Tag: TMC Politics

“America’s Lawless Empire: The Constitutional Crimes of Bush and Obama,”

Constitutional lawyer Bruce Fein and former presidential candidate and consumer advocate, Ralph Nader visited Harvard Law School to  discuss the constitutional crimes of Presidents George W. Bush and Barack H.Obama It is well worth the hour to watch if you love this country and respect the Constitution and our laws.

February 10, 2012

Ralph Nader ’58 and Bruce Fein ’72 visited Harvard Law School for a talk sponsored by the HLS Forum and the Harvard Law Record. At the event, “America’s Lawless Empire: The Constitutional Crimes of Bush and Obama,” both men discussed what they called lawless, violent practices by the White House and its agencies that have become institutionalized by both political parties. [..]

Both men took issue with the National Defense Authorization Act, which sets the budget and policies of the Department of Defense and generally expands the power of the government to fight the war on terror. The Act permits, among other practices, the indefinite detention of terrorism suspects without trial. Fein encouraged those in attendance to contact their members of congress about repealing it.

Bruce Fein has been my “hero” since he called for the simultaneous impeachment of both Bush and Cheney as a requirement of congress mandated by the Constitution and then drafted articles of impeachment of Barack Obama for the same reasons. The Constitution and its enforcement is not a spectator sport.

The Mortgage Settlement: They All Lied

Yes, they all lied, the the government and the state attorneys general, Schneiderman, too. The 49 state mortgage settlement that is  not written but was reached is not the narrow settlement that these actors would have you believe. In the Mortgage Settlement Executive Summary Section VII states:

   The proposed Release contains a broad release of the banks’ conduct related to mortgage loan servicing, foreclosure preparation, and mortgage loan origination services. Claims based on these areas of past conduct by the banks cannot be brought by state attorneys general or banking regulators.

   The Release applies only to the named bank parties. It does not extend to third parties who may have provided default or foreclosure services for the banks. Notably, claims against MERSCORP, Inc. or Mortgage Electronic Registration Systems, Inc. (MERS) are not released.

What does that mean? According to Yves Smith at naked capitalism it translates to a complete get out of jail free card

This is sufficiently general so that it is hard to be certain, but It certainly reads as if it waives chain of title issues and liability related to the use of MERS. That seems to be confirmed by the fact that made by local recorders for fees are explicitly preserved (one would not think they would need to be preserved unless they might otherwise be assumed to be waived). This is exactly the sort of release we feared would be given in a worst case scenario. The banks have gotten a huge “get out of jail free” card of bupkis.

Yves also quotes Frederick Leatherman who for a recap:

In one of his articles yesterday at Firedoglake, David Dayen mentioned that the settlement agreement has not been reduced to writing.

That is astonishing.

Let me repeat. That. Is. Astonishing.

The biggest problem with settlement agreements in particular, and all agreements in general, is reaching a so-called ‘meeting of the minds’ regarding the details and ‘chiseling them into stone’ by reducing them to writing. As I used to warn my clients when I was practicing law, we do not have an agreement until it has been reduced to writing, thoroughly reviewed, and signed by each of the parties. That has obviously not happened in this case.

Experience has taught us that humans dealing in good faith make mistakes, no matter how careful they are, and the potential for mistakes, misunderstandings and subsequent disagreements about the terms of an agreement cannot be overestimated. That potential becomes a certainty when one or more parties to an agreement is dealing in bad faith.

That, my friends, is why we have a law called the Statute of Frauds, which requires that certain types of agreements be in writing or they are invalid and unenforceable.

Yves take on Schneiderman and Biden’s involvement:

While the full terms have not been agreed upon, this seems to call into question the claim that Schneiderman got a carve-out for his MERS suit (and Biden had separately insisted that he had wanted to be able to add banks to his case against MERS).

But even with all these caveats, it’s hard to read the executive summary, which no doubt was vetted by the bank, Administration and AG sides, as meaning other than what it intends to mean: that the banks have been released of the meteor-wiping-out-the-dinosaurs-and-the-MBS-market liability they were most afraid of, that of the monstrous mess they made in their failure to convey notes as stipulated in their own contracts, and with their failure to use MERS as a mere registry, rather than a substitute for local recording offices. That in turns means that various cheerleaders for this deal, such as Mike “Settlement Release Looks Tight” Lux and Bob Kuttner have badly misled readers in their assertions that the release was narrow and the deal is good for homeowners.

The Obama administration and its advocates would have us believe that this agreement is going to help underwater homeowners and those who have been victims of foreclosure fraud. I’m not going to be delicate about this, it’s a bold faced lie. To make matters even worse Pimco’s analysis points out how this will damage pensions:

The government’s deal with banks over their foreclosure practices after 16 months of investigations is cheap for the loan servicers while costly for bond investors including pension funds, according to Pacific Investment Management Co.’s Scott Simon.

In what the U.S. called the largest federal-state civil settlement in the nation’s history, five banks including Bank of America Corp. and JPMorgan Chase & Co. yesterday committed $20 billion in various forms of mortgage relief plus payments of $5 billion to state and federal governments.

“This was a relatively cheap resolution for the banks,” said Simon, the mortgage head at Pimco, which runs the world’s largest bond fund. “A lot of the principal reductions would have happened on their loans anyway, and they’re using other people’s money to pay for a ton of this. Pension funds, 401(k)s and mutual funds are going to pick up a lot of the load.”

If anyone expects that that new panel with New York’s Attorney General Eric Schneiderman is going to ease the housing crisis and hold the banks accountable, I have some really cheap bridges for sale in California and New York.

Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

New York Times Editorial: A Responsible Budget

President Obama’s 2013 budget was greeted on Monday with Republican catcalls that it is simply a campaign document, but election-year budgets are supposed to explain priorities to voters. This one offers a clear and welcome contrast to the slashing austerity – and protect-the-wealthy priorities – favored by Republican Congressional leaders and the party’s presidential candidates.

The president’s budget calls for long-term deficit reduction, but its immediate priority is to encourage the fledgling economic recovery. Instead of trying to stabilize the budget on the backs of the poor, it would raise taxes on the wealthy and on big banks and eliminate many corporate tax loopholes. [..]

Republicans, on the other hand, would cut taxes for the rich and cut almost all of that spending, heedless of the pain that it would inflict on the economy and the millions of Americans still reeling from the downturn’s effects. In poll after poll, the public has made clear that it prefers the president’s approach of rebuilding the economy now and tackling the deficit when the fundamentals are stronger. While Republicans have counted on voters blaming Mr. Obama for the hard times, some are beginning to worry that they will be blamed for their obstructionism. That was clear on Monday when House leaders announced that they would agree to Mr. Obama’s proposal to extend the payroll tax cut for the rest of this year without insisting on drastic cuts elsewhere to pay for it.

Samhita Mukhophadyay : This Valentine’s Day, Occupy the Romantic-Industrial Complex

This Valentine’s Day, enthusiasts are expected to spend approximately $17.6 billion on romance-related goods-jewelry, cards, flowers and chocolates-a ten-year high, according to the National Retail Federation. That’s not even the whole picture, when you include all the other things that go along with the “perfect” romantic experience: heart shaped doohickeys, sexy lingerie, bikini waxes, fancy dinners, candle lit romantic massages for two, romantic getaways, puppies and couples counseling. Clearly, the economics of love is serious business.

But despite evidence of how much love costs these days and cultural norms that are evolving away from traditional gender roles in romantic relationships, the commercialization of Valentine’s Day continues to communicate traditional and conventional fantasies about gender and love. It’s what theorists call heteronormativity: the structures and norms that privilege heterosexual monogamy, while simultaneously stigmatizing behavior that deviates from this model. How is it that heteronormativity still has such a stronghold on the public imagination, despite the fact that more and more people are choosing to delay or forgo marriage or despite the fact in more and more states across the country, marriage is no longer limited to people who are straight? How has it still intact after the Kim Kardashian marital disaster saga, or the notorious marital flameouts between Kevin Federline and Britney Spears or Katy Perry and Russell Brand? How has it weathered scandal after scandal in which the most ardent supporters of “marriage between a man and a woman” are unable to stay faithful?

Michael Winship and Bill Moyers: Money Throws Democracy Overboard

Watching what’s happening to our democracy is like watching the cruise ship Costa Concordia founder and sink slowly into the sea off the coast of Italy, as the passengers, shorn of life vests, scramble for safety as best they can, while the captain trips and falls conveniently into a waiting life boat.

We are drowning here, with gaping holes torn into the hull of the ship of state from charges detonated by the owners and manipulators of capital. Their wealth has become a demonic force in politics. Nothing can stop them. Not the law, which has been written to accommodate them. Not scrutiny — they have no shame. Not a decent respect for the welfare of others — the people without means, their safety net shredded, left helpless before events beyond their control.

The obstacles facing the millennial generation didn’t just happen. Take an economy skewed to the top, low wages and missing jobs, predatory interest rates on college loans: these are politically engineered consequences of government of, by, and for the one percent. So, too, is our tax code the product of money and politics, influence and favoritism, lobbyists and the laws they draft for rented politicians to enact.

Bernard-Henri Lévy: What Is Really Happening in Athens

he Greek Parlement’s vote, during the night of Sunday to Monday, on the austerity plan the European Union demanded as a prerequisite to the release of a new installment of financial assistance was inevitable. Clearly, the alternative to the austerity plan was, in the short term, exclusion from the eurozone, leading to bankruptcy and the consequent plunge into a state of poverty even more unbearable than what the country faces today. And one finally understands that the negligence of successive governments in Athens for the past 30 years — their demagoguery, their clientelism, their bad faith, and their short-sighted policies — have forced their partners to raise their voices.

Nonetheless.

In an affair like this one, which is political as much as economic, and where the highly inflammable matter being toyed with is a people, their pride, their memory, their revolt, their survival, one would like to have seen things handled more deftly.

Mark Weisbot: President Obama’s Budget is Disappointing

Good but limited measures on tax reform are sacrificed, once again, to Obama’s eagerness to compromise on budget cuts

President Obama’s proposed budget has a few interesting proposals for reforms over the next decade. Among the best are the proposals to rescind the Bush tax cuts for households with incomes of more than $250,000, and to tax dividends for stockholders among this group as ordinary income. These and a few other proposals would sum up to a small but significant step in the opposite direction to where this country has been going for the past three decades: that is, a vast upward redistribution of income to the rich and the super-rich.

But those concerned with the immediate future are likely to be disappointed. Most Americans have to work for a living, but there are more than 25 million, or 15%, of the labor force, who are either unemployed, have given up looking for work, or are involuntarily working part time. The main reason for that is quite simple: there is not enough demand for goods and services in the economy in order to employ them.

With private demand still weak from the collapse of the housing bubble, and state and local governments still tightening their budgets and laying off workers, this leaves the federal government as the spender of last resort. But President Obama’s budget actually reduces spending, adjusted for inflation, for the coming fiscal year (2013). This means that the government will not contribute to resolving the unemployment crisis under this budget.

Ari Berman: Howard Dean Predicts Obama Re-Election, Democrats Retake House

No incumbent president since FDR has been re-elected with an unemployment rate above 8 percent. Despite that daunting precedent, an increasing number of political analysts and prominent Democratic Party figures are now bullish about President Obama’s re-election prospects. “Obama’s chances have definitely improved,” former Democratic Party chairman Howard Dean recently told me. “If Mitt Romney’s the Republican nominee, I would say it’s a one or two point win for Obama.”

Dean also likes his party’s chances at the Congressional level. “I’m predicting flat out that if Obama wins, Democrats take back the House,” he says. Other analysts have recently raised that possibility, even though GOP domination of the redistricting process gives Republicans a major edge in 2012.

Richard Dreyfuss: United States and Al Qaeda on Same Side in Syria

t’s worth noting that the United States and Al Qaeda are on the same side in Syria.

That’s not to deny that the government of Syria is conducting a brutal, no-holds-barred attack against a nationwide rebellion that is, increasingly, led by armed paramilitary forces and, well, terrorists.

But the Battle of Syria 2012 pits Saudi Arabia, Turkey, a bloc of Sunni Arab states, the Muslim Brotherhood and even Al Qaeda against Syria and the regime of President Bashar Assad, whose quasi-Shiite minority Alawite sect forms the core of his political power and who is backed by Shiite Iran. It’s no surprise that the United States, which swallowed Saudi Arabia’s ongoing vicious crackdown on the Shiite rebellion in the island Sunni kingdom of Bahrain, is on board with what increasingly looks like a Saudi- and Turkish-backed effort at forcible regime change in Damascus.

Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Paul Krugman: Severe Conservative Syndrome

Mitt Romney has a gift for words – self-destructive words. On Friday he did it again, telling the Conservative Political Action Conference that he was a “severely conservative governor.”

As Molly Ball of The Atlantic pointed out, Mr. Romney “described conservatism as if it were a disease.” Indeed. Mark Liberman, a linguistics professor at the University of Pennsylvania, provided a list of words that most commonly follow the adverb “severely”; the top five, in frequency of use, are disabled, depressed, ill, limited and injured.

That’s clearly not what Mr. Romney meant to convey. Yet if you look at the race for the G.O.P. presidential nomination, you have to wonder whether it was a Freudian slip. For something has clearly gone very wrong with modern American conservatism.

Chris Hedges: Occupy Draws Strength From the Powerless

There is a recipe for breaking popular movements. I watched it play out over five years in the war in El Salvador. I now see these familiar patterns in the assault against the Occupy movement. It goes like this. Physically eradicate the insurgents’ logistical base of operations to disrupt communication and organization. Dry up financial and material support. Create rival organizations-the group Stand for Oakland seems to be one of these attempts-to discredit and purge the rebel leadership. Infiltrate the movement to foster internal divisions and rivalries, a tactic carried out consciously, or perhaps unconsciously, by an anonymous West Coast group known as OLAASM-Occupy Los Angeles Anti Social Media. Provoke the movement-or front groups acting in the name of the movement-to carry out actions such as vandalism and physical confrontations with the police that alienate the wider populace from the insurgency. Invent atrocities and repugnant acts supposedly carried out by the movement and plant these stories in the media. Finally, offer up a political alternative. In the war in El Salvador it was Jose Napoleon Duarte. For the Occupy movement it is someone like Van Jones. And use this “reformist” to co-opt the language of the movement and promise to promote the movement’s core aims through the electoral process.  

New York Times Editorial: The Big Money Behind State Laws

It is no coincidence that so many state legislatures have spent the last year taking the same destructive actions: making it harder for minorities and other groups that support Democrats to vote, obstructing health care reform, weakening environmental regulations and breaking the spines of public- and private-sector unions. All of these efforts are being backed – in some cases, orchestrated – by a little-known conservative organization financed by millions of corporate dollars.

The American Legislative Exchange Council was founded in 1973 by the right-wing activist Paul Weyrich; its big funders include Exxon Mobil, the Olin and Scaife families and foundations tied to Koch Industries. Many of the largest corporations are represented on its board.

ALEC has written model legislation on a host of subjects dear to corporate and conservative interests, and supporting lawmakers have introduced these bills in dozens of states. A recent (pdf) study of the group’s impact in Virginia showed that more than 50 of its bills were introduced there, many practically word for word.

Alexander Keyssar: The Strange Career Of Voter Suppression

THE 2012 general election campaign is likely to be a fight for every last vote, which means that it will also be a fight over who gets to cast one.

Partisan skirmishing over election procedures has been going on in state legislatures across the country for several years. Republicans have called for cutbacks in early voting, an end to same-day registration, higher hurdles for ex-felons, the presentation of proof-of-citizenship documents and regulations discouraging registration drives. The centerpiece of this effort has been a national campaign to require voters to present particular photo ID documents at the polls. Characterized as innocuous reforms to preserve election integrity, beefed-up ID requirements have passed in more than a dozen states since 2005 and are still being considered in more than 20 others.

Opponents of the laws, mostly Democrats, claim that they are intended to reduce the participation of the young, of the poor and of minorities, who are most likely to lack government-issued IDs – and also most likely to vote Democratic.

Conflict over exercising the right to vote has been a longstanding theme in our history. The overarching trend, which we celebrate, has been greater inclusion: property requirements were dropped; racial barriers were formally eliminated; women were enfranchised.

Katherine Stewart: The New Anti-Science Assault on US Schools

In a disturbing trend, anti-evolution campaigners are combining with climate change deniers to undermine public education

You might have thought it was all over after the 2005 decision by the US district court of Middle Pennsylvania (pdf), which ruled in the case of the Dover Area schools that teaching intelligent design is unconstitutional. You might have guessed that they wouldn’t come back after the 1987 US supreme court decision in Edwards v Aguillard, which deemed the teaching of creationism in Louisiana schools unconstitutional. Or maybe you figured that the opponents of evolution had their Waterloo in the 1925 Scopes “monkey” trial in Tennessee.

They are back. There are six bills aimed at undermining the teaching of evolution before state legislatures this year: two each in New Hampshire and Missouri, one each in Indiana and Oklahoma. And it’s only February.

John Nichols: Backward Walker: Koch Brothers, ALEC, Puppet Governor Renew the Reagan Delusion

In February, 2011, Scott Walker was just another Republican governor. A favorite of Newt Gingrich, billionaire Tea Partisans Charles and David Koch and wealthy advocates for privatization of education, the Wisconsinite had his national fans on the conservative circuit. But he was not a player, and no one (except perhaps Walker) thought he was headed for the national spotlight. Among the Republican governors ushered into power by the Republican wave of 2010, he was ranked with the “assistant Walmart manager” group of drab mandarins, along with Iowa’s Terry Branstad, South Dakota’s Dennis Daugaard and Oklahoma’s Mary Fallin. He didn’t have the national stature of Ohio’s John Kasich or Kansan Sam Brownback, nor the wild-eyed “say anything” appeal of Arizona’s Jan Brewer or Maine’s Paul LePage.

Yet, when the nation’s most prominent right-wing operatives and reactionary Republicans gathered for the Friday night keynote speech that is always the centerpiece of a Conservative Political Action Conference, it was not a Republican presidential candidates, nor a Congressional leader who was standing at the podium. It was Scott Walker.

Afghanistan: Dereliction of Duty

The Afghanistan Report the Pentagon Doesn’t Want You to Read

Dereliction of Duty draft pdf

Truth, lies and Afghanistan

How military leaders have let us down

By LT. COL. DANIEL L. DAVIS

In Afghan War, Officer Becomes a Whistle-Blower

By SCOTT SHANE

Lt. Col. Daniel Davis’ Truth-Telling Continues: Long Report Published by Rolling Stone

by Jim White

Col. Davis Goes to Washington: A One-Man Battle for Truth-Telling About Afghanistan

by Jim White

Honorable Military Whistleblower: Why Daniel Davis Is and Bradley Manning Is Not

by bmaz

Greece Is Burning

Greek Parliament Passes Austerity Plan as Riots Rage

ATHENS – After violent protests left dozens of buildings aflame in Athens, the Greek Parliament voted early on Monday to approve a package of harsh austerity measures demanded by the country’s foreign lenders in exchange for new loans to keep Greece from defaulting on its debt.

Though it came after days of intense debate and the resignation of several ministers in protest, in the end the vote on the austerity measures was not close: 199 in favor and 74 opposed, with 27 abstentions or blank ballots. The Parliament also gave the government the authority to sign a new loan agreement with the foreign lenders and approve a broader arrangement to reduce the amount Greece must repay to its bondholders.  [..]

But the chaos on the streets of Athens, where more than 80,000 people turned out to protest on Sunday, and in other cities across Greece reflected a growing dread – certainly among Greeks, but also among economists and perhaps even European officials – that the sharp belt-tightening and the bailout money it brings will still not be enough to keep the count

The killing of Greece

By Delusional Economics

What makes the situation completely surreal are the numbers. Greek debt in 2008 was approximately 260bn Euro. The first bailout was 110bn, the current one, that appears to be tearing the country apart, is 130bn. Add in the PSI+ haircut of approximately 100bn ( after sweetener deduction ) and you realized that Europe could have simply paid the entire bill in 2008 and saved itself 80bn Euro. Ok, that is an oversimplification of the problem but you can see my point.

However now, after 340bn Euros, Greece is still has an unmanageable debt, is in a far worse position than it was 3 years ago and it appears the country itself is coming apart at the seams.

So basically the Greek politicians and the other Eurocrats took a quarter of a billion euro problem and turned it into a existential trillion Euro one. Worst still their refusal to work cooperatively and misguided policies based around “expansionary fiscal contraction” have plunged Greece into a depression which threatens contagion to other weak economies. Yet at this point I can see absolutely no data suggesting the country is in any way more competitive than it was 3 years ago.

Greece – A Default is Better Than the Deal on Offer

By Marshall Auerback

Pick your poison. In the words of Greek Finance Minister Evangelos Venizelos, the choice facing Greece today in the wake of its deal with the so-called “Troika” (the ECB, IMF, and EU) is “to choose between difficult decisions and decisions even more difficult. We unfortunately have to choose between sacrifice and even greater sacrifices in incomparably more dearly.” Of course, Venizelos implied that failure to accept the latest offer by the Troika is the lesser of two sacrifices. And the markets appeared to agree, selling off on news that the deal struck between the two parties was coming unstuck after weeks of building up expectations of an imminent conclusion.

In our view, the market’s judgment is wrong: an outright default might ultimately prove the better tonic for both Greece and the euro zone.

The only questions that remain to be resolved are these: have all of the parties begun preparations to mitigate the ultimate impact of an outright default by Athens? And will the ECB be sufficiently aggressive in combating the inevitable speculative attacks on the other members of the euro zone periphery, which are almost certain to ensue, once Greece is “resolved” one way or the other.

Greek Bailout Deal, With More Austerity, Poised to Pass Parliament Amid Riots

I’m curious what record unemployment and poverty, bonfires and 100,000 protesters in front of Parliament is, then, if not uncontrollable economic chaos and a social explosion. And Papademos added, strangely, that the deal would allow Greece to return to economic growth in late 2013. I don’t know where this claim was pulled from. Austerity has only brought a deeper recession – and a higher debt-to-GDP ratio – thus far.

About 20 members of the coalition of parties – which control 236 of the 300 seats in Parliament – said they would not agree to the deal. But this leaves a healthy cushion for success. Three members of the Socialists resigned from their party after the bailout terms were announced.

European finance ministers would not agree to bailout terms until Greece passed them first in the Parliament, as they have run out of patience with the Greek’s ability to abide by prior deals. The deal would pave the way for a work-out with Greece’s creditors that would include a nearly 70% haircut on existing debt. European leaders hope this will be seen as a “voluntary” reduction and not a default event that would trigger credit default swaps, but leading rating agencies have already said they won’t see it that way.

Yes, this is a mess with wide ranging global impact.

The Mortgage Settlement: Not Settled Yet

So one has yet seen the final agreement between the banks and the state attorneys general and it may be awhile before we do. And as Yves Smith at naked capitalism stated “You know it’s bad when banks are the most truthful guys in the room“:

Remember that historical mortgage settlement deal that was the lead news story on Thursday? It has been widely depicted as a done deal. The various AGs who had been holdouts said their concerns had been satisfied.

But in fact, Bank of America’s press release said that the deal was “agreements in principle” as opposed to a final agreement. The Charlotte bank had to be more precise than politicians because it is subject to SEC regulations about the accuracy of its disclosures. And if you read the template for the AG press release carefully, you can see how it finesses where the pact stands. And today, American Banker confirmed that the settlement pact is far from done, and the details will be kept from the public as long as possible, until it is filed in Federal court (because it includes injunctive relief, a judge must bless the agreement).

This may not sound all that important to laypeople, but most negotiators and attorneys will react viscerally to how negligent the behavior of the AGs has been. The most common reaction among lawyers I know who been with white shoe firms (including former partners) is “shocking”.

In fact as the American Banker points out the document does not exist:

More than a day after the announcement of a mammoth national mortgage servicing settlement, the actual terms of the deal still aren’t public. The website created for the national settlement lists the document as “coming soon.”

That’s because a fully authorized, legally binding deal has not been inked yet.

The implication of this is hard to say. Spokespersons for both the Iowa attorney general’s office and the Department of Justice both told American Banker that the actual settlement will not be made public until it is submitted to a court. A representative for the North Carolina attorney general downplayed the significance of the document’s non-final status, saying that the terms were already fixed. [..]

Other sources who spoke with American Banker raised doubts that everything is yet in place. A person familiar with the mortgage servicing pact says that a settlement term sheet does not yet exist. Instead, there are a series of nearly-complete documents that will be attached to a consent judgment eventually filed with the court. That truly final version will include things such as servicing standards, consumer relief options, legal releases, and enforcement terms. There will likely be separate state and a federal versions of the release.

Some who talked to American Banker said that the political pressure to announce the settlement drove the timing, in effect putting the press release cart in front of the settlement horse.

Whatever the reason for the document’s continued non-appearance, the lack of a public final settlement is already the cause for disgruntlement among those who closely follow the banking industry. Quite simply, the actual terms of a settlement matter. [..]

“The devil’s in the details,” says Ron Glancz, chairman of law firm Venable LLP’s Financial Services Group. “Until you see the document you’re never quite sure what your rights are.”

“It’s frustrating,” agrees Stern Agee analyst John Nadel. “But it’s not unlike anything else that’s been going on in financial reform generally, is it?” [..]

“It is hard for me to believe that they would have gone public in the way that they did if they didn’t have it all worked out. But it is unusual that we don’t have a copy of the settlement yet,” says Diane Thompson, an attorney for the National Consumer Law Center.

A spokesperson from the South Carolina AG’s office told American Banker that when the agreement is finalized it would be posted to this website “nationalmortgagesettlement.com,” which raised some eyebrows. David Dayen at FDL News Desk questioned why .com and not .org? Dayen also pointed out that by not having all the details ironed out is “just a shocking abdication of responsibility”:

This is incredible. The Administration, the AGs, everyone involved in this made a big show of an agreement reached on foreclosure fraud. But there is no piece of paper with the agreement on it. There’s no term sheet. There are just agreements in principle.

There’s a HUGE difference between an agreement in principle and the actual terms. I mean night and day. The Dodd-Frank bill was for all intents and purposes an agreement in principle. It left to the federal regulators to write hundreds of rules. And we have seen how that process of implementation has faltered on several key points. But the Administration wanted to announce a “big deal,” the details be damned. And they got buy-in from the AGs. Everyone else stayed silent.

Yves Smith appeared with Amy Goodman and Juan Gonzalez on Democracy Now to discuss just how bad this deal is.

The U.S. Justice Department has unveiled a record mortgage settlement with the nation’s five largest banks to resolve claims over faulty foreclosures and mortgage practices that have indebted and displaced homeowners and sunk the nation’s economy. While the deal is being described as a $25 billion settlement, the banks will only have to pay out a total of $5 billion in cash between them. We speak to one of the settlement’s most prominent critics, Yves Smith, a longtime financial analyst who runs the popular finance website, “Naked Capitalism.” “The settlement, on the surface, does look like it is helping homeowners,” Smith says. “But in fact, the bigger part that most people don’t recognize is the way it actually helps the banks with mortgages on their own books. … The real problem is that this deal is just not going to give that much relief.”

Yes, this could be a lot worse and won’t address the needs of the underwater homeowners or those who lost their homes through fraud.

Punting the Pundits: Sunday Preview Edition

Punting the Punditsis an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

The Sunday Talking Heads:

Up with Chris Hayes: Sunday’s guests are Rep. John Sarbanes (D-MD) (@johnsarbanes), Congressman from Maryland’s third district since 2007, member of Committee on Natural Resources and Committee on Science, Space, and Technology; Jared Bernstein (@econjared), Former Chief Economist & Economic Policy Advisor to Vice President Biden, and Senior Fellow at the Center on Budget & Policy Priorities; Zephyr Teachout (@zephyrteachout), Associate Professor of Law at Fordham University School of Law and Visiting Assistant Professor of Public Policy at the Harvard Kennedy School; Errol Louis (@errollouis), Host of “Inside City Hall” on NY1 News; and Karam Nachar (@knachar), Cyber-activist working with Syrian opposition and Ph.D. candidate at Princeton University.

This Week with George Stephanopolis: George will interview former Pennsylvania Sen. Rick Santorum, White House Chief of Staff Jack Lew, and House Budget Committee Chairman Rep. Paul Ryan (R-WI). On the roundtable panel are ABC’s George Will, political strategist and ABC News contributor Donna Brazile, Fox News contributor and co-founder of Keep America Safe Liz Cheney, and Washington Post columnist David Ignatius.

Face the Nation with Bob Schieffer: Joining Bob this Sunday are GOP presidential candidate Rep. Ron Paul (R-TX), Minority Leader Sen. Mitch McConnell (R-KY), White House Chief of Staff Jack Lew, and Deputy National Security Adviser Ben Rhodes.

The Chris Matthews Show: This week’s guests Gloria Borger, CNN Senior Political Analyst, Kathleen Parker, The Washington Post Columnist, Clarence Page, Chicago Tribune Columnist and John Heilemann New York Magazine National Political Correspondent.

Meet the Press with David Gregory: This Sunday David Gregory’s guests are GOP hopeful former Pennsylvania Sen. Rick Santorum and White House Chief of Staff Jack Lew. The round table panel guests are the head of the Super PAC supporting Pres. Obama, Bill Burton; Wall Street Journal‘s Peggy Noonan; Washington Post‘s EJ Dionne, and MSNBC‘s Joe Scarborough.

State of the Union with Candy Crowley: Ms. Crowley’s guests are White House Chief of Staff Jack Lew (Lew will need a long nap after all these stops), Republican presidential candidate Rick Santorum, Sen. Joseph Lieberman (I-CT), CNN‘s Senior Congressional Correspondent Dana Bash, and Time Magazine‘s Washington Bureau Chief Mike Duffy.

Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

New York Times Editorial: The Freedom to Choose Birth Control

In response to a phony crisis over “religious liberty” engendered by the right, President Obama seems to have stood his ground on an essential principle – free access to birth control for any woman. That access, along with the ability to receive family planning and preventive health services, was at the foundation of health care reform. [..]

Nonetheless, it was dismaying to see the president lend any credence to the misbegotten notion that providing access to contraceptives violated the freedom of any religious institution. Churches are given complete freedom by the Constitution to preach that birth control is immoral, but they have not been given the right to laws that would deprive their followers or employees of the right to disagree with that teaching.

Richard D. Wolff: This Is No Bailout for Main Street America

In reality, a $25bn mortgage deal with banks is a drop in the ocean – given US homeowners’ $700bn of negative equity.

Big announcements of breakthrough legislative deals during election campaigns should be taken with huge grains of salt. Generally more rhetoric than reality, they sometimes contain real concessions made by politicians seeking votes. So it is with Thursday’s Washington announcement of $25bn to help homeowners. Something significant is happening, but it lies below the surface of the headlines.

Typically, modern governments intervene in two ways when – as has been true since 2007 – free-enterprise capitalist economies produce particularly bad versions of their recurring economic “downturns”. One economic policy is aptly called “trickle down” economics. It involves throwing heaps of money at the top of the economic pyramid – to mammoth banks, insurance companies, and other corporations at or near economic collapse. Policy-makers hope that such help for these institutions will revive their activity and thereby trickle down – as credit and orders for medium-sized and small businesses, and then, finally, to jobs and maybe wage increases for the majority of workers.

Rachel Maddow: War on birth control

The right has picked a fight on this issue because religiosity is a convenient partisan cudgel to use against Democrats in an election year. Despite that, some Democrats and even some liberals have embraced their logic. The thinking inside the Beltway seems to be that religious voters will turn against Democrats unless the White House drops the basic idea that insurance should cover contraception.

Time will tell on the political impact of this fight, but the relevant political context here is more than just a 2012 measure of Catholic bishops’ influence on moral issues. It’s also this year’s mainstream Republican embrace of an antiabortion movement that no longer just marches on the anniversary of Roe v. Wade to criminalize abortion; it now marches on the anniversary of Griswold v. Connecticut, holding signs that say “The Pill Kills.”

William Rivers Pitt: When Clint Eastwood Mocks You, You’re Officially Screwed

I ain’t happy

I’m feeling glad

I got sunshine

In a bag

I’m useless

But not for long

The future

Is coming on…

– Gorillaz, “Clint Eastwood”

You know the wheels have come off the GOP wagon when the Republicans feel compelled to accuse Clint Eastwood of being a shill for the president, but that is precisely what has transpired. Eastwood, who is nobody’s Democrat by any stretch of the imagination, starred in a stirring Super Bowl commercial for Chrysler about the resurgence of Detroit’s auto industry that was, in essence, a gravel-voiced pep talk for all of America. Speaking personally, the commercial made me want to run full-tilt through a stone wall…and then buy a Chrysler, which is quite a confession, as I pride myself on being utterly immune to advertising.

Reaction from the Republican Right was both swift and hilarious. Apparently, and according to the GOP, Dirty Harry is a dirty liberal hippy socialist communist who hates America and is in the pocket of our birthplace-questionable president…but the GOP found itself struggling to be coherent in its critique.

Paul Krugman: The Whole Truth – and Nothing but

The criterion, according to Politifact, seems to be that a fact isn’t a fact if it helps a Democratic narrative. In his State of the Union address on Jan. 24, President Obama said: “In the last 22 months, businesses have created more than three million jobs. Last year, they created the most jobs since 2005.”

Which is just true. Period. But Politifact initially rated it as only “half true” because he was “essentially taking credit for job growth.” He didn’t actually take credit – and even if he had, a fact is still a fact.  I do not think that word means what Politifact thinks it means.

Robert Reich: The Sad Spectacle of Obama’s Super PAC

It has been said there is no high ground in American politics since any politician who claims it is likely to be gunned down by those firing from the trenches. That’s how the Obama team justifies its decision to endorse a super PAC that can raise and spend unlimited sums for his campaign.

Baloney. Good ends don’t justify corrupt means.

I understand the White House’s concerns. Obama is a proven fundraiser – he cobbled together an unprecedented $745 million for the 2008 election and has already raised $224 million for this one. But his aides figure Romney can raise almost as much, and they fear an additional $500 million or more will be funneled to Romney by a relative handful of rich individuals and corporations through right-wing super PACS like “American Crossroads.”

David Graeber: Concerning the Violent Peace-Police: An Open Letter to Chris Hedges

In response to “The Cancer in Occupy,” by Chris Hedges.

I am writing this on the premise that you are a well-meaning person who wishes Occupy Wall Street to succeed. I am also writing as someone who was deeply involved in the early stages of planning Occupy in New York.

I am also an anarchist who has participated in many Black Blocs. While I have never personally engaged in acts of property destruction, I have on more than one occasion taken part in Blocs where property damage has occurred. (I have taken part in even more Blocs that did not engage in such tactics. It is a common fallacy that this is what Black Blocs are all about. It isn’t.)

I was hardly the only Black Bloc veteran who took part in planning the initial strategy for Occupy Wall Street. In fact, anarchists like myself were the real core of the group that came up with the idea of occupying Zuccotti Park, the “99%” slogan, the General Assembly process, and, in fact, who collectively decided that we would adopt a strategy of Gandhian non-violence and eschew acts of property damage. Many of us had taken part in Black Blocs. We just didn’t feel that was an appropriate tactic for the situation we were in.

Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Paul Krugman: Money and Morals

Lately inequality has re-entered the national conversation. Occupy Wall Street gave the issue visibility, while the Congressional Budget Office supplied hard data on the widening income gap. And the myth of a classless society has been exposed: Among rich countries, America stands out as the place where economic and social status is most likely to be inherited.

So you knew what was going to happen next. Suddenly, conservatives are telling us that it’s not really about money; it’s about morals. Never mind wage stagnation and all that, the real problem is the collapse of working-class family values, which is somehow the fault of liberals.

But is it really all about morals? No, it’s mainly about money.

Bill Boyarsky: Judge Puts Heart Into Prop. 8 Ruling

In throwing out California’s notorious Proposition 8, which bans same-sex marriage, appellate Judge Stephen Reinhardt showed the heart of a romantic and humor in a ringing defense of the often-scorned institution of marriage.

Reinhardt wrote the majority opinion in the 2-1 ruling by the U.S. Ninth Circuit Court of Appeals that declared the proposition violated the Constitution. His opinion may wind up before the U.S. Supreme Court. Just how that conservative body will view an opinion by the most liberal member of the nation’s most liberal federal appellate court is unknown.

Laura Flanders: Rotten Recovery for Women

Three years ago, when President Obama signed the Lilly Ledbetter Fair Pay Restoration Act, he said:

   “It is fitting that with the very first bill I sign…we are upholding one of this nation’s first principles: that we are all created equal and each deserve a chance to pursue our own version of happiness. If we stay focused, as Lilly did, and keep standing for what’s right, as Lilly did, we will close that pay gap and ensure that our daughters have the same rights, the same chances, and the same freedom to pursue their dreams as our sons.”

To which there was much rejoicing. Since then, the picture for women regarding work, jobs, chances and dreams has grown bleaker.

Take those January jobs numbers. That official unemployment fell to 8.3 percent from 9.1 percent a year ago was cause for good cheer amongst the instant expert crowd, but the light at the end of the tunnel was harder to make out if you were female, young, old or a person of color.

Peter Van Buren: Silent State: Washington’s Campaign Against Whistle-Blowers

On January 23rd, the Obama administration charged former CIA officer John Kiriakou under the Espionage Act for disclosing classified information to journalists about the waterboarding of al-Qaeda suspects. His is just the latest prosecution in an unprecedented assault on government whistleblowers and leakers of every sort.

Kiriakou’s plight will clearly be but one more battle in a broader war to ensure that government actions and sunshine policies don’t go together. By now, there can be little doubt that government retaliation against whistleblowers is not an isolated event, nor even an agency-by-agency practice. The number of cases in play suggests an organized strategy to deprive Americans of knowledge of the more disreputable things that their government does. How it plays out in court and elsewhere will significantly affect our democracy.

Eugene Robinson: Romney’s Overriding Ambition

Criticism of Mitt Romney for lacking a coherent message is grossly unfair. He has been forthright, consistent and even eloquent in pressing home his campaign’s central theme: Mitt Romney desperately wants to be president.

Everything else seems mushy or negotiable. Romney is passionate about the need, as he sees it, to defeat President Obama-but vague or self-contradictory as to why. The lyrics of “America the Beautiful,” which Romney has recited as part of his standard campaign speech, don’t solve the mystery; Obama, too, is on record as supporting spacious skies and fruited plains.

Beyond personal ambition, what does Romney stand for? Obviously, judging by Rick Santorum’s clean sweep on Tuesday, I’m not the only one asking the question. I suspect an honest answer would be something like “situational competence”-Romney boasts of having rescued the 2002 Olympics, served as the Republican governor of one of the most Democratic states in the nation and made profitable choices about where to invest his money. But with the economy improving and the stock market soaring, Romney’s president-as-CEO argument loses whatever relevance it might have had.

David Sirota: Embracing ‘Enough’

Of all the no-no’s in contemporary America-and there are many-none has proven more taboo than the ancient doctrine of dayenu. Translated from the original Hebrew, the word roughly means “It would have been enough.” The principle is that a certain amount of a finite resource should satisfy even the gluttons among us.

I know, I know-to even mention that notion is jarring in a nation whose consumer, epicurean and economic cultures have been respectively defined by the megastore, the Big Mac and the worship of the billionaire. Considering that, it’s amazing the word “enough” still exists in the American vernacular at all. But exist it does, and more than that-the term’s morality is actually starting to suffuse the highest-profile debates in the public square.

After the financial meltdown, for example, Congress witnessed an unexpectedly spirited fight over enacting pay caps at bailed-out financial institutions. Beneath the overheated rhetoric, the brawl revolved around determining how much is enough to compensate Wall Street’s government-subsidized scam artists.

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