Tag: foreclosure crisis

Subverting the rule of law? How dare I? Well the 4th amendment, due process, kill lists, and the NDAA also speak to my title. Yes, they speak to it despite those that decided politicians were more important than the principles they pretended to have in 2004 now outed as hypocrites mostly. However, that being said, I’m talking about subverting the rule of law in a different way but equally as damaging on the economic front.

After all, it was at the SOTU merely just a year ago that President Obama assured us that something was going to be done about the Wall St. perpetrators of our mortgage and foreclosure crisis. This was a crisis in which they defrauded consumers with sub-prime NINJA loans pumping up the housing bubble and then dumping the private debt overhang onto the economy destroying over 10 trillion in housing wealth. This left consumers with massive loads of private debt and everyone else jobless like this recovery.

This White House’s DOJ has made a complete mockery of the concept of Justice in and of itself. That illusion of Justice is perpetuated to this day and normal people are devastated because of it. Let President Obama know you are not amused. I have.

Cross posted at Voices on the Square

To start things off, I recommend first reading Cassiodorus's piece The case against the case for Obama even though I started mine about the same time he did. It's definitely quite worthy of checking out before mine because it has many apt points to it. My views are slightly in a different vein as I’m more of a mix of Jim Hightower and L. Randall Wray as one of my friends used to say so read his piece before reading my take.

Well I guess we knew it was coming. Matt Stoller's superb piece The progressive case against Obama was bound to exercise a reaction from the veal pen or hacktivist pen appealing to their own authority first hand to make sure you all know how serious their decisions to sell out are. The end justifies the means and in Peter Coyote’s case it is a failed exercise in condescension right off the bat. He claims he is making…

"The Progressive case for Obama"

So right off the bat we get an exercise in condescension—Peter Coyote is older than Matt Stoller so therefore his time working for CA Governor Jerry Brown must be more relevant than Matt Stoller’s past work including his tenure working for Congressman Alan Grayson. Psychologically one might think, as I do reading this piece, that Peter Coyote's arguments do not come from a position of strength behind them. Whether he realizes it or not, it lets you know how unserious Peter Coyote perhaps thinks of his own arguments right off the bat. After all, he must provide authority for them but not from historical facts of course, from his own resume.

Our fate, for one, but I know that is really depressing(why I don’t write about it as much as I should) because as a whole no party really is going to do anything about it, even the Democratic party who kept the filibuster(despite Sen Merkley and Udall’s efforts to even change it to make it less damaging) after whining about it to you asking for money you don’t have that you gave them in 2008. But they really wanted all that environmental legislation that died in the Senate to pass. At this point Daryl Hanna is putting up more of a fight in my state of TX and kudos to her for her efforts.

But the Keystone pipeline will be a reality regardless of this election like drill baby drill Obama style(we thought we were voting against that in 2008) if the entire population does not emulate her example. So like Charles Ferguson, director of Inside Job, I’m going to concentrate on other real issues no one really paid attention to in this Presidential debate or general election that could be handled more easily without Congress. That is, if those in charge of running the Department of Justice weren’t so pathetically unable to live up to their namesake in the executive branch.

Cross posted at our new beta site Voices on the Square and The Stars Hollow Gazette

Yes, another crash is coming. I can’t predict precisely when as that would be a fool’s errand, but much closer than you think. It will probably be after our President is reelected and will care very little what you or I think once he and his treasury push for criminal TBTF banks to bailed out once again. Doctor Doom: the nickname for economist Nouriel Roubini: one of the relatively few outside the mainstream(part of the Got It Right (pdf) project) who predicted the last crash thinks 2013 is a perfect storm for another one which will be even worse and it makes sense.

Despite on theoretical fiscal policy limits with regard to the US, Roubini is absolutely right on the political deadlock with the coming crisis. We wasted our last crisis and that’s something Conservatives have not done whether we’re talking about the stagflation crisis of the 70s or 9/11. There won’t be as many political options this time to prop up the underlying economy in 2013 because Democrats have failed to change the Senate rules because most of them secretly like the way things work or don’t work in Washington. Sadly, if Republicans take over both houses again, they will change the Senate rules as they threatening to do in 2005 and 2006.

Anyway some might still want to scoff at Roubini’s prediction, but that will come back to bite them in the ass. Not even Roubini can predict the exact moment it will happen, but if one knows anything about the history of financial crashes, since the 80s when the 1933 banking reforms passed by FDR started slowly being dismantled, they started happening once again in a 5-7 year time-frame(and even closer than that if you count global stock crashes which count now more than ever since our markets turned dark with OTC derivatives and Information Asymmetry all around); some worse than others as the 2008 bust was on par with 1929 but you get the idea.

• Black Monday (1987)
• Black Wednesday (1992)
• Asian financial crisis (1997)
• Mini-crash (1997)
• Dot-com bubble(2000)
• Economic effects arising from the September 11 attacks (2001)
• Stock market downturn of (2002)
• United States bear market of (2007)
• Global financial crisis (2008)
• European sovereign-debt crisis (2010)