Tag: Foreclosures

As Lieberman deliberated, the new chair of the Democratic Senatorial Campaign Committee, Sen. Patty Murray (D-Wash.), told HuffPost that the party would consider supporting Lieberman if he returned to the fold.

http://www.huffingtonpost.com/…

Joe & George the President

The feeling of ill will is mutual: Lieberman said during the health care debate that one reason he opposed a Medicare buy-in compromise was that progressives were embracing it.

Joe & John the Presidential Candidate

March 20, 2003

” What we are doing here is not only in the interest of the safety of the American people. Believe me, Saddam Hussein would have used these weapons against us eventually or given them to terrorists who would have. But what we are doing here, in overthrowing Saddam and removing those weapons of mass destruction and taking them into our control, is good for the security of people all over the world, including the Iraqi people themselves.”

http://www.lobelog.com/lieberm…

Joe and John in Iraq

September 29, 2011.    10 years and 18 days after 9-11 attacks on NYC



” It is time for us to take steps that make clear that if diplomatic and economic strategies continue to fail to change Iran’s nuclear policies, a military strike is not just a remote possibility in the abstract, but a real and credible alternative policy that we and our allies are ready to exercise.

It is time to retire our ambiguous mantra about all options remaining on the table. It is time for our message to our friends and enemies in the region to become clearer: namely, that we will prevent Iran from acquiring a nuclear weapons capability — by peaceful means if we possibly can, but with military force if we absolutely must. A military strike against Iran’s nuclear facilities entails risks and costs, but I am convinced that the risks and costs of allowing Iran to obtain a nuclear weapons capability are much greater.

Some have suggested that we should simply learn to live with a nuclear Iran and pledge to contain it. In my judgment, that would be a grave mistake. As one Arab leader I recently spoke with pointed out, how could anyone count on the United States to go to war to defend them against a nuclear-armed Iran, if we were unwilling to go to war to prevent a nuclear-armed Iran? Having tried and failed to stop Iran’s nuclear breakout, our country would be a poor position to contain its consequences.

I also believe it would be a failure of U.S. leadership if this situation reaches the point where the Israelis decide to attempt a unilateral strike on Iran. If military action must come, the United States is in the strongest position to confront Iran and manage the regional consequences. This is not a responsibility we should outsource. We can and should coordinate with our many allies who share our interest in stopping a nuclear Iran, but we cannot delegate our global responsibilities to them.”

http://www.lobelog.com/lieberm…

http://lieberman.senate.gov/in…

Laura Flanders of GRITtv talks once again with Truthdig.com’s Editor-in-Chief Robert Scheer, author of “The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street“, about Barack Obama’s economic policies and team, about the blackmailing of you and the country and the world by Wall Street, about the financial industry lately booking two thirds of all profits produced by all economic activity in the United States, and about the parasitical mindset that now passes for “success” among the ultra-wealthy and their political servants in a morally warped empire in decline…or in freefall?

“Wall Street was blackmailing us,” says Robert Scheer of the bank bailouts, “And we got nothing in return.” It’s not news to any viewers of GRITtv that Wall Street’s tentacles ran throughout our election, but now that the election is over, we turn again to the running of government. Scheer joined us in the studio recently to discuss his new book, The Great American Stickup, and we asked him to give us some thoughts for after the election as well. Most pressing of all, he asks if either bankers or politicians are capable of thinking in anyone’s long-term interests.

Cross-posted at Progressive Blue.

I watched Paul Solman’s Making Sense on the PBS NewsHour and while putting a human face on foreclosure the story of a support group devoted to making foreclosure litigation too expensive for the banks is told. If you need to feel good about something going on in this nation, this was must see TV!

This support group called City Life/Vida Urbana has the motto “Organizing For Racial And Economic Justice” and this mission statement;

“City Life/Vida Urbana is a grassroots community organization in Boston committed to fighting for racial, social, and economic justice and gender equality by building working class power through direct action, coalition building, education and advocacy.  Through organizing poor and working class people of diverse races and nationalities;we promote individual empowerment, develop community leaders, and build collective power to effect systemic change and transform society.”

These community activist devoted to forcing banks to give up on eviction and offer homeowners a new mortgage have even more power now with all the fraudulent documents. But the story of power is people power, real people power.

Watch how those American walk into City Life/Vida Urbana just broken and feeling hopeless with no place to turn. Then they walk out not necessarily keeping their home but feeling like they have a voice and becoming community activist themselves.    

Talk about journalists being stenographers to powerful, banking interests. Banks which are foreclosing home mortgages are getting a walk in the traditional press because the press insists on reporting that the banks “didn’t read the documents” filed in court, rather than that the banks swore to documents that were palpably false and filed in courts, all in the service of taking title to homes in foreclosure so they could be re-sold and their present occupants could be evicted.

Join me in the fine print.

They Go or Obama Goes

Robert Scheer,

Truthdig, August 25, 2010

Barack Obama and the Democrats he led to a stunning victory two years ago are going down hard in the face of an economic crisis that he did nothing to create but which he has failed to solve. That is somewhat unfair because the basic blame belongs to his predecessors, Bill Clinton and George W. Bush, who let the bulls of Wall Street run wild in the streets where ordinary folks lived. And there was universal Republican support in Congress for the radical deregulation of the financial industry that produced this debacle.

The core issue for the economy is the continued cost of a housing bubble made possible only after what Clinton Treasury Secretary Lawrence Summers back then trumpeted as necessary “legal certainty” was provided to derivative packages made up of suspect Alt-A and subprime mortgages. It was the Commodity Futures Modernization Act, which Senate Republican Phil Gramm drafted and which Clinton signed into law, that made legal the trafficking in packages of dubious home mortgages. In any decent society the creation of such untenable mortgages and the securitization of risk irrationally associated with it would have been judged a criminal scam. But no such judgment was possible because thanks to Wall Street’s sway under Clinton and Bush the bankers got to rewrite the laws to sanction their treachery.

It is Obama’s continued deference to the sensibilities of the financiers and his relative indifference to the suffering of ordinary people that threaten his legacy, not to mention the nation’s economic well-being. There have been more than 300,000 foreclosure filings every single month that Obama has been president, and as The New York Times editorialized, “Unfortunately, there is no evidence that the Obama administration’s efforts to address the foreclosure problem will make an appreciable dent.”

[snip]

Warren Buffet gave a prophetic pronouncement back in 2003 about the Derivatives market, seeing the exponential dangers of this “paper-thin” type of investment.

Buffet did not mince words. He called them “financial weapons of mass destruction“:

Buffett warns on investment ‘time bomb’

BBC – 4 March, 2003

The derivatives market has exploded in recent years, with investment banks selling billions of dollars worth of these investments to clients as a way to off-load or manage market risk.

But Mr Buffett argues that such highly complex financial instruments are time bombs and “financial weapons of mass destruction” that could harm not only their buyers and sellers, but the whole economic system.

[…]

Some derivatives contracts, Mr Buffett says, appear to have been devised by “madmen”.  […]

http://news.bbc.co.uk/2/hi/bus…

   It’s sometimes amusing to see how hard the media tries to spin bad news into good news. For instance, this article from ABC today.

 (Reuters) – U.S. mortgage foreclosure filings dropped for a second straight month in February, and notched the smallest annual increase in four years as housing-rescue efforts contained activity, a report released on Thursday showed.

 It sounds like good news, huh? There’s just one problem: the foreclosures report that was released today concerned the whole first quarter, including March numbers.

  Since when did the news media start preferring outdated data over recent data?

I guess when the recent data said things like this.

 RealtyTrac® … today released its U.S. Foreclosure Market Report™ for Q1 2010, which shows that foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 932,234 properties in the first quarter, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.