Tag: HAMP

Cross posted in Orange and at Voices on the Square

Yes, this is true. It’s not a popular saying, but I’m not here to make everyone feel good for 2012 electioneering while people are suffering to feel a sense of belonging among the Washington elite prognosticating over poll numbers instead of real issues. As we have this debate over 4 percentage points in the tax code, the overall omission of most Americans suffering from the fallout of the housing bubble is insulting.

That’s right. This debate ignores the big elephant in the room; the millions of people underwater defrauded into mortgage debt and other private debt chaining them to their deflating assets with no sufficient income prospects added up and compounded in a usurious fashion sucking demand out of the economy. For those that do not “got theirs jack” and can’t afford cable news to cheer along with this partisan war syndrome dynamic, this actually matters.

It matters because as I have chronicled here, here, here, and here, the Foreclosure Fraud Settlement was an insult to the millions injured from the fallout of this bubble once NY AG was bought off to prop it up with stilts. Banks were given credit for the HAMP mods in addition to being propped up by the other failed HARP program. Basically those that defended that settlement or any of these programs anymore have to admit now they knew nothing.

For want or need of a nice election tune, many are tuning in to this election while too many are tuning out these debilitating economic problems because the absolute failure to deal with them at all. I partially understand, it is daunting and demoralizing, but whether one wants to tune in to these problems or not, the song remains the same.

It’s the song of the decade and it goes well beyond this election.  

Cross posted at our new beta site Voices on the Square and in orange.

That’s right, and it was clear to everyone who opposed the pick of Tim Geithner from the start.  In his testimony yesterday on the NY Fed’s knowledge of the LIBOR scandal, Tim Geithner once again stated the falsity that the NY Fed was not a regulator (like he has before showing he’s either a liar or completely incompetent), when in fact he was one of the most important regulators, unknown to him, supposedly.

This was during the proceedings looking into the 100 cents on the dollar backdoor bailout of Goldman Sachs through AIG facilitated while he was President of the NY Fed.

COUNT 2: He wasn’t even a regulator! In Geithner’s own words during confirmation hearings in March: “First of all, I’ve never been a regulator…I’m not a regulator.” According to the New York fed bank’s Web site, that was your job!!

Quoting from the Fed’s website: “As part of our core mission, we supervise and regulate financial institutions in the Second District.” That district of course is the epicenter for bailed out banks and billion dollar bonuses.

It is not just the responsibility of Fed Board governors like Tim Geithner said in his testimony yesterday while trying to inflate the case for his so called “intervention” that wasn’t on LIBOR. This lack of knowledge and corruption bothers me and it also bothers me that so many don’t care, because there is an election. I feel like we are all being lulled to sleep every night by MSNBC and the partisan cable news 2012 election war syndrome.

Shortly after the President was elected, there were many naive Democrats who claimed Giethner was “a brilliant pick” merely because the President picked him which is always the criterion, sadly. I saw it as the beginning of the end of any chance of a functioning financial system that we were promised during the 2008 election by this President.  That’s why I got involved in 2008, and that’s why a lot of us are unmotivated to say the least.

You see, to be making excuses for Tim Geithner even now while not even understanding the responsibilities of the NY Fed is outright embarrassing and immoral for all the damage it causes.