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Socialism Gone Apeshit: Obama Wants To Use Proceeds From $20 Billion Fraudclosure Settlement To Reduce Underwater Mortgages
Ever wonder why the banks have been stowing away cash as if in anticipation of a torrential rainy day? Well, it just started pouring. According to the WSJ: "The Obama administration is trying to push through a settlement over mortgage-servicing breakdowns that could force America's largest banks to pay for reductions in loan principal worth billions of dollars…Terms of the administration's proposal include a commitment from mortgage servicers to reduce the loan balances of troubled borrowers who owe more than their homes are worth, people familiar with the matter said. The cost of those writedowns won't be borne by investors who purchased mortgage-backed securities, these people said…some state attorneys general and federal agencies are pushing for banks to pay more than $20 billion in civil fines or to fund a comparable amount of loan modifications for distressed borrowers…Regulators are looking at up to 14 servicers that could be a party to the settlement…Banks would also have to reduce second-lien mortgages when first mortgages are modified…Under the administration's proposed settlement, banks would have to bear the cost of all writedowns rather than passing them on to other investors. The settlement proposal focuses on pushing servicers who mishandled foreclosure procedures to eat losses, by writing down loans that they service on behalf of clients. Those clients include mortgage-finance giants Fannie Mae and Freddie Mac, as well as investors in loans that were securitized by Wall Street firms.” In other words, we have just reached the pinnacle of banana republic socialist insanity. In one fell swoop the teleprompter will not only grant reprieve to the banks for decades of fraudulent mortgage activity, but undercapitalize themselves and have them at risk for another liquidity run, which would of course mean another record multi-trillion taxpayer bailout. And the worst case: the 10 million or whatever underwater mortgages will get an average reduction of $2000 each. This is unfuckingbelieveable!
From the WSJ:
A settlement could help lift a cloud of uncertainty that has stalled the foreclosure process since last fall. Economists have warned that foreclosures need to proceed for the housing market to continue on a path to recovery. It's unclear how many borrowers would benefit from a deal. Servicers have thus far had difficulty managing the volume of troubled loans.
So far, most loan modifications have focused on shrinking monthly payments by lowering interest rates and extending loan terms. Banks, as well as mortgage giants Fannie Mae and Freddie Mac, have been shy to embrace principal reductions, in part due to concerns that many borrowers who can afford their loans will stop paying in the hope of being rewarded with a smaller loan. But some economists warn that rising numbers of underwater borrowers will drag on housing markets and the economy for years unless more is done to help them.
Several federal agencies have been scrutinizing the nation's largest banks over breakdowns in foreclosure procedures that erupted last fall. Last week, the Office of the Comptroller of the Currency said only a small number of borrowers had been improperly foreclosed upon. But the regulator raised concerns over inadequate staffing and weak controls over certain foreclosure processes.
A settlement must satisfy an unwieldy mix of authorities, including state attorneys general and regulators such as the newly formed Bureau of Consumer Financial Protection, who support heftier fines. They must also appease banking regulators, such as the OCC, that are concerned penalties could be too stiff.
"Nothing has been finalized among the states, and it's our understanding that the federal agencies we are in discussions with have not finalized their positions," said a spokesman for Iowa Attorney General Tom Miller, who is spearheading a 50-state investigation of mortgage-servicing practices.
On the utter economic futility of this idiotic action:
Bank executives say principal cuts don't necessarily improve payment patterns, and have told other parties involved in the talks that principal reductions could raise new complications. First, it will be difficult to determine who gets reductions and who doesn't. And even if banks agree to a $20 billion penalty, the number of mortgages that can be cured with that number is limited, one of these people said.
Any settlement could be one of the largest to hit the mortgage industry. In 2008, Bank of America settled claims worth more than $8.6 billion for loans allegedly involving predatory lending practices committed by Countrywide Finance Corp., which it acquired that year.
Of course the winner would be Obama's chances at getting reelected for a second term as teleprompter in chief. As for the outcome, now that the curve is flattening and the sad reality of the economic collapse is once again being appreciated, we will have a bank collapse that much sooner, leading to more trillions in taxpayer funded bail outs, so Wall Street can have another year of record bonuses, all the while the Chairsatan proceeds with QE 3, 4, 5, 6 and so forth. Which of course is the primary motive.
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PRIVATE unions are one thing, GOVERNMENT Employee UNIONS are quite another. Learn the difference
Now, was their anyone EVER here, that did not think HE is out to destroy this country?
If No, your an idiot.
He should be hired by Hollywood.............no one sane can make this shit up.
QE????
Screw that, TILL your road kill.
He's a twelve year old boy without a lick of sense. He lives for compromise. Barry's Claim To Fame: The Living God of Compromise.
The Peace Prize was a long time ago. I think the crazy fuck got bought with a Nobel Prize straight out the box.
We are so fucked with this fool.
WTF hardly begins to describe it.
Obviously a ploy to get public approval without doing anything meaningful for them, while giving the banks a gift disguised as punishment.
$2k is meaningless for an underwater mortage. Less than one monthly payment for most of them.
I hope this is actually a joke. It's not April 1 yet, is it?
they'll approve only small % of awards and have them written up in the news..parade it around, make it sound like they saved the american dream
but they could write 20 trillion out since the goal is to kill the dollar and export genocide via inflation anyway
Yeah, time it right around 2012 SOTU Address and have 5 mod recipients in the front row so you can point at them. Great theater - unfortunately his base will be in cardboard boxes sans cable.
It seems insane and will not pass.
As it says 2k is not gonna be enough to get people off the free rent boat. Once people get comfortable with handing the bankers more dollars for them to write down, we'll get informed of the actual amount to be grabbed from our wallets.
20 billion, if that works out to $2000 per, ought to cover what the Case-Shiller report indicates people lost in the first 2 or 3 weeks of December. When you are down $50,100,150K what is 2k going to accomplish?
Use it to cover the next $20 billion in defaults heading the FHA's way.
so it's time to become a bribable low balling appraiser... race to the bottom indeed
More likely that they are trying to bring each clouded (MERS) mortgage current with a fresh signature.
Know someone who was refi'd by Chase in an extremely expedient manner that suggests that this was the reason...No other reason makes sense.
BTW -- the borrower is a Mtg Broker (25+ years) and so, has a well-developed sense of ordinary vs. not-so-ordinary loan packages and procedures.
I do realize that using the word 'ordinary' to describe anything related to mortgages is treading on very thin ice.
Chase probably lost original note, so wanted refi
I think you are dead on correct.
Just a hidden technicality was my thought as well.
You got that shit straight Rotwang.
Agree. So they manage to kill 2 (or more!) birds with this stinkin' pile o shiite.
That teleprompter is so clever!
Any country that can produce a Barack Obama and a Sarah Palin is playing a joke on its citizenry.
Baby Bush was a hard act to follow but they are true side show distractions.. just hold tight, next years campaign train will cloud all the news
Obama is truly over his head. Unless of course he wants total chaos.
$2000 per vote now? And the Fed says there is no inflation!
This is one of those moments where I feel as though I've become part of a real-life Ayn Rand novel.
I believe Atlas Shrugged (the movie) is being released in March.
Release date is April 15th
http://www.atlasshruggedpart1.com/
Share and enjoy!
+1957
ok, time for some intimate honesty...been posting here for awhile but never revealed this but who gives a fuck...lost a home n the bay area due to the fact that Bofa wouldnt modify...income and all to more than cover a modest modification but of course they didnt want that...why should they after a multi billion cash bailout, removal of toxic shit off their balance sheets and then FASB's dick riding that allows them to lie about the true value of their existing loan portfolio just to name a few... got other real estate and another home to move to so i aint destitute...here's the deal though...
we're talking about a 500K mortgage that if modified to a 30yr would have ultimatley made BOFA over the term - well, u do the math...instead they did there song and dance over a year period until the foreclosure process concluded with a sale price at auction of......drum role please - $277k......now, what do u think that was all about???
please, all ya'll that may think im seeking sympth dont even trip cause it aint like that...i understand the game now - meaning, this is what they intended from day one of funding...my father was dying of stomach cancer and my folks did not possess the funds or coverage to deal with what was estimated to be a live expectancy of 2yrs that ultimately ended up with pops dying n 6 months...that was the reason the re-fi was sought, not rolexes and bitches...
anyway, my solace resides n the fact that i used a significant portion of Bofa's debt coupons to acquire a rather nice physical Silver pos...
fuck all bankers.............
they write down the losses and keep the heavy upfront fees.. churn the houses makes faster money...
moral hazard bitchez
Thanks for your story. Bottom line in all the goings on in the financial industry can be boiled down to two emotions, not anything else: 1. Greed and 2. Fear
All else is noise.
soon to be replaced by apathy then despair
"Bottom line in all the goings on in the financial industry can be boiled down to two emotions, not anything else: 1. Greed and 2. Fear"...
no my friend i beg to differ...
ignorance as to the nature of the construct entraps the unenlightened....
Uh. OK. I'll withdraw my statement. So, what are the drivers?
Principle reduction means revolution to me. Because I did the right thing, I own my house free and clear. And I live in a small house. So people who bought what they couldn't afford now get free money to keep it? Fuck the US government. It this shit continues, I no longer care.
Live wrecklessly and get benefits from doing it. WTF!
+1 for moral hazard.
Now cancel your med insurance and just use the emergency room. Rock on. Cut the Beast's throat.
+++++++++++++++++++++++++++++++++++
Time to.shoot any defaulter who gets money out of this.
I'm right here, asshole.
You truly are a shallow mud pit.
Lovely how they're all about the sanctity of contract until they're not.
Ignore him.
trollboy calls himself 'upper middle class' but not a banker.
WTF? a member of the danish royal family then?
Same here - living well below my means and casa is F&C.
Punish the prudent. They will float an "asset tax", but exclude corps, just like they have medical insurance - the working people who need it the most ala MCD;s employees, are exempted. "Rich" sitting on their money and need to help get "Merika rolling again... When the shared sacrifice or shared burden meme is everywhere - then its too late.
It will be very interesting to see how this jacked up deal is spun in the Media. I said months ago, this State A.G. (aspiring governor) deal would turn out just like the tobacco settlements. This is just jacked up.
Perfect - we securitized those (the tobacco settlements), utility rate reductions, and now we just need to figure out how to securitize the cash flows from this new deal. Maybe new OPOs, Obama Principal Only tranches that receive the $2,000 in taxpayer (erm, servicer) funded curtailments amortized over the life of the loan! That has got to be worth a 7 figure bonus!
I'm not kidding, let's put some ideas out there on how to profit from this. It really is futile to b1tch and moan on a blog about how this makes no logical sense - let's focus on how we can make money from it.
This all makes perfect sense in Obooba-world. We're not each responsible for our own selves. No, no, no - it takes a village...
It takes a village to wreck the world with derivatives and White Capital.
And a handful of ZeroHedgers to scapegoat the little guy rather than blaming those who deserve everything they get.
+1
Is this part of the "Win the Future" game plan?
Jamie Dimon says QE2 will solve everything, we just have jobless recovery. That's motherfucking better than no recovery, right?! Banksters are doing great! All's well, smiles :) $2000 off your 190,000 is a great deal. Thank you Obama and Jamie for fixing the economy. Thank, reads "Fuck" Forgot to mention Benji, fuck him too. Also fuck Alan Greenspan, and road to roota, eh, well I do say, fucker wankers of heros those two! Holy shit, it's pretty damn nutty to say they are "good guys" if you so ask me. Jesus Titty-Fucking Christ
http://www.youtube.com/watch?v=rXKP4gtd2Yk
See the footnote: must be enrolled in the SNAP program to qualify
Saudi came up with more. We need to march on Washington. I bet we'd get 5,000 each to go back to the farm.
Redistribution. At the point of a gun.
Socialism is nothing but theft and slavery.
Just following role model: China! When will we also start installing suicide nets in our places of work? Ha! Trick question! Soon we won't have any places of work.
"Socialism is nothing but theft and slavery."
Yes, but... this is fascism disguised as socialism. This money is meant, as has all previous money, to go to the financial corporations. The only socialism here would be socialism for the rich.
The only difference between what you ignorantly call 'socialism' and the rule of Captial is that the latter has been operational for more than 500 years, producing landfills and motorized scooters.
Just wait for the $100k buy out offer to opt out of soc sec
I'll take that offer and then buy $100K worth of PM's as soon as the check clears.
I'd simply take the opportunity to opt out of Soc Sec--they don't have to give me the 100k and they can keep what I've put in--I would take that deal to never pay in again. Buy more pm with the diff.
Give me the option to stop paying for the promise of a slice of government cheese somewhere down the road? I'd take that in a heartbeat, so would many others, but it would be downright embarrasing for the cheese eaters left at the banquet. Anyway, you will remain chained to the trough for your own good. It reeks to high heaven,that cheese, but they say that eventually you learn to love it.
give me 2,000.00 than I can buy more beer and cigarettes, and cupcakes and sweets, than go on social security disability, after you pay my mortgage, and on my way to the social security office to collect my pay, I can slip on the sidewalk and sue the govt for unsafe conditions, and than I can take that lawsuit money and buy 4 homes with no money down and retire, what a great country!!
It's $2000 principle reduction, to make you feel better about things. They give you bupkis!
Wow, they refuse to allow housing prices to go down. Looks like I will have to wait a little longer to buy...
I think this would cause housing to decline. As someone mentioned earlier, the race to the bottom begins--Lowest appraisal possible please...
The site was down for a bit? sorry for the repeats.
same
I think this would cause housing to decline. As someone mentioned earlier, the race to the bottom begins--Lowest appraisal possible please...
Then this pretty much screws the local counties in that this would tend to push property taxes down (make it harder to go up, something that will, if not already happening in some places, be guaranteed to happen).
The Federal Fascists are at it again...
I'll have what the captain is having.
I think this would cause housing to decline. As someone mentioned earlier, the race to the bottom begins--Lowest appraisal possible please...
Make mine a quintuple Andre!
Oh yeah, this is going to work out well.
If we're gonna be a Banana Republic, then maybe we could swap our delusional meglomaniac in the White House for the Colonel from Tripoli.
Look at it this way, the guy has over 30 years experience on his resume, and if we want to start out on the right foot on our way to Banana Republicanism, we need someone with his extensive experience.
And, at least Muammar doesn't need a couple of teleprompters to rant incomprehensible jibberish. He just has it beamed in from the CIA through his tin foil hat hidden under his turban.
I take it you were perfectly happy with G. W. Bush?
BTW - I think that you might have missed a right-wing rant/buzz word somewhere here, but generally I give you an A+ for covering the bases!
Yep, thats what it meant you asshat.. Loved the medicare part D, the stupid wars, out of control spending.. We love it even more now that this guy is even more incomprehensible..
same old crap, If your a fuck up they bail you out and if your ober rich they bail you out.
That leaves
ZERO for the middle class
+100000000000000000
The middle class is as real as the free market and the tooth fairy.
I don't think they make it to QE-4. I think they try QE-3 because they have any other options and then I think the dollar disconnects from reality other than huge inflation is all imported anything. Either that or they go to a global war footing. Either is possible with this pack of evil bastards.
Hate to break it to you, but it's the SYSTEM. When the System is running out of fuel it has to grab it from elsewhere. The "evil bastards" are only performing their parts for the System. Anyone believing that a different set of people at the helm would do anything other than this is highly mistaken (as long as the aim is growth on a finite planet we're sure to encounter resource limitations). That stated, yes, expect war (name your favorite scapegoat for your ills, commies, "evil doers" whatever, but never look in the mirror!).
Expansion knows only one cure: more expansion.
When it is no longer possible to expand on foreign territory, just declare your own as foreign and it does the trick.
That is the dumbest thing I have ever hear of....and that does not fix outright fraud. We are doomed to infinity.
But some economists warn that rising numbers of underwater borrowers will drag on housing markets and the economy for years unless more is done to help them.
Umm, bass ackwards. Not purging the rot and not letting the market clear is what will drag on markets for years.
Rent or find a cardboard box.
Fuck Obama, Geithner, and especially Bernanke warden of the crooked banking complex; I'm outtie.
My wife and I have done due diligence, and the mortgage payments stop this month; mostly in protest of the whole F'd up system. We're working inter family to buy sustainable land and build our own residences.
We're buying only what we need (sales tax protest), defaulting/short selling (TBTF protest/property tax protest), we're using cash not cards (TBTF/funny money), buying tradeable PM as possible (Wall St/TBTF protest), and when the shit flying off the fan spins in to high gear income tax will go too; by quitting our jobs living and living with family/full time protesting.
Fuck DC, TBTF, the Fed, Wall St, the NAR, the ratings agencies, the accountants..... Fuck'em all. I am not playing the game anymore. I am not listening anymore. I am not afraid aymore. I'm not even angry, I just don't care; this isn't my country anymore... maybe someday again, but not today.
Pure clarity.
Crab has gone Galt !!
Fuckin' A.
Oh my, yes.
If you are serious ... good for you.
At least spring for a Lawyer. In the meantime. These docs will give you some breathing room.
http://screwtapefiles.blogspot.com/2011/02/sample-letters-to-send-to-scu...
Serious as a heart attack. Already retained counsel, and consulted with a half dozen before deciding course of action.
It's not, "I'm mad a hell and not going to take it anymore," ala H Beale. It's I just don't care anymore, and I don't want anymore. Really it's not even protest, though TPTB may paint that box, I'm just going my own way; I don't need or want what the parties/institutions/government are selling. I'm walking out of the company store, and I'm not paying attention to their marketing.
Barry, Ben, Timmy, TBTF, Corporations, Political Parties.... It's not you... It's me... It's just not working out. I forgive you, the fear of loss with one's who have so much must be very painful, and one human being not doing to another.... I love you and hope you find peace. Have a nice life.
Double post, but while I'm at it, thanks Cog Dis, love you man.... It's taken awhile, but I'm finally realizing, in the truest since, that you were right all along. That impermeable, insurmountable wall that my enemies constructed to enforce their power.... It only ever existed in my own mind. You helped me get here, thanks.
Props. I wish I could get my wife hip to what's going on. We would fucking kill it, but we get in a big argument when I buy PM, b/c we're not putting into the 401k anymore. She thinks the gold and silver coins are some kind of gimmick. Love her, but she needs to stick to her Housewives of Atlanta and Keeping up with the Kardashians, and leave the heavy lifting to me. The SHTF at Casa de Worms when I ordered a year's supply of food from efoods direct and it arrived on two pallets on a truck. "But we could've taken a trip with the money you spent!"
Well.... I am in sales, and not too bad it either. My suggestion, albeit perhaps of little value, would be to "let" her make the decision by giving her facts and choices that you have pre selected. Women by nature care alot about stability and comfort. Show her the facts on silver. It's not we should buy silver I know best, it's honey here's what I'm thinking... I think it might be a good investment for little Johnny's future, and hey if things did get bad geez we'd be ok. How much do you think we should get? You do the 401 at your place, and I'll buy a coin or two every paycheck? Do you think one or two.... Classic choice close, and all she'll see is stability, smarts, kids, and that she's making the decision. I've found that A you never win a fight with a woman B that to have true power over a woman one must give it all away... at least by perception.
My .02, or maybe .05? :)
Crab -
brother welcome....been waiting for u...
it will be alright now that u c it for what it is...
Crab -
brother welcome....been waiting for u...
it will be alright now that u c it for what it is...
Well, ah... good for you about getting out of the system and all, but as someone who has managed to get far along the path to where you're aiming while still meeting my contractual obligations, I would be quite hesitant to do business with you (or anyone who is known to not honor contracts).
Rather than party like it was 1999 I was reducing expenditures (never have owned a new car or held a credit card), rented and commuted by bicycle. I had no more information than the average person here. What I did was suck it up and ACT early.
Just sayin'...
Moral of the story: if you want to be better than "them" you have to be better than "them," not like "them." To each his own conscience...
man come'on man...conscience mentioned n the same phrase as bankers????
my conscience is clear cause i refuse to b a banker bitch.....i didnt erect the fraudulent fractional reserve banking system with is founded upon a debt coupon currency designed to keep the citizenry perpetually enslaved while enriching them n perpetuity....come on dude.....
Fair enough, but... You fail to see that in any transaction henceforth between us there would be cash on the barrel head. In a free world you could take it or leave it, and so could I. This is a breakup, a business related asset decision, and a change in life philosophy. I definitely have made mistakes, and I'm sorry, I ask forgiveness daily for a great multitude of stupidities. If you are in some way paying for "my" mistakes I urge you to stop doing so. That's what I'm doing, and others would be wise to do so as well. My conscience is clear, and I'm taking a walk with my relationship to all of these fuckers; it's over and I'm done. Que cera cera. That's my story, and I'm sticking to it.
When respectable folks like you make decisions like these, the Powers should take note. You are the tip of the spear, the narrow end of the wedge. For every outspoken individual of your character there are hundreds (thousands? ... or more?) who have already made these decisions and will act soon if not already. This should strike fear in the hearts of the oligarchy. Oh, sorry, they have no hearts. They will carry on as long as it takes to complete the looting of the Treasury and the enslavement of every citizen who has even one asset left to his name. The enslavement will not take the form of ankle chains and lashings; it will consist of the binding of the person with the shackles of debt. Each of us must rid ourselves of these leeches in any way possible. But, even more importantly, we must do as much damage to the existing system as possible on the way out. Financial damage to the people who will lose the most, for they are the ones who have instigated and perpetuated the myths that nearly every citizen has believed in for what will be in 2013 a total of 100 years.
The crab man is red hot right!
I was just thinking the other day of printing up some nice "We Win!" signs and let people draw their own conclusions.
This is still my country (not theirs) and if I have to break every stupid law ever written to remain alive and free in it, I will.
Use Credit Cards to buy physical Gold/Silver (just make sure it's real). Then forget about paying those cards off. That'll F-up the system for good if everyone went and did it in one weekend. And make sure it's a Chase Card, they're short Silver, use their money against them.
They'll never find the goods you bought.
It's a joke designed to appease no one but give the banks a get out of jail free card.
Let's mark everythingto market and get it done with already.
Gold 56K
Silver 10K
House 20 cents
There everyone happy. Elect me.
Beast 2012.
Has a poetic ring to it.
LMAO!
I don't vote anymore, but... solidarity!
This will only lead to more homeowners throwing in the towel on their mortgage because they did not get any "Bama bucks". I can't wait to see the qualifications on who gets money and why? Just another disaster by a president who has less business experience than a Mc Donalds district manager..sorry that was insulting to a Mickie D's DM.
It's horrifying, isn't it? He screams of stupid naivete.
I wish people would quit calling him stupid, he's not. It's the same old bag of tricks that ALL politicians have to pull from.
Please don't confuse my response as supporting Obama, or anyone else in politics, I do not.
It's the system stupid. Rather, it's the Stupid System! Never a good idea to design something that requires continual growth within a finite environment.
I think there were a few presidents who recognized the system for what it was and tried to impose their will against it to the betterment of the nation. Obama is not one of them.
Another way for the Fleabagger Dims and Somali Pirate Goobermint Unions to screw the taxpayers: why am I not surprised?
It's cunthair the uber-troll! Why don't you explain your lack of surprise, then?
Blow out your toilet hole, the whole apple is rotten to the core. There is no difference between dims and repugs. If you don't see that your beyond obtuse.
There are only the wealthy and powerful, and then there's everyone else. The Greeks got it right for the first time in a couple millenia, "Don't listen to the rich and powerful corporations/people/parties/governments." Hear no evil, see no evil, speak no evil.
Yeah?
Well, fuck all those defaulters who get a subsidy. I vote for whichever party opposes it.
Nope, your right, I'm wrong, whatever.
Have fun storming the castle.
A perfectly consistent comment. You are showing solidarity with the person who is the most important: yourself. I've also stopped fighting or trying to convince the ignorant the errors of their ways. They will have to take care of themselves.
One of the most dependable voices in our world here accounted for, then. Thanks for registering your vote, troll. I almost forgot about you there. What do you know about the Koch brothers?
The dems did a prank call to Walker. The caller was a Koch Brother Imposter. He was very good. Walker was completely deconstructed. This will so derail their mission.
Seems Walker is literally a Koch puppet. He's completely owned. You'll love the tape.
Walker is bought and paid for and should be thrown out of office.
It's one thing registering an opinion, however strongly, and a whole 'nuther thing hearing it in real time on tape.
This shit is War. Thank God there are at least two sides. These are the kind of times that insistently measure men's souls.
That is even funnier than the SARS-Cozy -> Palin Prank Call.
Or it would be, if decent people weren't being fucked blind by these thieving poser shitbags.
Remember: it's pronounced COCK brothers (truth in advertising).
Sorry, Bob. But there is no "ownage" in those tapes (if you actually listened to them). He sounded like he was giving a generic interview to a talking head. The imposter was not good, he got no reaction out of Walker, let alone a vulgar word.
And no, im not some Coch brothers apologist. I suggest people actually listen to the 20minutes and not read any summary written by a blogger/"journalist", i guarantee you'll come to the conclusion it's benign garbage that will get no traction.
He's trying to play it that way in the aftermath. I heard the tape myself, fwiw, and it was sad how devoutly he was swooning like a moth to the flame of Koch.
This "scandle" is real. The tape is way more damning than the Nixon tapes or anything wikilieaks has ever released. I've never heard anything like it.
Absolutely, everybody should hear it themselves and make their own judgements.
You believe voting does something?
What party did you vote for when the bankers were first given Their handouts?
Stop voting!
Feingold voted against the repeal of Glass-Steagall and TARP, then the braindead dipshits of WI voted for the Pug who took money from the bailees and a Koch-sucker.
Now they get to experience an entirely new meaning for "Packers".
"If voting changed anything, they'd make it illegal."
Emma Goldman
But who cares about the fraud perpetrated by the banker-gangsters, right?
Defending White Capital to the death, you are!
Good, now STFU. Moron.
The banker-gangsters never screw over anyone.
Way to defend White Capital, tough guy. What a badass you are, beating down the working class, clown.
As a productive, hard working person, what reason is there to live under this miserable kleptocracy anymore?
The three Ws....
Women, wine, and weed!
Don't they have those things in semi free countries, like Uzbekistan?
The weed here in the USSA is vastly superior
Same for the wine, but for women it's a matter of taste. I hear Uzbek women rarely shave, but they're far more likely to know how to clean fish.
Well that proves it you've never been there.. Their hash is interesting; "Chinese have opium, Islamists have hashish", Chesterton perhaps.
You can buy a blonde, Ukranian sex slave in Albania for €10k. Just saying.
Does she come with references from Mummar?
That is the price for an...18yo, yeah 18.
Why would you buy used?
Fair enough, there are fine women everywhere. So I will replace that W with Whiskey!
To make them PAY.
http://www.youtube.com/watch?v=zSHtniUl8V4
Visionary. Long live RATM.
So the banks will have to take off their silver shorts then.
AND their golden codpiece as well
I don't worry. Cuz I know - central banks have a lot of experience in managing these things.
LOL!
Was Timmy doing a MJ nut-grab when he said that?
King Abdullah Orders $36B Social Benefits Package
[SUSRIS ITEM OF INTEREST]
February 23, 2010
Editors Note:
On the occasion of King Abdullah's return home following three-months of medical care abroad Saudi Arabia announced an expansive package of social benefits aimed at easing economic and unemployment troubles in the Kingdom.
The string of financial support measures is estimated to cost around SR135 billion ($36billion). The royal order, which includes 19 components, targets lower income Saudis and strives to promote job creation, expedite the supply of housing, and improve funding for education, charity associations, cultural and sporting clubs, and professional associations. A 15 percent pay raise for state employees was announced along with the social benefits package.
Today Banque Saudi Fransi (BSF) Chief Economist John Sfakianakis circulated a report titled “Reaching out: Saudi king unveils string of social benefits, debt write-offs”, which details the key components of the kingdom’s financial support plan for citizens. The report was issued coincident to the escalations in popular unrest across the Arab world and follows by several days a BSF report addressing the urgency for reform in finding work for Saudi youth. [Link Here]
We thank Dr. Sfakianakis and his colleagues for sharing these timely and insightful reports with you on SUSRIS.com.
[Visit HERE for the complete report including insightful charts and graphs.]
Reaching out
Saudi king unveils string of social benefits, debt write-offs
Inflationary, no? Helicopter Abdullah! I give you a 15% raise so you can pay for bread that then costs 15% more.
Get ready to help they pay for it (increased oil prices)! But we knew this was all going to happen, no?
I seriously had not gone that far... but you are right. We will pay for it. And we'll pay to install friendly regimes in the other countries, by hook or by crook, and keep paying annually, business as usual.
I am pretty much at the end of my rope when it comes to paying for every one else. Underwater homeowners, banksters, bloated govt, bloated entitlements at every level, bloated defense spending, Bennie and his inkjet destroying the little purchasing power I have left... Its all a bit much.
If one looks close enough one finds that EVERYTHING is a misrepresentation. Why? Because it's all predicated on endless growth. No matter the content of the Ponzi, it's still a Ponzi. The ONLY aim is to find balance, something that's closer to sustainability: all else is, by default, programmed to eventually fail.
You will be paying for it, because you are paying taxes to a government that cares nothing forthe bottom 95% aka you, and has no desire to make long run decisions that benefit anyone but the very top tier of society. (That's why they bought the parties afterall.) Fixed it for you.
Why are you paying for services you don't want and arent benefitting you? Have fun with that, I will pay this so called representative government nothing... or as close to it as humanly possible. Are you truly enfranchised as a citizen?
A must-read: Not Yours to Give.
This should be required reading at the opening of every swearing in of new Congress folks.
Thank you for this. I will share it with as many as I can.
Last year when my Congressman came back to the district, I asked him if he would stand up and read this very story in Congress (or at least verify that the event took place; it would be in the Congressional record). For various reasons (time being the worst), he said he couldn't read it, but he did verify that the reading had been done previously (not within the last 20 years though).