Dr. Housing Bubble 05/14/09

[Crewleader]

Trillions in Financial Bailouts: After 2 years, the major Beneficiaries are Banks and Wall Street. What other Proof do you need that we are Focusing on Bailing out the Banking Oligarchy? Foreclosure Filings at All-Time Record High.

Banks, take the blue pill. Public, please take the red pill. If I had to characterize the current economic environment, it would have to consist of two completely different sets of beliefs. On one hand, you have banks and Wall Street receiving massive bailouts from the U.S. Treasury and the Federal Reserve, bailouts of the magnitude that would gear up for a Great Depression and imply that the banking system of our country is insolvent. Then on the other hand, you have Wall Street and the crony banks trying to convince the public that this is a minor recession and all will be well in Q3 and Q4 of 2009. The problem of course is that this is not your typical recession yet the public is being led to believe that all is well while bailouts are being dolled out by the truckload to the wrong locations. The actions we are taking keeps in place the banking oligarchy and sacrifices the public under the guise that this is good medicine for the general economy.

Nothing proves this point better than the current nationwide foreclosure issue:



The latest housing data shows that nationwide we have just shattered all records for monthly foreclosure filings in one month. Take a close look to the chart above. Foreclosures are moving higher and higher. We are now approaching the 2-year anniversary of this housing and credit crisis yet the core issue of housing is still not being dealt with. What we are doing is bailing out banks while the public is left to deal with the fallout. The hypocrisy is creating deep anger, as it should. When TARP 1 came out, banks were given the first $350 billion with no questions asked. That money of course has been squandered. However, when it comes to modifying the mortgage of struggling homeowners, banks conveniently find every excuse to avoid reworking the mortgage. And when I say reworking, I mean cutting the principal down not extending the term out to 40 years or cutting the interest rate by a point. This is their idea of working with the public.

http://www.doctorhousingbubble.com/trillions-in-financial-bailouts-after-2-years-the-major-beneficiaries-are-banks-and-wall-street-what-other-proof-do-you-need-that-we-are-focusing-on-bailing-out-the-banking-oligarchy-foreclosure/

[Fiendish Thingy]

1. Thanks to the Goldman-Sachs twins- Hank P. & Timmy G. n/t

[wuvuj]

2. Follow the $$... Who Really Runs America?

http://informationclearinghouse.info/article22611.htm

...


Who Rules America?

By Paul Craig Roberts

May 14, 2009 "Information Clearing House" -- -

What do you suppose it is like to be elected president of the United States only to find that your power is restricted to the service of powerful interest groups?

A president who does a good job for the ruling interest groups is paid off with remunerative corporate directorships, outrageous speaking fees, and a lucrative book contract. If he is young when he assumes office, like Bill Clinton and Obama, it means a long life of luxurious leisure.

Fighting the special interests doesn’t pay and doesn’t succeed. On April 30 the primacy of special over public interests was demonstrated yet again. The Democrats’ bill to prevent 1.7 million mortgage foreclosures and, thus, preserve $300 billion in home equity by permitting homeowners to renegotiate their mortgages, was defeated in the Senate, despite the 60-vote majority of the Democrats. The banksters were able to defeat the bill 51 to 45.

These are the same financial gangsters whose unbridled greed and utter irresponsibility have wiped out half of Americans’ retirement savings, sent the economy into a deep hole, and threatened the US dollar’s reserve currency role. It is difficult to imagine an interest group with a more damaged reputation. Yet, a majority of “the people’s representatives” voted as the discredited banksters instructed.

Hundreds of billions of public dollars have gone to bail out the banksters, but when some Democrats tried to get the Senate to do a mite for homeowners, the US Senate stuck with the banks. The Senate’s motto is: “Hundreds of billions for the banksters, not a dime for homeowners.”

If Obama was naive about well-intentioned change before the vote, he no longer has this political handicap.

more..................

[LWolf]

3. Another of my students is homeless this week.

She makes the 8th this year.

This one, an 8th grader, came in on Wed., after a 2-day absence, and explained that she and her mom had been up until midnight 3 nights in a row moving everything they could out of their house; it's on the auction block. Her mom is staying with a friend, and the daughter is staying with a different friend so that she can stay with us for the rest of this short year. After that? They have no idea. It depends on mom finding another job.


We've had an unprecedented turnover in students this year due to job and home loss, with families relocating to live with relatives.