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The REAL Deficit We Need to Address NOW!

Submitted by Phoenix Capital Research on 03/18/2011 22:31 -0400

The
financial world seems awash with commentary on the US’s deficits, debt loads,
and spending problems.

Whether it’s
Congress voting to cut spending by $6 billion (the same day the US debt grew by
$70 billion)… Obama’s “budget” (I
use that word as loosely as possible) proposal… or Tim Geithner telling us we
need to raise the debt ceiling when we’re already past the point of ever being
able to pay off existing debt… every financial commentator in the world is
concerned about deficits.

The only
problem with these critiques is that they’re missing the REAL deficit which
matters in the US.

You see, all
of the deficits people are freaking out about are financial in nature. But none
of this matters anymore. Seriously, all the financial End Game in the US is a
done deal. We will never pay our debts off, we ARE going to default, and that’s
all there is to it. Whether Obama wants to increase deficit spending by $10
trillion or $100 Quadrillion Trillion Zillions doesn’t matter. We’re broke.

Seriously,
does anyone REALLY think the US could get its debt levels under control? We’ve
already got Debt-to-GDP levels that are comparable to Greece and the other
European countries that are collapsing. Our Central Bank now buys 50+% of all
new debt issuance (of course waiting a few weeks to Wall Street can pawn this
stuff off on the taxpayer for a profit). Medicare and Social Security are bankrupt.
And the idea that the FDIC can cover all the deposits at banks that will fail is
laughable.

I suggest
that rather than focusing on financial deficits (which are largely irrelevant
in the context of our true financial situation), we should be freaking out
about the REAL deficits impacting the US today.

Those
deficits are the MENTAL deficits of
our leaders.

This is not
meant to be a cheap shot, nor am I trying to be funny. The political leaders in
the US are the ones who created this whole mess, largely because they don’t
have any real ideas themselves so they simply take orders from whichever corporate
donor writes the biggest checks (usually the banks).

Seriously,
has ANYONE proposed a solution to any REAL problem that might actually work? Just
look at how we handled the Financial Crisis. Tons of bankers broke the law,
committed fraud, and got rich in the process.

Our leaders’
solutions to this?

A “do no go
to jail” card for all of Wall Street, TRILLIONS in taxpayer funds (which they
can’t even account for), and carte blanche to continue committing the same
fraud that created the Financial Crisis in the first place.

What about
the crappy jobs market?

Our leaders’
solutions to this issue: pretend people who are unemployed for a long time don’t
exist, provide tax incentives that are meaningless, and pass out food stamps.

The list
goes on and on. No one in a position of power has a clue how to solve a MAJOR
problem the US faces today. So stop worrying about financial deficits… let’s
start worrying about mental ones.

Graham
Summers

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take steps to prepare for the Second Round of the Financial Crisis… I highly
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Sat, 03/19/2011 - 11:23 | 1075050 4 wheel drift

Those deficits are the MENTAL deficits of our leaders.

indeed...

unfortunately, the USA is a sinking ship beyond repair in the middle of a hurrricane, or more approprietly an airplane with its engines on fire, the pilot dead and the crew partying to 'fool' the passengers... we are going down. the only logical and reasonable alternative is to bail out, completely and at all costs. as it is, we are now a banana republic, we might as well find another one that has much less enemies, much less owed to its citizens and where the police-state structure is not as efficient as that of the USA. nothing un-patritic about these thoughts; those in control are criminals who have used the constitution as toilet paper. there is no shame in this idea. to stay and "fight" is sheer unpractical romanticism. if any fighting could have been successful, it should have happened a long time ago, the opportunity was lost in the complacency of those who are honest and productive, the cancer was allowed to spread, it is too late and the risk/reward is poor, one must choose the battles to fight, this is not one of them.

there may be better opportunities -but not without risk, however with better odds of success elsewhere. capitalism is dead, and so is the bill of rights.

Sat, 03/19/2011 - 10:58 | 1075006 revolutionnot

Some of us have actually proposed REAL solutions.

People have proposed having the US Treasury issue money that is convertible to gold/silver and is not encumbered by the bankers.

On top of this, a debt jubilee would be easiest as all the Debt created by the bankers was fraudulent nothing to begin with.

Sat, 03/19/2011 - 11:18 | 1075023 falak pema

One issue linked with this crisis that nobody raises enough as a false flag from an ethical point is that the FED is a privately owned bank whose shareholders are the TBTF banks! Not the US govt.! Unlike the ECB or the BOJ...!!

And it's this private bank under Benocide who is robbing the US people by Qe-to-infinity after having TARPED out of the ball park!!

A private bank....Jesus b. Christ. Talk about incestuous hanky-panky...talk about arms length separation of powers...travesty of constitutional rights, being multiple banged by TBTF kleptocrats.

Sat, 03/19/2011 - 10:35 | 1074987 John Law Lives

Unemplyment rises in nearly all US metropolitan areas in January:

http://finance.yahoo.com/news/Unemployment-rises-in-nearly-apf-133240478...

Sat, 03/19/2011 - 10:21 | 1074978 DispenzPez

Government by nature lives and grows through parasitic cannibalism. A most insidious existence where the host is force fed at every step to keep it satisfactorily stupefied...winning.

Sat, 03/19/2011 - 10:15 | 1074972 Yield2Greatness

Patience Grasshopper. The enormity of the crimes committed is going to take a long time to bring to justice. I see regularly now charges being filed, so the big wheel of justice is turning. Lots and lots of greasy rat lawyers need to get rich before serious time is done.

Sat, 03/19/2011 - 10:08 | 1074966 ibjamming

We're going to go to war with the ME OPEC countries...take it all over...and run the empire by selling everyone oil. You just wait... We've been suckers to the Muslims for too long...we're waking up. Congress had hearings on "Radical Muslims"...makes me remember the days of hearings on "Communists". Same thing, different century. Muslims will be the new "enemy"...they're also 1/5 the worlds population and over represented by the unwashed and poor. Since we MUST cut the population by at LEAST that amount...the Crusades are coming. We're going to take back that land we gave back to them when we won the last WW. We HAVE to...it's the only thing that CAN save us..."free" energy that "we" don't have to pay an arm and a leg for. We CAN grow our way out of us IF we can get back to $30 a BBL oil... You wait...it's coming. We're turning on our old friends...and when the populous revolutions "fail"...the west will move in and take everything over.

Sat, 03/19/2011 - 09:30 | 1074924 Dr. Gonzo

Even the most clueless unwashed masses here know we are fucked. Everyone is just waiting. It's like when a person who lives next to a chemical plant gets terminal cancer. It doesn't do him anygood to get upset about it. He's just going to keep going as best as he can til the reality of death hits him and not waste his limited energy cursing the corporation who gave him the cancer and killed him. That's how I see it anyway. People are at least planning for an afterlife. (post dollar default) until that happens we have to suffer through our terminal defecit cancer.

Sat, 03/19/2011 - 10:14 | 1074971 falak pema

So you are saying the democratic process is dead and republican institutions meaningless in current USA? That in itself is an admission that this generation, who has benefitted from all this economic wealth built on sand, these last thirty years, is not potent or competent to solve the problem their elites have created. Mega admission of impotency. Hope you're wrong!! Otherwise, it'll then take a generation change, maybe thirty years of regression, humiliation and sufferance, before the US people wake up to becoming potent and politically active again. Wow! some admission!!

Then to follow the gist of this article, not only is the current govt. going to default financially, economically, but the American people are also going to default politically...

Sat, 03/19/2011 - 09:47 | 1074942 cranky-old-geezer

It's like when a person who lives next to a chemical plant gets terminal cancer. It doesn't do him anygood to get upset about it.

I agree.

However I would be pursuing a damage claim against said chemical plant.

He's just going to keep going as best as he can til the reality of death hits him ...

Not me. I wouldn't resign myself to a presumed coming death. I'd get away from that chemical plant, get those chemicals out of my body, and the (alleged) "cancer" would simply fade away. Easy.

Sat, 03/19/2011 - 09:24 | 1074913 max2205

Shuzzz it's working don't rock the boat

Sat, 03/19/2011 - 09:15 | 1074883 cranky-old-geezer

Here's another worthless GW-style wailer / system-fixer article.

Those folks don't have a clue.

They continue suggesting or asserting people in power are mentally deficient lunatics making huge mistake after huge mistake.

They refuse to accept the clear reality that things are the way they are deliberately, intentionally.

They refuse to accept the clear reality that huge "problems" they wail on about are problems only to them and other sheeple. They aren't problems to those in power. To those in power things are going according to plan. When those in power see something getting off track, they quietly and calmly get it back on track. They have the power and resources to do it.

They refuse to accept the clear reality that the general plan is to asset-strip America and loot / rob / pillage the American people. Reducing America to second or third world status isn't part of the plan per-se, just a natural consequence of the plan.

Their refusal to accept these clear realiies makes one wonder if their sense of identity and self-worth is to some degree in the "America" name, e.g. "I'm an American! and proud of it!".

That view might possibly be the height of idiocy and lunacy. Deriving one's sense of identity and self-worth from anything outside themselves is itself a severe mental deficiency.

I don't derive any degree of my sense of identity and self-worth from being an American, however I do derive a large degree of my sense of identity and self-worth from knowing and consistently practicing the principles that made America the greatest nation on earth for a time, the very same principles known and consistently practiced by America's Founders.

Those in power in America today have rejected those principles, or never knew them perhaps.

It's not a mental deficiency. America's criminal leaders are smart intelligent people.

It's a moral deficiency. They have no morals.

Which of the Founders said the constitutional republic form of government they put together can work only in a moral society?

There. That's what the problem today is. America is no longer a moral society. It goes without saying America will collapse ...as the Founders knew America would if moral principles disappear, and they have disappeared.

Sat, 03/19/2011 - 09:20 | 1074910 falak pema

Who said they were mental retards? It's a mind set : moral decay due to American HUBRIS (we can't do anything wrong. We ARE the new Jerusalem). So we agree on this.

Sat, 03/19/2011 - 08:31 | 1074875 eddiebe

The real deficit we face is compassion. The problems need to be solved on a personal level. That means you and me in our daily lives. When situations present themselves to us, we get the chance to shine, or fail.

We have very little control, even over our own personal selves, but at least we have some. To think we can sway or control other peoples actions is fantasy.

Sat, 03/19/2011 - 10:30 | 1074836 falak pema

The Reagan mind-set, the whole imperialist, hegemonistic caboodle since the four horsemen of the American Imperial post WW2 revolution : Joe McCarthy, J. Hoover (his hit-man), J.F. Dulles and brother Allen Dulles (his hit man in charge of CIA), have idealized the great MCIC model, that took over the US government. It's hallmark : 22 November 1963, and the great denial of the Warren Commission as blatant, shameless proof. From then on it was down hill USA, in ethical mind-set terms. RR ratcheted up the Kleptocratic model by giving the keys to WS through deregulation and cheap money to the fledgling FIRE economy. He won the MIC race against the Soviets, and that created the "irrepressible exuberance" of the political model called NWO of Bush-senior, whose bible was Huntington's block buster diatribe : "The coming NWO and...". This poison then invaded the financial circuits under Clinton when Gl-St got repealed and GS squid took over government. So the MIND SET of the political class has gown downhill since Eisenhower's premonitory admission of this growing disease. Now it's in the very heart of USA's greatest invention : it's capitalistic system, architect of world model now going cannibalistic on the US middle class.

How to change this mind set is the real challenge. As the american people see this cancer eat away into the very insides and value systems of their great experiment, only two hundred and fifty years old.

Momentous decisions that the US people must make while avoiding the tragedy of another civil war : between state oligarchs and the people.

Sat, 03/19/2011 - 06:38 | 1074797 Djirk

who pays off their debt? refinance.

Seriously this type of thinking is what is killing any real reform, cut military spending, extend the retirement age and I bet there is at least 15% fat in the budget that no one would notice if it was gone.

Get it done and free up some money for real investment.

Dear bankers, remember the 90s when it was raining money on your IPO heads, the dollar was strong and productuvuty was growing?

Inflating bad assets will not get you back to good times.

Sat, 03/19/2011 - 05:18 | 1074748 Sudden Debt

The sollution to fight this deficit growing problem was cheap credit.

Now credit is very hard to get if you need it and the deficits are getting exponentially bigger by the year.

I do see a link there....

Sat, 03/19/2011 - 03:38 | 1074676 orca

"Our Central Bank now buys 50+% of all new debt issuance"
W.r.o.n.g. You don't have a Central Bank, you have the Federal Reserve, beholden to its shareholders. And by the way, nice intervention by your "Central Bank" on JPY, to the tune of 50M, that's 1% of both ECB intervention and of daily POMO ejaculation.
We may be stupid in Europe, but blind we are most certainly not.

Sat, 03/19/2011 - 03:08 | 1074656 tony bonn

"Those deficits are the MENTAL deficits of our leaders."

you hit a home run with this piece.....and speaking of piece, our so-called leaders, including the indonesian president, are pieces of shit....

the banksters even admit to being out of control...of course this country deserves the imbecilic morons it has for leaders....john adams warned this nation could not survive without morality...and so it has come to pass.

Sat, 03/19/2011 - 10:04 | 1074963 johnnynaps

Speaking of morality- Japan has a catastrophe and everyone waits peacefully in line for their rations. They help each other out. In New Orleans, an over-sized water bison is wading through the water with the new tv she just stole. We deploy our national guard to keep the animals from stealing. The difference, as Sarkozy said "multi-culturism is a failure"!

Sat, 03/19/2011 - 01:20 | 1074559 b_thunder

the debt can be repaid if top tax rates double from 28 and 36% to 56% and 72% for all income (including capital gains) without increasing the deductions.

it would still be lower tax rate than during 1940s and 1950s

Sat, 03/19/2011 - 06:20 | 1074781 shuswap

Taxes are moot. From now to the end of the timeline the Fed buys the T Bills and the .gov spends. Who cares about taxes

Sat, 03/19/2011 - 01:12 | 1074535 Peak Everything

Everybody wants something for nothing. Citizens want government services without paying taxes. Leaders want to stay in power by buying votes rather than doing the right thing and earning respect. Bankers want to lend more money than they have reasonable reserves to support. Investors prefer to invest in quick return speculative assets rather than longer term productive assets. The result is that we are living way beyond our means and everyone shares in the blame.

Sat, 03/19/2011 - 01:04 | 1074510 Opinionated Blo...

There are only two certainties in life. The first is the sun will rise tomorrow, the second is the BAILOUTING, the SPENDING and the PRINTING WILL CONTINUE until total economic collapse forces it to stop and not a nanosecond before. My plan to profit from the unraveling of the soon to be United States of Argentina is the acquisition of physical silver. You cannot eat it but as the sign in South Africa says,"Zimbuck's are not permitted to be used for toilet paper."

Sat, 03/19/2011 - 00:55 | 1074492 Zero Govt

"Congress voting to cut spending by $6 billion (the same day the US debt grew by $70 billion).."

the lunatics (parasites) have taken over the asylum (Govt)

...let's leave 'em to it... and payng the bills they run up

Sat, 03/19/2011 - 01:01 | 1074498 metastar

Fed Math.

Sat, 03/19/2011 - 07:41 | 1074834 Zero Govt

200 High Congressional Committees and Senate Hearings and not a peanut sized brain amongst them has worked out they're totally insolvent or doing anything pro-active about it ...the 'wisdom' of the system known as "democratic government" ...it fails everytime and everywhere with every single issue to perform

Sat, 03/19/2011 - 00:53 | 1074488 metastar

They may each be great standing on their own, but together they are destructive. Each one is out only for themselves. They follow the party lines to ensure their party support come election time. They read the talking points. As a group they are nothing more than bio-robots.

I have a term for such a group dynamic. I call it Organizational Incompetence. It gets especially bad when a group of alpha heads get into a room and try to dominate. Unfortunately, the American public suffers when they start to urinate and throw feces about.

Sat, 03/19/2011 - 00:48 | 1074482 savagegoose

hey i recall the bailout paper work wasnt it 800 pages long. and people voed forit. sure 800 pages of new laws, i dont have time to read that but ill vote YES on it if u just gimme a run down what it all says.

theys when they should be impeached, passing laws and not even reading them

Fri, 03/18/2011 - 23:51 | 1074390 AZidiocrcrcy

Thanks ZH and all the contributors, 20 years ago I could see this shit was unsustainable. I was 12 years old. I can't wait till the baby boomers get fucked. It shouldn't be too much longer.

Sat, 03/19/2011 - 10:02 | 1074959 Ying-Yang

Azidiocrcrcy... We the people, 99%, should not engage in intergenerational denigration. TPTB, 1%, use this like they use Dems vs Repubs which are distractions to the fact they are hurting us all.

You said "I can't wait till the baby boomers get fucked." At a ripe age of 32 does this mean you are waiting for your parents to get fucked? Unless you were cloned from from laboratory sperm and egg.

Keep focused... we the people demand fairness, natural freedom and liberty for all.

Case study:

What do you call rebels in Libya? TPTB call them seekers of democracy.

What do you call rebels in Bahrain? TPTB call them insurgents.

Tell me how to compare TPTB leaders in both countries?

We the people will spiral lower and lower in our standard of living if we continue to be divided. Our focus should be on the 1% who prosper from the intergenerational divisions.

I hope you love your parents... they are Boomers.

LOVE... DAD

Sat, 03/19/2011 - 08:17 | 1074863 eddiebe

Stupid is as stupid sez.

Sat, 03/19/2011 - 01:05 | 1074511 AVP

The boomers may just get "fucked" as you put it. Remember, their at the ends of their day's

and most have lived a nice life. At 32 your fucked for at least the next 50 years......

Bwahhhhhhhhhh........

Got Gold!

Fri, 03/18/2011 - 23:40 | 1074377 JohnG

Fairly accurate rant.

Stop trying to sell me stuff.

Sat, 03/19/2011 - 11:36 | 1075110 RockyRacoon

Think of it as a televised program that you like, with an annoying commercial. Just skip the ad and be thankful that the beneficial info you got cost you nothing.

Sat, 03/19/2011 - 08:12 | 1074858 eddiebe

Seriously!

Fri, 03/18/2011 - 23:25 | 1074349 RockyRacoon

And look what happened:

Too bad no one showed up at the hearing.

The House Subcommittee on Domestic Monetary Policy has 14 members. We count no more than four who attended the hearing at which Grant and Lehrman testified.

One of them was the chairman of the subcommittee, Dr. Ron Paul, who had extended them the invitation.

Granted, members of Congress don't have to be in the chamber to hear debate. If they choose, they can pick it up on closed-circuit TV in their offices. But somehow, we have a hard time imaging 431 members of Congress glued to their screens over a subcommittee hearing on monetary policy.

We've heard rumors, too, that Democrats in the House pulled a "Wisconsin" and boycotted the proceeding altogether. The government we deserve, people.... the government we deserve.

In any case, the proceeding was interrupted so few times the members in attendance were able to take part in a floor vote far more vital to the nation's future: they pulled $56 million in federal funds from National Public Radio (NPR).

Woohoo... $56 million. That's 1.24% of the deficit the federal government rang up yesterday alone. Which would be laughable if, in fact, it was being cut... but it's not. It's merely getting yanked from NPR and given to Public Radio International (PRI) and individual stations that produce programming.

(From AgoraFinancial)

Sat, 03/19/2011 - 04:22 | 1074702 d_senti

Speaking of Ron Paul, I heard of an (unconfirmed) idea he's been floating around that sounded very interesting to me and could possibly provide a partial solution to our disgustingly obscene financial situation. He suggested offering a flat tax rate of 10% to anyone willing to "opt out" of any and all govt entitlements. No SocSec, Medicaid/care, etc. for life, but you won't be taxed for it either (in a sense).

I think it's a great idea personally. I'd be all over that, and I'm poor. I would be much better off personally by staying in the programs (not considering that they're bankrupt, I mean), but out of principle alone I'd opt out, as would many others.

Could be a good first step at least.

Sat, 03/19/2011 - 08:45 | 1074885 nmewn

Against it and I'm middle class.

They've stolen from me at the point of a gun my entire working life...let it burn to cold ashes and blow away with the wind.

Then we'll rebuild without any of this nonsensical notion of "government charity"...as government provides nothing that is not first taken from someone else.

Sat, 03/19/2011 - 10:00 | 1074958 Stroke

With that 100%

Sat, 03/19/2011 - 10:21 | 1074977 Hulk

Yep, been pulling a weighted sled my entire adult life. Time to break the chain... (got great gastros though!)

Fri, 03/18/2011 - 23:16 | 1074329 24KGOLD FOIL HAT

This sums up unemployment #'s very well:

Our leaders’ solutions to this issue: pretend people who are unemployed for a long time don’t exist, provide tax incentives that are meaningless, and pass out food stamps.

The Ministry of Truth is clever. They state the problem using the small number: unEMployment. 8% or 9.3%.

An honester number be EMployment. 75% or 81%. Not the govt # but use one from a gentleman like John Williams of Shadowstats.

Maybe have it at the top of ZH home page as a permanent 100 year graph; so rookies can understand this issue better. Plus it would be good help for an honorable guy like Williams.

The truth will out!

Fri, 03/18/2011 - 23:03 | 1074317 sgorem

Then that makes two of us lordbyron. I've been ranting on this subject for as long on deaf sheeple ears. pissed as hell........

Fri, 03/18/2011 - 23:16 | 1074330 WaterWings

Third. Maybe I should improve my communication skills to win favor more easily - but if they reject, outright, prima facie evidence I say, "Fuck 'em."

DARWIN BITCHES!!

Fri, 03/18/2011 - 22:54 | 1074304 lordbyroniv

Yup. Its disgusting.

For 3 years I have been raving like a lunatic to anyone who will listen that we have been betrayed,..the Federal Reserve needs to be abolished,....the dollar will collapse,.....and to buy gold.

But somehow........Im the asshole!?!?!?!?

Sat, 03/19/2011 - 10:00 | 1074957 duncecap rack

My family wants to buy me a tin foil hat for suggesting a supply of canned goods might be a good idea.

Sat, 03/19/2011 - 10:43 | 1074995 chunga

You might want to take a red pill and a blue pill just in case.

***************************************************

i copied it and sent it to the asshole. By the way, he never leaves his fucking cubicle. He is a rathole lawyer. "that is what I call the species".

From: 'chunga'
Sent: Thursday, January 27, 2011 4:43 PM
To: 'George E. Babcock'
Subject: RE: Letterhead

Speaking of the pleading the Fifth…looky here!

Foreclosure Document Fraud Drives Notaries to Take the Fifth

From: George E. Babcock [mailto:george.babcock@babcocklawoffices.com]
Sent: Thursday, January 27, 2011 4:14 PM
To: 'chunga'
Subject: FW: Letterhead

Arrogance, ignorance and apathy. A mixture for failure.

From: George E. Babcock [mailto:george.babcock@babcocklawoffices.com]
Sent: Thursday, January 27, 2011 4:13 PM
To: 'William A. Dorry, IV'
Cc: 'Christopher V. Basso'
Subject: RE: Letterhead

I have heard all about those meetings. As I said, they are rules made up to protect lawyers/title companies from negligence and fraud. Everyone does not follow them. I follow the law to a T and do not wish to ever hide behind rules that make it ok to make mistakes or to commit fraud. The title is not good. It has errors that violate statute and it contains fraudulent documents notarized by fraudulent notaries. The 5th amendment will be more apt defense down the road than title standards. We are done with this one. I will file suit, lis pendens, seek millions and file a reclamation deed. Then everyone can run for cover and plead the 5th. That is if you can even find Linda Green. lol See you soon.

From: William A. Dorry, IV [mailto:wdorry@shslawfirm.com]
Sent: Thursday, January 27, 2011 3:38 PM
To: George E. Babcock
Subject: RE: Letterhead

Not really George. The title on this property is in good order.

I am simply using the same standards that every Rhode Island attorney involved in the conveyance of real property uses.

I would encourage you to show up at a Title and Standards Committee meeting if you truly feel that the Title Standards are wrong.

I am sure we would all be willing to listen to your thoughts and ideas on the subject.

From: George E. Babcock [mailto:george.babcock@babcocklawoffices.com]
Sent: Thursday, January 27, 2011 3:28 PM
To: William A. Dorry, IV
Subject: RE: Letterhead

I have done so and could care less. If you read Ibanez, it is made clear that TItle Standards fall in the face of Statute. You know that the title is bad yet you go forward anyway. This is the problem with the entire foreclosure industry. It feels as though it is above the law and bootstraps its arguments by using title standards that is have created. You justify the wrongful taking of property by saying "oops" and then covering your tracks with "title standars" which are really nothing more that "get out of jail free cards." Truly amazing.

From: William A. Dorry, IV [mailto:wdorry@shslawfirm.com]
Sent: Thursday, January 27, 2011 3:23 PM
To: George E. Babcock
Subject: RE: Letterhead

Looking forward to reading the brief.

Before you write it, however, you should refer to the Rhode Island Title Standards Handbook.

Sat, 03/19/2011 - 09:35 | 1074929 chunga

Fight Club Lawyer (Part II)

Greetings and salutations my fellow Americans,

The purpose of this missive is to point out a few reasons why “Foreclosuregate” and its consequences should be of grave concern to all of us. Pay attention deadbeats, pin-striped banking weasels, GSE enablers, congressional puppets, pet judges, robo-lawyers, etc. For maximum effect cue Carl Orff’s “O Fortuna”…

Rather than parse this into hyper-technical fork-tongued Wall Street lingo and all the obvious virtues that come with it, my preference is Main Street lingo. Remember Main Street?

To sum things up Main Street got hosed. Not just a plain old run of the mill hosing either. The wherefores are lost in terms such as Credit Default Swaps, REMIC, servicer, sub-servicer, master-servicer (doesn’t that sound diabolical), trustee, special purpose vehicle, MERS…ok enough. This kind of crap is best left for professionals and Main Street has no business understanding any of this. It’s dangerous to fool around with. Besides, when any of these terms become “insufficient” a new one pops out of nowhere in the form of an innovation. Usually, for a handsome fee, these innovations are supported by well-healed and really smart “Non-Thinking Profit Tanks”. I kind of like that term myself and shamelessly purloined it from a fellow ZHer.

There are basically two ways to address this problem that I believe to be at the root of our collective financial sclerosis:

The first path is bad and it is the path we are on now. Everything and I do mean everything, must pass through one’s own political prism before it becomes truth. Look at the political hay being made over the tragic events unfolding in Japan. This stems from some sort of national neuro-atrophy and basing all “truths” on political beliefs would seem rather unreliable. The bottom line here is while a small few are sneaking away with all the money (whatever that is these days) most of us on Main Street are busy arguing over non-issues. That environment is perfect for sneaking away with money.

The second path is good and not the path we are on now. The direction of that path can be found in a three inch by five inch booklet that never leaves my desk. It can be read cover to cover in fifteen minutes or less and it is called The Declaration of Independence and The Constitution of the United States of America. We are, and must strive to remain a nation of laws, not men.

Allow me the liberty of quoting our third President, Thomas Jefferson:

“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

If we accept that we are still a nation of laws (if you’re still with me…hang in there…I’m almost done) we must wield those laws with full vigor. The oligarchs pull them like a gun, but for some reason (see path #1) they are allowed to bend them, twist them, even ignore them. When fitting they create new ones or remove those that are in their way.

Now, they actually taunt us. Have a look at this piece from Business Insider and tell me you are not angry. It’s noteworthy that Deutsche was Hitler’s favorite bank and used their innovations to fund the Gestapo and other contributions to society, the Auschwitz Death Camp being one shining example. After suffering years of concealed shame they admitted as much in 1999. (Right after it was revealed by historians.) The idea of engaging these two pictured below in a spirited “debate” is titillating.

Deutsche Banker Suspended For Taunting Protestors With A £10 From His Office Window

(Sorry...no images allowed for me...darn rules...gotta click to get mad)

We know where this quote comes from and it’s even more valid today than it was in 1999:

“Man, I see in fight club the strongest and smartest men who've ever lived. I see all this potential, and I see squandering. God damn it, an entire generation pumping gas, waiting tables; slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don't need. We're the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War's a spiritual war... our Great Depression is our lives. We've all been raised on television to believe that one day we'd all be millionaires, and movie gods, and rock stars. But we won't. And we're slowly learning that fact. And we're very, very pissed off.”

How apropos…my phone rings and I actually answer…and it’s a staffer from Senator X’s office alerting me to some very important matter. The phony needs my money support to straighten things out (this is true and God is my witness). I politely interrupt the young lady and express my disgust with politicians, every last one of them and urge her to pass the word to all the good little Senators to clean out their desks and never come back. She wryly replies she’s been hearing quite a bit of that sentiment lately and thanks me for my time.

Where was I? Oh yeah, I was getting very, very pissed off. It’s time to take this fight out of the basement and into the courts. With gusto. In case you missed the first round of Fight Club Lawyer here’s a handy link:

Foreclosure Fight Club | George Babcock to Mark Harmon "Send Your Minions that I May Lay Waste to them Before Me"

“Dear Mr. Harmon,

Please be advised that I have been retained by Mr. Conley regarding the notice of illegal foreclosure you mailed to him on February 4, 2011. The chain of title to this property and the note is like a walk down the yellow brick road. Is Harmon Law the Wizard of Title? You display extreme indifference to the law by noticing a foreclosure on this property. As you know, I take great pride in defending my clients against the evil forces that guide your actions. Mr. Conley is a personal friend. It is my intention to be even more pugilistic in this matter. It is disgusting and I will make sure that whoever violates his property rights is knocked out of the ring. No TKOs will be accepted. A full fledged, right cross to the chin of the beast.

I look forward to a response although I am quite certain you will not engage me as is your habit. Send your minions that I may lay waste to them before me.

I hope that this letter is circulated as has been your habit in the past. I like my enemy to know that I am at its doorstep.”

Now the rest of you lawyers…get out there and start lawyering. If it’s your first night at Fight Club…you have to fight. No pillow fights – bare knuckles required or you’ll have to tap out.

Directly following my chart (It lacks citations because I made it up…at least I admit it) will be the results of one day’s worth of fighting by one lawyer emailed to me. Seven pin-striped puppets file hocus-pocus “Motions to Dismiss” all seven denied. This very rarely happens but it did. In one day.

I pulled out my email address not out of fear. It’s not much of a hardship cleaning it out but I really hate spam…and most of the email I get as well. You will need your own Pacer account to really smell what is in this sewer. Go short on title insurers…if they can’t fix them they have to pay. They cannot fix.

Have a nice day and God Bless America, Inc.

chunga

The market likes stability…seems to have flat-lined. Phew!

Fight Club Lawyer (Part II)

(Foiled again by the no image rule…you have to click again for the chart. Boo-Hiss)

Enjoy!

Email begins here:

How fucking awesome is this? The Babcock Pirate Ship strikes again. How many Motions to Dismiss are denied? Who is better than me?

From: cmecf@rid.uscourts.gov [mailto:cmecf@rid.uscourts.gov]
Sent: Tuesday, March 15, 2011 4:33 PM
To: cmecfnef@rid.uscourts.gov
Subject: Activity in Case 1:10-cv-00162-JNL -DLM Zarra v. Mortgage Electronic Registration Systems, Inc et al Order on Motion to Dismiss

This is an automatic e-mail message generated by the CM/ECF system. Please DO NOT RESPOND to this e-mail because the mail box is unattended.
***NOTE TO PUBLIC ACCESS USERS*** Judicial Conference of the United States policy permits attorneys of record and parties in a case (including pro se litigants) to receive one free electronic copy of all documents filed electronically, if receipt is required by law or directed by the filer. PACER access fees apply to all other users. To avoid later charges, download a copy of each document during this first viewing. However, if the referenced document is a transcript, the free copy and 30 page limit do not apply.

U.S. District Court

District of Rhode Island

Notice of Electronic Filing

The following transaction was entered on 3/15/2011 at 4:33 PM EDT and filed on 3/15/2011

Case Name:

McLaughlin et al v. Mortgage Electronic Registration Systems, Inc et al

Case Number:

1:10-cv-00123-JNL -LDA

Filer:

Document Number:

Docket Text:
PROCEDURAL ORDER denying without prejudice (10) Motion to Dismiss in case 1:10-cv-00123-JNL -LDA; denying without prejudice (17) Motion to Dismiss in case 1:10-cv-00162-JNL -DLM; denying without prejudice (11) Motion to Dismiss in case 1:10-cv-00193-JNL -LDA; denying without prejudice (12) Motion to Dismiss in case 1:10-cv-00195-JNL -DLM; denying without prejudice (8) Motion to Dismiss; denying without prejudice (17) Motion to Dismiss in case 1:10-cv-00440-JNL -DLM; denying without prejudice (3) Motion to Dismiss in case 1:10-cv-00468-JNL -DLM; denying without prejudice (5) Motion to Dismiss in case 1:10-cv-00483-JNL -LDA; Set Deadlines: (PNC to Show Cause in writing for deconsolidating the Iadmimarco case (CA 10-440) from the others on or before 3/25/2011; Iadimarco may respond to PNC's submission by 4/8/11; each party is allotted up to 10 pages for its submission). So Ordered by Joseph N Laplante on 3/15/11. Associated Cases: 1:10-cv-00162-JNL -DLM et al.(Barletta, Barbara)

Case Name:

Zarra v. Mortgage Electronic Registration Systems, Inc et al

Case Number:

1:10-cv-00162-JNL -DLM

Filer:

Document Number:

Case Name:

Beaudoin v. Mortgage Electronic Registration Systems, Inc. et al

Case Number:

1:10-cv-00193-JNL -LDA

Filer:

Document Number:

Case Name:

O'Hern v. Mortgage Electronic Registration Systems, Inc. et al

Case Number:

1:10-cv-00195-JNL -DLM

Filer:

Document Number:

Case Name:

Iadimarco v. National City Mortgage et al

Case Number:

1:10-cv-00440-JNL -DLM

Filer:

Document Number:

Case Name:

Fonseca et al v. GMAC Mortgage, LLC et al

Case Number:

1:10-cv-00468-JNL -DLM

Filer:

Document Number:

Case Name:

Houey v. GMAC Mortgage Corporation et al

Case Number:

1:10-cv-00483-JNL -LDA

Filer:

Document Number:

1:10-cv-00123-JNL -LDA Notice has been electronically mailed to:

George E. Babcock george.babcock@babcocklawoffices.com

Patricia A. Buckley pbuckley@benjestlaw.com

1:10-cv-00123-JNL -LDA Notice has been delivered by other means to:

1:10-cv-00162-JNL -DLM Notice has been electronically mailed to:

Brian S. Grossman bgrossman@princelobel.com, csullivan@princelobel.com, karonis@princelobel.com, pscottreed@princelobel.com, vderby@princelobel.com

Corey J. Allard callard@allardlaw.com

David M. Rosen drosen@princelobel.com, dolson@princelobel.com, gdorlando@princelobel.com, mambers@princelobel.com, vderby@princelobel.com

George E. Babcock george.babcock@babcocklawoffices.com

1:10-cv-00162-JNL -DLM Notice has been delivered by other means to:

1:10-cv-00193-JNL -LDA Notice has been electronically mailed to:

Brian S. Grossman bgrossman@princelobel.com, csullivan@princelobel.com, karonis@princelobel.com, pscottreed@princelobel.com, vderby@princelobel.com

David M. Rosen drosen@princelobel.com, dolson@princelobel.com, gdorlando@princelobel.com, mambers@princelobel.com, vderby@princelobel.com

George E. Babcock george.babcock@babcocklawoffices.com

1:10-cv-00193-JNL -LDA Notice has been delivered by other means to:

1:10-cv-00195-JNL -DLM Notice has been electronically mailed to:

Brian S. Grossman bgrossman@princelobel.com, csullivan@princelobel.com, karonis@princelobel.com, pscottreed@princelobel.com, vderby@princelobel.com

David M. Rosen drosen@princelobel.com, dolson@princelobel.com, gdorlando@princelobel.com, mambers@princelobel.com, vderby@princelobel.com

George E. Babcock george.babcock@babcocklawoffices.com

1:10-cv-00195-JNL -DLM Notice has been delivered by other means to:

1:10-cv-00440-JNL -DLM Notice has been electronically mailed to:

Brian S. Grossman bgrossman@princelobel.com, csullivan@princelobel.com, karonis@princelobel.com, pscottreed@princelobel.com

David M. Rosen drosen@princelobel.com, dolson@princelobel.com, gdorlando@princelobel.com, mambers@princelobel.com, vderby@princelobel.com

George E. Babcock george.babcock@babcocklawoffices.com

Michael B. Doherty mdoherty@preti.com, stenaglia@preti.com

1:10-cv-00440-JNL -DLM Notice has been delivered by other means to:

1:10-cv-00468-JNL -DLM Notice has been electronically mailed to:

Brian S. Grossman bgrossman@princelobel.com, csullivan@princelobel.com, karonis@princelobel.com, pscottreed@princelobel.com

David M. Rosen drosen@princelobel.com, dolson@princelobel.com, gdorlando@princelobel.com, mambers@princelobel.com, vderby@princelobel.com

George E. Babcock george.babcock@babcocklawoffices.com

1:10-cv-00468-JNL -DLM Notice has been delivered by other means to:

1:10-cv-00483-JNL -LDA Notice has been electronically mailed to:

Brian S. Grossman bgrossman@princelobel.com, csullivan@princelobel.com, karonis@princelobel.com, pscottreed@princelobel.com

Corey J. Allard callard@allardlaw.com

David M. Rosen drosen@princelobel.com, dolson@princelobel.com, gdorlando@princelobel.com, mambers@princelobel.com, vderby@princelobel.com

George E. Babcock george.babcock@babcocklawoffices.com

1:10-cv-00483-JNL -LDA Notice has been delivered by other means to:

The following document(s) are associated with this transaction:

Document description:Main Document
Original filename:n/a
Electronic document Stamp:
[STAMP dcecfStamp_ID=1096917572 [Date=3/15/2011] [FileNumber=528687-0]
[2d2efa8b0a1a60c045acba4f60be4da26982ca757659ab03c779ebc9f840f32f9ca3
7dee653bc8d39b7db5b3b99b32faf61066cc9a9826e4fcbaf35208c3af5c]]

Sat, 03/19/2011 - 05:07 | 1074733 Sudden Debt

Just let the fuck things up as they do and use your knowlegde to get the advantage from it.

Silver, gold, weed.... invest your money.

Sat, 03/19/2011 - 09:24 | 1074915 john39

i wish it was that simple, after they finish trashing our economy, they roll out 1984 style government. That has always been the plan, it just got pushed back. Wishing thinking to believe that this mess resulted from negligence as opposed to intentional conduct.

The REAL Deficit We Need to Address NOW!

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