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Moral outrage!? Debt, Credit, Bankers delight. An open letter to Cons.

I have been posting and having online discussions with a few others.  Through these postings I have been trying to inform people to , in what my opinion, is one of the largest Problems with what our economy and society in general are suffering from. This is a portion of and end result of one of the latest conversations. You should know first that I consider the ACA in it’s current form Heritage Foundation Care. I have a post, just haven’t fully gotten it where I want it.

That is how Cons think. As long as I can innovate and be ingenious and technically not lie or just bend the truth, all is OK. Remember, Conservatives and Republicans are not necessarily Neo Cons. Those are a separate entity all to themselves.

This is what has been keeping our economy afloat for the past 30 years or so. CREDIT or in other words DEBT.
House hold debt
http://www.creditslips.org/creditslips/2009/02/the-folks-who-write-credit-slips-are-among-those-who-have-long-wondered-where-the-exit-strategy-was-for-an-economy-that.html
http://www.utahfoundation.org/img/pdfs/rr689.pdf
student loan debt
http://news.yahoo.com/blogs/lookout/fact-check-exploding-student-loan-debt-chart-145504148.html
http://pewresearch.org/databank/dailynumber/?NumberID=1489
http://www.foxbusiness.com/personal-finance/2012/04/04/student-debt-red-herring/

And this is how some of those colleges and universities are acting toward the taxpayer
http://voices.yahoo.com/colleges-lure-homeless-pay-tuition-taxpayer-dollars-7503880.html
http://www.businessweek.com/magazine/content/10_19/b4177064219731.htm
http://nakedlaw.avvo.com/2010/06/8-reasons-college-tuition-is-the-next-bubble-to-burst/

Does that tick you off as much as it does me?

small business debt other than financial institutions
http://www.frbsf.org/publications/economics/letter/2011/el2011-22.html
http://politicalcalculations.blogspot.com/2011/09/why-small-businesses-arent-creating.html

According  to this site     http://money.cnn.com/2011/11/28/news/economy/Fed_credit/index.htm                          http://www.money-zine.com/Financial-Planning/Debt-Consolidation/Consumer-Debt-Statistics/

Household debt is around  $11.66 Trillion dollars.

Yes, that is right. The American people are in almost as much debt as Our Country is. And we are supposed to run the country the way we run our households?  It seems we already are.
Everyone is in debt someway or the other.
And the banks are making TONS of MONEEEEEEEEY off the interest on this debt.
But we in America sure do love our bankers don’t we?

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Have you called our Senators and your House Rep to support the Audit the Fed bills?

This would solve the problems you mention.

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LOL! ROFL! Ohhhhhh stooooppp! M M MY gut hurts!!!         Oh wait, You are serious.           Ha Ha Ha Ha ohhh I can’t stand it, it hurts!

I certainly hope they are harder on the former Wall Street bankers, or those close to them who end up being US Treasurers or Fed Chairmen, than they were on poor old Jamie Dimon as witnessed here.
http://www.thedailyshow.com/watch/thu-june-14-2012/bank-yankers

If you watch the whole video I think Ole Jamie is harder on himself than any lawmaker was.
Yeah let’s keep deregulating these corporate financial titans of the economy. They are after all responsible members of the business community, who would never screw homeowners or over leverage with their AWESOME CREATIVE AND INGENIOUS financial instruments, would they? Take a look at this, if you dare.

http://www.dailyfinance.com/2010/06/09/risk-quadrillion-derivatives-market-gdp/
http://www.washingtonsblog.com/2011/09/amount-and-concentration-of-derivatives-still-threatens-global-economy.html
http://www.slate.com/articles/news_and_politics/explainer/2008/10/596_trillion.html

OOhhh doggy! Why, I think I might have a hard time trying to count that high, let alone trying to be responsible for that.
Dam irresponsible homeowners.

http://www.bloomberg.com/news/2012-02-08/faulty-loans-top-72-billion-as-banks-seek-legal-deal-mortgages.html
http://openchoke.blogs.com/open_choke/2008/09/how-did-maybe-157-billion-in-bad-loans-turn-into-a-trillion.html

Wait! That can’t be right, can it?

My beef is not with successful business owners. If you are the business man you say you are, I have no doubt that you worked hard and deserve everything you have. Kudos to you. Especially if you treat your employees good. I just can’t stand that those on the right blame the poor, disabled, old and those that don’t have the talent or social skills that you and others posses, for the state of the economy. Those people are not responsible for the economy in any way. They have NO CONTROL of the direction that it takes.They barely have control over their own lives. Their voices are silent. They are mere leaves on the branches of the tree, trying to go with the flow of the wind without being ripped off the branch and left to dry out. They are hanging on for dear life in high winds, and some want to cut them loose to only help the bankers and the wealthy.

Why should they take the blame for and suffer the consequences of something they have no control over, but these Financial Titans get tax breaks, bailouts and Bonuses for doing the above?

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What do you do? Republicans just want to further loosen the strings on these financial behemoths. They are the ones that watered down the last round of financial reforms. I watched on C-SPAN. I heard their talk about “hampering the wealth creators”. Oh, didn’t someone remind them that there is a difference between “wealth creation” and “job creation”. And the Democrats, what few there are, that want to reign them in get called SOCIALIST! COMMIE! ANTI-AMERICAN! FASCIST! for trying to put some ground rules down that would STOP some of this crap. Like all those words mean the same thing.

Wouldn’t you like to be deregulated? Wouldn’t it make it so much easier driving if the biggest vehicle,with the most aggressive driver was able to over power everyone else who may actually be just “wasting time” on the streets to the detriment of the “most productive”.

It would be nice if we could come together and realize what these #ricks are doing to us and our country. Doesn’t anyone realize that this is what causes true deflation? Allowing these TITANS OF FINANCE to make their own rules with no oversight has allowed them to create so much more money with NO BACKING that it alone will destroy the value of a dollar. Oh, you now need $1,000 to buy what $100 would by you a couple of years ago?

No, instead we evict the homeowners. Because they were irresponsible. And RESPONSIBLE people didn’t want to help out their neighbors irresponsibility. Now look what you have to look forward to. Bailing out a QUADRILLION DOLLAR DERIVATIVES MARKET! That is what you get for not putting Rules (regulations) on highly productive and ingenious Market Driven Business men !(children and bullies) YOU NOW OWN IT! Cons were the ones that FOUGHT for BANKERS BONUSES! Contract LAW they said! As months and years later they would argue to ABOLISH LABOR CONTRACTS for union members and public employees.

Bankers ruining everything and the people suffer for it while Cons want to Praise and bestow more riches on these productive, awesome, innovative, creative and ingenious LEGAL FELONS.

If you or anyone has any idea how we can come together and resolve these issues I am all ears. But this is where we need to start. The financial industry is what is ruining our economy. Let’s face up to this and figure out a way to solve it. Please.

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Looks like Bank Against America wants some MORE HELP, are you going to throw more people into the streets, off of food stamps and off Social Security that they paid into, and fire more teachers so you can keep bailing out these deserving highly productive, innovative and needed people ?

http://dailybail.com/home/holy-bailout-federal-reserve-now-backstopping-75-trillion-of.html
https://www.commondreams.org/headline/2012/03/08-2
http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html
http://www.stockbrokerfraudblog.com/brokerage_firms/bank_of_america/

http://www.scribd.com/doc/36190182/Bank-of-America-s-Response-to-Cuomo-s-Fraud-Charges Self regulation at it’s best. Fully written out for you to read and enjoy.

This is how these “financial weapons of mass deception and global destruction” are destroying our towns, cities, States, Countries and our World.
http://obrag.org/?p=63408
http://www.louisvillepolitics.com/libor-fraud-could-bankrupt-citiesruptcy/

http://baselinescenario.com/financial-crisis-for-beginners/
http://www.brockfc.com/dominoe-watch/

Just disgusting! Why can’t we agree these are the Problems? Are we blind? Are we too tuned into the CORPORATE NEWS? Yeah, that’s right. Left, right, center, up, down, diagonal, in front, out back, it is all the same. They are all CORPORATIONS! ( are PEOPLE my friend) They have a similar goal. They are magicians. Look here, fight about that, Hey there! ABORTION! shhh. MUSLIM! Free Loader! Tax cuts for the wealthy! More spending in Elections.Celebrity who? there? Why? Advertising dollars. Who pays for all this advertising? Where do they get their dollars from?………………….YOU

That’s’ right. Every time You pay your mortgage payment, car payment, personal loan, business loan, student loan, credit card payment, or just purchase a product, part of or an Awfully LOT of YOUR Hard Earned Dollar goes to pay towards these bonuses and salary packages in the MULTI MILLION dollar range and also that $38,000 marble toilet Jamie Dimon had installed shortly before YOUR HOME VALUE TANKED !

But it’s not just you. They have Our ENTIRE Government doing this. From the Federal, to the State, to your local town or even township. That is how they fund the projects and then get Our Government to purchase dollars from the FED,(for doing something it HAS the Constitutional Authority to do) charge the Government interest, put it’s people in charge of the monetary fund and “careful management” of Our economy. Because “they are the experts in their field and whose opinions are highly respected”. Pay off Regulators and Legislators with the Blessing of “Citizens United”, allowing them to become “persons”, Even get the Government to FORCE you to purchase their Insurance products. Do you get it now? They OWN our country! They have no moral responsibility to anyone other than the shareholder. They don’t care about you. They leave the foreclosed homes to sit in the winter without winterizing them. Do you know what happens when a 40 gallon water heater bursts and what it will do to a house that is over run with animals and left to sit? It is NOT pretty. Is that responsible ownership? OHH it is their house to do with what they want. Enjoy it in your neighborhood?

And Who thinks these people should be rewarded for putting their Ingenuity, Creativity, and Industriousness to work in the Free Market , as close to unregulated as you can possibly get, if not Captured regulation, to better the Wealth of others and Themselves and actually end up destroying millions of lives and Entire Free Nations?

These Titans are just draining us out a little more before they pull the plug. Are we going to blame each other, or are we going to wake up to what has been happening?

If I knew how to stop this Crap I would do it. I however,  am posting in comment sections and  this blog .   I guess I am just trying to figure out how a portion of the American people can’t see these things for what they are.  I am trying to scream as loud as I can about this Fleecing of America, without being accused of being a Socialist or a Communist or Un American.

I am hoping that Americans will wake up and be MORE disgusted at how much of  Their Hard Earned Dollars are going to Executive Bonuses, Salary Packages, and Stock options.  How can you be upset at paying a portion of the $50,000/year + $10,000 in benefits and retirement for the teachers that educate your children, but Not upset at having to pay $250,000 for a $100,000 home loan on a house that is now worth $50,000?       It’s insane. 

Please let’s realize where we are.

CC

Duped by the skeezy slimey poors? Or a financial winfall at our expense?

This is one talking point I just can’t stand. Yeah, the Government, in the form of CRA, Freddie and Fannie and Chris Dodd and Barney Frank, and Billiam Clinton, and low income, skeezy, sly and lying home owners wanting 10 times the house they could afford are the main culprits for the fall out of the Major banks.

Our poor Great and Mighty and Magnificent and HUGE, financial overlords were FORCED by the Government they own, to give loans to low income and areas that were in disrepair to hopefully restore the community. They were forced by the Community Reinvestment Act of 1979. A program that had been in place for over 20 years by the time all this crap happened. I feel that highly unlikely.

I was going to go over each point that a person that would defend the banks would bring out. Instead I think I will just tell a little story. I hope you enjoy it.

Forward: also a disclaimer. In no way, shape or form is this story an actual historical documentation of any occurrence of any part of history, and if there happens to be a resemblance or coinciding conditions of actual occurrences( first you would have to admit to it having happened.) are strictly and completely coincidental. This is a work of fiction and exists only in my mind and on this blog, as far as I know. I can not be held responsible for the actions of others. Or at least that is what I have been told.

MONEY! MONEY! MONEY AND MORE MONEY!

Follow the money. Pretty plain and simple, right?  You would think so. Who made money off this deal? The homeowner who took out the loan? Nope. They are either paying on a home they can’t afford anymore, or homeless or living somewhere else, and with a terrible blemish on their credit record. Did the Government make money off these deals? Maybe initially from increased sales and property taxes, but now there are pages of delinquent taxes in the paper twice a year. So that is another no. So who made money?

Well there were a couple industries that made money. The real-estate industry for one. Builders. Title co. But mainly it was the banks. How and why would the banks be able to make money doing these kinds of loans?  Let’s look at the market before it was allowed to go berserk. They way conservatives say it should be. 20% down for a home and all.

If you have requirements of 20% down for a home loan, and the median price of a home is almost $100,000, how many customers do you think you are going to have? Remember, that is a $20,000 down payment. The median wage for a single individual is around $32,000. How many customers are you going to get for 20% down on a $50,000 house? That is still $10,000.

There was only a certain segment of the population that could afford to use their services, and they still would only use so much. How to expand business when the law says you have to have these onerous, stifling, restrictive regulations that are stifling creativity and ingenuity. HMMMM…..  🙂    Hello, congressman? Could we do lunch sometime?

But why? Why? you say, would those banks ask the Government to loosen regulations on them, so they could loan to people with risky credit?  FEES. Commission fees to be more specific. These Great and  Mighty and Magnificent and  Huge bankers and traders get paid by how many deals they seal. The more customers, the more trading units, the more units, the more to leverage with and the more deals you can make.

The banks made money making the loan. They then bundled good loans with bad, paid off the credit rating agencies and got them graded AAA+ and sold them to Fannie,Freddie, and any other sucker they could get to by them. More MONEY! 🙂 They then bought shorts on those same loans. So when those went bad…. more MONEY!   🙂   The banks own stock shares now plummet. What do the bankers do? Buy back their own stocks!  WHAT?!?!   The banks are now bailed out by the Government. Guess what? Stock shares skyrocket! He he he ….. LOTS MORE MONEY!!!  🙂   Then the taxpayer had to bail out the insurance company these Great and Mighty and Magnificent and HUGE financial overlords bought insurance to insure those very same shitty financial instruments. Guess what?    MORE MONEY!  🙂

Now the Government is giving bankers 0% interest loans through the Federal Reserve Discount lending window. To the tune of over $13 trillion dollars! What ever will they do with all that money?  Hey. What say we invest that into Treasury bonds? I mean think of it! To make money off the shitty mortgages, put the responsibility off on the Government, make money betting against those loans, get the Government to bail us out, and then to invest that taxpayer money into Treasury bonds so that the taxpayer will pay us 3% interest on the interest free loan they gave us, so that we can use the interest to pay off the loan and WE get to keep the MONEY!  And the houses!  BONUS!   THOSE TOO?!!!!    🙂    Ohhh, life as a banker is sooo exhausting!  It is a lot of mental strain innovating these new financial IGDD’s . (Instruments of Global Deception and Destruction.)

No, couldn’t have been anything like that.  Good thing it is a work of fiction. Could you imagine what would happen to a country if policies like that were allowed to continue to exist?     😦

CC

Addendum:  For those who think the Republican party is NOT part of the Great and Mighty and Magnificent and HUGE financial overlords court, maybe you should watch them in action yourselves. It is always better to hear it straight from the horses themselves.    http://videocafe.crooksandliars.com/heather/jon-stewart-knocks-senate-banking-committe

Fiscal conservatism vs. Tax and spend liberals

I have been going over graphs for the last 4 or 5 years trying like hell to figure out why anyone believes this. There hasn’t been a “fiscal conservative” in the White House since arguably Eisenhower. Looking over this chart http://www.usgovernmentdebt.us/spending_chart_1900_2017USb_13s1li111mcn_H0f  which is a graph of gross public debt from 1900-2017(projected)

I see the debt starting in 1941. Wasn’t that the Government war spending that put us in debt and took us out of the Great Depression? But I thought that ALL Government spending was bad.  Anyway, I don’t see the massive spending of the New deal or LBJ’s great society. As a matter of fact I don’t see the debt getting out of control or rising much of any consequence until one Ronald Reagan got into office. And from there it just goes insane.

This is a chart of the Federal spending from 1900-2017(projected)  http://www.usgovernmentdebt.us/spending_chart_1900_2017USb_13s1li011lcn_G0f

This chart makes me even more puzzled. That little bump just before 1920, that was the first world war. That tiny little thing in the middle of the 30’s, that was the terrible spending of the New Deal. That brought us rural electrification and taught farmers in the west how NOT to start another dust bowl.  Then there is a fairly large bump in the mid 40’s. That is the second world war. Amazing how conservatives will say it was the war that got us out of the depression, yet that was the most Government spending stimulus to date.

From 1947 – 1970 spending was negligible.Yet during this time we funded schools, roads, highways, college scholarships, put men in orbit around our planet and sent men to the moon! The freakin’ moon yall!!!! Some years we had surpluses! Beginning in the 70’s spending picked up, most likely the Vietnam war was the culprit, but nowhere do I see this unsustainable spending on the war on poverty.

It isn’t until the mid 70’s that spending went up. I am just assuming here, but I believe that ramping up our nuclear stockpile and military along with the Arab oil embargo had a significant factor in this. But  just look at the spending that takes place in the 80’s!  It starts in the early part and starts to taper off around 87.I believe that was all military spending with all the little wars and what not in the Falkland Isles and Central  America, STAR WARS and trying to end the Cold war.

Then it levels until 91. That would be the first Gulf war. Then around 92 or so, something amazing happens. Spending drops! Like a rock! To the point that at the end of the century we had surpluses again! And in the 2000’s it skyrockets again!!!!  Why?? Same reason all the other bumps happened, WAR. And TAX CUTS  during not one war but during two! No, let me say that another way. A fiscal conservative did something no other leader in the history of  this country, let alone the history of the world, has EVER done! He cut taxes BEFORE EACH OF THE TWO WARS HE WAGED!

Here is what I find hard to understand about the fiscal conservative argument. Government spending BAD!  Yet according to this chart and my memory they are responsible for most of it. Let’s take Reagan, this is where they seem to have started talking the talk, while walking backward. Carter left office with approximately $1 trillion dollars total National debt. When Reagan left office 8 years later, the total debt was almost $3 trillion dollars.

Now the conservatives will say that Reagan may have spent more, but he also doubled the revenue into the federal government. OK. So. What I just heard is that not only did Reagan spend the “double amount of revenue of the Spender in chief of the late ’70’s , He also spent an ADDITIONAL $2TRILLION DOLLARS?!?!?!?! And he is a fiscal conservative? And your/his policies are good for the country?!?!?! And will address the deficit and put us back on a balanced budget?!?!?! Ooooooooooo. K? (sound like a familiar argument. I will be typing something similar shortly. ;{

George H.W. Bush :   He had a war. He had a recession. He had a Savings & Loan industry to save. He tried to be a little fiscally conservative. He raised taxes, despite pledging not to, to pay for Gulf war I. Apparently the fiscally conservative base didn’t like that idea. They didn’t show up at the polls to reelect him. During his tenure, there was around $1.5 trillion dollars added to the National debt. Total debt incurred by 12 years of Republican administration and fiscal policy,  $ 3.5 trillion dollars  bringing the total debt to $4.5 trillion dollars.

Billiam Jefferson Clinton ( Apparently the use of middle names instead of just the first initial is required of Democrats. Jimmmeeeeeeeeee carrrrrterrrrrrrrr is an exeption.)   🙂   The economy boomed under his administration. He raised taxes a little, cut spending, reformed welfare and was involved in a few over seas military actions. Brought the budget under control, managed to leave a surplus to his predecessor (when was the last time that happened?) After his 8 year tenure in office Clinton added $1 trillion dollars to the national debt.  Are we sure HE isn’t the fiscal conservative?  Total debt  $5.5 trillion dollars.

I would hope that I would not have to rehash this next chapter in American history, but I fear there are some out there roaming the great plains, forests,, countryside, valleys, cities towns and villages all across this Great Nation of ours, that have suffered a memory lapse. That is at least how i will refer to this condition.

George W. Bush :   He did inherit a slowing economy. I will give him that. Not slowing for the reasons most economists and administration officials will tell you, but I will post on that later. Then we experience 9-11 and the fallout from that. Financial fallout, airline bailout, WAR. And to pay for all this? TAX CUT MO FO!!  WE are fiscally responsible. We will lower tax cuts and bring in more revenue through more business and investment. ( deja vu anyone? Where is that damn groundhog? Bill Murray is getting ANGRY AND FRUSTRATED!)

Then we had another TAX CUT MO FO ! Don’t ya know if the first one fails, get back on that horse! Pull yourself up by your bootstraps and do it  ’til it hurts works. ( Also the definition of insanity. Doing the same thing over and over and over and over and over and expecting something different to happen, despite the factual and RECURRING results.) To hide this fiscal responsibility, the two wars were run on supplementals.  Think of it as having two sets of books. One is what you show your accountant, the other is the actual costs. Nice. Also, the 1.5 trillion put on those books included the Medicare part D prescription plan. And when Osama Obama took office, He added this $1.5 trillion dollars onto the current budget. Putting him $1.5 trillion in the hole before he even took office. You think any conservative would admit to that? FAT CHANCE!

Then we come to the Financial collapse We are all familiar with. Well, again, I think some of us running around this great nation have suffered another case of amnesia. You would think that something like that would burn a picture in your brain. Ha! Apparently our Great and Mighty and Magnificent financial overlords were duped by of all people the poor and stupid. Oh! Can’t forget Barney and Chris. Although I don’t take all blame from the two senators, there is more to that story. Post later.The homeowners were left to fend for themselves, moral hazard, signed contracts and personal responsibility.

Then the financial sheet   hit the fan. The banks were left with a bunch of bullsheet toxic IGDD’s  (Instruments of global deception and destruction) They had over- leveraged, to put it nicely. Of course moral hazard and personal responsibility were brought up. But our Great and Mighty and Magnificent overlords were too Great and Mighty and Magnificent to fail. I will post about this later also. TARP!  &787 billion dollar bailout. No strings attached. and nothing but a 3 page ransom note allowing them to do anything they wanted with the money. Nice. 🙂

After all is said and done, on the books the debt totaled 10.5 trillion dollars by the time Bush the lessor left office. That is a total of $5 trillion dollars. Add the 1.5 for the Wars and Medicare part D and we come to a total of  $6.5 trillion dollars of spending during his administration. The total debt with everything off the books on the books totals $12 trillion dollars. That is what was left when Osama Obama, the current Spender in Chief   took office. Puts his spending in a little better and more factual perspective. Total National debt: $12.5 trillion dollars.  Reagan: $2.5, Bush the greater : $1.5 , Clinton: 1, Bush the lessor: $6.5 trillion.  Republican: $10.5 trillion dollars. Democrats, $1 trillion dollars.

Barack Hussein Osama, Maobama, Obama :   He was left a terrible economy, millions of jobs had been off shored in the previous decade, and a financial system that was tearing the country apart. Mass job losses and a crumbling infrastructure. Stimulus for the people. I know I saw a few highway and local and state roads that needed desperate repair, fixed. (At least it wasn’t borrowed money to pay some overpaid war contractor to go over budget on their No Bid contract to rebuild a city or country we just paid to level. More fiscal conservatism?)  Total assuming a $15 trillion dollar debt, $2.5 trillion dollars. Of the $15 trillion dollars Republicans $11.5 trillion, Democrats: $3.5 trillion.

So this leads me to question “fiscal conservatism”. I think it is more a question of tax and spend lefties vs tax cut and spend conservatives. The questions you have to ask yourself are these…. What makes more sense to you? Which policies do you think are actually meant to provide services and which policy do you think will bankrupt a country?  What kind of country do you want to live in? How about for your kids? Your friends kids?Look back at history and see where our country would be without all the Public investment. I capitalize Public because that is you and I. We are the Government. We can come together to provide services and help, to lower costs and provide better services, or we can try the go it alone approach. I know which one I prefer. Thank you for reading.