This page has been archived and commenting is disabled.

Robosigning Is Now History - US Announces $26 Billion Foreclosure Settlement

Tyler Durden's picture




 

As reported yesterday, the cost of terminal abrogation of contractual rights in the US is, drumroll, $26 billion. Bloomberg notes:

  • $26 BILLION FORECLOSURE SETTLEMENT ANNOUNCED IN WASHINGTON
  • FORECLOSURE ACCORD RESOLVES 16-MONTH ROBO-SIGNING INVESTIGATION
  • FORECLOSURE ACCORD IS SUBJECT TO APPROVAL BY FEDERAL JUDGE
  • FORECLOSURE DEAL PRESERVES U.S., STATE RIGHTS TO OTHER CLAIMS
  • FORECLOSURE ACCORD COULD CLIMB TO $40 BLN IF 14 SERVICERS JOIN

And a whole lot of corner offices for America's Attorneys General. As for what the market thinks of this "severe" settlement: BAC +1.2%, WFC +0.6%, JPM +0.4%, C -0.1%. For those who don't understand what just happened, US banks just funded Obama's re-election campaign to the tune of $26-$40 billion.

From the NYT:

After months of painstaking talks, government authorities and five of the nation’s biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble, state and federal officials said. It is part of a broad national settlement aimed at halting the housing market’s downward slide and holding the banks accountable for foreclosure abuses.

 

Despite the billions earmarked in the accord, the aid will help a relatively small portion of the millions of borrowers who are delinquent and facing foreclosure. The success could depend in part on how effectively the program is carried out because earlier efforts by Washington aimed at troubled borrowers helped far fewer than had been expected.

 

Still, the agreement is the broadest effort yet to help borrowers owing more than their houses are worth, with roughly one million expected to have their mortgage debt reduced by lenders or able to refinance their homes at lower rates. Another 750,000 people who lost their homes to foreclosure from September 2008 to the end of 2011 will receive checks for about $2,000. The aid is to be distributed over three years.

In other words, got foreclosed on for being unable to make payments? YOU GET $2,000!  And that, ladies and gentlemen, is how you buy an election using taxpayer money.


 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 02/09/2012 - 11:04 | 2141537 mayhem_korner
mayhem_korner's picture

 

 

Abrogation nation!

Thu, 02/09/2012 - 11:27 | 2141708 redpill
redpill's picture

It gets better, Linda Green will be the one signing the $2k check!

Thu, 02/09/2012 - 11:34 | 2141755 mayhem_korner
mayhem_korner's picture

 

 

...and in the envelope with the check will be a "Barry 2012" contribution form. 

Thu, 02/09/2012 - 11:56 | 2141879 Floordawg
Floordawg's picture

By the time they get their fuckin' checks, they'll be able to get about a 1/2oz of gold with it. Jesus Christ, how's that shit sandwich taste.

Thu, 02/09/2012 - 12:15 | 2141950 whstlblwr
whstlblwr's picture

Fucking $2000? I bought my house at 500K now it's worth 200,000 and you give me 2 thousand dollars? Give me the fucking house, or I'll vote Ron Paul.

Now I have to make payments too? Obama come on, how will I buy more ipads?

Thu, 02/09/2012 - 13:51 | 2142605 trav7777
trav7777's picture

it's not our goddamned fault you were an idiot and bought into a bubble.

You listened to the pumpers like silver bagholders around here listened to mosely-claven and they lost big.

But, take heart, because some big fish just got PAYD bigtime.  There is NO WAY a deal like this went through without some suitcases of cash.

Thu, 02/09/2012 - 13:57 | 2142647 Triggernometry
Triggernometry's picture

I have a feeling some of those $2k checks will be used to buy guns.

Just Sayin...

Thu, 02/09/2012 - 14:49 | 2142818 whstlblwr
whstlblwr's picture

Sarcasm. I was referring to many who believed laughing Bernanke that the housing market will go up forever. And if they give away free fucking houses, Ron Paul will win in landslide.

Thu, 02/09/2012 - 15:34 | 2143116 tarsubil
tarsubil's picture

How do I take out a mortgage to buy silver?

Thu, 02/09/2012 - 12:10 | 2141955 redpill
redpill's picture

1/2 oz?  You can't smoke gold

Thu, 02/09/2012 - 12:50 | 2142195 Citxmech
Citxmech's picture

The ridiculous part is that the banks are getting a "get out of jail free" card for rampant institutional fraud in exchange for what amounts to an aid package.

What about all those fraudulent MERS docs floating around out there?  Are all of those now deemed "legitimate?"

 

 

Thu, 02/09/2012 - 12:59 | 2142270 JLee2027
JLee2027's picture

No...I think

Thu, 02/09/2012 - 13:32 | 2142483 TheAntiBen
TheAntiBen's picture

Ya know...  I bought a car a year ago, and IT'S lost value, just like my house.  So when is the governement going to give me money for the lost value in my car?  Huh... Huh... When!!!  I want my damn money Obama!  How come all these home owners get money and car owners don't!  You know how many millions of people are underwater on the value of their car right now?  I swear, car owners never get any respect from this Administration.

Thu, 02/09/2012 - 13:38 | 2142519 TheAntiBen
TheAntiBen's picture

Wait... If I lost my house, the government would give me $2k, right?  Couldn't I purchase a used car, with a loan of course, and claim it as my house (since I don't have a house any more) and wouldn't I get another $2k when I stop paying the loan?  Would that mean I'd end up with your my original $2k (that I never paid on the loan) plus another $2k for not paying my loan, plus the car?  Shoot, that's $6k right there and I didn't have to do anything!  Easy money, here I come... Livin' the dream...

Thu, 02/09/2012 - 11:32 | 2141743 km4
km4's picture

The Top Twelve Reasons Why You Should Hate the Mortgage Settlement « naked capitalism http://bit.ly/ztXjix

Best comment....

Richard Kline says:
February 9, 2012 at 7:22 am
Anyone paying attention understands that this grotesquerie of a give-away to the banks is Obama’s main plank in his re-election campaign. What he’s after is to show he can serve the 1% better than any other hairball they could possibly cough up—and in that, he’s right. He’s the best bought son the banksters have ever had.

I wouldn’t call it a ‘settlement,’ I’d call it a surrender document. The chief legal magistrates of 49 states in this country have surrendered any duty of oath and office to defend the interests of their citizens for less then chump change; cheap promises, really. A clipped penny dropped in a beggar’s cup on the way out the banquet door by the offenders. A cost of doing business, and one bargained down by obsequious officials to the vanishing point.

The question comes to mind viewing this: Why, if the 1% can delierately and comprehensively violate statue for profit and be assisted in escaping jeopardy by the country’s officials, why on earth should anyone else honor a contract or obey a statute in financial transactions? Those at the top of the chain manifestly are obligated to no law or restraint. Why, then, shouldn’t the bulk of the citizenry simply ruthlessly default? Particularly all those who are hopelessly underwater. No one higher up the food chain then them thinks ‘following the law’ is in any way desirable or mandatory, so why should they, or we, do so? Now personally, I think we should follow the law, and enforce it. But functionally, what this settlement demonstrates massively is that the law is for chumps and peasants. Nobody else need be overly troubled about ‘the law.’

—And it is THAT knowledge, in my view, that will prove the most cancerous byproduct of this perversion of justice. Not directly; not immediately; put perniciously, insidiously, and potentially pervasively. When everyday folks understand that they are fools for following rules, and the sensebility of that as much as knowledge of the facts will leak out, then rules fall into abeyance. So it is not just an issue that titans of wealth walk free regardless of crimes, but more an issue that the law falls into disrepute in ways small and large but many. The damage from that isn’t just to confidence or to collateral but to restraint from rapacity and misfeasance at all levels. The rich are teaching us all that crime pays, and pays handsomely; society will learn that lesson if that is the way things go. That is my view, one baleful and regretful.

As mentioned by Yves in the post furthermore, this corruscated atrocity of a legal outcome will do nothing to improve the housing market either, but will grossly and bluntly achieve the opposite effect. Who in their right mind would trust any investing or activity in real propert after the laws involved thereof are proved by this outcome to have no force? After the authorities are proved not merely to have no credibility, to be absent of impartiality, but in fact to be demonstrated as wholly in league with robbers at the top of the financial pyramid thieving absolutely everybody else in society? We are just proving that to invest in property is to simply hand over your wallet to the banksters to take as much or all of as they so choose? So to get re-elected, one further piece of collateral damage inflicted by Obama is to ensure that housing will not recover for many, many years, if at all. But the fact that ALL those AGs of both halves of the single party system will line up against the citizenry is the fullest possible demonstration that it is the 1% and their bought-and-paid for political system against the rest of us. They write the rules: we follow them but the don’t. That has a very bad end game . . . .

Thu, 02/09/2012 - 11:51 | 2141849 Downtoolong
Downtoolong's picture

+100

Thu, 02/09/2012 - 11:54 | 2141857 DaveyJones
DaveyJones's picture

"I wouldn’t call it a ‘settlement,’ I’d call it a surrender document."

 Very nice. In the end, this is about local corruption not federal. Every level seems far gone

Thu, 02/09/2012 - 12:07 | 2141936 metastar
metastar's picture

Thanks for the link. This is exactly what I was looking for.

These animals are absolute scum and an enemy to the American people.

Thu, 02/09/2012 - 12:30 | 2142069 KK Tipton
KK Tipton's picture

"When everyday folks understand that they are fools for following rules, and the sensebility of that as much as knowledge of the facts will leak out, then rules fall into abeyance. So it is not just an issue that titans of wealth walk free regardless of crimes, but more an issue that the law falls into disrepute in ways small and large but many. The damage from that isn’t just to confidence or to collateral but to restraint from rapacity and misfeasance at all levels. The rich are teaching us all that crime pays, and pays handsomely; society will learn that lesson if that is the way things go. That is my view, one baleful and regretful."

 

2,500 years ago the scenario was described.
People need to read this stuff and *demand* better:

 

Tao Te Ching - Verse 57

Govern the country by being straightforward.
Wage war by being crafty.
Win all under heaven by not meddling.

How do I know that this is so?
By what is within me.

The more restrictions there are, the poorer are the people.
The more pointed the people's weapons,
the more disorder there is in the country.
The more ingenious and clever the people,
the more strange the contrivances that appear.
The more laws and edicts that are posted,
the more thieves and robbers that arise.

Hence an Old One has said:
I act without striving and the people transform themselves.
I love stillness and the people straighten themselves.
I do not meddle and the people prosper by themselves.
I am free from desires and the people themselves
return to the simplicity of the Uncarved Block.

 

 

Thu, 02/09/2012 - 13:24 | 2142433 Kilgore Trout
Kilgore Trout's picture

Good old 57 is the one I have taped on my wall.

Thu, 02/09/2012 - 11:37 | 2141762 Urban Roman
Urban Roman's picture

Hellz, yah!

We'll just write a check to ourselves for $26B, problem solved!

You don't suppose any of those pesky criminal cases will go anywhere do ya?

Thu, 02/09/2012 - 12:24 | 2142024 Kayman
Kayman's picture

You don't suppose any of those pesky criminal cases will go anywhere do ya?

Rhetorical question ?

Thu, 02/09/2012 - 13:04 | 2142300 Urban Roman
Urban Roman's picture

There was a news story out of Missouri just yesterday. An indictment against the DocX company.

I wouldn't be surprised to see a number of the robosigners and perhaps a layer or two of their bosses go on trial, even as the big five banks skate.

Thu, 02/09/2012 - 15:23 | 2143072 hidingfromhelis
hidingfromhelis's picture

A few bad apples, right?

Thu, 02/09/2012 - 11:35 | 2141763 HoofHearted
HoofHearted's picture

How many people are asking themselves, "Why didn't I just strategically default last year?"

Thu, 02/09/2012 - 11:40 | 2141788 mayhem_korner
mayhem_korner's picture

 

 

Or why did I pay off my mortgage in the first place.  I think the reason is that some of us still have a shred of morality.

Thu, 02/09/2012 - 11:45 | 2141814 Irish66
Irish66's picture

Our shred of morality is disappearing.  I know very successful people who have given up

and are now just left with their cashed in 401k's.  They have had it.

Thu, 02/09/2012 - 11:50 | 2141846 mayhem_korner
mayhem_korner's picture

 

 

If "very successful people" have given up their morality, we need to refresh the definition of success.

Thu, 02/09/2012 - 12:00 | 2141900 Irish66
Irish66's picture

true, I should say that people who dedicated their days to doing their job to the best of their ability 

only to be screwed in some way by their employer.

Thu, 02/09/2012 - 12:41 | 2142140 eatthebanksters
eatthebanksters's picture

Why be moral when the government you elected has shown that the only way to truly get ahead is to be immoral!  Follow the example set by your leaders and the pillars of our society...don't be concerned about morals or ethics, do what is expedient to get ahead.  Just make sure if you break the 'law' that you have the money to buy yourself a get out of jail free card...cause that's all it takes nowadays; MONEY!  Our president and his entire administration are a perversion of what once was a decent society.  Hopefully they'll get a taste of their own medicine.

Thu, 02/09/2012 - 11:06 | 2141539 Id fight Gandhi
Id fight Gandhi's picture

This is a court of law, not of justice.

Thu, 02/09/2012 - 11:15 | 2141622 Arthor Bearing
Arthor Bearing's picture

People who arbitrarily spend our money in a way that doesn't benefit us at all (bankers and gov't people) shuffle some money between one another.  

Thu, 02/09/2012 - 11:18 | 2141642 gmrpeabody
gmrpeabody's picture

One Adam 12....

We have a robbery in progress...

Thu, 02/09/2012 - 11:19 | 2141648 DaveyJones
DaveyJones's picture

robosettlement

Thu, 02/09/2012 - 11:25 | 2141671 Xkwisetly Paneful
Xkwisetly Paneful's picture

Abrograted the fully consenting adult supposedly professional money manager buyers long ago.

You know the "professional trader" aka paper pushers of the world squeezing for that extra steenth, taking it in the ass from people who were actually paying attention.

Next idiotic technicality used by the ambulance chasers to prevent asset prices from settling?

How about the documentary issuance congruent with a mortgage is cruel and unusual punishment?

 

 

Thu, 02/09/2012 - 11:33 | 2141750 Buckaroo Banzai
Buckaroo Banzai's picture

"The individual is handicapped by coming face-to-face with a conspiracy so monstrous he cannot believe it exists. The American mind simply has not come to a realization of the evil which has been introduced into our midst. It rejects even the assumption that human creatures could espouse a philosophy which must ultimately destroy all that is good and decent."

-- J. Edgar Hoover

Thu, 02/09/2012 - 12:30 | 2142065 Kayman
Kayman's picture

The banality of evil; and Emperor Obama has no clothes.  Quick, call Marketing.

Thu, 02/09/2012 - 11:49 | 2141839 roadhazard
roadhazard's picture

God damn those banker motherfuckers... and the AG's too... and the Government.

Thu, 02/09/2012 - 11:34 | 2141742 fockewulf190
fockewulf190's picture

I thought I just heard on CNBS that the 2K is going to be written off the principle of the loan, in other words, no check is in the mail. Is this correct or just more BS?

Thu, 02/09/2012 - 11:55 | 2141870 mayhem_korner
mayhem_korner's picture

 

 

Check box A if you want this to be written off your loan (no Box A shown)

Check any other Box if you want this to go toward the 2012 Presidential Campaign.

Remind me again what the individual campaign contribution limit is?

Thu, 02/09/2012 - 12:18 | 2141997 Raging Debate
Raging Debate's picture

Ha! Now that is funny. On a more serious note I have dealt with this level of betrayal. It hurts but sometimes all that can be done is withdraw certain levels of participation and redirect work toward the suffering which is epic in these times.

Thu, 02/09/2012 - 11:39 | 2141778 Shizzmoney
Shizzmoney's picture

"Laws" are just "Word Magic" at this point.

I'm never taking a mortgage out for a home.  Never.  Fuck these assholes.  If I want to buy a home, I'll pay for up front with straight cash homey.  And if they give me shit, I'll take my money somewhere else, label me "terrorist" be damned.

Thu, 02/09/2012 - 12:55 | 2142240 Citxmech
Citxmech's picture

Den of thieves is more like it.

Thu, 02/09/2012 - 11:05 | 2141545 mr. mirbach
mr. mirbach's picture

So at what point should Rule of Law - Equal Justice - Equal Protection be declared moot?

Thu, 02/09/2012 - 11:06 | 2141556 LongBalls
LongBalls's picture

Right NOW at a minimum.

Thu, 02/09/2012 - 11:07 | 2141566 EscapeKey
EscapeKey's picture

When the two entities competing are of equal (high) net worth.

Thu, 02/09/2012 - 11:07 | 2141567 Conrad Murray
Conrad Murray's picture

February 1871, give or take.

Thu, 02/09/2012 - 11:24 | 2141691 Pladizow
Pladizow's picture

Unfortunately, the US is a lot closer to Orwells' 1984!

 

Thu, 02/09/2012 - 11:36 | 2141768 mayhem_korner
mayhem_korner's picture

 

 

I was thinking more like Argentina's 1989.

Thu, 02/09/2012 - 12:27 | 2142043 Raging Debate
Raging Debate's picture

Mayhem, have felt for several years America would land like the Soviets. We're probably the Soviets of 1986, a couple of years from fall of grace. Iran in 2013 may ultimately be our Afghanistan. As a guess, the United States as a form of government won't continue past 2015. Then America will be like Russia of the 1990's with individual oligarchs looting what's left of the private sector. That is when sleeps with da fishes emerges in beurocrats and oligarchs alike (if we continue on Soviet corruption/disintegration path). WW3 will emerge around this time (2015) and mankind will have a lot of rebuilding to do by 2021.   

Thu, 02/09/2012 - 11:36 | 2141767 mr. mirbach
mr. mirbach's picture

You must be a history professor...had to hunt this one down : http://www.byronwine.com/files/1871.pdf

Thu, 02/09/2012 - 11:49 | 2141840 LongBalls
LongBalls's picture

That makes me want to PUKE!!

Thu, 02/09/2012 - 12:29 | 2142055 pods
pods's picture

Why do you think that the 4th branch of government (media) just came out with all the hoopla on the sovereign movement?

It is right there in section 1 of the 14th amendment:

"All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the state wherein they reside."

Why would that be in there?  Because there really IS a two tiered system in this nation.

And you waive your rights and subject yourself to it's jurisdiction whenever you sign contracts with the corporate USA,  UNLESS you explicitly reserve them.

See UCC 1-308.

pods

Thu, 02/09/2012 - 13:09 | 2142320 Citxmech
Citxmech's picture

That's in there because to be a citizen, you have to be either born in the US or naturalized AND subject to US jurisdiciton.  If you are not subject to US jurisdiciton, you are not a "citizen" proper.

Put another way, if you are born in the US and renounce your citizenship and move to another country - you are no longer subject to US jurisdiction (hence not a citizen) unless you engage in some contact that indicates your willingness to re-submit to jurisdiction (see "minimum contacts")

Basically, citizenship is partially predicated upon being within the jurisdiction of US courts.  Duh.

That UCC shit has nothing to do with it.

Thu, 02/09/2012 - 15:44 | 2143155 pods
pods's picture

Not really seeing where your argument goes against mine.  

If you look deeper into what actually defines "US courts" you might be surprised.

Maybe look into the Brushaber decision, or what the 14th amendment actually means, or what the act of 1871 actually did.

Thu, 02/09/2012 - 11:11 | 2141595 MachoMan
MachoMan's picture

If criminal prosecutions are never made and fines are pennies on the dollar of what has been stolen, then crime becomes a simple business decision.  There are some matters of the government that should be solely viewed through a pragmatic and efficient lens...  however, there are some matters that go to the foundation of the morality underpinning the legitimacy of the entire system and, as a result, must be defended, regardless of how impractical.

The problem with the present approach is that it has killed the ability for capital to be reinvested as well as be created...  and, if growth and capital formation are objective and obvious conditions to our recovery, then the real intentions of those in charge become apparent.  

Thu, 02/09/2012 - 11:22 | 2141667 chunga
chunga's picture

Macho - I'm interested in your opinion on how this may or may not impact litigation currently in the courts.

Also, do you feel it will hinder future litigation?

Thu, 02/09/2012 - 11:32 | 2141735 MachoMan
MachoMan's picture

The standard is that you cannot retroactively alter a "vested right."  While appellate courts are often "result oriented" I think, objectively, any causes of action of individual homeowners are long since vested.  So, regardless of what the settlement entails and regardless of whether congress wants to get involved, I think that genie is already out of the bottle.  As best I can tell, this will eliminate any existing litigation by or between the parties to the contract (e.g. banks and states that sign), but any state that opts out will continue to pursue its present claims.  Further, it's my understanding this only applies to the robo-fraud, but not other matters, e.g. any other screw ups with assignments or other improper practices.

So, it will stop some litigation or proposed litigation/investigation in its tracks and it will have minimal to no impact on other litigation...  practically speaking, I think one of the big issues is that the government could have conducted a full-scale, blitzkrieg type discovery through a criminal prosecution...  which would probably not only provided more ammo for individual suits, but also uncovered ancillary improper procedures...  my guess is that this is a pretty big development and will act to impede or otherwise stall civil discovery attempting to uncover the same.

In the end, the devil is in the details, but I think these are some good general parameters. 

Thu, 02/09/2012 - 11:50 | 2141809 chunga
chunga's picture

So, basically the AGs agreed there will be no "cites" coming from any litigation , rather lack of litigation, initiated by them.

In reality nothing has changed. This affirms that nothing will change.

Thu, 02/09/2012 - 12:20 | 2142003 MachoMan
MachoMan's picture

Ultimately you have it all correct...  it comes down to putbacks...  if the government basically lays all the groundwork and proves fraud, etc., with these financial instruments, then, as fiduciaries, I can't see how any GSE or other similar body could hold them...  enter a settlement without admission of fault.

It's up to the little guys (I say that, but there are plenty of really big fish that had to nibble this turd) to pursue civil claims...  of which, you won't see the FED or GSEs seeking putbacks or other civil remedies.

My guess is that what's left of the non GSE/FED holdings is still enough to crash the banks given the amount of leverage in the system...  but, it might be a number small enough to get eaten up via other QE mechanisms.

Kick the can.

PS, still does not a damn thing to help the chain of assignment issues clouding millions of titles, unless the entire chain of assignment on all the notes is part of the agreement...  and even then, they'll have to exchange some more documents (properly this time).

Thu, 02/09/2012 - 12:31 | 2142076 pods
pods's picture

I think that with some principal writedowns as a carrot, people will unknowlingly solve the issue of clouded title with a refi, would they not?

A refi would basically wipe the slate clean and let them start anew?

pods

Thu, 02/09/2012 - 12:45 | 2142162 chunga
chunga's picture

Yes.

This Bloomberg story from Feb. 7 illustrates just how valuable a nice fresh signature from the mortgagor actually is.

Banks Paying Homeowners to Avoid Foreclosures

"Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe."

 

Thu, 02/09/2012 - 13:36 | 2142510 MachoMan
MachoMan's picture

I think this is actually, somehow, the plan...  kick the can until you get enough refis...  which, of course, doesn't fix any issues related to sale of toxic securities...

I think what will happen is the GSEs come out with principal reductions (for all) and when you go to get your reduction, you'll end up performing the same acts as a refi.

Thu, 02/09/2012 - 15:49 | 2143172 pods
pods's picture

Thanks guys! That is what I had thought the plan was.  The FED buys a bunch, backstops the GSEs, and since the average mortgage is like 7 years, eventually all this will solve itself.

pods

Thu, 02/09/2012 - 12:36 | 2142106 chunga
chunga's picture

Good.

In Tyler's OP it states this deal still needs approval by a Federal Judge. I want to find out who that Judge is.

 

Thu, 02/09/2012 - 13:57 | 2142646 trav7777
trav7777's picture

It won't be Judge Dredd.  It will be Judge Payd

Thu, 02/09/2012 - 14:53 | 2142935 chunga
chunga's picture

lol

Thu, 02/09/2012 - 15:38 | 2143128 tarsubil
tarsubil's picture

How can you not laugh at this farce? Perhaps they just think there isn't enough humor in the world?

Thu, 02/09/2012 - 11:49 | 2141838 DaveyJones
DaveyJones's picture

Nice posts.   "stalling discovery" is what this (and the government) is all about

Thu, 02/09/2012 - 11:24 | 2141683 DaveyJones
DaveyJones's picture

"a simple business decision" 

 The same can be said for revolutions

Thu, 02/09/2012 - 12:18 | 2141996 Northeaster
Northeaster's picture

What do you have when the Rule of Law no longer exists?

You either have it, or you don't.

Thu, 02/09/2012 - 12:27 | 2142042 dontgoforit
dontgoforit's picture

Sounds like Geo Soros is gonna win.

Thu, 02/09/2012 - 11:05 | 2141546 Hard1
Hard1's picture

I wonder if the optimal carreer path is to go from big bank to government and get a tax exemption on your couple billions or from government to corner office in big bank and back for the tax exemption....either way, hard honest work is not the optimal carreer path in the US

Thu, 02/09/2012 - 11:51 | 2141793 Temporalist
Temporalist's picture

What are you talking about? Do you know how hard it is to juggle lies continuously? That is a 24/7/365 job my lazy friend.

 

Of course the circus isn't hiring but if it were there is a career option for these clowns.

Thu, 02/09/2012 - 11:58 | 2141891 Rainman
Rainman's picture

Timmay's main man leaves Treasury to join with the Squid as Van Praag " retires ".

http://www.reuters.com/article/2012/02/08/us-goldmansachs-vanpraag-idUSTRE8171B020120208

Thu, 02/09/2012 - 14:00 | 2142674 trav7777
trav7777's picture

does the media push hard work?  Do the banks seem to be about productive hard work?

Entire industries full of George Baileys have been systematically displaced by people who worship money so much they name themselves after it in a process of ruthless racist nepotism.  I mean, read some of the historical works, they are an institutionalization of cheating and defrauding every outsider.

Thu, 02/09/2012 - 11:05 | 2141547 Conrad Murray
Conrad Murray's picture

Barack Hussein Obama, MMM MMM MMMM

Thu, 02/09/2012 - 11:06 | 2141560 EscapeKey
EscapeKey's picture

As if McCain winning would have made one inch of difference.

Thu, 02/09/2012 - 11:08 | 2141574 GeneMarchbanks
GeneMarchbanks's picture

It certainly would have. You'd already be at war by now, with, you know... like... enemies and shit.

Thu, 02/09/2012 - 11:12 | 2141603 BorisTheBlade
BorisTheBlade's picture

Like no wars were started under Obama. But yeah, I agree, McCain wouldn't look good holding Nobel Peace Prize.

Thu, 02/09/2012 - 11:21 | 2141659 a growing concern
a growing concern's picture

Obama hasn't started any wars, asshole.  They're kinetic military actions.  Grow up.

Thu, 02/09/2012 - 11:24 | 2141687 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Bombing the world to peace! 

Do a little dance Mr. President!

Thu, 02/09/2012 - 11:31 | 2141731 DaveyJones
DaveyJones's picture

peace keeping missles John Jimi

Thu, 02/09/2012 - 11:26 | 2141692 Dr. Engali
Dr. Engali's picture

Technically ,asshole,the only wars we have had since WWII is the war on drugs, poverty, crime, and finally the war on the American public....I meant terrorism. But I see you're okay with bombing people as long as it's not "war".

Thu, 02/09/2012 - 11:38 | 2141775 a growing concern
a growing concern's picture

It's high time to end the wars on drugs, poverty, and crime as well.  These wars also can easily be replaced by kinetic military actions.  Ever wonder why the military needs $23 million in night raid equipment when we aren't fighting wars anywhere?  Justice will soon be served on dissidents like yourself who dared to question our great nation and its humble leaders.

 

In the words of a great patriot, "I'm proud to be an American, where at least I know I'm free..."

Thu, 02/09/2012 - 11:44 | 2141811 Dr. Engali
Dr. Engali's picture

You forgot to turn your sarc button off.

Thu, 02/09/2012 - 11:26 | 2141699 DaveyJones
DaveyJones's picture

He prefers to call them conflicts, drones, anti terrorism measures and....things that go bump in the night

Thu, 02/09/2012 - 14:01 | 2142683 trav7777
trav7777's picture

no...the correct phrase is "kinetic humanitarian action."

Thu, 02/09/2012 - 16:12 | 2143289 BorisTheBlade
BorisTheBlade's picture

So he got a Nobel Prize for coming up with a new terminology to describe murder. Sounds worthy. Again, McCain wouldn't be equally bright to do that.

Thu, 02/09/2012 - 11:17 | 2141634 Dr. Engali
Dr. Engali's picture

So let me see if I have this right. McCain is a war monger and Obama is a peace monger. Right. Got it thanks.

Thu, 02/09/2012 - 11:06 | 2141563 GeneMarchbanks
GeneMarchbanks's picture

It's much more cute when toddlers say it but to each his own I guess...

Thu, 02/09/2012 - 11:09 | 2141575 PulpCutter
PulpCutter's picture

Nonsense.  The Democratic party absolutely has plent of corruption - no argument there.  But there is an obvious difference between the two parties.  The GOP is way out front, in handing over control of America to the financial 'services' industry.  Look at the vote totals, below, then explain to us how "there's no difference between the parties".

We can fix this problem in three years.  Vote out the clowns who supported the takeover.  If your two candidates were both involved, vote out the one who was the dirtiest of the two.  Politicians are nothing if not good at scenting a shift in the wind.  Do this for the 2012 and 2014 elections, and we'd have substantially different Congress.

The bankers have more lobbyists in DC than everyone else, combined.  The GOP votes virtually in a block for every bill giving the bankers more control of DC.

E.g. Senate vote tallys:

Gramm-Leech-Bliley (repealed Glass-Steagall): 54 'yes' - 53 Republicans, 1 Democrat; 44 'no' - all Democrats

Dodd-Frank (weak piece of crap, but best Americans could do - Republicans fillibustered anything stronger): 60 'yes' - 57 Democrats, 3 Republicans; 39 'no - all Republicans.

The financial 'services' industry is donating to the Romney campaign at 5X the rate they're donating to Obama.  Guess which one they think is better for their interests? The average donation to Romney's SuperPac is $103 thousand dollars, the average to Omaba's is 55 bucks.

Thu, 02/09/2012 - 11:16 | 2141629 GeneMarchbanks
GeneMarchbanks's picture

Let me guess, you're an habitual voter for the lesser of two evils?

You smelly poo...

Thu, 02/09/2012 - 11:25 | 2141693 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

And it took him seven paragraphs to say as much.

Thu, 02/09/2012 - 11:30 | 2141724 Eally Ucked
Eally Ucked's picture

That would be addition to our dispute from few days ago. Europe is fucked and stupid but US doing very well in comparison with them. Isn't it true?

Thu, 02/09/2012 - 11:43 | 2141804 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Huh?  No.  Not true.  I wrote that the Euro fiscal Union is a clusterfuck because there are many diferent cultures who have different ways of living and diferent expectations.  America has subcultures, but really one culture.

I wrote that it is hard for America to understand people in different subcultures, but there is understanding.

Look, when America bails itself out, it bails itself out.  When Europe bails itself out, Germany is paying a disportionate amount to Greece. 

My coment had nothing to do with the comparison of the EU and the US.  They are fucked equally.

Thu, 02/09/2012 - 11:33 | 2141747 Totin
Totin's picture

I raffed, Mr. hendrix. I raffed hard.

Thu, 02/09/2012 - 11:21 | 2141656 Dumpster Fire
Dumpster Fire's picture

Gramm-Leech-Bliley (repealed Glass-Steagall): 54 'yes' - 53 Republicans, 1 Democrat; 44 'no' - all Democrats

 

You neglected to mention the House vote.  Wonder why that is?

     Democrat:    153 'Yes'   50 'No'

 

There's no difference Red vs Blue.  Peddle your bullshit somewhere else.

Thu, 02/09/2012 - 11:26 | 2141697 WonderDawg
WonderDawg's picture

Also lost in the rubble, a Democrat president signed it (Clinton). So let's just call it for what it is: one party peddling two different flavors of shit, and regardless of which flavor you choose, you still end up eating shit.

Thu, 02/09/2012 - 11:29 | 2141717 DaveyJones
DaveyJones's picture

and that minor minor detail that the democratic controlled hill has not passed anything to correct it.

When can we start calling the party difference folks the "Flat Earth Society?"

Thu, 02/09/2012 - 11:33 | 2141723 PulpCutter
PulpCutter's picture

The 57 'no' votes in the House were 50 Democrat, 7 Republican. 

You are unable to detect a difference in how the parties voted?  Let me guess - you are voting for the dog-loving Mitt Romney, right?

Thu, 02/09/2012 - 11:47 | 2141824 mayhem_korner
mayhem_korner's picture

 

 

<crickets>

Thu, 02/09/2012 - 12:25 | 2142031 Dumpster Fire
Dumpster Fire's picture

If Ron Paul is on the ballot, I will vote for him.  If not, I will fly model airplanes on eleciton day and forego the self-immolation of hoping for change.

Thu, 02/09/2012 - 13:59 | 2142631 fuu
fuu's picture

Jul 20, 1999: This bill passed in the House of Representatives without objection. A record of each representative’s position was not kept.

Nov 4, 1999: After passing both the Senate and House, a conference committee is created to work out differences between the Senate and House versions of the bill. A conference report resolving those differences passed in the Senate, paving the way for enactment of the bill, by roll call vote. The totals were 90 Ayes, 8 Nays, 2 Present/Not Voting. Vote Details.

Nov 4, 1999: After passing both the Senate and House, a conference committee is created to work out differences between the Senate and House versions of the bill. A conference report resolving those differences passed in the House of Representatives, paving the way for enactment of the bill, by roll call vote. The totals were 362 Ayes, 57 Nays, 15 Present/Not Voting. Vote Details.

Thu, 02/09/2012 - 11:28 | 2141713 Everybodys All ...
Everybodys All American's picture

New bumper sticker ... Obama 2012, 2016, etc.

Thu, 02/09/2012 - 11:50 | 2141844 seek
seek's picture

Implicit on that bumper sticker is elections continue happening every four years, which may be somewhat optimistic.

Thu, 02/09/2012 - 11:31 | 2141736 Papasmurf
Papasmurf's picture

Right... Clinton had no part in this.

Thu, 02/09/2012 - 11:45 | 2141812 PulpCutter
PulpCutter's picture

What part of "The Democratic party absolutely has plenty of corruption - no argument there" was confusing to you?

Thu, 02/09/2012 - 11:39 | 2141780 Dr. Engali
Dr. Engali's picture

There is no helping a retard like you.

Thu, 02/09/2012 - 12:01 | 2141825 PulpCutter
PulpCutter's picture

Disagree?  Then by all means, enlighten us.  Make your point - assuming you have one.

Both parties are corrupt, but one is significantly more so - that is obvious from the vote totals.  When your vote ignores that difference, you are signalling to politicians that corruption doesn't matter. 

Thu, 02/09/2012 - 12:09 | 2141924 Dr. Engali
Dr. Engali's picture

I already have on a previous thread. But I will make it again since you are a little slow to grasp things. The banks funded Obama's 2008 campaign. The numbers are there for you to look at.

http://www.opensecrets.org/pres08/contrib.php?cid=N00009638

 

 Red, blue it doesn't make a diffrence. They will bank roll who ever they want in power at a paticular time to get done what they want to get done. By the way you seemed to have forgotten the house vote and who signed the repeal af Glass Steagall it was passed by a majority of 362-57 and Bill Clinton signed it.

 

 

Thu, 02/09/2012 - 12:25 | 2142016 PulpCutter
PulpCutter's picture

You quote numbers for 2008, but oddly enough neglect those for 2012, where WallSt is funding Romney 5X more than Obama.  Further, the average SuperPAC donation to Romney is $103 thousand; the average for Obama's is 55 bucks.

Obviously, WallSt is able to detect a difference between the two parties, even if you are not.

Of the 57 votes House votes against, 50 were Democratic and 7 Republican.  Still unable to detect a difference?

<crickets>

When your vote ignores the (obvious) difference, you are signalling to politicians that corruption doesn't matter.

Thu, 02/09/2012 - 12:36 | 2142103 Dr. Engali
Dr. Engali's picture

Man you are just plain stupid.  Let me speak slowly for you........ t..h..e   b...a..n..k...s  w....i....l....l  f...i....n....a.....n...c...e   w...h....o  e....v....e....r   t.....h.....e....y  w...a....n....t  i...n  o....f....f.....i...c......e! There is no difference.

Thu, 02/09/2012 - 12:39 | 2142129 Dumpster Fire
Dumpster Fire's picture

No wait...if MY guy can get in, this time it will be different!

It's always just a few bad apples dude, never the system.  That is what helps everyone sleep at night.

Thu, 02/09/2012 - 13:00 | 2142197 PulpCutter
PulpCutter's picture

You suggest Americans should abdicate their responsibility to vote - that only a "retard" would vote.

Childish bullshit.

American voter participation is amongst the lowest in the world - around 50% during presidential years, and as low as 30% during the midterm elections.  This is as compared to 75-90% in the rest of the developed world.  (Both figures from http://en.wikipedia.org/wiki/Voter_turnout).  It's even worse in state/local elections; if memory serves, a recent mayor of Houston won with something like 7% of the electorate.

Into that power vacuum have stepped corporate money, and the special interest groups.  For all their money, the big WallSt corporations do not get a vote - they have to convince mental giants like you to either 1) not vote or 2) vote their way.  You have all the control you need, in order to end abortions like this morning's abdication to the banks - you just refuse to grab the steering wheel hanging there in front of you.  The right to vote was purchased for you at considerable expense by your ancestors (or at least my ancestors) - think about using it. 

Thu, 02/09/2012 - 13:04 | 2142301 Dr. Engali
Dr. Engali's picture

Let me guess you just turned 18 and you're all excited about your first vote. Hopefully you will get it someday.

Thu, 02/09/2012 - 13:22 | 2142377 PulpCutter
PulpCutter's picture

We were still drafting people for Vietnam when I turned 18.

Since your arguments have been shredded, and you've reduced to purely personal attacks in response (badly-aimed, at that), may we assume you've conceded the point?

Voting matters.  If one cares about this abortion of a settlement, unless you're lucky enough to live in Ron Paul's district or that of a few other Republicans, come November, you're putting a big clothespin on your nose and voting Democrat.

It's ugly - the Democrats are corrupt as hell.  But looking the vote totals, the GOP is worse, and worst of all is not voting; that just hands more power to the corporations (who have money, but no votes).  Got to be an adult.

Thu, 02/09/2012 - 15:01 | 2142963 Dr. Engali
Dr. Engali's picture

My arguments have been shredded? I'd say by the amount of junks that you have it's your arguments that have been shredded. The facts that I and others presented speak for themselves. You can go into denile all you want, the fact is those bills wouldn't have passed without democrat support.

This settlement is further proof of my point. These banks stole trillions and your dear leader settled for a wrist slap. They will make this lousy settlement up in one quarter but the will drag the payment out for years, and the people they stole from won't see shit.

You do realize you look like a baffoon don't you? Defending the indefensable? You actually believe that any of these clowns are looking out for your interests or for the countries for that matter.

Thu, 02/09/2012 - 16:40 | 2143401 Dumpster Fire
Dumpster Fire's picture

lol

 

You might wanna read up on the differences between the original bills and the final votes out of the conference comittee.  Your pants are down around your ankles Mr Red vs Blue :)

Thu, 02/09/2012 - 18:10 | 2143724 fuu
fuu's picture

Who even knows how the House voted in July of 1999. No record was kept of the vote.

Thu, 02/09/2012 - 12:36 | 2142107 pods
pods's picture

YOU. JUST. DON'T. GET. IT.

Thu, 02/09/2012 - 13:10 | 2142221 PulpCutter
PulpCutter's picture

Right.  More like...

 

YOU. ARE. OBVIOUSLY. OUT. OF. AMMO. FOR. YOUR. SIDE. OF. THE. DEBATE.

SEE. THE. VOTE. TOTALS. POSTED.   

 

ROFL

Thu, 02/09/2012 - 16:05 | 2143232 pods
pods's picture

Out of ammo?

Because you post a statistic about the losing side of a vote on a bill in Congress, which would be called Bipartisan today, and signed into law by a democrat president, sponsored by a rep in the senate, and used to screw each and every one of us I am out of ammo?

So 25% of 1 party votes no (75% votes yes)  and you use that for ammunition about party differences?

Are you dumb?

http://www.govtrack.us/congress/vote.xpd?vote=h1999-570

And on the Senate side, 38 out of 45 voted FOR it.

http://www.govtrack.us/congress/vote.xpd?vote=s1999-354

Then it was signed into law by a democrat?

Drop the phony left right meme and start learning.

Or, back to your work inside the beltline you bloodsucking parasite.

pods

(it wasnt me who junked you either, as there was no need)

Thu, 02/09/2012 - 11:55 | 2141874 bankonzhongguo
bankonzhongguo's picture

Anyone who still frames these issues as "democrat verses republican" is part of the problem.

There is only power.  Those that have it and those that don't.

The "two parties" share power over the rest of us who are powerless.

Bush is Obama is Clinton is Reagan.

You and your kids future are sliding into an Abyss and just losing everything on a weekly basis.

Do schools even teach Civic anymore? 

Does a "job" actually provide enough to live on? 

What vital interests of yours are being preserved in these far-away campaigns?

Oh, that's right.  Shut Up.  Consume More.  Fest schlafen.

Thu, 02/09/2012 - 12:39 | 2142126 pods
pods's picture

Ding ding ding!

Thu, 02/09/2012 - 12:29 | 2142051 rqb1
rqb1's picture

what pres signed gramm-leech-bliliy?  a dem named billy.  anyways, you do make some points. 

Thu, 02/09/2012 - 13:10 | 2142333 G. Marx
G. Marx's picture

PC, Mr. Mencken had you in mind when he penned this....

The fact is that liberty, in any true sense, is a concept that lies quite beyond the reach of the inferior man's mind. He can imagine and even esteem, in his way, certain false forms of liberty - for example, the right to choose between two political mountebanks, and to yell for the more obviously dishonest - but the reality is incomprehensible to him. And no wonder, for genuine liberty demands of its votaries a quality he lacks completely, and that is courage. The man who loves it must be willing to fight for it; blood, said Jefferson, is its natural manure. More, he must be able to endure it - an even more arduous business. Liberty means self-reliance, it means resolution, it means the capacity for doing without. - H.L. Mencken

Thu, 02/09/2012 - 14:03 | 2142689 trav7777
trav7777's picture

you're not actually naive enough to believe that these hacks actually vote FOR things they want and AGAINST things they don't, are you?

They vote in whatever direction maximizes their political advantage.

Thu, 02/09/2012 - 11:06 | 2141552 scatterbrains
scatterbrains's picture

ot:  is XRT and IYR being dumped because millions of squatters are about to be cut off ?

Thu, 02/09/2012 - 11:22 | 2141669 BlankfeinDiamond
BlankfeinDiamond's picture

Being dumped? Uh, XRT is about $.50 off of its 52-week high.

Thu, 02/09/2012 - 11:27 | 2141709 scatterbrains
scatterbrains's picture

GIve it a few minutes,  it's going down bitches.. let's see.

Thu, 02/09/2012 - 11:05 | 2141553 lesterbegood
lesterbegood's picture

A nation of robots...

Thu, 02/09/2012 - 11:05 | 2141554 I Am Not a Copp...
I Am Not a Copper Top's picture

Just a cost of doing business.  Corporations win again.  Nothing to see here.  Move along. 

Thu, 02/09/2012 - 11:06 | 2141555 EscapeKey
EscapeKey's picture

The solution to every problem seems to be hand the big banks some cash.

Thu, 02/09/2012 - 11:06 | 2141559 pepperspray
pepperspray's picture

America went broke when we came off the gold standard, duh

Thu, 02/09/2012 - 11:14 | 2141613 Stax Edwards
Stax Edwards's picture

Careful, talk like that could get you thrown into the clink indefinetely. That is extremism in this country, pure and simple.  Didn't you get the memo?

Thu, 02/09/2012 - 11:33 | 2141749 Papasmurf
Papasmurf's picture

Or added to the fry list.

Thu, 02/09/2012 - 12:28 | 2142048 NotApplicable
NotApplicable's picture

I hear the reeducation camps are a real hoot.

Thu, 02/09/2012 - 12:23 | 2142021 moonman
moonman's picture

Are there choppers and soldiers in your backyard yet?

 

Thu, 02/09/2012 - 11:06 | 2141564 jomama
jomama's picture

this is some really fucked up shit!

it's just not right.

Thu, 02/09/2012 - 11:19 | 2141590 Irish66
Irish66's picture

Dick agrees with you.  He just told people to stop paying their mortgage

Thu, 02/09/2012 - 11:25 | 2141694 Ruffcut
Ruffcut's picture

No, refi the bitch to the hilt, buy a bug out place for cash and put it under the dog's name.

Thu, 02/09/2012 - 11:08 | 2141571 apberusdisvet
apberusdisvet's picture

Isn't it time for us to rob the banks rather than the other way around?  Not armed robbery, mind you (I don't want to be on any more lists), but the least we could do is to remove our money from the system and join a credit union.

Thu, 02/09/2012 - 11:09 | 2141577 hyper-critical
hyper-critical's picture

SHAME. At least zhedge will be there when these fuckers move on to their payday. I look forward to them being ousted right here on this forum.

Fucking traitors.

Thu, 02/09/2012 - 11:10 | 2141578 Turd Ferguson
Turd Ferguson's picture

This is such bullshit. All this is is a covert QE program for cash-strapped states.

 

  1. Sell mortgages to everybody and anybody.
  2. Package mortagages in CMO for resale.
  3. After RE tanks, begin foreclosing upon folks underwater.
  4. CMOs sold and re-sold so many times, no one knows who actual owner of property is.
  5. No problemo for banking criminals. Simply forge a few documents. No big deal. They do it all the time.
  6. Uh-oh. Banking criminals get caught.
  7. State governements, desperate for funds as tax revenues have fallen off cliff, agree to $26B settlement.
  8. Banks don't have $26B.
  9. Banks "borrow" from Fed at 0%.
  10. Banks give $26B to states.
  11. States use funds in "general accounts". 
  12. Poor schlep who was foeclosed upon continues living in van, down by river.

 

Thu, 02/09/2012 - 11:15 | 2141614 PaperBear
PaperBear's picture

So none of the $26B settlement will go to any of those people that were defrauded, is this correct ?

Thu, 02/09/2012 - 11:16 | 2141627 PaperBear
PaperBear's picture

"Another 750,000 people who lost their homes to foreclosure from September 2008 to the end of 2011 will receive checks for about $2,000."

 

Seriously ? $2,000 per victim ?

Thu, 02/09/2012 - 11:31 | 2141733 Ruffcut
Ruffcut's picture

JPM will probably handle the accounting and if you are have collected unemployment beney and food stamps, it all gets deducted and all will end up owing more.

Justice is now a illusion, mixed with dog shit like hopium.

Thu, 02/09/2012 - 12:37 | 2142115 XitSam
XitSam's picture

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the government banks

Thu, 02/09/2012 - 11:33 | 2141744 serog
serog's picture

Victim? If you don't pay something you promised to pay how are you a victim?

Do NOT follow this link or you will be banned from the site!