THE BIGGEST BANKSTER CRIMINALS IN HISTORY ARE OBAMA’S BIGGEST DONORS!
WHEN OBAMA BROUGHT IN DALEY TO BE CHIEF-OF-STAFF, IT WAS BECAUSE OF DALEY’S ALLEGIANCE TO THESE VERY BANKSTERS AND BECAUSE HE IS AN OPEN BORDER ADVOCATE LIKE OBAMA! HORDES OF ILLEGALS HELPS KEEP WAGES DEPRESSED AND WALL ST. HAPPY AND GENEROUS!
OBAMA’S PROBLEM WITH FIXING THE FORECLOSURES PROBLEM IS THAT HIS CRIMINAL BANKSTER DONORS, THE VERY ONES THAT CAUSED THE ECONOMIC MELTDOWN, ARE ALSO THE ONES PROFITEERING FROM FORECLOSURES. OBAMA, THE LIMP, HAS NEVER AND WILL NEVER DO ANYTHING AGAINST HIS BANKSTER!
OF COURSE IF PEOPLE HAD JOBS THEY COULD DEAL WITH THE FORECLOSURES, BUT OBAMA’S PLAN FOR THAT IS CALLED “DREAM ACT”, AMNESTY, NO E-VERIFY, OPEN BORDERS AND THE SENDING OUT OF INVITATIONS TO LA RAZA TO HOP OUR BORDERS FOR OUR JOBS, WELFARE, FREE OBAMACARE, FREE ANCHOR BABY BIRTHING.
HOW BAD WILL OBAMA HAVE PUNKED US BEFORE WE RID OURSELVES OF THIS CLOWN???
As part of the bank bailout, the Treasury Department was given $46 billion to spend on keeping homeowners in their houses; to date, the agency has spent about $1.85 billion.
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They also say programs to curb foreclosure are voluntary, so they are limited in how far they can push mortgage servicers and investors, who often make more from foreclosures than from offering aid.
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NEW YORK TIMES
June 4, 2011
For the Jobless, Little U.S. Help on Foreclosure
By ANDREW MARTIN
The Obama administration’s main program to keep distressed homeowners from falling into foreclosure has been aimed at those who took out subprime loans or other risky mortgages during the heady days of the housing boom. But these days, the primary cause of foreclosures is unemployment.
As a result, there is a mismatch between the homeowner program’s design and the country’s economic realities — and a new round of finger-pointing about how best to fix it.
The administration’s housing effort does include programs to help unemployed homeowners, but they have been plagued by delays, dubious benefits and abysmal participation. For example, a Treasury Department effort started in early 2010 allows the jobless to postpone mortgage payments for three months, but the average length of unemployment is now nine months. As of March 31, there were only 7,397 participants.
“So far, I think the public record will show that programs to help unemployed homeowners have not been very successful,” said Jeffrey C. Fuhrer, an executive vice president of the Federal Reserve Bank of Boston.
Data released last week suggests that the administration’s task is only growing more difficult as the problems created by unemployment and housing persist. New job growth in May was anemic, and unemployment inched up to 9.1 percent, the Labor Department reported Friday.
Earlier in the week, a widely watched index found that housing prices had dropped to their lowest level in nearly a decade. And while the rate of homes falling into foreclosure has slowed, the reason is delays in processing foreclosures, not a housing recovery, according to RealtyTrac, a company that tracks foreclosures. There were 219,258 foreclosure filings in April, the latest month available.
Critics of the Obama administration’s approach to preventing foreclosures have pressed for two years to get officials to focus more of their attention on unemployed homeowners, with meager results. As part of the bank bailout, the Treasury Department was given $46 billion to spend on keeping homeowners in their houses; to date, the agency has spent about $1.85 billion.
Morris A. Davis, a former Federal Reserve economist, estimates that as many as a million homeowners slipped into foreclosure because of insufficient help for the unemployed.
“The money was there and they didn’t spend it,” said Mr. Davis, an associate real estate professor at the University of Wisconsin. “I don’t mean to sound outraged, but I am pretty outraged.”
Administration officials said their programs have had a positive impact, albeit not as large as they had hoped. But they say that the problems of unemployment and negative equity on homes are not easily solved. They also say programs to curb foreclosure are voluntary, so they are limited in how far they can push mortgage servicers and investors, who often make more from foreclosures than from offering aid.
“We are trying to be careful in designing programs that at the end of the day aren’t just about spending money but getting people back on their feet,” said James Parrott, a senior adviser at the White House’s National Economic Council.
President Obama has been scrambling to curb the number of foreclosures ever since he arrived at the White House.
At the start of 2009, the administration announced its primary foreclosure prevention initiative, the Home Affordable Modification Program. It provides incentives to banks to modify mortgages, reducing monthly payments for eligible homeowners.
The administration said the program would help three million to four million homeowners, but so far, only 670,000 homeowners have received permanent modifications. In addition, the program was primarily meant for homeowners with risky mortgages; jobless owners are often ineligible because some payment, albeit reduced, is required.
Administration officials said the program was helping homeowners whose income had been reduced. Sixty-one percent of homeowners who received permanent modifications listed “curtailment of income” as their reason for applying, though it is not known how many of them are unemployed or simply had their hours or pay reduced.
The Department of Housing and Urban Development received $1 billion as part of the financial regulatory reforms that passed last year to help unemployed homeowners. That money will be used to provide government loans to unemployed homeowners for up to 24 months.
Though the program was announced last fall, so far applications are being accepted in only five states; the others are delayed because of “implementation challenges,” a HUD spokeswoman said.
Critics do acknowledge one bright spot — the Hardest Hit Fund, a federal program that will provide $7.6 billion so that some states can administer their own programs for struggling homeowners. Of that, 70 percent will be directed to unemployed homeowners, said Andrea Risotto, a Treasury spokeswoman.
So far, $455 million has been spent. Over the last several years, academics, housing groups and government economists offered proposals to Treasury officials to help the unemployed avoid foreclosure.
One, which Mr. Fuhrer of the Boston Fed helped write, called on the government to provide loans, or grants, to unemployed or underemployed homeowners to make up for the amount of income they lost. The loan would have to be repaid once the homeowner found a new job.
Another proposal, by a non-profit group called the PICO National Network, a coalition of faith-based community organizations, would have allowed unemployed homeowners to postpone much or all of their mortgage payments for a year or more.
But administration officials have balked, arguing that regulators and “other industry stakeholders expressed strong reservations” about allowing unemployed homeowners to extend payments for longer terms, according to a Dec. 23 letter that Treasury Secretary Timothy F. Geithner sent to Representative Barney Frank, Democrat of Massachusetts, who had pressed for measures that would more directly aid the unemployed.
The debate is playing out on the sidelines of partisan Washington politics, since Republican lawmakers have made clear they would like to get rid of anti-foreclosure programs altogether, and would block any new programs. Instead, it is setting homeowner advocates against administration officials over how to spend money already appropriated.
Administration officials maintain that the decision on whether to offer mortgage relief to homeowners ultimately was up to mortgage servicers and investors, not the government, which can provide incentives but not compel action.
“We as an administration have limited levers,” Mr. Parrot said. “We can push them on the margins.”
But Lewis Finfer, a PICO organizer, said he could not understand why the administration had not been more receptive given the extent of unemployment.
“We have a program to deal with this,” he said.
Many unemployed or underemployed homeowners said they would welcome an extended break in mortgage payments.
Mary Ernest, 51, of Blackstone, Mass., lost her job as a school aide and said she had been “reduced to begging, more or less,” to keep her home. Adam Heyman, 41, of Chelsea, Mass., scraped together enough money to pay the mortgage on his condominium for about 18 months. Though he finally got another full-time job, his bank had already foreclosed on his condo.
“If I had a way to slow down the process or stop it for a while, that would have been nice,” Mr. Heyman said, adding, “Now I can certainly afford to pay.”
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OBAMA’S BANKSTER DONORS DOIN’ GOOD! PROFITS UP! FORECLOSURES UP! BANK NO REGULATION GUARANTEED! BAILOUTS FOR BUYOUTS…. And not a single bankster donor in prison!
WHAT DID THE BANKSTERS KNOW ABOUT OUR ACTOR OBAMA THAT WE DIDN’T KNOW?
Records show that four out of Obama's top five contributors are employees of financial industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054).
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“Obama's rhetoric covered the whole financial industry, but the key changes will affect only a few high-profile players, including JPMorgan Chase & Co., while sparing investment banks like Goldman Sachs Group Inc.”
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Lou Dobbs Tonight
Thursday, July 9, 2009
And Harvard economics professor JEFFREY MIRON will weigh in on the state of the U.S. economy—and why the only plausible argument for bailing out banks crumbles on close examination.
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"There is a populist and conservative revolt against Wall Street and financial elites, Congress and government," Democratic pollster Stanley Greenberg warned in an analysis this week. "Democrats and President Obama are seen as more interested in bailing out Wall Street than helping Main Street."
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August 21, 2010
Janet Tavakoli.President, Tavakoli Structured Finance
August 15, 2010
How to Thwart the Assassins of the American Dream
Arianna Huffington's new book, Third World America: How Our Politicians are Abandoning the Middle Class and Betraying the American Dream, paints a grim picture of the State of the Union:
"Every day, Americans, faced with layoffs and tough economic times, are forced to use their credit cards to pay for essentials such as food, housing, and medical care -- the costs of which continue to escalate. But, as their debt rises, they find it harder to keep up with their payments. When they don't, banks, trying to offset losses in other areas, turn around, hike interest rates, and impose all manner of fees and penalties..."
Third World America, (P. 77)
Our mediocre grammar school and high school educational system continues its downward slide. The Great Recession is squeezing school budgets. We are failing our children, our most important resource of all.
In 2009, the American Society of Civil Engineers gave the nation's infrastructure a near failing D rating:
"Flip on a light switch, and you are tapping into a seriously overtaxed electrical grid. Go to the sink, and your tap water may be coming to you through pipes built during the Civil War. Take a drive, and pass over pothole-filled roads and cross-if-you-dare bridges. The evidence of decay is all around us." (P. 95)
The over-hyped American Recovery and Reinvestment Act of 2009 earmarked only $72 billion of the $787 billion appropriation of taxpayer dollars to projects to improve the country's infrastructure.
Meanwhile, multi-national corporations avoid taxes, sheltering $700 billion in foreign earnings to end up with a measly $16 billion (2.3%) tax bill. GM is among those companies, yet it took almost a half billion dollars in bailout loans. Boeing and KBR Halliburton are among the defense contractors that avoid taxes, while enjoying government contracts worth tens of billions.
Banks (not Fannie and Freddie) Crippled the Housing Market
Fannie and Freddie do not make loans. They purchase mortgage loans and earn fees for guaranteeing payments on the loans. According to the Mortgage Bankers Association, in 2006, Fannie and Freddie accounted for 33% of total mortgage backed securities issuance. In the first half of 2010, they accounted for around 64% of new issuance. They were forced to pick up the slack and buy more when Wall Street's private label securitization Ponzi scheme blew up.
Fannie and Freddie are Wall Street's dumping ground. They would have had problems on their own, but their problems would not have been close to their current scale, and they did not create the housing bubble.
Congress twisted arms to make Fannie and Freddie buy more than $300 billion of phony "AAA" rated mortgage-backed securities from banks, not counting loans that didn't meet their stated requirements. Today Fannie and Freddie want banks to repurchase tens of billions of these loans, since they fail to meet representations and warranties, and the banks are fighting this obligation.
Top subprime lenders included Wells Fargo; Countrywide, purchased by Bank of America; Washington Mutual, now part of JPMorgan Chase; CitiMortgage, part of Citigroup; First Franklin (now closed), purchased by Merrill Lynch, which was purchased by Bank of America; ChaseHome Finance, JPMorgan Chase; Ownit, partly owned by Merrill Lynch, which was later purchased by Bank of America; and EMC, part of Bear Stearns, which was purchased by JPMorgan Chase. Most of the rest depended on massive loans from Wall Street. Many of these lenders were sued by states for fraud and paid billions in settlements.
According to Inside Mortgage Finance, the top mortgage backed securities underwriters during 2005-2006, only two of the subprime abuse years, included now defunct Lehman Brothers ($106 billion); RBS Greenwich Capital ($99 billion); Countrywide Securities, which is now part of Bank of America ($74 billion); Morgan Stanley ($74 billion);Credit Suisse First Boston ($73 billion); Merrill Lynch ($67 billion); Bear Stearns, which is now part of JPMorgan Chase ($61 billion); and Goldman Sachs ($53 billion).
The above doesn't even include the credit derivatives, collateralized debt obligations (CDOs), and structured investment vehicles (SIVs) that amplified losses. Yet, Arianna notes how America imploded while bankers soared:
"Someone like [Robert] Rubin is able to wreak destruction, collect an ungodly profit, then go along his merry way, pontificating about how 'markets have an inherent and inevitable tendency -- probably rooted in human nature -- to go to excess, both on the upside and the downside.' This from the man who, as Bill Clinton's Treasury secretary, was vociferous in opposing the regulation of derivatives -- a key factor in the current economic crisis -- and who lobbied the Treasury during the Bush years to prevent the downgrading of the credit rating of Enron -- a debtor of Citigroup." (P. 150)
Robert Rubin operated an economic wrecking-ball from prestigious positions of influence including former co-chairman of Goldman Sachs, director of the National Economic Council, former Treasury Secretary under President Bill Clinton, board member and senior "risk wizard" counselor at Citigroup, member of the President's Advisory Committee for Trade Negotiations, member of the SEC's Oversight and Financial Services Advisory Committee, unofficial econmic adviser to President Obama, and co-chairman of the Council on Foreign Relations.
Rubin is just one example of the many bankers, who helped destroy the economy while creating a connected financial oligarchy.
Hide Billions of Losses, Take Bailouts, Collect Billions, Skip Jail
Instead of apologizing for screwing up, the banks demanded the Great Bailout. At the start of the meltdown, the IMF and the U.S. administration estimated losses of $2 to $2.5 trillion. Unemployment and the losses are now shockingly worse. What was merely a recession escalated into the Great Recession.
How big are the actual losses? No one knows.
After destroying the value of major banks, culprits used their enormous political influence -- funded with taxpayer dollars -- to get Congress to force the accounting board to change accounting rules (as of April 2009) so banks don't have to recognize losses until they sell the assets.
According to William K. Black, after the much tinier S&L crisis, there were over 1,000 successful felony prosecutions, several thousand successful enforcement actions, and roughly 1,000 successful civil actions.
This time Congress gave us the Great Cover-up. Bank officers dodged jail time and collected billions in bonuses. As one of my South American friends observes, he's witnessed this third-world corruption before, and this time it's in English.
Banks Stall the Recovery and Prolong the Great Recession
Unemployment marched upward, delinquencies soared, and banks stalled foreclosures. The longer banks delay foreclosures and sales, the longer they can avoid acknowledging losses. Phony accounting and zero cost funding from taxpayers created an illusion of recovery.
Stalling helps banks while they pressure Congress to bail out failed mortgages with taxpayer dollars. Instead of working out mortgages with homeowners, they can wait for a government program to buyout or subsidize their failing loans. The markets aren't recovering, because banks own colossal chunks of mystery-meat assets.
It's a black hole of debt. If banks were forced to price these assets at market values and sell them, the market would clear, and the market would make a faster recovery. When Japan did this, it stalled its economy for twenty years, and it still hasn't recovered.
Voters Must Demand the Solution
Voters must demand that Congress uncovers and publicizes facts and prosecutes the financial system's massive multi-year frauds. This will mean thousands of felony prosecutions, enforcement actions, and civil actions.
Congress completely failed in genuine regulation and enforcement. It must start over on financial reform, regulate derivatives, commodities trading, update Glass-Steagall, and more. It will have to break-up the Too Big to Fail financial institutions.
CEOs of our Systemically Dangerous Institutions (SDI's) fail to manage them, because no one is capable of doing it. Like a morbidly obese junk food addict, banks won't even get on a scale. Our banks refuse to properly measure (account for) the problem.
Third World America elegantly summarizes the way forward. Arianna Huffington names the culprits and gives a roadmap for solutions. The rest is up to us. We deserve better than a third world economy divided by ultra-rich on one side and debt-ridden middle class and dirt poor citizens on the other. Citizens must demand a clean-up of corruption and a foundation for healthy growth.
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http://mexicanoccupation.blogspot.com/2011/05/sonia-sotomayer-la-raza-party-member-on.html
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THE ONLY REASON OBAMA NOMINATED SOTOMAYER WAS BECAUSE SHE’S A LA RAZA SUPREMACIST, AND HAD A LOOOOOOOOG HISTORY OF PANDERING TO BIG BUSINESS INTERESTS, IN OTHER WORDS, SHE’S OBAMA IN A SKIRT!
SOTOMAYOR ALREADY HAD A LONG HISTORY OF BEING A RANTING BITCH FROM HER THRONE ON THE BENCH. SHE’S ALSO A MEMBER OF THE MEXICAN FASCIST PARTY of LA RAZA!
THE LA RAZA BITCH NO SOONER GOT HER FAT ASS ON THE HIGH COURT THAN SHE WAS REFERRING TO CRIMINALS THAT HOP OUR BORDERS AS “UNDOCUMENTED ALIENS”. OBAMA REFERS TO THEM AS “MY UNREGISTERED VOTERS!”
DEMS ARE THE PARTY FOR ILLEGALS AND LA RAZA SUPREMACY!
YOU SHOULD REFER TO THEM AS THE FUCKERS THAT TOOK YOUR JOB, AND THEN HANDED YOU THE TAX BILLS TO PAY FOR HIS RAPID ANCHOR BABY BIRTHING AND WELFARE, AS HE SHOVED HIS MEXICAN FLAG UP YOUR NOSE AND DEMANDED YOU LEARN TO SPEAK SPANISH!
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THE REASON WHY OBAMA WANTED DALEY AS CHIEF OF STAFF IS BECAUSE DALY, LIKE OBAMA IS AN ADVOCATE FOR OPEN BORDERS, NO BORDER SECURITY, NO E-VERIFY.
THESE LA RAZA FUCKERS WILL DO ANYTHING TO ASSURE OBAMA GETS THE ILLEGALS’ VOTES AGAIN!
VIVA LA RAZA?
Sonia Sotomayor opposes E-Verify requirement
True to form, she said it was illegal to make employers e-verify citizen status of new hires.
Interesting, she says a state cannot force employers to check if employees they are hiring are illegal. Thankfully the court ruled 5-3 supporting law. But now we know for sure just how extreme far left Obama's choice was. We cannot afford Obama to get another term, or you can bet this country will be overrun by illegals. I don't want this country to be poor and corrupt like Mexico, which it will if illegals overrun the country.
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http://mexicanoccupation.blogspot.com/2011/04/how-far-will-obama-sell-us-out-to-la.html
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http://mexicanoccupation.blogspot.com/2011/05/for-obama-all-illegals-are-legal-la.html
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OBAMA’S AMERICA: Open & Undefended Borders!
“What we're seeing is our Congress and national leadership dismantling our laws by not enforcing them. Lawlessness becomes the norm, just like Third World corruption. Illegal aliens now have more rights and privileges than Americans. If you are an illegal alien, you can drive a car without a driver's license or insurance. You may obtain medical care without paying. You may work without paying taxes. Your children enjoy free education at the expense of taxpaying Americans.”
http://mexicanoccupation.blogspot.com/2011/05/feds-allow-illegal-aliens-to-cross.html
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THE LA RAZA PRESIDENT’S SABOTAGE OF OUR COUNTRY’S BORDERS FOR ILLEGALS’ VOTES!
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“PUNISH OUR ENEMIES”… does that mean assault the legals of Arizona that must fend off the Mexican invasion, occupation, growing criminal and welfare state, as well as Mex Drug cartels???
OBAMA TELLS ILLEGALS “PUNISH OUR ENEMIES”
Friends of ALIPAC,
Each day new reports come in from across the nation that our movement is surging and more incumbents, mostly Democrats, are about to fall on Election Day. Obama's approval ratings are falling to new lows as he makes highly inappropriate statements to Spanish language audiences asking illegal alien supporters to help him "punish our enemies."
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http://mexicanoccupation.blogspot.com/2011/04/obamas-la-raza-dept-of-illegal-labor-la.html
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“While the declining job market in the United States may be discouraging some would-be border crossers, a flow of illegal aliens continues unabated, with many entering the United States as drug-smuggling “mules.”
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http://mexicanoccupation.blogspot.com/2011/05/obama-red-carpet-addicted-reigning.html
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OBAMA’S PLAN TO ONCE AGAIN GET THE ILLEGALS’ VOTES IS AS FOLLOWS:
1. SABOTAGE E-VERIFY – PUTTING ILLEGALS IN OUR JOBS MAKES LA RAZA AND THE U.S. CHAMBER of COMMERCE HAPPY, ALONG WITH LA RAZA DONORS OF THE FORTUNE 500. ALSO KEEPS CALDERON’S BIG FAT FUCKING MOUTH CLOSED ABOUT GRINGO RACIST.
2. SUE AMERICANS ON BEHALF OF LA RAZA INVADERS IN MEXICO.
3. TURN HOMELAND INTO Dept. Homeland Security = PATHWAY TO CITIZENSHIP.
4. BRING INTO THE ADMINISTRATION AS MANY LA RAZA SUPREMACIST AS POSSIBLE.
5. PUT A “WISE LATINA” BITCH, AND LA RAZA PARTY MEMBER, SONYA SOTOMAYER TO LABEL LA RAZA AS “undocumented aliens”.
6. STOP THE BUILDING OF THE WALL. MEXICANS DON’T LIKE CLIMBING IT, EVEN IF IT IS A PHONY PILE OF WORTHLESS CRAP.
7. REMIND LA RAZA THAT AMERICANS ARE “OUR ENEMY”… OUT OF THE MOUTH OF AN AMERICAN PRESIDENT!
8. LIE TO THE AMERICAN PEOPLE ABOUT HOMELAND SECURITY LIKE IT WAS WRITTEN BY MEXICO!
9. LET MEXICAN TRUCK DRIVER START HAULING OVER OUR BORDERS MEX DRUG AND ILLEGALS. THE DRUG CARTELS WERE GETTING TIRED OF ENGINEERING ALL THOSE AIR-CONDITIONED TUNNELS.
10. ARM THE FUCKING MEX DRUG CARTELS… YES, YOU READ IT RIGHT!
11. DANCE FOR A MEX DRUNK CALLED CALDERON! FIRE THE AMERICAN AMBASSADOR TO MEXICO LIKE THE LIMP PUSSY YOU ARE! IT’S WHAT OBAMA DOES WELL… PUSSY ALL OVER EVERYTHING LIKE THE STATUS-QUO’S LAP DOG!
`12. SQUANDER BILLIONS ON MUSLIM DICTATORS AND CUT FUNDING FOR BORDER PATROL.
13. PUT A LA RAZA SUPREMACIST, HILDA SOLIS IN AS HEAD OF DEPT. O LABOR, TO ASSURE THAT LA RAZA GETS PREFERENTIAL JOBS.
14. GENERATE ENDLESS PLOYS AND DEVICES FOR BIT-BY-BIT BY BIT AMNESTY, UNTIL THERE ARE SO MANY ILLEGALS VOTING IN THIS COUNTRY WE WILL ALL PUSH 2 FOR ENGLISH.
15. DEVISE OBAMACARE SO THAT ILLEGALS GET SPECIAL SUPREMACY, AND THEN LIE AGAIN IN THE FACE OF THE AMERICAN PEOPLE CLAIMING THAT OBAMACARE DOES NOT INCLUDE ILLEGALS.
16. FOR THE SAKE OF TRANSPARENCY, HAVE LA RAZA CONVENTIONS IN THE WHITE HOUSE – PRESS NOT INVITED.
17. KISS THE ASS OF THE MEXICAN DRUNK, CALDERON. THAT MEX MAY SLOW THE HORDES OF ILLEGALS POURING OVER OUR BORDERS IF OBAMA DOESN’T KISS HIS ASS ENOUGH! THEN CALDERON PROBABLY SAW OBAMA KNELL AND KISS THE ASS OF THE SAUDI LARDBUCKET DICTATOR, THE ONE THAT INVADE US 9-11, AND FINANCES MOST OF THE GLOBAL TERRORISM THROUGH WABBABIST TERRORIST.
Obama Administration Challenges Arizona E-Verify Law
The Obama administration has asked the Supreme Court to strike down a 2007 Arizona law that punishes employers who hire illegal aliens, a law enacted by then-Governor Janet Napolitano. (Solicitor General's Amicus Curiae Brief). Called the “Legal Arizona Workers Act,” the law requires all employers in Arizona to use E-Verify and provides that the business licenses of those who hire illegal workers shall be repealed. From the date of enactment, the Chamber of Commerce and other special interest groups have been trying to undo it, attacking it through a failed ballot initiative and also through a lawsuit. Now the Chamber is asking the United States Supreme Court to hear the case (Chamber of Commerce v. Candelaria), and the Obama Administration is weighing in against the law.
To date, Arizona’s E-Verify law has been upheld by all lower courts, including the Ninth Circuit Court of Appeals. The Ninth Circuit, in particular, viewed it as an exercise of a state’s traditional power to regulate businesses. (San Francisco Chronicle, June 2, 2010). Obama’s Justice Department, however, disagrees. Acting Solicitor General Neal Katyal said in his filing with the Supreme Court that the lower courts were wrong to uphold the statute because federal immigration law expressly preempts any state law imposing sanctions on employers hiring illegal immigrants. Mr. Katyal argues that this is not a licensing law, but “a statute that prohibits the hiring of unauthorized aliens and uses suspension and revocation of all state-issued licenses as its ultimate sanction.” (Solicitor General's Amicus Curiae Brief, p. 10). This is the administration’s first court challenge to a state’s authority to act against illegal immigration, and could be a preview of the battle brewing over Arizona’s recent illegal immigration crackdown through SB 1070.
Napolitano has made no comment on the Department of Justice’s decision to challenge the 2007 law, but federal officials said that she has taken an active part in the debate over whether to do so. (Politico, May 28, 2010). As Governor of Arizona, Napolitano said she believed the state law was valid and became a defendant in the many lawsuits against it. (Id.).
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OBAMA’S CRONY CAPITALISM, A LOVE STORY BETWEEN THE ACTOR PRESIDENT, AND HIS BANKSTER DONORS!
Records show that four out of Obama's top five contributors are employees of financial industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054).
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