Helping Homeowners In Michigan
Archive for May 10th, 2011
Here's What You Bailed Out: Bank of America, $850 Billion
May 10th, 2011 | 
Author:
Bank of America plans to shrink its $850bn portfolio of troubled home loans by about half over the next three years as it seeks to quicken the pace with which it resolves problems related to the housing crisis and its disastrous purchase of Countrywide Financial.
So now we have one number, for one bank: $850 billion.
Of that, $118 billion is owned outright. How does this compare against BOA’s reserved amounts and exactly how is that $118 billion marked? At what price are these loans being carried?
Remember, there’s $9 trillion in valuation loss (and that was $9 trillion in bogus valuation gains) which has occurred. The banks made hundreds of billions of dollars in fees, costs, and other forms of skimming originating and servicing these unpayable loans.
Only $530 billion of that $9 trillion in loss has been recognized in reduced indebtedness at the consumer level. The rest has “magically” disappeared.
Or has it really been swept under the rug with firms claiming to be perfectly fine and solvent when in fact they’re walking around with a load of dead and rotting fish slung over their back, professing to have many good, tasty and nutritious fish for sale as their “assets”?
Posted in Bailout, Balance Sheet, Bank of America, Banks, Corruption, Debt, Economic Crisis, Economy, Federal Reserve, Financial System, Fraud, Government, Money | 
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Tim Geithner Accused Of Forcing Ireland Into Bankruptcy
According to the Irish Times:
WITH THE Irish Government on track to owe a quarter of a trillion euro by 2014, a prolonged and chaotic national bankruptcy is becoming inevitable. By the time the dust settles, Ireland’s last remaining asset, its reputation as a safe place from which to conduct business, will have been destroyed.
Ireland is facing economic ruin.
While most people would trace our ruin to to the bank guarantee of September 2008, the real error was in sticking with the guarantee long after it had become clear that the bank losses were insupportable. Brian Lenihan’s original decision to guarantee most of the bonds of Irish banks was a mistake, but a mistake so obvious and so ridiculous that it could easily have been reversed. The ideal time to have reversed the bank guarantee was a few months later when Patrick Honohan was appointed governor of the Central Bank and assumed de facto control of Irish economic policy.
So, why, if they understood guaranteeing the insolvent banks would bankrupt the country, did they do it?
The deal was torpedoed from an unexpected direction. At a conference call with the G7 finance ministers, the haircut was vetoed by US treasury secretary Timothy Geithner who, as his payment of $13 billion from government-owned AIG to Goldman Sachs showed, believes that bankers take priority over taxpayers. The only one to speak up for the Irish was UK chancellor George Osborne, but Geithner, as always, got his way. An instructive, if painful, lesson in the extent of US soft power, and in who our friends really are.
So, do you think Mr. Geithner gives a crap about US taxpayers? Considering the man can’t be bothered to pay his own taxes, and now has condemned an entire country to bankruptcy in favor of making sure bankers can continue to cover up their insolvency, I highly doubt it. The US Treasury is a looting operation….and you’re the crime victim.
Posted in bailouts, Bankers, Banks, Corruption, Economic Crisis, Economy, Financial System, Fraud, Government, Ireland, Money, Timothy Geithner, US Treasury |
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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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