I am puzzled why the administration is getting grief on the economy. They have performed a @##$% MIRACLE in preventing a complete meltdown after 8 YEARS of completely irresponsible economic policy. The idea that Geithner is gettign raked over the coals for being "ineffective" and indecisive is absurd. He and the other economic team basically dug the whole GLOBAL economy out of a deep trench. Even at 2.8% the fact that the US GDP is positive is amazing news, and definitive proof, by the way, of the practical truth of Keynsian theory.
The Stimulus Act has been a huge help. It could have been even more effective, had there been more support in the Senate for the policy (from Republicans), but they have been to a man (with a couple of women, and one who has subsequently become a Democrat) against it. It is pitiful for them to now claim that the stimulus is not working ENOUGH to prevent unemployment going up, when THEY were the ones who ensured it was not larger than it is.
But, despite GOP pernicious opposition economic policy has been remarkably effective, so effective that we are now, as an economy, growing again. But now the fear among the economists is that consumers are not spending enough money. But isn't the whole point about the balance of payments deficit and the credit crunch that consumers were spending too much in the first place? Don't we need a period in this country when there are not outlays aimed at consumption but rather at production? For exports, or for energy-saving? We need to get capital aimed at straightening out the US economy and its position in the global economy. The best way to do this is to invest in export industries and in infrastructure. So we should be happy that the consumer is not maxing out on credit cards again. The problem now is how to get the finace sector to pony up the capital to get the economy producing again--rather than paying itself huge bonuses. But isn't the fact that Wall Street is not doing its side of the bargain yet more evidence that the "free market" is not working, and is that not an indictment of right-wing anti-government theory, rather than something to blame the Obama admin. for, or Geithner?
So, spread the word that our guys have saved capitralism from itself--if they don't fulfil their side of the bargain by investing in their ownh system--then that is their fault (and that of their republican cronies)--not of the Obama administration.
Due to the recent Recession, there has been a lot of discussion around Regulation, the Banking Industry and various Financial Products. But, there has been little talk of examining the Financial System in its entirety and the risk of the governing Philosophies that dictate the System, Firms, Individual Products and their Impact on Society.
Full Article Below
http://www.costsandprofit.com/decision-securities-lending-mortgage-backed-securities-the-ppip-and-hammers
When the history of America from 1980 - 2010 is written it might be described as the Age of Greed and Dishonesty. There are no self-imposed ethical restrictions on business that might put the brakes on greed - individual greed and corporate greed. Somehow we got the idea that what generates the most money defines "good." In order to minimize possible government restrictions founded in any kind of ethical thinking, however slight, those benefiting from laissez faire invest in the purchase of legislators. This compensates for the fact that there are not enough such beneficiaries to win elections by force of their numbers. It is easier to buy them than to elect them; one can buy whoever wins. Why worry?
We have disdain in sporting events against teams that pile on points after having assured victory. Yet we don't seem to have trouble swallowing when we hear of individuals making $100 million a year - more money than can be spent in the productive economy of goods and services. Where does it go? To banks and other financial institutions competing with one another to offer the highest returns. Do they care about the soundness of their investment products? The recent economic collapse had nothing to do with the underlying economy in which most of us live. It resulted from dishonesty in the financial community. And what did we do about it? We pumped trillions into these crooked organizations run by crooked executives so they could keep doing what they had been doing before: taking billions off the top (taxpayers' money this time) for themselves and making more hare-brained investments with our tax money. Everything goes. In some cases, they paid back the money that saved them from oblivion in order to avoid any restrictions on what their leadership could pay itself. And we swallow hard this time, but making a hundred million a year generates an attitude. They raise an eyebrow at us. We realize that we are not in this game at all.
We do however, need health care services for ourselves and our families, especially if we're 'boomers' getting ready to check out. This is good news for 'providers' and insurers. In fact, it's great news. We don't want to die, and they can help us. Are we going to quibble about price? Hardly - at first. But inflation in the cost of 'providers' outstrips everthing else for a couple of decades. Good grief, these CAT scans are a couple of grand apiece. The radiologist likes it because he/she owns a piece of the scanner. Do you need one? Of course, says your PCP who is in the same profit-making company as the radiologist. Besides, you get the warm feeling that they are doing everything they can for you. It's a good thing you have insurance - if you're not already ill and you don't change jobs in this vigorous econonomic climate. Ooopps. Insurance costs money, too - more and more every year. And now your employer is hurting; it either stops paying for as much of your insurance as it had, or it gets an insurance company that offers you less coverage for more money. Now you're starting to feel it. You see that when you retire, you won't be able to do much more than pay for your health care. Like I said, its not a good business, it's a great business.
If you're over 65, you can get Medicare. For some more money you can also get insurance to cover the 20% not covered by Medicare and a prescription drug policy as well. It's costly, but you need it, and you can rely on it. You don't care if it's one of those big government boondoggles. In fact you are terrified that the government will change it, pull it out from under you. And now, the government is talking about change. This can't be good; it could threaten your Medicare. They are talking about Obamacare! It will kill you. It will force you to have inferior care, as opposed to the good-government Medicare that you so love. You are angry at the thought. And some politicians who think it's just fine to spend half of your post-retirement income on health care (they're covered), who accept millions of dollars from the health care industry, tell you that you ought to be worried. This frightens you.
You go to a townhall meeting. You look Satan (your representative or senator) in the eye and you scream. And why not? The guy from Iowa told you that you ought to be afraid.A lot of people are getting richer than we can imagine, and we get to be scared. We aren't in this game as players, we're the stuff that other peoples' wealth is made of. We're angry. Where should we direct this anger? At the President of the United States who has been in office for 8 months? Or should we forget being angry and start thinking about whether we really like things as they are, or whether we're just afraid. Greed and dishonesty leave a big wake.
Affordability is obviously STILL the missing LINK to stablize the real estate, mortage, lending... industries.Greenspan did his experimentations to prove his Economic Theory and Bernanke is working on fixing the ill effects of such "theory".In truth, there are ways to allow "affordability" to take place again, and the experts do know how. The question is are THEY willing to make affordability happen instead of keep on trying to bury this administration by attempting to link the BAILout$$$ and the fall of mortages to this administration.They can make the mortage notes longer ... irregardless of the life expectancy of the borrower by having "ballon" payments at reasonable time say every 7 years and have it amortized over the current "maximum". There's NO DOUBT that such SAFE and Responsible mortage options will again bring our economy back, as Housing is STILL the major purchase and American Dream.
http://finance.yahoo.com/news/ALL-BUSINESS-Bondmarket-rout-apf-15457158.html?.v=4
Let’s see if I’ve got this straight. We bail out AIG and they use the money to make good on the credit default swaps they insured. (Although they didn’t call it insurance!) A lot of this money has gone to banks in foreign countries.
When it comes to GM, we want to force them into bankruptcy, which means a massive loss of jobs for blue and white collar workers, losses for bond holders and retirees, not to mention loss of market share.
Was Rick Wagoner, now GM’s ex-president and ex-CEO, guilty of risky practices, skirting the law, in order to make more money? No.
I’ve lived in the Detroit area for 38 years, and for as long as I can remember, the Big Three have been the favorite whipping boy of the liberal elite, with Al Gore being the number one “whipper“.
Sure, the Big Three didn’t adapt, and they and the unions negotiated contracts with big legacy costs, but ask yourself. Who suffers the most if they go under? Answer: The workers on the assembly line and automotive engineers. Not the likes of Rick Wagoner.
But hey, most of these people live in the Middle-West, which used to be America’s heartland, but is fast becoming a wasteland.
How can we be socialists if at the same time we are doing away with the proletariat?
"Many people took out loans they were never going to be able to afford,never! That means somebody knew from day one they were never going tobe able to pay back the loans." The bankers approved these loans and used the money to pay themselves bonuses and payed our government representatives to look the other way…that’s where we are…any suggestions for getting us out of the mess are welcome…but if you just want to play the blame game…where does that get us?
Read what was spammed on the comments section of my blog:
The people that bend the rules GET PAID!
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Buy a home, car or get a huge irs tax refund just for being you! Do what you have to do to get yours! EVERYONE ELSE DID!!
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Oy vey!!
This is a short, 4-page bill, but it's worth a look. Simple and straight-forward: GA HB 430.
Interesting, isn't it?
[UPDATE: THIS LINK IS THE PAGE FOR THOSE OF YOU WHO ARE INTERESTED IN FOLLOWING THE STATUS OF GA HB 430, ESPECIALLY FOR THOSE WHO ARE NOT FROM GA! Thanks for the interest!]
EMK
First of all - if you haven't learned already - DO NOT respond to anyone who contacts you about loan modification. They are seedy poor-intentioned opportunists. If you are looking for some help, contact your mortgage company or lender directly, and ask for their "hardship" or loan modification department. Your lender will not charge you exhorbitant fees to modify your loan. The other guys will try to charge anywhere between $1200 and several thousands.
Now, if you are like many, your earnings have likely reduced since the time you acquired your loan, and in most cases, your adjustable rate mortgage (ARM) has ratcheted up to an unbearable, unspeakable amount. Know that your lender will likely not modify your loan terms unless you are currently employed. So, if you aren't, go get a job at McDs or WalMart and while you are hunting for the big job to replace your old one, submit your loan mod request.
The best bet, of course, is to refinance your home entirely. Selling it in this market is a terrible idea, for most, with the exception of a select few. However, if you were insightful enough, or divinely lucky enough to keep your job, or even better, increase your earnings throughout this economic meltdown, you will very likely be turned down for a loan modification.
Further, if you always paid your mortgage first, utilities second, and kept food in the fridge (as we were taught to prioritize our needs v wants), and either neglected to pay or made "slow pays" to credit card companies (unsecured debt) - your credit is shot. Furthermore, you will not qualify for a loan modification (because you paid your mortgage bill, and your income is the same, or higher than before).
When faced with the choice to sleep in a warm bed and eat a full meal or pay high interest to a greedy credit card company, well, the choice is obvious. However, the consequence for keeping your kids fed and stationary (in a home) instead of keeping up with credit card payments is that you will have to live in that very home, at twice the price, and will have to endure the bad credit you "earn."
So, essentially, the home you tried so hard to keep becomes a jail cell - and like being convicted, it feels like you have to pay your soul every day, for the rest of your life. The only way for you to get out of it is to increase your credit score. But to do that, you need the extra money that is now being diverted to increased loan interest from your ARM.
While plans are in the works to help out people who paid their credit cards, but NOT their mortgages, defaulted on their loans, were foreclosed, and now renting - I see no help for those of us who did the opposite. They get help getting into a new home, with their "foreclosure" being looked at less harshly, because the nation has laid blame on the industry, not the individual. (I, too, don't blame the individual - just want to point out that they are looked at more favorably)
The rest of us are being penalized for penny pinching and keeping our homes. Bad credit = can't refinance. Paying mortgage + finding/keeping work + maintaining/increasing income = can't qualify for loan modification. If you look at the numbers, although I made more money last year than ever before, my take-home is less than it ever has been, and close to zero, after you count my "adjusted" mortgage payment and add in only the sustaining expenses. I don't have enough to pay full amounts on credit cards - and am often running a negative balance sheet - then there's the late fees...... ughh. No matter what, though, I always pay the mortgage before it becomes 30-days late.
Where's the bailout for me? According to my lender, I don't " Qualify" for a loan modification because my gross income is measured directly against my monthly payment. No consideration for the fact that I have four dependants. No consideration that our medical costs are higher than the average family because one of my children is disabled. No appreciation or "good faith" is offered to me for the fact that I always, ALWAYS paid them.
I want to see someone "stimulate" my lender into rewarding me and everyone else like me who are being forced to live BELOW our means, unable to save for education, retirement, and other pursuits of happiness simply because THEY were allowed to sell me an unscrupulous product.
Till then, I'll be brown bagging it, telling my kids they have to wear an extra sweatshirt to bed at night to keep the energy bill down, cancelling all enriching family trips in lieu of "camp nights" in the backyard, living inside a home in need of costly repairs - Even though I am making more money than I ever have before.
Mr. President, would you please consider a solution that accounts for all of us, rewards those whoh paid their mortgages, and provides consequences to greedy lenders? Well, I suppose I should be thankful I have a home, right? Thank you, lenders.
-- Stimulus -- Keep it simple!
Halve Employer and Employee payroll taxes for small to large sized business for 1 to 2 years. Increase the Employer Tax reduction based on the level of health and retirement benefits provided to their employees.
This provides real and tangible salary stimulus increases to consumers while simultaneously adding incentive for employers to retain and provide health and retirement benefits to their workforce. Universal healthcare options can be later offered for additional savings to the employer once universal heath care services are in place.
Invest stimulus in transportation infrastructure; Road, Rail, Air and Sea, emphasizing security both environmental and homeland.
Invest in education infrastructure; facility and teachers with increase focus on early childhood services.
Provide low interest housing to all teachers, fire and police employees and military personnel.
-- Cash Flow --
Tax each trade/transaction in the Stock market approximately $0.50. This tax provides government revenue in both bull and bear markets. This would create around 1 trillion dollars per year using a current rough daily average of the Dow Jones alone. This may have a potential beneficial side effect of limiting stock trade volatility.
Increase taxes on large sized US corporations who operate globally but don't comply with US environmental and labor laws. Tariff foreign imports from International companies that don't recognize US/Global environmental and labour laws or that are uncompetitively subsidized by their governments..
Eliminate offshore tax shelters for US Corporations.
We all have seen or felt the deepening effects of the financial crisis our country and the world are experiencing. I continue to hear from some Republicans and Democrats that the package is too big, that it makes government too big. While I agree that we don't want government running every aspect of our business and commercial endeavors, we need government money right now, and a lot of it, because we need a CONSUMER. With personal and commercial credit lines freezing up, consumers with money to buy putting off purchases in fear of not getting the best deal, and many Americans pulling back on spending due to employment and financial uncertainties - THERE IS NO ONE TO BUY THE GOODS AND SERVICES OF BIG BUSINESSES OR SMALL BUSINESSES. There is no one to trickle down or up from! If the stimulus allows government to infuse money and demand for services and products into our economy, it will help us find the bottom and start to see our way out. We need someone to need, want and be able to afford our goods and services. We need the government to be a good consumer.
This is just one way to begin to bring us back economically. We also need tax breaks on luxury items again. If we can encourage those people who still have some money to go ahead and spend it... by offering a LUXURY TAX HOLIDAY of 12 to 18 months, it will stimulate purchases of large goods... for example yachts. This will allow yacht builders to start selling and producing their product, employing more people at their plants, consuming more electronics and building supplies as well as raw materials which in turn can help keep other supply business open and their employees at work.
Just want to voice a certain view I think MUST be noticed and taken action on. Our federal bailout of lending institutions has gone where? There are articles about banks making mortgage loans available, however when my partner purchased his home, with stellar credit + 20% down, we learned the lending is stricter than ever for mortgages. The majority of Americans are simply not interested in purchasing homes to begin with these days. So where is that money going to?I run a finance consulting firm that specializes in consumer finance, handling nearly 2,500 requests per month for non-mortgage, unsecured finance, both for small businesses and personal use. I have to say that lenders have nearly stopped lending. Home sales have plummeted, credit limits have been slashed (dropping personal credit ratings of qualified, responsible individuals in the process) and lenders have gotten paid for it!My companies clients, whom have 700+ credit with verifiable income documents and the ability to afford the new debt they request (by the lenders published guidelines!) cannot receive financing to consolidate their high interest credit cards, they can't get working capital lines to keep their employees on payroll through these tough times or expand and hire new employees.
As someone on the front lines every day, whose company has seen approvals for our clients (and company revenues) drop by a staggering 40% in the last quarter I really think something needs to be done about this. My company is not going to receive any bailout funds and the actions of these lenders, who received our tax money to fuel this economy, is going to put my business; and the businesses of hundreds of our clients per month, into a position where we will have to put people out of a job to survive this hard time.
Something has to be done about this. If the fundamentals of our economy are built on small business, as so many like to preach to the camera, we can't allow large enterprise to take our money and use it as kindling to burn us.
All in all we gave our money to those unable to manage their own. We are paying the price for their inability to perform now for the second time.
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Alternative EnergySource: David Apperson
url: http://veterans.barackobama.com/page/community/tag/alternative-energy
Mr. Obama's commitment to change in the way the U.S. approaches "developing countries" can be judged in part by how he approaches the issue of odious debts procured by authoritarian leaders who aided in some aspect of U.S. "national interest" (Cold War, procurement of petroleum, etc.). He should change his issue paper to call for investigation and explicit cancellation of odious debts. At this time, the document reads the following:
Barack Obama and Joe Biden will lead a multilateral effort to address the issue of “odious debt” by investigating ways in which “loan sanctions” might be employed to create disincentives for private creditors to lend money to repressive, authoritarian regimes.
Without some reference to existing debts (is application of "loan sanctions" going to be retroactive?) This unfortunately sounds like a case of closing the barn door after the cows have already fled.
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by Karl Denninger
11/13/2008
http://market-ticker.denninger.net/archives/657-Ok-Mr.-Obama,-Time-To-Choose.html
Are you really "Change We Can Believe In"?
Are you really "Yes We Can"?
If so, here are the acts you must undertake as soon as you are sworn in, and you should announce them tomorrow so the market will stop tanking due to the lies of Mr. Paulson and Bernanke:
If you want to stabilize our markets and financial system, you must undertake all six of the above acts, and you should announce your intention to do so now, so that the markets can anticipate that the "dark ages" of obfuscation, lying and theft will stop on January 20th.
...
Ms. Brown, not only, as your astute viewer pointed out (and you absolutely know), that Senator Obama pledged to pursue an agreement with the Republicans (which means he might or might not end up agreeing) he wisely realized that sitting down with the Republicans and coming away with a fair agreement would be impossible (so I guess even with pre-conditions he did want to sit down with them, but realized the enemy, once looking into their eyes, was not to be trusted and he was right).
He knew (and you know) that he would have been unfairly “Swift Boated” out of any chance of winning. His only defense was to do what he did, reluctantly not accept federal financing, but go it on his own, which was actually quite brave.
And what is wrong with that anyway? To allow millions of individuals to support a candidate rather then lobbyists and all of the under handed dealings that typically happen, sounds like a good populist thing to do.
You are blaming the victim for defending himself. African American, half-white, an outsider, the underdog, the victim of racism, hate, lies about his religion and character and you want him to trust the Republicans and enter into a mutual federal financing deal? This would have allowed the Republicans to then get every right wing radical, despicable PAC in the world to destroy Obama. You wouldn't want a President that dumb to accept such a lose-lose deal.
So, Ms. Campbell, being honest; consider what you would have done in his shoes. And be honest, really, in his shoes, black shoes - victim of racism shoes. Can you do that? I think you’d modify your commentary.
Ms. Brown’s commentary can be found at:
http://www.cnn.com/2008/POLITICS/10/28/campbell.brown.obama/index.html
