Friday, February 18, 2011

Is The American Dreams DEAD? Not According To Obama For Illegals! VIVA LA RECONQUISTA!

MEXICANOCCUPATION.blogspot.com


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Go to http://www.MEXICANOCCUPATION.blogspot.com and read articles and comments from other Americans on what they’ve witnessed in their communities around the country. While most of the population of California is now ILLEGAL, the problems, costs, assault to our culture by Mexico is EVERYWHERE. copy and pass it to your friends.



THERE IS A DIRECT LINK BETWEEN THE BANKSTERS, LA RAZA INVASION, LOSS OF JOBS, AND FORECLOSURES! OBAMA IS OWNED BY THIS BANKSTERS, AND WORKS FOR LA RAZA!





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!



BUSH WAR PROFITEER, AND BANKSTER SLUT, DIANNE FEINSTEIN HAS TAKEN HUGE BRIBES TO DO THE BANKSTERS’ BIDDING! RIGHT NEXT TO HER FAT ASS WAS BARBARA BOXER!

LA RAZA DONORS, WELLS FARGO, MADE MASSIVE PROFITS (WE’RE NOW DOUBLING SO THE BANKSTERS CAN BUY OTHER BANKSTERS) OFF CRAPO LOANS TO ILLEGALS. FEINSTEIN WORKS HARD FOR OPEN BORDERS, MORE ILLEGALS, NO E-VERIFY AND INSTANT NO AMNESTY, LIKE OBAMA.

IN PART TO KEEP THE SUPPLY OF BANKSTER VICTIMS COMING, BUT ALSO TO KEEP HER BIG AG BIZ DONOR HAPPY WHO DEPEND ON THE MISERABLE WAGES THEY PAY TO ILLEGAL FARM WORKERS, STATISTICALLY ONE-THIRD OF WHICH WILL END UP ON WELFARE.

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“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.”



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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THE AMERICAN DREAM IS ALIVE AND WELL! IT’S SIMPLY RESERVED FOR BANKSTER CRIMINALS! THAT IS OBAMAnation!



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Bob Herbert / Syndicated columnist

For millions of Americans, it's twilight in America

Long-term joblessness is a recipe for societal destabilization, writes columnist Bob Herbert. It should not be tolerated in a country with as much wealth as the United States. It's destructive, and it's wrong.

Bob Herbert

Syndicated columnist

The Ronald Reagan crowd loved to talk about morning in America. For millions of individuals and families, perhaps the majority, it's more like twilight — with nighttime coming on fast.

Look out the window. More and more Americans are being left behind in an economy that is being divided ever more starkly between the haves and the have nots. Not only are millions of people jobless and millions more underemployed, but more and more of the so-called fringe benefits and public services that help make life livable, or even bearable, in a modern society are being put to the torch.

Employer-based pensions, paid vacations, health benefits and the like are going the way of phone booths and VCRs. As poverty increases and reliable employment becomes less and less the norm, the dwindling number of workers with any sort of job security or guaranteed pensions (think teachers and other modestly compensated public employees) are being viewed with increasing contempt. How dare they enjoy a modicum of economic comfort?

It turns out that a lot of those jobs were never so secure, after all. As the Center on Budget and Policy Priorities tells us:

"At least 44 states and the District of Columbia have reduced overall wages paid to state workers by laying off workers, requiring them to take unpaid leave (furloughs), freezing hew hires, or similar actions. State and local governments have eliminated 407,000 jobs since August 2008, federal data show."

We have not faced up to the scale of the economic crisis that still confronts the United States.

Standards of living for the people on the wrong side of the economic divide are being ratcheted lower and will remain that way for many years to come. Forget the fairy tales being spun by politicians in both parties — that somehow they can impose service cuts that are drastic enough to bring federal and local budgets into balance while at the same time developing economic growth strong enough to support a robust middle class. It would take a Bernie Madoff to do that.

In the real world, schools and libraries are being closed and other educational services are being curtailed. Police officers are being fired. Access to health services for poor families is being restricted. "At least 29 states and the District of Columbia," according to the budget center, "are cutting medical, rehabilitative, home care, or other services needed by low-income people who are elderly or have disabilities, or are significantly increasing the cost of these services."

For a variety of reasons, there are not enough tax revenues being generated to pay for the basic public services that one would expect in an advanced country like the U.S. The rich are not shouldering their fair share of the tax burden. The wars in Afghanistan and Iraq continue to consume an insane amount of revenue. And there are not enough jobs available at decent enough pay to ease some of the demand for public services while at the same time increasing the amount of taxes paid by ordinary workers.

The U.S. cannot cut its way out of this crisis. Instead of trying to figure out how to keep 4-year-olds out of pre-kindergarten classes, or how to withhold lifesaving treatments from Medicaid recipients, or how to cheat the elderly out of their Social Security, the nation's leaders should be trying seriously to figure out what to do about the future of the American work force.

Enormous numbers of workers are in grave danger of being left behind permanently. Businesses have figured out how to prosper without putting the unemployed back to work in jobs that pay well and offer decent benefits.

Corporate profits and the stock markets are way up. Businesses are sitting atop mountains of cash. Put people back to work? Forget about it. Has anyone bothered to notice that much of those profits are the result of aggressive payroll-cutting — companies making do with fewer, less-well-paid and harder-working employees?

For U.S. corporations, the action is increasingly elsewhere. Their interests are not the same as those of workers, or the country as a whole. As Harold Meyerson put it in The American Prospect: "Our corporations don't need us anymore. Half their revenues come from abroad. Their products, increasingly, come from abroad as well."

U.S. workers are in a world of hurt. Anyone who thinks that politicians can improve this sorry state of affairs by hacking away at Social Security, Medicare and the public schools are great candidates for involuntary commitment.

New ideas on a grand scale are needed. The U.S. can't thrive with so many of its citizens condemned to shrunken standards of living because they can't find adequate employment. Long-term joblessness is a recipe for societal destabilization. It should not be tolerated in a country with as much wealth as the United States. It's destructive, and it's wrong.

Bob Herbert is a regular columnist for The New York Times.



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.

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