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Banks: Are they really the bad guys? (Clint Richardson)
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RedMahna



Joined: 07 Sep 2006
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PostPosted: Mon Jul 22, 2013 10:08 am    Post subject: Reply with quote

i forgot to mention i also live in the south, where one never knows who the left & the democrats are really for. besides that, they tend to be a few decades behind the times for nearly everything else, as well.

no offense. i moved here from the northeast, so i call it as i see it. first thing i noticed here was the racial behavior being very 1950's. then the greenie movement blossoming is a little dated also... most peeps caught up in the historic, re-urbanization BS believe it is some sort of integrating, social justice, diversity thing, when it clearly isn't anything of the sort.

but the funding was secured and supposedly public notices went out for bidding. yet, i only see certain groups getting the best results. (a small group, mind you.) additionally, city sales taxes went up. then state sales taxes went up.

meantime, this being the "arts town" people claim it to be has absolutely NO UNIONS for the very artists (musicians, actors, etc).

suckers.

red

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Southpark Fan



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PostPosted: Wed Jul 24, 2013 7:26 am    Post subject: Reply with quote

Banks or bottom feeding lawyers - no difference...

Leaked emails reveal conspiracy to throw Detroit into bankruptcy
Bryan Dyne | 24 July 2013 | WSW


'Leaked emails show that as far back as January, there were backroom discussions being held between Detroit and Lansing public officials and corporate law firm Jones Day suggesting that the best course for Detroit would be to send it through Chapter 9 bankruptcy.

The revelations expose the charade by Emergency Manager Kevyn Orr who claimed he only made the“tough decision to file bankruptcy reluctantly after thorough negotiations with creditors, pension trustees and public sector unions. In fact, all along Orr, Republican Governor Snyder, Detroit’s Democratic mayor and the powerful financial interests behind them, were determined to use federal bankruptcy laws to circumvent legal obstacles, including the state constitution and the city charter, for the gutting of city worker pensions and sale of public assets.

The emails were obtained by Robert Davis, a figure in the local political establishment tied closely to the American Federation of State, County and Municipal Employees (AFSCME) Council 25. The Detroit unions have complained that Orr’s bankruptcy filing halted their efforts to reach a “good faith” deal with the emergency manager to impose his demands on their members. Davis is involved in an ongoing lawsuit over whether Michigan Governor Rick Snyder violated Michigan's open meeting laws by ultimately appointing Orr not by the interview process through the Emergency Financial Assistance Loan Board (ELB), but through closed door discussions.

One of the emails dated January 31, from Dan Moss, an associate at Jones Day who worked with Orr on the Chrysler bankruptcy and restructuring, told Orr the “ideal scenario” would be for Detroit Mayor Dave Bing and Snyder to “go through an orderly Chapter 9.” Moss then stated his own reservations about whether an emergency manager would be useful in a city where his powers would be questioned at every turn, versus bankruptcy, where a federal judge simply dictates to the city what to sacrifice. Others involved in the discussions include Jones Day Managing Partner Stephen Brogan, Jones Day Partner Corinne Ball and Rick Snyder's Transformation Manager Richard Baird. As last week’s events showed an emergency manager can declare bankruptcy anyway. As Orr himself once said, “I have a very powerful statute. I have a more powerful Chapter 9.” From the perspective of the local and national ruling elites—who consider Detroit a test case for cities around the country—they got the best of both worlds: an emergency manager essentially unchallenged from the Detroit establishment and a Chapter 9 bankruptcy to expedite the gutting of the city.

Davis previously revealed secret correspondence between Governor Snyder and Mayor Bing over the selection of Orr as emergency manager long before any public vetting process began. Orr was part of a Jones Day team, which pitched its services to the governor last January. The governor selected Orr because of his role as a bankruptcy attorney for Chrysler during the 2009 restructuring, where he shut down hundreds of dealerships, wiping out thousands of jobs. Moreover, as an African American and Democrat, Orr, would give the Republican governor some political cover in an overwhelmingly black population, officials thought.
...'

Related: Greece and Detroit—a new stage in the social counterrevolution

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"Three things cannot be long hidden: the sun, the moon, and the truth." - Buddha


Last edited by Southpark Fan on Sun Jul 28, 2013 8:34 am; edited 1 time in total
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Southpark Fan



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PostPosted: Sat Jul 27, 2013 8:14 am    Post subject: Reply with quote

US Senate bill ties student loan rate to financial markets
Christopher Davion | 27 July 2013 | WSW


'On Wednesday, the US Senate passed a bill that would effectively tie the interest rates for federal student loans to the financial markets. Championed by the Obama administration and receiving the unified support of the political establishment, the measure was approved by a vote of 81 to 18, with only 16 of 52 Senate Democrats voting against it. Anticipating limited opposition within its ranks, Democratic leaders preempted any defecting “no” votes by garnering Republican support to help win passage of the bill. The House of Representatives is set to vote on the bill next week. Considering the wide margin of the Senate vote in favor of the bill, and its lauding by President Obama, all indications point to a swift and easy passage for legislation that would, for the first time, tie student loan rates to the markets.

The legislation comes as a reactionary response to the July 1 doubling of the interest rate on federally subsidized loans from 3.4 percent to 6.8 percent, following the expiration of a 2007 law and the two parties’ failure to find an agreeable solution to compromise on new terms for the student loan racket. The bill approved in the Senate calls for setting interest rates using the value of the 10-year Treasury bill, plus a percentage add-on. These rates would be locked in for the life of the loan. Undergraduates would have the lowest rates, which could go up to 8.25 percent, higher than the current fixed rate of 6.8 percent. Graduate students would pay a higher rate that could go up to 9.5 percent, far more than the current rate of 6.8 percent. PLUS loans, available to graduate students and parents of students, would have the highest rate, which could go up to 10.5 percent, higher than the current rate of 7.9 percent.

While the bill passed Wednesday will apply retroactively to the doubling interest rate on July 1, setting the interest rate paid by all federal Stafford loan borrowers to 3.85 percent for the first year, the bill establishes a rate-setting system that will lead over the coming years to increasing interest rates that could surpass 10 percent. The rhetoric spouted by the political establishment that the bill will allow unsubsidized borrowers to save money is entirely predicated on the present near-zero interest rates maintained by the Federal Reserve. With the Federal Reserve stating its intention to raise interest rates, students’ borrowing costs are set to rise significantly in the coming years. With interest rates rising sharply over the past two months, borrowing costs are likely to be far higher for students who take on new loans under the market-tied rates of the bill.

As students and families already face increasing financial burdens from the rising costs of education, with the total amount of student loan debt eclipsing credit card debt in 2010, interest rates for all three student loan groups are expected to be higher than current rates by 2017, and total student loan debt is set to rise from $1.1 trillion to $1.4 trillion. Furthermore, low- or middle-income students will no longer be able to receive a lower borrowing rate, with the new student loan rates tied to the fluctuations of the market.

With the new student loan rates and their anticipated rise, the federal government is expected to make nearly $200 billion over the next 10 years on the backs of families and young people already struggling under economic conditions unseen since the Great Depression. The Congressional Budget Office (CBO) estimates the bill as written would reduce the federal deficit by $715 million over the next decade by further indebting students and young people. Earlier this year, the CBO also reported that the US government will receive a record $51 billion in profit this fiscal year from student loan interest, a yield equal to the combined profits of the four largest US banks.
...'

See: How Big Finance Crushes Innovation

See: US Congress approves plan that will increase student loan rates

_________________
"Now water can flow or it can crash. Be water, my friend." - Bruce Lee
"Three things cannot be long hidden: the sun, the moon, and the truth." - Buddha


Last edited by Southpark Fan on Fri Aug 02, 2013 6:54 am; edited 1 time in total
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RedMahna



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PostPosted: Mon Jul 29, 2013 10:42 am    Post subject: Reply with quote

yes, that makes complete sense, SPF.

back before the housing crash, GW changed the rules on filing for personal bankruptcy.

foreshadow of dramatic interest rate increases??

red

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Southpark Fan



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PostPosted: Tue Jul 30, 2013 8:03 am    Post subject: Reply with quote

It is obvious who the poiticians shape social welfare and financial policies in favour of. Same cookie cutter approach here in Canada.

Obama rejects federal aid for Detroit
Jerry White | 30 July 2013 | WSW


'The Obama administration has rejected any federal rescue package for Detroit. The White House, which handed trillions of dollars to the banks and auto corporations, has made it clear it will do nothing to protect the pensions, jobs and social services of Detroit’s workers, which are targeted for massive cuts in the largest municipal bankruptcy in US history.

By tacitly supporting the decision of Michigan Governor Rick Snyder and Detroit’s emergency manager, Kevyn Orr, to throw Detroit into bankruptcy, the Democratic president is opening the floodgates to similar attacks on public-sector workers in cities across the country. Detroit will serve as a model for using unelected officials, such as the Wall Street bankruptcy lawyer Orr, and the medium of the bankruptcy courts to rip up agreements and gut the pensions and health benefits of millions of workers. Detroit marks a new stage in the assault on the entire working class.

Treasury Secretary Jack Lew made the round of the news interview shows Sunday morning and pointedly declared that Detroit had to resolve its own problems through the bankruptcy court. On ABC News’ “This Week” program, he said that “when it comes to the questions between Detroit and its creditors, that’s really something that Detroit is going to have to work out with its creditors.”
...'

Related: Obama outlines “grand bargain” to slash corporate taxes

Related: Christie’s appraises the Detroit Institute of Arts collection for possible sale

Related: It is not just Detroit. American cities and states must promise less or face disaster

More: Bankruptcy in Detroit

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RedMahna



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PostPosted: Sat Aug 03, 2013 5:34 am    Post subject: Reply with quote

i don't know if i have much sympathy for detroit, really. i do have scorn for their politicians and career race-baiters. why bother bailing out the banks, the car manufacturers, or anyone for that matter if then those things don't accomplish the intended solution? these towns, like many others here and abroad have one thread that is identical, and that is cronyism inside the system, with kickbacks on all sorts of biz operation, social-civic org money-funnelling which the career activists need to stay in power and continue getting salaries and speaking fees for, and land-building firesales through eminent domain or PPP, etc...

that's what drives this systemic downward spiral of inner cities.

and then ppl complain about white-flight, which not just whites do, btw... anyone who wants a normal life tries to get away from the madness of these corrupted towns when they become blatantly obvious they're going down in flames.

kind of late to blame corporations now. many of them are gone, and the ones remaining are multi-national anyway, many of them asian or middle-eastern owned. of course, we don't want to come off sounding "nationalistic" as that somehow also comes off racist or segregational (which is bullshit). there are, and i don't understand why anyone would disagree, sooooo many ppl taking a cut for every little rock they pretend to turn over for others.

too many toll-takers. each one of them in it for themselves while banging on their chest saying they're doing it for YOU.

BULLSHIT!

i can see the frustration in obama's face that he has as of yet failed to create riots on the streets of america. but he may be getting his wish soon... unfortunately, as with most riots and civil out-breaks, the results are typically worse than prior to rising up. (besides the fact that most americans are too chicken-shit to handle a weapon when they are afraid of their own shadows - and the nation is so divided now, most ppl wouldn't know who to ally-up with besides busting into department stores and supermarkets).

and it may have been socially engineered to be that way for the last 40-50 years since the civil rights movement. there was a freedom won during the 60's which has vanished since then, thanks to every president after JFK.

for the record, again, i am NOT a racist. i am a race-baiter-hater. i hate race-baiters and condemn them all to hell, where they belong. they are the perfect spouse and bed-fellows to the multi-national corporation. all hail to the fucking logo, many of whom embrace the social-engineering phenomenon. fuck your logos and social engineering.

leave people alone.

red

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Plato



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PostPosted: Sun Aug 04, 2013 2:19 pm    Post subject: Reply with quote

This clip explains in just 5 minutes why banksters are such naughty boyz in such a way that even a 10 year old can get it...

http://www.youtube.com/watch?feature=player_detailpage&v=QHKdxAVW-_U

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Southpark Fan



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PostPosted: Wed Aug 14, 2013 7:23 am    Post subject: Reply with quote

Wisdom can express itself at any age Plato - thanks for that.

Your Mortgage Documents Are Fake! Shocking New Revelations of Bank Fraud
David Dayen | August 13, 2013 | Alternet


'If you know about foreclosure fraud, the mass fabrication of mortgage documents in state courts by banks attempting to foreclose on homeowners, you may have one nagging question: Why did banks have to resort to this illegal scheme? Was it just cheaper to mock up the documents than to provide the real ones? Did banks figure they simply had enough power over regulators, politicians and the courts to get away with it? (They were probably right about that one.)

A newly unsealed lawsuit, which banks settled in 2012 for $95 million, actually offers a different reason, providing a key answer to one of the persistent riddles of the financial crisis and its aftermath. The lawsuit states that banks resorted to fake documents because they could not legally establish true ownership of the loans when trying to foreclose.

This reality, which banks did not contest but instead settled out of court, means that tens of millions of mortgages in America still lack a legitimate chain of ownership, with implications far into the future. And if Congress, supported by the Obama administration, goes back to the same housing finance system, with the same corrupt private entities who broke the nation’s private property system back in business packaging mortgages, then shame on all of us.

The 2011 lawsuit was filed in U.S. District Court in both North and South Carolina, by a white-collar fraud specialist named Lynn Szymoniak, on behalf of the federal government, 17 states and three cities. Twenty-eight banks, mortgage servicers and document processing companies are named in the lawsuit, including mega-banks like JPMorgan Chase, Wells Fargo, Citi and Bank of America. Szymoniak, who fell into foreclosure herself in 2009, researched her own mortgage documents and found massive fraud (for example, one document claimed that Deutsche Bank, listed as the owner of her mortgage, acquired ownership in October 2008, four months after they first filed for foreclosure). She eventually examined tens of thousands of documents, enough to piece together the entire scheme.

A mortgage has two parts: the promissory note (the IOU from the borrower to the lender) and the mortgage, which creates the lien on the home in case of default. During the housing bubble, banks bought loans from originators, and then (in a process known as securitization) enacted a series of transactions that would eventually pool thousands of mortgages into bonds, sold all over the world to public pension funds, state and municipal governments and other investors. A trustee would pool the loans and sell the securities to investors, and the investors would get an annual percentage yield on their money. In order for the securitization to work, banks purchasing the mortgages had to physically convey the promissory note and the mortgage into the trust. The note had to be endorsed (the way an individual would endorse a check), and handed over to a document custodian for the trust, with a “mortgage assignment” confirming the transfer of ownership. And this had to be done before a 90-day cutoff date, with no grace period beyond that.

Georgetown Law professor Adam Levitin spelled this out in testimony before Congress in 2010: “If mortgages were not properly transferred in the securitization process, then mortgage-backed securities would in fact not be backed by any mortgages whatsoever.”

The lawsuit alleges that these notes, as well as the mortgage assignments, were “never delivered to the mortgage-backed securities trusts,” and that the trustees lied to the SEC and investors about this. As a result, the trusts could not establish ownership of the loan when they went to foreclose, forcing the production of a stream of false documents, signed by “robo-signers,” employees using a bevy of corporate titles for companies that never employed them, to sign documents about which they had little or no knowledge.
...'

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RedMahna



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PostPosted: Wed Aug 14, 2013 5:54 pm    Post subject: Reply with quote

from your linked article, SPF:

Quote:
The lawsuit alleges that these notes, as well as the mortgage assignments, were “never delivered to the mortgage-backed securities trusts,” and that the trustees lied to the SEC and investors about this. As a result, the trusts could not establish ownership of the loan when they went to foreclose, forcing the production of a stream of false documents, signed by “robo-signers,” employees using a bevy of corporate titles for companies that never employed them, to sign documents about which they had little or no knowledge.


Yes, that explains the falsifying of foreclosures. They needed to do that to satisfy or complete the transaction - wherein assets (in this case, people's real property) had to be pressed into the service of having been the security of these deals. They were the collateralized obligation for all those high-style investments.

Just b/c they weren't exactly authorized correctly (wonder why), or that some of them weren't actually in default, was an inconvenient "besides-the-point" while they solved their end of the problem when the SHTF for mortgages.

Question is whether this procedure was all planned that way from the start or basically Mickey-Moused at the last minute. Knowing the answer to that may help with nailing more fuckers... i think.

red

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Plato



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PostPosted: Fri Aug 16, 2013 4:35 am    Post subject: Reply with quote

RIP George Carlin; man, we miss ya.....

http://www.youtube.com/watch?feature=player_detailpage&v=FeLLR3LWtv4

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PostPosted: Mon Sep 02, 2013 7:46 am    Post subject: Reply with quote

An Easy Way to Squeeze a Lot of Taxes from Corporations That Try to Hide Their Profits Offshore
Dave Johnson | August 29, 2013 | Alternet


A simple way we can squeeze $75-$100 billion per year in taxes from corporations. The following pertains to the US; but we can very easily do the same thing in Canada.

'...
The top corporate tax rate is currently 35%. But corporations are allowed to “defer” paying taxes on profits earned outside of the country until they “repatriate” those profits, which means bringing the money back into the country. (Any taxes paid elsewhere are deducted from the amount owed.) There are solid reasons to allow corporations to do this. Simply put, they might need to put that money to good use, which will benefit the company, which in theory will later benefit our country.

But this tax deferral has turned into a huge loophole that is draining our country of jobs, tax revenue, investment, manufacturing infrastructure and other good things We the People are supposed to receive in return for allowing these corporations to operate. Companies not only are keeping profits out of the country, the loophole gives them an incentive to engage in schemes that shift more and more jobs, production and profit centers out of the country. (One well-known example: Apple transferred ownership of it’s “crown jewels” — “intellectual property” — to Ireland.)
...'

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PostPosted: Sat Sep 28, 2013 8:50 am    Post subject: Reply with quote

Detroit emergency manager to freeze city pensions
Andre Damon | 28 September 2013 | WSW


“Detroit is being used as a milestone for every city”

'Detroit Emergency Manager Kevyn Orr announced a plan Thursday evening to freeze the city’s pension system and wipe out benefits for all unvested workers—a significant section of the workforce. Current vested workers—uniformed workers with ten or more years service and non-uniformed workers with eight or more years—will cease accruing additional benefits when the plan takes effect on January 1. Future cost-of-living adjustments for all workers, retired as well as current, will be eliminated.

The move follows the announcement of a plan to eliminate retiree health care benefits, forcing retirees over 65 onto Medicare and giving the rest a subsidy to purchase private insurance.

Orr, backed by Michigan Governor Rick Snyder and the Obama administration, put Detroit into bankruptcy in July, with the aim of slashing workers’ pensions, privatizing city services, selling off the collection at the Detroit Institute of Arts, and shutting down whole sections of the city. Detroit is seen as a model for similar actions throughout the country. Under Orr’s scheme, the existing “defined benefit” plan, in which workers receive a set amount every year, will be replaced by a 401(k)-style “defined contribution” plan, tying workers’ retirement income to the vagaries of the stock market. Worst affected by the proposal will be workers whose pensions plans have not yet vested. They will be shifted to the 401(k) plan with no accrued benefits.

The announcement on pension cuts was timed to coincide with the release of a report by the city's independent auditor, commissioned by Orr, which claims that “questionable practices” and “excess payments” to retirees were major causes of the city's debt crisis.

The report asserts that the pension fund’s “excess payments” cost the city over $1 billion. Prior to the release of Orr’s report, the New York Times ran a front-page article claiming that Detroit “spent billions extra” on pensions.

Orr’s report and the Times article are part of a vicious campaign by the political establishment and the media to pin the blame for the city crisis on the working class. This only demonstrates that when it comes to lies and disinformation, there are no depths to which the ruling class will not descend in its assault on the living standards of workers.

Workers in Detroit have suffered a devastating decline in wages, working conditions and social services as a result of more than three decades during which the banks and auto companies plundered the city, shutting down factories and extorting massive tax abatements from state and local administrations. The city’s debt crisis was exacerbated by the Wall Street crash of 2008, triggered by rampant fraud and illegality by the major banks.
...'

Related: White House officials visit Detroit to support “restructuring” plans

Related: Wall Street Predators Wage Secret War on American Retirements

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