I think unfortunately the point of this post has veered way off.
The point is we have desperate people writing anonymous comments on our site saying "please help me" and maybe this program can get them their refinancing while the major banks screw and jerk 'em around, forcing them into bankruptcy to lose everything because it's more profitable.
So, it's not all of these past programs I want to debate, more maybe this is an option for all of the people getting the run around in the maze of useless "for show only" programs that's happening.
to show more direct evidence. I saw a post recently claiming the increased "global trade" will cause a "V" shaped recovery...I thought, hello, anybody see that the trade deficit subtracts from U.S. GDP and also we've lost millions of jobs, not only in manufacturing, but across the board?
Suggested program: Hope for Undoing Mortgage Predators (HUMP). Reprice mortgages based on mark-to-market and recasting to true value of homes, with rates adjusted to reflect cost of capital for banks. The Banks do not have clean hands here, and they should have to eat some of this s**t sandwich they helped make. Yes, I know it is just a dream, but so was the banksters' view of the American consumer.
I hear ya on the pissy attitude. Every step of the way to try to reform H-1B, she's right there, making all of the moves to do Bill Gate's bidding behind the scenes, all the while trying to spin somehow and hide her agenda, which is zero reform, enabling more labor arbitrage with these Visas, even more offshore outsourcing. I watched that minute by minute action in 2006/2007 and I was so disgusted! While this is a great idea and all of a sudden she's making brew ha ha on the financial institutions...
and the reason is I have not seen a solid, objective analysis on who exactly got what from where in terms of mortgages. I see the foreclosure maps and I've seen the posts "correlating" somethings to those locations and it sure looks suspicious.
But yeah, bottom line the MBS backed CDOs, i.e. derivatives are the real problem and it doesn't matter if every single illegal immigrant making $9/hr cash under the table buying a $500k home got one.
But ya know I like those spreadsheets and I just cannot see objective data analysis on this whole "CRE" thing to say...
I was more pointing out some of their claims...
You know, I've been arguing with Cantwell and her staff during the entire time she's been in the senate with regard to her pro-offshoring position (she's always claimed it is the only way American-based multinationals can "compete").
If she finally, after all the years she's been voting in support of spreading depleted uranium all over the planet, is changing her attitude, it's really neat.
Unfortunately, it is too damn little and too damn late in the game. We, I repeat, no longer have an economy in the USA.
We only have the financial engineering bubble.
Besides, if she had any brains on board she would really go after Wall Street based upon the Trust Indenture Act of 1939 (still in effect, the last time I checked) as well as taking advantage of the RICO Act.
(Please forgive my pissy attitude -- but I strongly suspect Cantwell is simply grandstanding due to all the negative mail and calls she's been receiving.)
Again, these neo-liberal macroeconomic policies are to blame for this crisis. The lack of job growth and constant downward pressure on wages - the abandonment of full employment policies had to be replaced with something or else there would be a lot of pissed off people. So we get:
+ Asset price inflation
+ Cheap imports from national super retail chains
+ More household debt
It gave the impression or appearance of prosperity and growth but it wasn't REAL.
I agree its all about JOBS, JOBS, JOBS and reestablishing the link between wage growth and productivity growth.
That's what I thought as well. I tried to research this out but no money down loans, if that person's income isn't stable, up to snuff is a recipe for disaster.
I think that's one of the huge complaints from conservative land (legit) that the community reinvestment act forced banks to lend to people who obviously could not make the payments.
My thing is forget that absurdity and focus on jobs, jobs, jobs, jobs, enabling people to hold down a job, job, job, job, training, education to enable people to get and hold down a job, job, job, job....
Anyway, I looked over the conservatives because I never heard of this group and figure they would be the ones digging out the dirt if they could.
That article does note a lot of "to their credit" commentary....but I sure don't want to promote yet another organization who is busy ballooning the overall prices and getting people to buy homes there is no way over 5 years they are going to hang onto them.
I think it should be very amusing with a host of U.S. "middle class" shows up at their doors. Honestly that's another issue, the regular, generic, not "name brand" group called the U.S. middle class are the ones who seriously need help and so often these sorts of things only target the uber-poor.
Also, I personally try to differentiate between the corporate propaganda conservative vs. the real conservatives vs. the Ron Paul Luddite libertarian conservatives between the anti-choice, women as property conservatives. Too many conflicts of issue there to lump 'em as one bunch.
Why I grabbed the title "Populist" because "Progressive" had become so damn exploited and abused. I've seen corporations label themselves as "Progressive", special interest groups are magically "Progressive"...hell, we even have a 24/7 advertising car insurance company that claims to be "Progressive". ;)
is labeled a radical (per the Human Events article). But if you are someone who practically plunders global wealth and resources you are a model capitalist. Fuck the conservatives and fuck their fucked up neo-liberal, trickle down, supply side policies.
People need to do their homework/research regarding any person or entity when it comes to mortgage finances. NACA on its face sounds legit. However, I don't like no down payment loans that they are marketing - just my opinion.
HAMP was an excuse to make it look like the Obama Administration was doing something about the problem. Again, we must address the negative equity issue that has been ignored over and over again in this crisis. It won't go away until drastic measures are taken which mean that YES Wall Street and the mortgage industry has to incur some PAIN.
Yes it means - reduction in principal or DEBT FORGIVENESS. Many of these loan should not have been made in the first place. So, fu*k the mortgage industry and start issuing the haircuts.
So, if she has a very good idea, I automatically discount pretty much everything she has to say due to past attempts to get the "Bill Gates bill" into legislation.
It is a very good idea...quick, someone who represents the people grab it from her before it becomes a Trojan horse! ;)
in the first pass bullet list. What scares me to no end is how corrupt our government is. So how does one get administered, managed, deployed a truly effective program when we have corporate lobbyists, incompetence, corruption at every turn? To me, it needs to be run like a very tight ship. The CCC was a tight ship, almost military style or say the ROTC style.
If you get into some of these programs that were just not effective, scammed, played..we're going to go directly into that conservative crowd who gets very sick of wasting money with no results and hear the cries of "centralized planning, same as COMMUNIST U.S.S.R. did and so on.
I agree it can be modified but I had an offline "conservation" that made me highly suspect the focus was not recognizing basic economic laws, esp. labor economic laws that magically survived almost every political system in history. ;)
I heartily agree. I didn't list all of these types of things since I was trying to focus on jobs, but long term the U.S. needs a national, strategic industrial policy as well as trade policy. China, Japan, etc. they all have these 10 year, 20 year plans and they select certain key industries to give subsidies, protect so they grow too (those free traders will never admit this but it's true).
Like this entire "green jobs" hype. There is no long term plan, ensuring those jobs, those industry sectors create products in the U.S., are purchased by domestic industry, how to make it cost effective...i.e. the national long term strategic interest.
Same with advanced manufacturing, R&D. It's so absurd because even by the mathematics of trade theory (proved by Gomory and Baumol) it shows no, glorified outsourcing agreements are not a "win-win" and predict a "lose" for the 1st world country....that being us. So, not only do we not have a national long term strategy and plan, these inane trade policies do not conform to the theory at all.
An audaciously and pragmatically crafted CECC would mesh perfectly with programs already being funded by the $80 billion green portion of the two-year stimulus package and with the still languishing American Clean Energy and Security act passed by the House five months ago. It could provide entry-level positions with good training and a job ladder for one of the most heavily unemployed demographics – men and women aged 18-25, especially those with only a high school diploma, though the program shouldn’t be for them alone. From those first government-funded green jobs, they could move on higher-skilled, better-paying ones in the private sector.
But, while immediacy is the issue of the moment, we also need to do something for the long-term. We need what every other developed country has: an industrial policy. Some of your examples fit into model. Industrial policy must include reworked trade policy. Not protectionist in the old sense, but one which doesn't have one participant playing by the rules while another cheats in its every breath.
but I've seen others as well.
I think unfortunately the point of this post has veered way off.
The point is we have desperate people writing anonymous comments on our site saying "please help me" and maybe this program can get them their refinancing while the major banks screw and jerk 'em around, forcing them into bankruptcy to lose everything because it's more profitable.
So, it's not all of these past programs I want to debate, more maybe this is an option for all of the people getting the run around in the maze of useless "for show only" programs that's happening.
to show more direct evidence. I saw a post recently claiming the increased "global trade" will cause a "V" shaped recovery...I thought, hello, anybody see that the trade deficit subtracts from U.S. GDP and also we've lost millions of jobs, not only in manufacturing, but across the board?
A bright light in a sea of negative news.
Subprime Lending and The Community Reinvestment Act [pdf file]
RebelCapitalist.com - Financial Information for the Rest of Us.
By the way, did she ever pay off her mega-campaign debt? She had put up her dot.com stock and mortgaged her house to finance it.
Suggested program: Hope for Undoing Mortgage Predators (HUMP). Reprice mortgages based on mark-to-market and recasting to true value of homes, with rates adjusted to reflect cost of capital for banks. The Banks do not have clean hands here, and they should have to eat some of this s**t sandwich they helped make. Yes, I know it is just a dream, but so was the banksters' view of the American consumer.
I hear ya on the pissy attitude. Every step of the way to try to reform H-1B, she's right there, making all of the moves to do Bill Gate's bidding behind the scenes, all the while trying to spin somehow and hide her agenda, which is zero reform, enabling more labor arbitrage with these Visas, even more offshore outsourcing. I watched that minute by minute action in 2006/2007 and I was so disgusted! While this is a great idea and all of a sudden she's making brew ha ha on the financial institutions...
She's up for re-election 2012.
and the reason is I have not seen a solid, objective analysis on who exactly got what from where in terms of mortgages. I see the foreclosure maps and I've seen the posts "correlating" somethings to those locations and it sure looks suspicious.
But yeah, bottom line the MBS backed CDOs, i.e. derivatives are the real problem and it doesn't matter if every single illegal immigrant making $9/hr cash under the table buying a $500k home got one.
But ya know I like those spreadsheets and I just cannot see objective data analysis on this whole "CRE" thing to say...
I was more pointing out some of their claims...
I had forgotten about HOPE. Without a cramdown all these efforts are just for show.
You know, I've been arguing with Cantwell and her staff during the entire time she's been in the senate with regard to her pro-offshoring position (she's always claimed it is the only way American-based multinationals can "compete").
If she finally, after all the years she's been voting in support of spreading depleted uranium all over the planet, is changing her attitude, it's really neat.
Unfortunately, it is too damn little and too damn late in the game. We, I repeat, no longer have an economy in the USA.
We only have the financial engineering bubble.
Besides, if she had any brains on board she would really go after Wall Street based upon the Trust Indenture Act of 1939 (still in effect, the last time I checked) as well as taking advantage of the RICO Act.
(Please forgive my pissy attitude -- but I strongly suspect Cantwell is simply grandstanding due to all the negative mail and calls she's been receiving.)
Again, these neo-liberal macroeconomic policies are to blame for this crisis. The lack of job growth and constant downward pressure on wages - the abandonment of full employment policies had to be replaced with something or else there would be a lot of pissed off people. So we get:
+ Asset price inflation
+ Cheap imports from national super retail chains
+ More household debt
It gave the impression or appearance of prosperity and growth but it wasn't REAL.
I agree its all about JOBS, JOBS, JOBS and reestablishing the link between wage growth and productivity growth.
RebelCapitalist.com - Financial Information for the Rest of Us.
Blaming CRA is just a smoke screen for how the mortgage industry fucked up. Majority of these subprime loans were not related to CRA eligibly lenders.
And besides CRA specifically says that banks should not abandon sound lending practices. Again fuck them!
RebelCapitalist.com - Financial Information for the Rest of Us.
That's what I thought as well. I tried to research this out but no money down loans, if that person's income isn't stable, up to snuff is a recipe for disaster.
I think that's one of the huge complaints from conservative land (legit) that the community reinvestment act forced banks to lend to people who obviously could not make the payments.
My thing is forget that absurdity and focus on jobs, jobs, jobs, jobs, enabling people to hold down a job, job, job, job, training, education to enable people to get and hold down a job, job, job, job....
Anyway, I looked over the conservatives because I never heard of this group and figure they would be the ones digging out the dirt if they could.
That article does note a lot of "to their credit" commentary....but I sure don't want to promote yet another organization who is busy ballooning the overall prices and getting people to buy homes there is no way over 5 years they are going to hang onto them.
I think it should be very amusing with a host of U.S. "middle class" shows up at their doors. Honestly that's another issue, the regular, generic, not "name brand" group called the U.S. middle class are the ones who seriously need help and so often these sorts of things only target the uber-poor.
Also, I personally try to differentiate between the corporate propaganda conservative vs. the real conservatives vs. the Ron Paul Luddite libertarian conservatives between the anti-choice, women as property conservatives. Too many conflicts of issue there to lump 'em as one bunch.
Why I grabbed the title "Populist" because "Progressive" had become so damn exploited and abused. I've seen corporations label themselves as "Progressive", special interest groups are magically "Progressive"...hell, we even have a 24/7 advertising car insurance company that claims to be "Progressive". ;)
is labeled a radical (per the Human Events article). But if you are someone who practically plunders global wealth and resources you are a model capitalist. Fuck the conservatives and fuck their fucked up neo-liberal, trickle down, supply side policies.
People need to do their homework/research regarding any person or entity when it comes to mortgage finances. NACA on its face sounds legit. However, I don't like no down payment loans that they are marketing - just my opinion.
RebelCapitalist.com - Financial Information for the Rest of Us.
Create an audio signature, embedded, that just says over and over again, what the f@#k that that old LP scratch sound.
I hear ya, I think I think that a good 10 times a day.
Recall their program HOPE is hopeless.
I didn't even know there is a new 4 letter mnuemonic.
I thought midtowng was posting something about hemp! ;)
Or maybe a new listing on the NASDAQ or penny stocks.
HAMP was an excuse to make it look like the Obama Administration was doing something about the problem. Again, we must address the negative equity issue that has been ignored over and over again in this crisis. It won't go away until drastic measures are taken which mean that YES Wall Street and the mortgage industry has to incur some PAIN.
Yes it means - reduction in principal or DEBT FORGIVENESS. Many of these loan should not have been made in the first place. So, fu*k the mortgage industry and start issuing the haircuts.
RebelCapitalist.com - Financial Information for the Rest of Us.
So, if she has a very good idea, I automatically discount pretty much everything she has to say due to past attempts to get the "Bill Gates bill" into legislation.
It is a very good idea...quick, someone who represents the people grab it from her before it becomes a Trojan horse! ;)
in the first pass bullet list. What scares me to no end is how corrupt our government is. So how does one get administered, managed, deployed a truly effective program when we have corporate lobbyists, incompetence, corruption at every turn? To me, it needs to be run like a very tight ship. The CCC was a tight ship, almost military style or say the ROTC style.
If you get into some of these programs that were just not effective, scammed, played..we're going to go directly into that conservative crowd who gets very sick of wasting money with no results and hear the cries of "centralized planning, same as COMMUNIST U.S.S.R. did and so on.
I agree it can be modified but I had an offline "conservation" that made me highly suspect the focus was not recognizing basic economic laws, esp. labor economic laws that magically survived almost every political system in history. ;)
I heartily agree. I didn't list all of these types of things since I was trying to focus on jobs, but long term the U.S. needs a national, strategic industrial policy as well as trade policy. China, Japan, etc. they all have these 10 year, 20 year plans and they select certain key industries to give subsidies, protect so they grow too (those free traders will never admit this but it's true).
Like this entire "green jobs" hype. There is no long term plan, ensuring those jobs, those industry sectors create products in the U.S., are purchased by domestic industry, how to make it cost effective...i.e. the national long term strategic interest.
Same with advanced manufacturing, R&D. It's so absurd because even by the mathematics of trade theory (proved by Gomory and Baumol) it shows no, glorified outsourcing agreements are not a "win-win" and predict a "lose" for the 1st world country....that being us. So, not only do we not have a national long term strategy and plan, these inane trade policies do not conform to the theory at all.
I put some details on one thing I want here.
But, while immediacy is the issue of the moment, we also need to do something for the long-term. We need what every other developed country has: an industrial policy. Some of your examples fit into model. Industrial policy must include reworked trade policy. Not protectionist in the old sense, but one which doesn't have one participant playing by the rules while another cheats in its every breath.
Not pretending to be an economist
Maybe I should do a FMN that is just all of the dire warnings and consequences about bad trade deals that were completely ignored.
I think the corporate lobbyist takeover was really sealed with the passage of NAFTA.
Nobody mentions it in the 1994 GOP election sweep either.
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