Helping Homeowners In Michigan
Archive for November, 2010
Banks Lobby To Make Stealing Your Home *Legal*
November 25th, 2010 | 
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Can it be made more clear?! THE BANKS ARE STEALING FROM YOU! And they will make stealing ‘legal’ if they have to.
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STOP THE LOOTING AND START PROSECUTING!
Posted in Banks, Corruption, Economic Crisis, Economy, Financial System, Fraud, Government | 
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Thursday, on Thanksgiving day, Casco and her family will officially be homeless
“We’ve never missed a payment on our home in over 17 years,” said Casco. “But JPMorgan Chase wants to evict us from our house.”
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Facing holiday eviction, group protests bank
LONG BEACH, Calif. (KABC) — A group of homeowners facing eviction over the holidays held an emotional rally in Long Beach Wednesday. The group spoke out about the lenders they claim will soon leave them homeless.
At Esperanza Casco’s foreclosed home Wednesday there was a rally to get the attention of the banks.
Thursday, on Thanksgiving day, Casco and her family will officially be homeless.
“We’ve never missed a payment on our home in over 17 years,” said Casco. “But JPMorgan Chase wants to evict us from our house.”
It is the fate of many local families this holiday season.
So Wednesday, with no home to celebrate in, many decided to eat their Thanksgiving meal outside the bank that they say put them in this mess.
“These families shouldn’t have been foreclosed on in the first place because they had stable incomes, and they were eligible for modifications in many cases. In some cases they never missed a payment on their loans. So we’re asking the banks to reinstate their mortgages and certainly not to evict them over the holidays,” said Peter Kuhns, organizer, Alliance of Californians for Community Empowerment.
JPMorgan Chase officials said they can’t comment on each of these cases due to privacy issues, but they are doing what they can to keep these families in their homes.
But due to a recent government-mandated rule, many of these people will have no choice but to be evicted.
Continue reading here with video…
Happy Thanksgiving all…
Posted in Banks, Corruption, Economic Crisis, Economy, Financial System, Foreclosuregate, Foreclosures, Fraud |
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We Were All Raped: Close The Big Banks
I’d say “I told you so”, but this isn’t exactly news…. what is news is that despite these rulings and admissions – including intentionally covering up bid-rigging – these institutions are not under indictment for Racketeering and closed down.
In an 11th-floor federal courtroom in Manhattan on a gray September afternoon, a banker stood with a somber face and admitted to rigging bids for contracts to invest bond proceeds and then lying about it — as part of the biggest criminal conspiracy in the history of the 198-year-old municipal finance market.
When a group of people get together and conspire to rob banks (the old-fashioned way) or sell drugs, we break up the ring, confiscate everything they have, and if there are “legitimate” businesses used as cover for the scam, we confiscate that too.
But not here. And this is not “small potatoes” either:
By mid-1999, Murphy and Campbell were joined by two former First Union colleagues, Jay Saunders and Dean Pinard. Within three years, the small group made more in revenue for Bank of America than its corporate derivatives unit. Pinard knew Image well. After graduating from Villanova University, he went to work at Wheat First Securities Inc. in Philadelphia with two bankers who later joined Image, broker registration records show.
So once again I ask: Since this was such a material part of the firm’s revenue, why is it that the government has not seized this institution and shut it down?
Can someone explain how this doesn’t fit within the definition of “Operating a continuing criminal enterprise”, otherwise known as Racketeering?
Posted in Banks, Corruption, Debt, Economic Crisis, Economy, Financial System, Fraud, Government, Money |
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The infection of massive global debt and the era of permanent bailouts – Global bankers on a mission to dilute currencies around the world. Ireland GDP equal to Louisiana GDP.
The problems plaguing Ireland are common and something very familiar with Americans. Irish banks got drunk on housing bubble beer and loans were made without any actual thoughtful analysis of whether the loans would be paid back. Now the European Union is stepping in with the IMF to bailout Ireland not because it has a soft heart or cares about the people in the Celtic country but because it is trying to protect the big interconnected web of banking interests of German, Spanish, English, and US banks. That is the ultimate issue at hand. After all, Ireland has a GDP of $222 billion or roughly the same amount as Louisiana so it doesn’t seem like such a small country could captivate financial news for weeks on end. But if you look at the external debt of Ireland it just blows you away in relation to the size of the country. Let us take a look at these metrics:
Source: Wikipedia, CIA World Factbook
You’ll also notice that Italy and Spain are right there ahead of Ireland and these are the next dominoes to fall, especially Spain. Portugal is also facing big issues with debt. The EU and IMF are trying to avert a massive global run on these countries but the problem isn’t one of liquidity. The issue at hand is of peak debt. People and countries have borrowed too much based on what they are capable of paying back. If Ireland’s GDP is $222 billion and their external debt is $2 trillion you can see that this will be a major issue. It is hard to imagine this amount of debt for the production of the country but remember that the global banks were all the willing to lend money out to Ireland for over a decade. Yet the bailout issue and the problem with central banks is that they are only concerned with saving their banking colleagues. Even when the Federal Reserve was developed in the US it was premised on preventing bank runs and protecting network banks. That was and continues to be their primary mission.
Yet the bigger problem is the troubling unemployment plaguing many countries with a mammoth amount of debt. Let us take a look at unemployment in some select EU nations:
The spotlight is glaring on Ireland at the moment with a 14 percent unemployment rate yet the more stunning case of Spain shows a headline unemployment rate that is over 20 percent! We can only imagine what their underemployment rate would be. These bailouts do very little to address the problems and dislocation in the employment market. We already know here in the US where the unemployment and underemployment rate is up to 17 percent and has remained stubbornly high now going on four years that more debt does little to ameliorate employment conditions. Yet the US Treasury and Fed try to put on a vibrant charade that all is well. Does it feel like all is well?
The EU problems are gigantic in scope. Ireland only a few days ago was openly talking about their solvency until the summer of 2011 and that they had plenty of cash to get by for half a year. Well a few days later rates roared upwards and people started yanking money out of their banks. They saw the above numbers just like you are. Think about the ratio more on a human level. The amount of external debt for Ireland is like someone making $20,000 a year yet having debt connections of $180,000. That is absolute madness and shows how the allure of easy money and the fact that bankers have no restrained with printing money will put the entire global economy at risk. The solution of the banking system here in the US and EU is basically to bailout the bankers at the cost to all local taxpayers. The bankers are so consumed by their tiny niche market issues that they fail to recognize that the employment markets are collapsing all around them.
Having too much debt is a recipe for financial disaster. Greece was only chapter one followed by the Irish in chapter two. Portugal and Spain will be next. It isn’t a question of will they need a bailout but when. Spain’s GDP is $1.6 trillion or $200 billion below that of California. A collapse of Spain will be enormous news and will sent ripples across the globe especially in the EU. Yet with a headline unemployment rate of 20 percent how will they pay their debt back? They can’t to answer that question.
The US has also reached a peak debt situation. The answer from the banking sector is to dilute the US dollar and make the American standard of living collapse because banks gambled irresponsibly for decades. The banks now have taxpayer dollars so they don’t care about the unemployment and underemployment rate of 17 percent. Now, they talk as if we need to take our hard knocks and speak with authority.
“These are the same people that had Hank Paulson on bended knee begging the House Speaker a few years ago for a $700 billion blank check.”
The central banks are merely infectious puppets of the banking system. They aren’t accountable to the people or local governments. Did we even debate quantitative easing here in the US? The continuous bailouts are merely a way to protect the banking sector while the stats on employment speak for themselves. How can you tell when a central banker is lying? When they open their mouth.
Posted in bailouts, Banks, Central Banks, Currencies, Debt, Economic Crisis, Economy, Federal Reserve, Financial System, Government, Money |
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Wednesday Economic Roundup: Turkeys!
A day late but heh, better late than never, and this way you can stuff yourself full of pie while reading….
New orders for manufactured durable goods in October decreased $6.8 billion or 3.3 percent to $196.0 billion, the U.S. Census Bureau announced today. This decrease, down two of the last three months, followed a 5.0 percent September increase. Excluding transportation, new orders decreased 2.7 percent. Excluding defense, new orders decreased 2.1 percent.
Transportation equipment, also down two of the last three months, had the largest decrease, $2.9 billion or 5.2 percent to $52.3 billion. This was led by defense aircraft and parts, which decreased $1.6 billion.
Ok, that’s a turkey.
Inventories of manufactured durable goods in October, up ten consecutive months, increased $1.3 billion or 0.4 percent to $316.7 billion. This followed a 0.7 percent September increase.
Machinery, up eight consecutive months, had the largest increase, $0.4 billion or 0.7 percent to $52.4 billion.
Ah, so we’ll keep building inventories into an order slowdown! That sounds good too….
Oh my. Remember my faves in this in terms of future and present hiring computers and electronics. But remember, we keep hearing that it’s all ok and getting better, and hiring will pick back up.
Uh huh. This is an all-on collapse.
Then we have unemployment claims. Gee, you think a little Black Friday hopium might be in here?
In the week ending Nov. 20, the advance figure for seasonally adjusted initial claims was 407,000, a decrease of 34,000 from the previous week’s revised figure of 441,000. The 4-week moving average was 436,000, a decrease of 7,500 from the previous week’s revised average of 443,500.
Ok, that looks decent – but remember, it’s holiday time, so we should expect some temporary hiring for the holidays.
Ah, but we’ll add another 300,000+ people to those without unemployment benefits (remember, the attempt to extend them again just failed too – this ought to get very interesting coming into Christmas!)
Those who think we’re getting “improvement” – uh huh. All we’ve had, as I’ve noted, is the Feral Government putting the former (falsely-inflated) economic activity on our credit card… and now the ugly turtle of reality is poking its head out of the rear sphincter.Hairy Hissmas!
Europe is Collapsing Under the Weight of Insoluble Debt
And at least one Member of European Parliament is willing to acknowledge it:
Posted in Banks, Debt, Economic Crisis, Economy, Europe, European Union, Financial System, Government, Money, sovereign debt crisis |
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proudly supports:
Bill Still For President
for Congress
Michigan 11th District
By Bill Still
There is only one answer for the world economic situation; monetary reform.
1. No More National Debt
2. No More Fractional Lending
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