Category: Economy

Cross posted from The Stars Hollow Gazette

Not that I was ever in but I was willing to give Barack Obama the benefit of the doubt once he was elected but since kicking his base supporters off the bus in the middle of the desert, I can’t even hold my nose to vote for him. As was pointed out in a Raw Story article, these are just a few of the reasons:

1. Health care for all

If you’re an American making less than $30,000 a year, chances are you still have trouble seeing a doctor, despite the passage of President Obama’s health care reform plan. In 2007, then-Senator Obama said he wanted to make sure no American is without access to vital medical attention and proposed using revenues from the soon-to-expire Bush tax cuts to fund it. When the campaign laid out their specific plans in 2008, they included a “public option” that would be paid for by the public at large and made available to anyone who could not obtain coverage through their employer or other public program.

We all know how well that turned out, a massive sell out to the health insurance  and pharmaceutical industry and a cave ro extending the Bush (er, Obama) tax cuts. Yes, the consumer is forced to buy an inadequate insurance policy and still not have access to a doctor but hey, they’re insured. Now the Republicans are attacking Medicare and Medicaid so the government can fund more imperial wars and buy bigger and better weapons while giving the wealthy even more tax cuts.

2. Close Guantanamo

As a symbol of everything that liberals thought to be wrong with the Bush-era, closing the Guantanamo Bay military prison in Cuba should have been an easy target for the new and popular president and his Democratic super-majority in Congress — and, in fact, then-candidate Obama promised to do just that. But as he soon found out, strategic and political calculations have made it almost impossible to shuck.

Now we have even bigger and better military tribunals, no trials in civilian courts for those scary men in Guantanamo and for 47 of them, the possibility no trial ever and the rest of their lives in detention all in the name of the never ending War on Terror (On wait, we don’t call it that any more).

3. Defend labor rights

“Understand this,” Obama said during a campaign rally in 2007. “If American workers are being denied their right to organize and collectively bargain when I’m in the White House, I will put on a comfortable pair of shoes myself, I’ll will walk on that picket line with you as President of the United States of America.” (Watch.)

He can’t find his comfy shoes? Michelle must have tossed them when they moved into the executive mansion. Truthfully, at this  point, it’s is best he stay away and silent.

4. Reform the Patriot Act

Contrary to popular belief, Obama has never actually argued for a repeal of the Bush administration’s sweeping, post-9/11 security initiatives, which were passed with a mandatory “sunset” clause to overrule the concerns of civil libertarians at the time. Instead, Obama has consistently said he favors enhanced judicial oversight and a pullback from some warrantless searches — like the provisions that allow the FBI to access library records without a warrant.

Obama “reformed” it all right. Besides defending it in court, he got it extended even for even longer than the Republicans wanted without any changes. This extends the governments ability to spy on every private citizen until 2013, a non-election year, when it comes up for renewal again.

5. End the wars

Even as a candidate, Obama maintained that Afghanistan should be “the focus” of Bush’s terror war, and he pledged to make it so. But the president was also swept into power on a wave of anti-war fervor behind his calls to end the occupation of Iraq. Iraq has calmed down quite a bit as U.S. troops steadily stream out of the country, but Afghanistan is more violent than ever amid Obama’s own “surge.”

The US will have troops in Iraq and Afghanistan for years. But, but, his loyalist supporters say, they aren’t “combat troops”. I hate to tell them but ALL troops are “combat troops”. Not only this, now there is the bombardment of Pakistan, Yemen and Libya.

One day after announcing his bid for reelection, Obama’s poll numbers show less than half the country believes President Obama deserves reelection, with disaffected liberals now a fast growing demographic and independents split. Would the country have been better off with McCain or Hillary as President is useless speculation. All that is important now is Dick Cheney is pleased.

Cross Posted from The Stars Hollow Gazette

The CBS News program, “60 Minutes” aired a Mortgage paperwork mess: the next housing shock? segment on foreclosure fraud which, as most economists agree, is the biggest threat to the US economy. Scott Pelley looks for the answer and a at the possible solutions to the question of “who owns your mortgage”:

It’s bizarre but, it turns out, Wall Street cut corners when it created those mortgage-backed investments that triggered the financial collapse. Now that banks want to evict people, they’re unwinding these exotic investments to find, that often, the legal documents behind the mortgages aren’t there. Caught in a jam of their own making, some companies appear to be resorting to forgery and phony paperwork to throw people – down on their luck – out of their homes.

Sheila Bair, Chairperson of the FDIC, says she will call for a clean-up super fund

   Banks so poorly handled documentation on millions of mortgages that many today cannot prove that they own the homes they want to foreclose on. The resulting rash of lawsuits from people seeking to save their homes has one of the government’s top banking regulators worried that the torrent of litigation will delay the real estate market’s recovery.

   Federal Deposit Insurance Corporation Chair Sheila Bair tells Scott Pelley banks should be forced to contribute billions to a clean-up fund that will help stressed homeowners stay in their homes and stave off lawsuits – there are 30,000 already – that threaten the economic rebound […]

   Like last year, banks are expected to foreclose on a million mortgages this year, a scenario that could generate more lawsuits over mismanaged paperwork. “I think that this litigation could easily get out of control,” says Bair. “…We’re already feeling like we’re falling behind it,” She thinks a large clean-up pool funded by the banks that would pay homeowners to accept a bank’s ownership claim without a lawsuit is necessary. “I would assume it would be billions [that the fund would need],” Bair tells Pelley.

But as, David Dayen points out, this “super fund” would not stop any claims in state courts on behalf of homeowners, federal regulators don’t have the authority to do that.

And the more banks resist it, the more liable they will become. In an important case this week, a judge in Alabama dismissed a foreclosure because the bank failed to comply with the pooling and servicing agreement for transferring mortgages to the trust. This would be a stunning ruling if applied broadly, though whether or not it will stand as precedent across other states remains to be seen; it’s far too early in the process to determine that. But we know that banks simply did not convey mortgages to trusts properly as a general rule. Foreclosure fraud can be seen as a coverup for that original sin. And if state courts are starting to make rulings based on that sin, banks will be stuck and unable to pursue foreclosures on tens of millions of loans.

The ruling in favor of the borrower endorses an argument we have made since last year on this blog, that the pooling and servicing agreement stipulated a specific set of transfers be undertaken to convey the borrower note (the IOU) to the securitization trust within a specified time frame. New York trust law was chosen to govern the trusts precisely because it is unforgiving; any act not specifically stipulated by the governing documents is deemed to be a “void act” and has no legal force. So if a the parties to a securitization failed to convey a note to the trust within the stipulated timetable, retroactive fixes don’t work. In this case, the note had been endorsed by the originator, Encore, but not by the later parties in the securitization chain as required in the pooling and servicing agreement.

Yves Smith at naked capitalism, has a problem with what Bair said:

One aspect that is distressing is that per her remarks in this clip, Sheila Bair does not appear to understand or worse, understands but is not willing to admit the seriousness of the chain of title issues. Often, the banks botched the transfer process in such a fundamental manner that retroactive fixes are not possible. This isn’t a matter of “if the banks spend enough time, they can prove the trust they are acting for owns the note” as Bair contends. It’s that in many cases the note didn’t get to the trust as stipulated, and the trust doesn’t have the ability under New York law, which governs virtually all of these trusts, to accept it now. A party earlier in the securitization chain is typically the owner, but no one wants that party to foreclose, since it would confirm the failure to handle the assignment of the note properly.

I’m not so sure that this Congress would be amenable to another multi-billion dollar bail out but this is a better proposal that the one that would strip homeowners of their right to due process.

(all emphasis is mine)

AFL-CIO blog site about rallies-link in graphic

If you thought you didn’t have a reason to participate in the April 4th “We Are One” {face book page link} rallies around the country this report will certainly plant that needed seed as they continue trying to destroy what America once was building successfully, through it’s workers!

6omin. 3 April 2011, if you missed this it’s a must watch and or read!  

Diligent reporter that I am, I got up Thursday morning to do a bit of fishing for a story, and as so often happens, I’ve caught something a bit unexpected.

Now what I have for you today starts out as a bit of insider information that came to me on background-but it turns into a chance for those of us who support Social Security to very much get in the faces of our members of Congress, for two whole weeks.

And to make it even better, I’m going to throw out a few direct action ideas “for your consideration” (as they say in Hollywood during Awards Season) that would absolutely make good street actions and YouTube videos, both at the same time…and even more importantly, we’ll absolutely make some great Spring Break fun.  

One of the many problems with this extremely slow growth is the jobs being created are more towards the lower wage so called service sector, that sector that doesn’t really produce a product but the workers try and still give a quality job while getting low wages and few benefits and seek respect for what they do.

Note: I kept getting errors about text being corrupted while trying to post the complete diary.  This is only half the diary.  There are many more sections and editorial cartoons in this diary that I posted over at Daily Kos.

Crossposted at Daily Kos and The Stars Hollow Gazette

I know, you have “breaking news” overload.  But I can’t help but see the parallels between the Middle East and what happens here at home.

Wisconsin is waging its own fight for democracy and economic liberty, without the aid of an international coalition.  They are planning to oust leaders who voted for enslavement.  But what should they demand from the new people they elect to the legislature?  How could they permanently break the bonds of economic enslavement?  

I have a few suggestions.

For the past couple months I have been talking a lot about “taking it back”, and I have two great chances for you to do just that over the next two days.

One of them involves actions that are taking place all over the USA-but the other is a very special and particular event which will be taking place in Vancouver, British Columbia on Wednesday.

This’ll be a short story…but by the time we’re done, you’ll have stuff to do this week.

News is suddenly moving so fast that it’s becoming hard for me to keep up; that’s why we’re not finishing the story today that we just began Tuesday. You know, the one about Titan Cement suing two North Carolina residents who appear to be doing nothing more than speaking the truth.

Unfortunately, other important news has forced itself to the front of the line, and it’s going to demand that we break schedule, whether we like it or not.

That’s why today we’re going to be talking about Wisconsin, and how workers there are fighting back against the State’s Republican legislators and Governor, who seem to have gone out of their way this past three weeks to govern without the consent of the governed.

It’s kind of chilly today in Wisconsin…but I can assure you, things are heating up fast-and it ain’t because of spring.

In a furthering effort to expose the FED’s utter disconnect from reality and the real economy we find this total belly flop by none other than the NY Federal Reserve President William Dudley.

Misjudging your audience is hardly unusual for those in positions of power. But its best not to cite the price of the new iPad as an example of why inflation isn’t a problem when you head into a working-class neighborhood like Queens.

Cross posted from The Stars Hollow Gazette

Some of this is just really depressing. Where is this country headed?

cross-posted from Main Street Insider

This week’s summary takes a look at House Joint Resolution 44, the continuing resolution that funds the government through March 18th while Congress continues to negotiate the budget for FY2011. This budget fight is the hot topic in DC, seeing as it will undoubtedly affect every issue going forward.