thinks that all these cases of obvious corruption in our governmental systems are eroding the trust citizens have IN ALL government.
Without the trust of citizens, the government ( i dont mean washington, I mean your local cops) will not be able to provide physical security.
I understand that 99% of our citizens have never had a single thought about their physical security cross their minds.
That does not change the fact: When you don't have it, IT IS all you will care about.
If the citizens get to that point, economics, finance and all that shit will go right in the trash.
I see it every day 1st hand. People give up EVERYTHING and QUICK, just to get to a "safe" place once violence and anarchy creep into their neighboorhoods.
As far as "natural law"... We call it the Law of the Jungle.
I don't ever want to see the day when it becomes the "law of the land" in this country.
Take my word for it, you don't want to see it either.
I hope this article gives the TBTF a bad case of the runs and leaves them with no fiat paper with which to wipe up their insolvency.
..
"When you meet people who are losing their homes in this foreclosure crisis, they almost all have the same look of deep shame and anguish. Nowhere else on the planet is it such a crime to be down on your luck, even if you were put there by some of the world's richest banks, which continue to rake in record profits purely because they got a big fat handout from the government. That's why one banker CEO after another keeps going on TV to explain that despite their own deceptive loans and fraudulent paperwork, the real problem is these deadbeat homeowners who won't pay their fucking bills. And that's why most people in this country are so ready to buy that explanation. Because in America, it's far more shameful to owe money than it is to steal it."
“Let me put it quite simply: in this regard there may be a contradiction between the interests of the financial world and the interests of the political world. We cannot keep constantly explaining to our voters and our citizens why the taxpayer should bear the cost of certain risks and not those people who have earned a lot of money from taking those risks." - A Merkel
Hey TD, just FYI, the AdSense frames on your main page are tossing up 404s like so: The requested URL
/%22http://bidnw.ru4.com/nf?.......
"That's what this foreclosure crisis is all about: fleeing the scene of the crime. Add into the equation the fact that some of these big banks were simultaneously betting big money against these mortgages — Goldman Sachs being the prime example — and you can see that there were heavy incentives across the board to push anyone in trouble over the cliff." ....
BUT BUT BUT BUT.....AL-QAEDA IS GONNA GET US!
If the U.S. try's to invest in its future like China and build high speed rail it will be a prime target for Al-Qaeda, for this reason I don't think we should do it. We can't let the terrorist win. Plus we simply don't have the money for such a project,we have wars in the middle east going on. I am pro Austerity too. Savage Austerity must be implemented. Big government goons need to have their budgets cut social services need to be slashed! America has lost, lost its way with big government liberalism and socialism. Dark times are ahead, we need to get back to our bedrock Christian values that made this country great. I won't rest until government employees are on the same competitive pay scale as the great corporate conglomerates like wal mart, or McDonalds, I hate seeing government employees making more than me! And we definitely need to get more serious about the threat of Al-Qaeda! They are mocking us! They are strutting around blowing shit up! Report suspicious activity citizens, and thank the next man in uniform you see. We will get through this, but it won't be easy. TIME TO TAKE BACK AMERICA!
USA USA USA USA
***squints eyes***
Dear NSA a poster on ZH named alcoholic nativ.....
re read as sarcasm?
OT : Is it just me, or has Mish just been taken down? Anyone know the story here?
you see, it was for our own good, just like the gov said, not to listen to people who don't have phds from Harvard, because only "they" know what to say .... I'm so glad the NSA has our backs.... SOOOOO glad
All I can say is if ZH goes down my tinfoil hat might start vibrating
i looked also, removed. ?
I can't find him either.
Either he hasn't paid his light bill or, maybe this has something do do with it:
http://www.youtube.com/watch?v=5hvtOEHKJsI
What a great way to start my day! Thx!
WTF! That's one whacked chick.
OTOH, Mish may have been yanked by blogspot/google . . . which was why Tyler set up off-shore servers a long time ago.
Mish had like 43,000 readers there, maybe they don't like hosting something that big.
These are the kind of futures moves that make me wanna arrest someone. I just watched the future move 80 points in 15 minutes.
Futures now down only 26 after being down 115 at 3AM. Gotta juice them up so those waking at 6am never had any idea the S&P was down 16 points.
Its all good kids. EU assured Ireland that its going to be ok. Futures recover, Dxy negative. We can all go home now and get our fucking shineboxes
You greatly overestimate the effect Taibbi has had:
"The man who made Goldman Sachs a household name..."
Just for kicks, I have over a dozen times mentioned GS, Lord Blankfein to several people over drinks in a bar, on the internet thru e-mails and in general conversation right here in this house.
The question I get asked is: Who is Blankfein? What is Goldman Sachs.
The Taibbi story is likely unknown to over 360,000,000 people in the United States, most of whose lives have been affected by Goldman's rescue at thei expense. AIG? Gimme a break. TARP? What they use to drag the leaves to the curb.
I wish it were a household name. But it ain't.
I figure it’s not long before the high frequency trading crowd on Wall Street finds a way to get in on this. HFF, fully computer automated, algo driven high frequency foreclosures at 30,000 cases per second. And three microseconds after each case is settled, they will be front running other bidders at the auctions to buy the properties for a song.
Ex post facto laws are unConstitutional. The day they try that shiite is the day folks like me start to throw down on their @sse$, lead rain.
Years of rapid appreciation forced me to buy Boca retirement home before I really wanted to.
Got for 380K in 2004. Mortgage went from 2400 a month to 3500, for "escrow shortage", after Wilma brought ins to 450/mo. and friggen prop tax went to 600/mo.
So, listed in Jan 2007 for $500K, and chased down prices until ahead of curve, at 412K in November, to a "savvy downsizer".
I was not a speculator, but rather was sucked into the bubble.
Sucked or swallowed willingly?
Nothing will come of any of this. At the end of the day the proletariat will be screwed to no end. Largely due to the fact that most of the population is massively ignorant and easy to rob. No point in fighting.
You don't believe me? Go sit in in on jury duty and see how retarded americans generally are.
Foreclosure Gang Rape, Louisiana Style. . .(re: Wells Fargo)
http://www.lawgrace.org/2010/11/11/foreclosure-gang-rape-louisiana-style...
“Not in a sexual sense, but “rape” here synonymously describes the following things that were forced upon the victim: defilement, molestation, exploitation, humiliation, bigotry, betrayal, invasion, revilement, assault, depredation, torture, despoliation, stigmatization, maltreatment, denigration, ruin, pillage, plunder, ransack, spoliation, violation, impingement, racism.
". . .so that the ravished victim might have an opportunity to begin a road to recovery, an opportunity to begin recompense, to cease from being wrongfully blamed (notwithstanding other things deserved), the victim has no other choice –and is running out of time! Moreover, it is imperative this story be told so that the guilty persons, who boastfully flaunt before the victim, will be brought to justice, as well as prevented from additional such acts.
“It was perhaps a year later that the homeowner learned that WF’s predatory modification was not only fraudulent, but also not lawfully enforceable. The salient reason why the loan modification that Wells Fargo constructed is not valid is because (to the homeowner’s oblivion) the modified loan on the home [unlawfully] binds the homeowner and a SHAM lender. . ."
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Matt has a book to sell. At least the guy tells the fucking truth though. What a concept......