Newest CFTC fiasco to hit the air waves. In another reference to Judge Painter he said if he considers retiring he could not in good faith to his litigants drop his case load into the lap of Judge Levine. Imagine in 20 yrs of hearing cases never once ruling against the system. And some think gold going up for 10 yrs straight is outside the box!
NEW DEVELOPMENTS IN THE CFTC SCANDAL:
On September 17, 2010, CFTC Administrative Law Judge, George H Painter, issued a "Notice and Order" announcing his retirement from his position. In this notice Judge Painter wrote of a conspiracy at the highest levels of the CFTC (within the ENFORCEMENT DIVISION) where a long time judge of 20 years has been conspiring with past CFTC Chairs to RIG THE ENFORCEMENT OF THE LAW by NOT finding ANYONE guilty of market manipulation. Here are Judge Painter's own words:
"There are two administrative law judges at the Commodity Futures Trading Commission: myself and the Honorable Bruce Levine. On Judge Levine's first week on the job, nearly twenty years ago, he came into my office and stated that he had promised Wendy Gramm, then Chairwoman of the Commission, that we would never rule in a complainant's favor. A review of his rulings will confirm that he has fulfilled his vow. Judge Levine, in the cynical guise of enforcing the rules, forces pro se complaints to run a hostile procedural gauntlet until they lose hope, and either withdraw their complaint or settle for a pittance, regardless of the merits of the case"
A copy of Judge Painter's letter can be found below with a stamp proving that it was received and filed by the CFTC on October 13, 2010.
Needless to say I was shocked at this revelation even though I knew it was always one of either two choices: Incompetent or Corrupt. Here we have not ONE but THREE senior people at the CFTC who had knowledge of a gigantic miscarriage of justice and cover-up that is still going on. Although Judge Painter should be commended for blowing the whistle WHAT TOOK HIM SO LONG?! I am truly disgusted at the corruption at the heart of the CFTC. Judge Levine should be tried for TREASON for his involvement in this scandal.
I DEMAND a full investigation into the allegations and complete disclosure of ALL PARTIES involved. I also DEMAND that you STOP delaying the Silver Investigation that has been hung up in the ENFORCEMENT DIVISION for for two years now!
Here's the lead in from the above article. White collar crime...it pays! I think that's why Bernie was left alone for so long. They could drag him out when the going got tough and offer him up. And outing him too early would have ruined the gray train for everyone else.
Did you know that in the aftermath of the Savings and Loan (Thrifts) scandal there were more than a thousand felony convictions of financial elites? The cost of the wrongdoing associated with the rip-off and closure of nearly 800 Thrifts cost taxpayers more than $160 billion. The current sub-prime/mortgage-backed security scandal is 40 times bigger according to Economics professor William Black. That means the size of the crime is $6.4 trillion by my calculation. Can you guess how many indictments there have been on financial elites who created this enormous mess? Zero, none, nada, zip. Yes, not one single prosecution or conviction has been started of achieved.
That is simply outrageous considering the width and breadth of the many crimes committed. There was “rampant” mortgage fraud in the loan application process according to the FBI as far back as 2004. (Click here to see one of many stories of the FBI warning of mortgage fraud) There was real estate document fraud when the original Promissory Notes and loan documents were “lost.” The Promissory Notes were required to create tens of thousands of mortgage-backed securities (MBS). No “note,” no security. That is security fraud. No security means the special IRS tax treatments for the MBS’s were fraudulently obtained. That is IRS tax fraud. Because there were no documents, the rating agencies fraudulently made up triple “A” ratings for the securities. When the whole mess blew up, big banks hired foreclosure mill law firms to create forged documents. That phony paperwork was and is being used to wrongfully remove homeowners from their property. That is foreclosure fraud........
<< <i>There was “rampant” mortgage fraud in the loan application process according to the FBI as far back as 2004. >>
Here's an interesting story I remembered from my days in Vegas: TUESDAY ARRAIGNMENT: Cop charged with lying to get loan Las Vegas police began investigating Goode in January after John Runkle, the owner of a local mortgage company, sent a letter to the Clark County district attorney's office alleging that Goode had falsified loan information, according to a Las Vegas police report.
Runkle told police that, in 2004, Goode applied for a loan to buy a house near Silverado Ranch and Las Vegas boulevards from a woman named Shelly Rego, who also worked for Runkle's company. Goode didn't qualify for the $600,000 loan with her police salary alone and later said she worked for Home Theatre Drapery & Design, an interior design company, the report states.
Police discovered that Home Theatre Drapery & Design wasn't a valid business.
Runkle initially approved the loan because he knew Goode was a police lieutenant and didn't want the police to "dislike his business," the report states.
what are we going to do when this runs out?" LEE COUNTY: The U.S. Treasury Department on Monday begins a pilot program in Lee County to help homeowners with mortgage payments.
The $23-million "Florida Hardest-Hit Program," funded by stimulus dollars, is set to last 90 days.
Homeowners must be unemployed or underemployed to qualify.
The first 1,000 homeowners to apply online AND qualify will get up 18 months of mortgage assistance, or they'll get help to bring their deliquent payments up to date.
While homeowner counseling services believe the pilot program will be successful, there's worries how long it will be funded.
"The Hardest-Hit program, yes, it is here, and it's going to be a beneficial program for the people in our community and in the state of Florida, but at the same time, what are we going to do when this runs out?" said Eddie Felton, executive director of Home Ownership Resource Center.
what are we going to do when this runs out?" LEE COUNTY: The U.S. Treasury Department on Monday begins a pilot program in Lee County to help homeowners with mortgage payments.
The $23-million "Florida Hardest-Hit Program," funded by stimulus dollars, is set to last 90 days.
Homeowners must be unemployed or underemployed to qualify.
The first 1,000 homeowners to apply online AND qualify will get up 18 months of mortgage assistance, or they'll get help to bring their deliquent payments up to date.
While homeowner counseling services believe the pilot program will be successful, there's worries how long it will be funded. >>
$50G for every adult citizen to pay off any debt they like. No refundable credits-paid right to creditors. Debt had to exist before a defined point in time.
Refinancing of all mortgages for no cost at 1% for 30 years. Qualify with 28/36 ratios and a verifiable job. If you dont qualify and cant pay, youre out - thats it.
Nice video from William Black who as a federal regulator sucessfully felony prosecuted over 1,000 individuals during the S&L crisis. He pretty much covers all the basis of the current crisis. Good material on how and why we got here, and how to start fixing it all. He's pretty clear on how all of this was quite deliberate. Considering that zero investigations have been initiated so far, not a whole lot is going to change for now. Good viewing for fiat bugs and optimistic types. 14 minute run time.
$50G for every adult citizen to pay off any debt they like. No refundable credits-paid right to creditors. Debt had to exist before a defined point in time.
Refinancing of all mortgages for no cost at 1% for 30 years. Qualify with 28/36 ratios and a verifiable job. If you dont qualify and cant pay, youre out - thats it.
Start over. Problem fixed. >>
Nice, except . . .
If you have no debt and no mortgage - in other words, if you have behaved responsibly - sorry, you're not welcome at this party.
However, if you maxed out your credit cards on vacations and other luxuries, and bought an upscale home by taking out a mortgage you couldn't afford except at ridiculously low interest rates - congratulations, you're a winner!!
Problem fixed. No one in their right mind will have any further motivation to behave responsibly if this is their reward.
you know there is NOTHING in any of the fixes proposed for the "responsible" guy. "responsible guys" are the minority. there is nothing in it for the fiscally responible minority.
Why should we reward the banks and bail them out. Let them take their hit and start over.
Next time the irresponsible one's don't get credit. Cut them free.
If you have no debt and no mortgage - in other words, if you have behaved responsibly - sorry, you're not welcome at this party.
Oh, you're at the party for sure. Who do you think is buying the goodies for this?
Why should we reward the banks and bail them out. Let them take their hit and start over.
Next time the irresponsible one's don't get credit. Cut them free.
Nothing has changed, but it's important to note that the change is still coming. These are very treacherous times. Keep an eye on France, because that's what they've got planned for over here as well.
Q: Are You Printing Money? Bernanke: Not Literally
$50G for every adult citizen to pay off any debt they like."
Yes, there is considerable clarity in this approach. If there are 350 million actual citizens (I think the actual citizen number may be just south of 300 mil) and the next round of stimulii went to the citizenry instead of the banksters to the tune of 50K for every citizen then that would equal $17.5 Billion...a paltry sum in the world of O.
You show up with verifiable citizenship status and you get 50K. Now that would result in some serious stimulation across the entire spectrum. That's the equivilent of a free new car, all credit cards paid off, cash savings in the bank, college tuition for every student, food in the pantry, new appliances, house fixed up...what's not to like. It seems that if our gov was so worried about the status quo getting by then this would certainly be a no brainer and it is also a nice way to get some serious voting bloc activity for the next election cycle.
The only problem is that the 50K would have to be actual FRN money that people could spend right now and not magical digibuks created by internal bond sales that mature in 10 years...so there you go, another plan up in smoke. Nice idea, though.
<< $50G for every adult citizen to pay off any debt they like." Yes, there is considerable clarity in this approach. If there are 350 million actual citizens (I think the actual citizen number may be just south of 300 mil) and the next round of stimulii went to the citizenry instead of the banksters to the tune of 50K for every citizen then that would equal $17.5 Billion...a paltry sum in the world of O. >>
Sorry, you're off by a factor of 1,000. Try $17.5 trillion!!
Not a bad idea if we don't mind doubling the national debt overnight.
Repeat as needed when enough people go into debt over their heads again.
<< Why should we reward the banks and bail them out. Let them take their hit and start over. >>
I agree with this sentiment, but your proposal would reward the banks big time:
<< $50G for every adult citizen to pay off any debt they like. No refundable credits-paid right to creditors. Debt had to exist before a defined point in time. >>
Creditors, as in banks and finance companies?
<< Refinancing of all mortgages for no cost at 1% for 30 years. Qualify with 28/36 ratios and a verifiable job. If you dont qualify and cant pay, youre out - thats it. >>
Assuming the refinancing is done by government, or through government guarantees, this would be another windfall for the banks, transferring the risk of millions of underwater mortgages to the taxpayers.
<< Next time the irresponsible one's don't get credit. Cut them free. >>
Not likely, when they have more votes than the responsible ones.
$50G for every adult citizen to pay off any debt they like. No refundable credits-paid right to creditors. Debt had to exist before a defined point in time.
Refinancing of all mortgages for no cost at 1% for 30 years. Qualify with 28/36 ratios and a verifiable job. If you dont qualify and cant pay, youre out - thats it.
Start over. Problem fixed. >>
Nice, except . . .
If you have no debt and no mortgage - in other words, if you have behaved responsibly - sorry, you're not welcome at this party.
However, if you maxed out your credit cards on vacations and other luxuries, and bought an upscale home by taking out a mortgage you couldn't afford except at ridiculously low interest rates - congratulations, you're a winner!!
If those who need this assistance received it, they would be in the same place 10 years from now, needing more assistance due to their irresponsible spending.
Problem fixed. No one in their right mind will have any further motivation to behave responsibly if this is their reward. >>
there are not 300 mil "adult" citizens in the US. Maybe 180 mil? But nowhere near 300 mil.
I dont think im too far off at $9 trillion
Jeez, GS is already thinking QE2 might hit $10 trillion.
So whats the issue????????????
$50G's for every adult citizen. The money does not get sent to you to spend. It must be applied to EXISTING debt (from some date in the past-maybe as of 12/31/09 for example) and paid DIRECTLY to the creditor......sort of like a online account. Once the creditor is paid, credit line is reduced or closed.
Reduce all mortgage debt to 1% interest rate, effectively refinanced for no cost and either service them thru a US Govt agency or give some bank the servicing rights for a small fee - whatever is cheaper for the US Taxpayer.
If you are in default and you cant qualify for the loan at 1% rate, using traditional 28/36 VERIFIABLE debt to Income ratios, you are out.
Certainly that $10 TRILL or so already spent/promised if placed in the hands of the consumer would have done far more good than being dumped into the bankster's rabbit hole.
there are not 300 mil "adult" citizens in the US. Maybe 180 mil? But nowhere near 300 mil.
I dont think im too far off at $9 trillion
Jeez, GS is already thinking QE2 might hit $10 trillion.
So whats the issue????????????
$50G's for every adult citizen. The money does not get sent to you to spend. It must be applied to EXISTING debt (from some date in the past-maybe as of 12/31/09 for example) and paid DIRECTLY to the creditor......sort of like a online account. Once the creditor is paid, credit line is reduced or closed.
Reduce all mortgage debt to 1% interest rate, effectively refinanced for no cost and either service them thru a US Govt agency or give some bank the servicing rights for a small fee - whatever is cheaper for the US Taxpayer.
If you are in default and you cant qualify for the loan at 1% rate, using traditional 28/36 VERIFIABLE debt to Income ratios, you are out. >>
Putting $9 trillion into the economy (by printing money out of thin air) over night equals how much inflation?
Reducing the mortgage interest rate to 1% - Who reimburses investors, who purchased mortgage loans at higher rates, for their loses? How does this affect the derivative's market?
Who pays for the $13 trillion we already owe plus the new $9 trillion? The 40% of those not paying federal taxes now will have to start paying plus the rest of us will see rates go as high as 80% and even with that, the national debt will take years to pay off plus the high tax rate will likely cause a depression as the middle class, upper class, and wealthy will have that much less to spend.
If it was that easy, governments would have implemented your ideas. Money give away and poor planning are what got us into the mess we are in now.
There is no free lunch and God forbid we let the government service every mortgage loan. That is way too much power for any government to have.
A lot of unintended consequences with your idea.
American Numismatic Association Governor 2023 to 2025 - My posts reflect my own thoughts and are not those of the ANA.My Numismatics with Kenny Twitter Page
<< <i>Who pays for the $13 trillion we already owe plus the new $9 trillion? >>
the same people who will be paying for QE2 starting in the next month.
<< <i>Reducing the mortgage interest rate to 1% - Who reimburses investors, who purchased mortgage loans at higher rates, for their loses? How does this affect the derivative's market? >>
First of all, if you own investments in the derivatives market - you should be HOPING to get anything back. We all know what is going on with these mortgages sold into trusts that were sold into two, three, four trusts.........who knows who owns them and therefore the strength of ANY security based upon their value.
<< <i>If it was that easy, governments would have implemented your ideas. Money give away and poor planning are what got us into the mess we are in now. >>
What happened was fraud at all levels. By the government enacting legislation and insuring loans where the borrower had NO financial strength, by investment firms and banks who turned a blind eye and packed those loans up for sale to investors with the AAA rating, and by the borrower - who knowingly got themselves into homes they knew they could not afford.
It's easy to start over. It's time. Across the board give away. We cant F' this up any worse than it is already.
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
Perhaps we need to bring back the manufacturing base that has been lost and stop subsidizing the military of other countries-pull out of Germany and Japan-let those countries build up their own military to protect themselves. As a taxpayer, I am tired of paying the tab for their protection-now that my healthcare, social security are now being threatened because of these government resources now being paid to protect the world. We need to stop being the policeman of the world. Not for protectionism, but isolationism.
At first read this sounds like simply another Ponzi scheme to make fiat currency look as though it is backed by something tangible. I'd be interested in reading what ya'll think of the proposal.
There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. –John Adams, 1826
Excellent commentary from Bill Gross. I agree, its OUR fault, but dont agree that Bernanke cant raise rates. Of course he can and knows he should, but is under too much pressure from the Administration. I wonder if he(Bernanke) ever asks himself, "If im in a game I cant win, should I just quit the game to avoid injury?"
Cohodk - yes, that is well put. Gross is a sensible, mainstream expert. Is anyone listening? It seems almost obvious that our demographic and debt situation make QE futile. Low interest rates and fat bank reserves will not allow debtors to spend. Bill Gross, Niail Ferguson, Ken Rogoff ... these are highly educated mainstream people, yet no one is listening ...
Ya' know...US manufacturers aren't much good at makin' gewgaws and cheap consumer stuff. The thing about the cheap consumer stuff is that we are all used to having plenty of access to cheap consumer stuff and IT'S CHEAP so we can get a lot of it. What we are good at making is food, melamine free food products, gluten free food products, and outstanding beef products to go with exceptional harvests of grains...we are the bread basket of the world and we have the infrastructure to support continued growth.
So why fight it, if the gov wants to get some of China's money, hose 'em for food products. Stop wasting money supporting cheap labor to make cheap products in the US, do something we are good at; go ag in trump spades. It could be some BS type of deal where we say that our gov costs of supporting our quality, plentiful, exceptional ag products is running a large deficit and we must put a government levy on all exported food. Jack it up, start making food at two or three times the rate we are doing now and charge two or three times what we charge for it now, let's support our food industry and stop moaning about the jobs that moved over seas. No body is in any shape to really compete with us for grains or beef so game on.
If India is paying guys $3 and hour to sit at a US company based call center then why are we trying to compete with that and moaning and groaning about how all the cheap, low margin, no benefits, drone work jobs are moving away...for every action there is an opposite and equal reaction...the only problem is we haven't reacted. We're like frozen in step and we can't move because we're trying to make the same progress in a new game with decades old rules. Send those guys into ag products, we haven't had any quantum growth in our food tech or production tech in a real long time, probably since the John Deere came out. Sure, we've got better seeds, better fertilizers and pesticides but what have we done to expand that industry? The answer has been to go to huge agriproducers that hire cheap labor and charge cheap prices for a humongous buttload of produce. Why can't we get more people in the act, give some gov stroke for going ag? There is a huge opportunity here that we simply aren't looking at.
Just a thought. It's funny how the simplest of reactions can cause a world of difference. Hey, as China gets more people that achieve a better standard of living, the first thing they are going to reach for is MORE FOOD...but it's just gotta cost more, we're literally giving away the farm here and we could be getting back a lot of our debt paper, if we had a mind to. Food, like water is precious and necessary and we treat them both poorly by taking them for granted.
Please return to your regularly scheduled programming.
An interesting series of five 10-12 minute videos on how the world's money system works...in the author's eyes of course. You won't find this in any ECON 101 course. Unfortunately there is no easy way to unwind this system. I found it interesting that the author feels that the hundreds of TRILLIONs of notional dollars in OTC derivatives is actually a huge power base for the world's largest banks to operate from. Also states that ending the FED would be a huge negative at this time for the US as it's the only reasonable conduit to funnel the world's capital into the US govt. for further distribution...and that fiat money is really worth something. Based on the way the money was paid out over the past 2 yrs, there does seem to be a worldwide scheme involved.
Food and water, shelter and clothing.....THE basics
and we live better here than 95% of the rest of the world. that is a result of getting things done (it used to be) now we are so hog-tied by our own government.
<< <i>Food and water, shelter and clothing.....THE basics
and we live better here than 95% of the rest of the world. that is a result of getting things done (it used to be) now we are so hog-tied by our own government.
why is Haiti so messed up? corruption! >>
Huh? Jeeez, No, "we" ( I am assuming that "we" means most Americans) do not live better than 95% of the world. Now successful and productive folk who live here and who live overseas have more equity and live better than 95% of Americans. And the trend is for that to continue while the middle class gets wiped off the face of the map here and the drive toward whatever their goal accelerates. ( I do not think this imbalance existed in our parents middle age, or in the 1960's or maybe even the 70's/80's so much but now? It's becoming pretty much the same as everywhere else but with a lot more debt and more debt on the way with little reason for any of this to change unless something really drastic happens and not to sound like a pessimist which I am not, that big change is going to me more of the same , not a drastic change toward more freedom. It'll be less and less )
Frankly, I don't know about you, but I will not be part of that trend no matter how successful the useful idiots or their hero's are who perpetuate this trend knowlingly or unknowlingy.
Why Haiti is so fked up is the same reason why many places here are so fked up. Lack of freedom, government corruption and theft, burdensome regulations, laziness and ignorance.
<< <i>Ya' know...US manufacturers aren't much good at makin' gewgaws and cheap consumer stuff... >>
I beg to differ. The US is great at making everything, it just costs a bit more, mostly due to the adverse business climate with all of the unions, regulations, and litigation that exist here that don't exist elsewhere.
I'm not sure we need to go 'protectionist,' but it would help greatly if all countries were on an even playing ground with freely floating currencies and no subsidies. To some extent I feel we do need to protect the economy from this unfair business advantage that an artificially low currency provides. IT would also help if we'd "let" each country buy it's own goods and not call it a WTO violation... and by this I mean that the US should almost always buy defense equipment and big ticket items (i.e., airplanes) domestically and we should acknowledge and expect that European countries will almost always buy European.
<< <i>Ya' know...US manufacturers aren't much good at makin' gewgaws and cheap consumer stuff... >>
I beg to differ. The US is great at making everything, it just costs a bit more, mostly due to the adverse business climate with all of the unions, regulations, and litigation that exist here that don't exist elsewhere.
I'm not sure we need to go 'protectionist,' but it would help greatly if all countries were on an even playing ground with freely floating currencies and no subsidies. To some extent I feel we do need to protect the economy from this unfair business advantage that an artificially low currency provides. IT would also help if we'd "let" each country buy it's own goods and not call it a WTO violation... and by this I mean that the US should almost always buy defense equipment and big ticket items (i.e., airplanes) domestically and we should acknowledge and expect that European countries will almost always buy European. >>
Hard to compete when we pay assembly line workers $25/ hr + $10/hr in benefits. Then the goods get passed to the guy in the warehouse who get paid $18/hr and $7 in benefits. And so on. Union members comprise 14% of the US workforce. Why should they dictate wages? Incredible how they managed to drive 40 million Americans into poverty.
It's beginning to be perverse that our U.S. government is trying to inflate our economy to get businesses and people spending and lift our economy. While the U.S. economy is slowly growing, inflation seems to be in emerging markets. It takes several months for Federal Reserve actions to affect the markets and inflation in emerging economies appears to be where the effects of current policies are being seen first.
Now our Fed is impatient and appears likely to dump more money into the economy soon.
I think the people in charge are confident they can keep the inflation beast under control.
Nothing like deciding a fire is too small and dumping gasoline on it.
Of course if inflation is growing in India and China I hope their wages grow too. India's wages seem much more market driven to a U.S. guy reading internet articles. China's wages may require some unrest before they rise.
Anyone with more international experience have any thoughts?
Yes, with the dollar the major reserve currency, US deficit spending supported by QE puts inflationary pressures on China and other export driven economies. This is primarily because our deficit spending promotes our trade deficit; as dollars pour into China, local Chinese businesses would like to convert some of these dollars to local currency; if the Bank of China facilitates this conversion, this results in some combination of (a) increase in yuan, which is inflationary, and (b) increase in the value of the yuan, which may hurt Chinese industry. To some extent, this can be mitigated if the Bank of China trades long term yuan denominated debt obligations for the dollars that are pouring in. Or, they can try, as the Japanese did, to direct an expanding supply of yuan towards real estate ...
Since 1945, US consumption has supported export driven growth of economies in this order (a) Europe, (b) Japan, (c) the Asian Tigers - Korea, Taiwan, Singapore, HK, (d) China & Southeast Asia, and (e) India, while most of this time also sending large amounts of dollars to the oil producing states.
We are fairly obviously getting beyond the point of sustainability of this model.
There's no inflation when you are paying the same price but for a lesser amount. Staples now for several years are getting smaller but the price is not changing drastically, but this can't be kept up and eventually prices will rise. Some diners I frequent are also making smaller portions to avoid raising prices. My Diner hasn't raised prices since around 07.
<< <i>Ya' know...US manufacturers aren't much good at makin' gewgaws and cheap consumer stuff... >>
I beg to differ. The US is great at making everything, it just costs a bit more, mostly due to the adverse business climate with all of the unions, regulations, and litigation that exist here that don't exist elsewhere.
I'm not sure we need to go 'protectionist,' but it would help greatly if all countries were on an even playing ground with freely floating currencies and no subsidies. To some extent I feel we do need to protect the economy from this unfair business advantage that an artificially low currency provides. IT would also help if we'd "let" each country buy it's own goods and not call it a WTO violation... and by this I mean that the US should almost always buy defense equipment and big ticket items (i.e., airplanes) domestically and we should acknowledge and expect that European countries will almost always buy European. >>
Hard to compete when we pay assembly line workers $25/ hr + $10/hr in benefits. Then the goods get passed to the guy in the warehouse who get paid $18/hr and $7 in benefits. And so on. Union members comprise 14% of the US workforce. Why should they dictate wages? Incredible how they managed to drive 40 million Americans into poverty. >>
Right, it was all the Unions... Imagine paying someone almost $800 to work in a warehouse, well he could, well if his wife worked too, and they scrimped and saved, hell they might even get by.
Since 1945, US consumption has supported export driven growth of economies in this order (a) Europe, (b) Japan, (c) the Asian Tigers - Korea, Taiwan, Singapore, HK, (d) China & Southeast Asia, and (e) India, while most of this time also sending large amounts of dollars to the oil producing states.
We are fairly obviously getting beyond the point of sustainability of this model.
True to form, the politicians think that they can override economic reality by forcing more consumption down our throats instead of letting the markets adjust themselves. The American middle class is being told by the political elites that they must sacrific so that the rest of the planet can consume huge amounts of resources much less efficiently than they, while the political elites feather their own nests on the side and hope that nobody notices.
Yep, the model isn't working, for a bunch of reasons.
Q: Are You Printing Money? Bernanke: Not Literally
Thought of a different way, the Fed is funding half of this year's deficit by "printing" money. Who needs to borrow when you have a printing press in the basement.
Truly I am an optimist by nature, but this is nonsensical.
Comments
NEW DEVELOPMENTS IN THE CFTC SCANDAL:
On September 17, 2010, CFTC Administrative Law Judge, George H Painter, issued a "Notice and Order" announcing his retirement from his position. In this notice Judge Painter wrote of a conspiracy at the highest levels of the CFTC (within the ENFORCEMENT DIVISION) where a long time judge of 20 years has been conspiring with past CFTC Chairs to RIG THE ENFORCEMENT OF THE LAW by NOT finding ANYONE guilty of market manipulation. Here are Judge Painter's own words:
"There are two administrative law judges at the Commodity Futures Trading Commission: myself and the Honorable Bruce Levine. On Judge Levine's first week on the job, nearly twenty years ago, he came into my office and stated that he had promised Wendy Gramm, then Chairwoman of the Commission, that we would never rule in a complainant's favor. A review of his rulings will confirm that he has fulfilled his vow. Judge Levine, in the cynical guise of enforcing the rules, forces pro se complaints to run a hostile procedural gauntlet until they lose hope, and either withdraw their complaint or settle for a pittance, regardless of the merits of the case"
A copy of Judge Painter's letter can be found below with a stamp proving that it was received and filed by the CFTC on October 13, 2010.
Needless to say I was shocked at this revelation even though I knew it was always one of either two choices: Incompetent or Corrupt. Here we have not ONE but THREE senior people at the CFTC who had knowledge of a gigantic miscarriage of justice and cover-up that is still going on. Although Judge Painter should be commended for blowing the whistle WHAT TOOK HIM SO LONG?! I am truly disgusted at the corruption at the heart of the CFTC. Judge Levine should be tried for TREASON for his involvement in this scandal.
I DEMAND a full investigation into the allegations and complete disclosure of ALL PARTIES involved. I also DEMAND that you STOP delaying the Silver Investigation that has been hung up in the ENFORCEMENT DIVISION for for two years now!
We have waited far too long for justice.
It is high time that HEADS ROLL AT THE CFTC!
I await an immediate reply to this letter.
Bix Weir
__________________
1) France
2) Shovel-Ready Jobs
3) CFTC Judge
Okay, that's all I need to know today. Gold, Silver, Platinum - pick the "no brainer" of your choice.
Oh, isn't there some banker conspiracy meeting taking place sometime this weekend? I forgot to put it on my schedule. Dang.
I knew it would happen.
Chinese Professor Video
Coin's for sale/trade.
Tom Pilitowski
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Here's the lead in from the above article. White collar crime...it pays! I think that's why Bernie was left alone for so long. They could drag him out when the going got tough and offer him up. And outing him too early would have ruined the gray train for everyone else.
Did you know that in the aftermath of the Savings and Loan (Thrifts) scandal there were more than a thousand felony convictions of financial elites? The cost of the wrongdoing associated with the rip-off and closure of nearly 800 Thrifts cost taxpayers more than $160 billion. The current sub-prime/mortgage-backed security scandal is 40 times bigger according to Economics professor William Black. That means the size of the crime is $6.4 trillion by my calculation. Can you guess how many indictments there have been on financial elites who created this enormous mess? Zero, none, nada, zip. Yes, not one single prosecution or conviction has been started of achieved.
That is simply outrageous considering the width and breadth of the many crimes committed. There was “rampant” mortgage fraud in the loan application process according to the FBI as far back as 2004. (Click here to see one of many stories of the FBI warning of mortgage fraud) There was real estate document fraud when the original Promissory Notes and loan documents were “lost.” The Promissory Notes were required to create tens of thousands of mortgage-backed securities (MBS). No “note,” no security. That is security fraud. No security means the special IRS tax treatments for the MBS’s were fraudulently obtained. That is IRS tax fraud. Because there were no documents, the rating agencies fraudulently made up triple “A” ratings for the securities. When the whole mess blew up, big banks hired foreclosure mill law firms to create forged documents. That phony paperwork was and is being used to wrongfully remove homeowners from their property. That is foreclosure fraud........
Fixing the fraud - William Black
roadrunner
<< <i>There was “rampant” mortgage fraud in the loan application process according to the FBI as far back as 2004. >>
Here's an interesting story I remembered from my days in Vegas:
TUESDAY ARRAIGNMENT: Cop charged with lying to get loan
Las Vegas police began investigating Goode in January after John Runkle, the owner of a local mortgage company, sent a letter to the Clark County district attorney's office alleging that Goode had falsified loan information, according to a Las Vegas police report.
Runkle told police that, in 2004, Goode applied for a loan to buy a house near Silverado Ranch and Las Vegas boulevards from a woman named Shelly Rego, who also worked for Runkle's company. Goode didn't qualify for the $600,000 loan with her police salary alone and later said she worked for Home Theatre Drapery & Design, an interior design company, the report states.
Police discovered that Home Theatre Drapery & Design wasn't a valid business.
Runkle initially approved the loan because he knew Goode was a police lieutenant and didn't want the police to "dislike his business," the report states.
what are we going to do when this runs out?"
LEE COUNTY: The U.S. Treasury Department on Monday begins a pilot program in Lee County to help homeowners with mortgage payments.
The $23-million "Florida Hardest-Hit Program," funded by stimulus dollars, is set to last 90 days.
Homeowners must be unemployed or underemployed to qualify.
The first 1,000 homeowners to apply online AND qualify will get up 18 months of mortgage assistance, or they'll get help to bring their deliquent payments up to date.
While homeowner counseling services believe the pilot program will be successful, there's worries how long it will be funded.
"The Hardest-Hit program, yes, it is here, and it's going to be a beneficial program for the people in our community and in the state of Florida, but at the same time, what are we going to do when this runs out?" said Eddie Felton, executive director of Home Ownership Resource Center.
what are we going to do when this runs out
Sorry, this IS the fking twilight zone.
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<< <i>Some SW Fla by way of the midwest news:
what are we going to do when this runs out?"
LEE COUNTY: The U.S. Treasury Department on Monday begins a pilot program in Lee County to help homeowners with mortgage payments.
The $23-million "Florida Hardest-Hit Program," funded by stimulus dollars, is set to last 90 days.
Homeowners must be unemployed or underemployed to qualify.
The first 1,000 homeowners to apply online AND qualify will get up 18 months of mortgage assistance, or they'll get help to bring their deliquent payments up to date.
While homeowner counseling services believe the pilot program will be successful, there's worries how long it will be funded. >>
Free money! Free Money! Get your Free money Here!
$50G for every adult citizen to pay off any debt they like. No refundable credits-paid right to creditors. Debt had to exist before a defined point in time.
Refinancing of all mortgages for no cost at 1% for 30 years. Qualify with 28/36 ratios and a verifiable job. If you dont qualify and cant pay, youre out - thats it.
Start over. Problem fixed.
Nice video from William Black who as a federal regulator sucessfully felony prosecuted over 1,000 individuals during the S&L crisis. He pretty much covers all the basis of the current crisis. Good material on how and why we got here, and how to start fixing it all. He's pretty clear on how all of this was quite deliberate. Considering that zero investigations have been initiated so far, not a whole lot is going to change for now. Good viewing for fiat bugs and optimistic types. 14 minute run time.
Without control of long term interest rates - much of the above would not have been possible
roadrunner
<< <i>lets just cut through the bs.............
$50G for every adult citizen to pay off any debt they like. No refundable credits-paid right to creditors. Debt had to exist before a defined point in time.
Refinancing of all mortgages for no cost at 1% for 30 years. Qualify with 28/36 ratios and a verifiable job. If you dont qualify and cant pay, youre out - thats it.
Start over. Problem fixed. >>
Nice, except . . .
If you have no debt and no mortgage - in other words, if you have behaved responsibly - sorry, you're not welcome at this party.
However, if you maxed out your credit cards on vacations and other luxuries, and bought an upscale home by taking out a mortgage you couldn't afford except at ridiculously low interest rates - congratulations, you're a winner!!
Problem fixed. No one in their right mind will have any further motivation to behave responsibly if this is their reward.
My Adolph A. Weinman signature
Only $4T. For now...
you know there is NOTHING in any of the fixes proposed for the "responsible" guy. "responsible guys" are the minority. there is nothing in it for the fiscally responible minority.
Why should we reward the banks and bail them out. Let them take their hit and start over.
Next time the irresponsible one's don't get credit. Cut them free.
Oh, you're at the party for sure. Who do you think is buying the goodies for this?
Why should we reward the banks and bail them out. Let them take their hit and start over.
Next time the irresponsible one's don't get credit. Cut them free.
Nothing has changed, but it's important to note that the change is still coming. These are very treacherous times. Keep an eye on France, because that's what they've got planned for over here as well.
I knew it would happen.
$50G for every adult citizen to pay off any debt they like."
Yes, there is considerable clarity in this approach. If there are 350 million actual citizens (I think the actual citizen number may be just south of 300 mil) and the next round of stimulii went to the citizenry instead of the banksters to the tune of 50K for every citizen then that would equal $17.5 Billion...a paltry sum in the world of O.
You show up with verifiable citizenship status and you get 50K. Now that would result in some serious stimulation across the entire spectrum. That's the equivilent of a free new car, all credit cards paid off, cash savings in the bank, college tuition for every student, food in the pantry, new appliances, house fixed up...what's not to like. It seems that if our gov was so worried about the status quo getting by then this would certainly be a no brainer and it is also a nice way to get some serious voting bloc activity for the next election cycle.
The only problem is that the 50K would have to be actual FRN money that people could spend right now and not magical digibuks created by internal bond sales that mature in 10 years...so there you go, another plan up in smoke. Nice idea, though.
Oops...spelling edit
Sorry, you're off by a factor of 1,000. Try $17.5 trillion!!
Not a bad idea if we don't mind doubling the national debt overnight.
Repeat as needed when enough people go into debt over their heads again.
My Adolph A. Weinman signature
I agree with this sentiment, but your proposal would reward the banks big time:
<< $50G for every adult citizen to pay off any debt they like. No refundable credits-paid right to creditors. Debt had to exist before a defined point in time. >>
Creditors, as in banks and finance companies?
<< Refinancing of all mortgages for no cost at 1% for 30 years. Qualify with 28/36 ratios and a verifiable job. If you dont qualify and cant pay, youre out - thats it. >>
Assuming the refinancing is done by government, or through government guarantees, this would be another windfall for the banks, transferring the risk of millions of underwater mortgages to the taxpayers.
<< Next time the irresponsible one's don't get credit. Cut them free. >>
Not likely, when they have more votes than the responsible ones.
My Adolph A. Weinman signature
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<< <i>
<< <i>lets just cut through the bs.............
$50G for every adult citizen to pay off any debt they like. No refundable credits-paid right to creditors. Debt had to exist before a defined point in time.
Refinancing of all mortgages for no cost at 1% for 30 years. Qualify with 28/36 ratios and a verifiable job. If you dont qualify and cant pay, youre out - thats it.
Start over. Problem fixed. >>
Nice, except . . .
If you have no debt and no mortgage - in other words, if you have behaved responsibly - sorry, you're not welcome at this party.
However, if you maxed out your credit cards on vacations and other luxuries, and bought an upscale home by taking out a mortgage you couldn't afford except at ridiculously low interest rates - congratulations, you're a winner!!
If those who need this assistance received it, they would be in the same place 10 years from now, needing more assistance due to their irresponsible spending.
Problem fixed. No one in their right mind will have any further motivation to behave responsibly if this is their reward. >>
>
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there are not 300 mil "adult" citizens in the US. Maybe 180 mil? But nowhere near 300 mil.
I dont think im too far off at $9 trillion
Jeez, GS is already thinking QE2 might hit $10 trillion.
So whats the issue????????????
$50G's for every adult citizen. The money does not get sent to you to spend. It must be applied to EXISTING debt (from some date in the past-maybe as of 12/31/09 for example) and paid DIRECTLY to the creditor......sort of like a online account. Once the creditor is paid, credit line is reduced or closed.
Reduce all mortgage debt to 1% interest rate, effectively refinanced for no cost and either service them thru a US Govt agency or give some bank the servicing rights for a small fee - whatever is cheaper for the US Taxpayer.
If you are in default and you cant qualify for the loan at 1% rate, using traditional 28/36 VERIFIABLE debt to Income ratios, you are out.
roadrunner
<< <i>guys -
there are not 300 mil "adult" citizens in the US. Maybe 180 mil? But nowhere near 300 mil.
I dont think im too far off at $9 trillion
Jeez, GS is already thinking QE2 might hit $10 trillion.
So whats the issue????????????
$50G's for every adult citizen. The money does not get sent to you to spend. It must be applied to EXISTING debt (from some date in the past-maybe as of 12/31/09 for example) and paid DIRECTLY to the creditor......sort of like a online account. Once the creditor is paid, credit line is reduced or closed.
Reduce all mortgage debt to 1% interest rate, effectively refinanced for no cost and either service them thru a US Govt agency or give some bank the servicing rights for a small fee - whatever is cheaper for the US Taxpayer.
If you are in default and you cant qualify for the loan at 1% rate, using traditional 28/36 VERIFIABLE debt to Income ratios, you are out. >>
Putting $9 trillion into the economy (by printing money out of thin air) over night equals how much inflation?
Reducing the mortgage interest rate to 1% - Who reimburses investors, who purchased mortgage loans at higher rates, for their loses? How does this affect the derivative's market?
Who pays for the $13 trillion we already owe plus the new $9 trillion? The 40% of those not paying federal taxes now will have to start paying plus the rest of us will see rates go as high as 80% and even with that, the national debt will take years to pay off plus the high tax rate will likely cause a depression as the middle class, upper class, and wealthy will have that much less to spend.
If it was that easy, governments would have implemented your ideas. Money give away and poor planning are what got us into the mess we are in now.
There is no free lunch and God forbid we let the government service every mortgage loan. That is way too much power for any government to have.
A lot of unintended consequences with your idea.
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<< <i>Who pays for the $13 trillion we already owe plus the new $9 trillion? >>
the same people who will be paying for QE2 starting in the next month.
<< <i>Reducing the mortgage interest rate to 1% - Who reimburses investors, who purchased mortgage loans at higher rates, for their loses? How does this affect the derivative's market? >>
First of all, if you own investments in the derivatives market - you should be HOPING to get anything back. We all know what is going on with these mortgages sold into trusts that were sold into two, three, four trusts.........who knows who owns them and therefore the strength of ANY security based upon their value.
<< <i>If it was that easy, governments would have implemented your ideas. Money give away and poor planning are what got us into the mess we are in now. >>
What happened was fraud at all levels. By the government enacting legislation and insuring loans where the borrower had NO financial strength, by investment firms and banks who turned a blind eye and packed those loans up for sale to investors with the AAA rating, and by the borrower - who knowingly got themselves into homes they knew they could not afford.
It's easy to start over. It's time. Across the board give away. We cant F' this up any worse than it is already.
Wanna bet?
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"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
Perhaps we need to bring back the manufacturing base that has been lost and stop subsidizing the military of other countries-pull out of Germany and Japan-let those countries build up their own military to protect themselves. As a taxpayer, I am tired of paying the tab for their protection-now that my healthcare, social security are now being threatened because of these government resources now being paid to protect the world. We need to stop being the policeman of the world. Not for protectionism, but isolationism.
Box of 20
At first read this sounds like simply another Ponzi scheme to make fiat currency look as though it is backed by something tangible. I'd be interested in reading what ya'll think of the proposal.
–John Adams, 1826
<< <i>Free trade has failed the U.S. >>
No, we have failed free trade. We have is not free trade, we haven't had it in decades.
Gobble Gobble
Knowledge is the enemy of fear
30 Reasons
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Tom Pilitowski
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So why fight it, if the gov wants to get some of China's money, hose 'em for food products. Stop wasting money supporting cheap labor to make cheap products in the US, do something we are good at; go ag in trump spades. It could be some BS type of deal where we say that our gov costs of supporting our quality, plentiful, exceptional ag products is running a large deficit and we must put a government levy on all exported food. Jack it up, start making food at two or three times the rate we are doing now and charge two or three times what we charge for it now, let's support our food industry and stop moaning about the jobs that moved over seas. No body is in any shape to really compete with us for grains or beef so game on.
If India is paying guys $3 and hour to sit at a US company based call center then why are we trying to compete with that and moaning and groaning about how all the cheap, low margin, no benefits, drone work jobs are moving away...for every action there is an opposite and equal reaction...the only problem is we haven't reacted. We're like frozen in step and we can't move because we're trying to make the same progress in a new game with decades old rules. Send those guys into ag products, we haven't had any quantum growth in our food tech or production tech in a real long time, probably since the John Deere came out. Sure, we've got better seeds, better fertilizers and pesticides but what have we done to expand that industry? The answer has been to go to huge agriproducers that hire cheap labor and charge cheap prices for a humongous buttload of produce. Why can't we get more people in the act, give some gov stroke for going ag? There is a huge opportunity here that we simply aren't looking at.
Short read, plenty of info
John Deere tractors
Just a thought. It's funny how the simplest of reactions can cause a world of difference. Hey, as China gets more people that achieve a better standard of living, the first thing they are going to reach for is MORE FOOD...but it's just gotta cost more, we're literally giving away the farm here and we could be getting back a lot of our debt paper, if we had a mind to. Food, like water is precious and necessary and we treat them both poorly by taking them for granted.
Please return to your regularly scheduled programming.
(edited to tidy up some spelling and syntax)
debunking money myths - globalism at work
Never heard of this Council For Renewal organization before.
roadrunner
and we live better here than 95% of the rest of the world. that is a result of getting things done (it used to be) now we are so hog-tied by our own government.
why is Haiti so messed up? corruption!
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<< <i>Food and water, shelter and clothing.....THE basics
and we live better here than 95% of the rest of the world. that is a result of getting things done (it used to be) now we are so hog-tied by our own government.
why is Haiti so messed up? corruption! >>
Huh? Jeeez, No, "we" ( I am assuming that "we" means most Americans) do not live better than 95% of the world. Now successful and productive folk who live here and who live overseas have more equity and live better than 95% of Americans. And the trend is for that to continue while the middle class gets wiped off the face of the map here and the drive toward whatever their goal accelerates. ( I do not think this imbalance existed in our parents middle age, or in the 1960's or maybe even the 70's/80's so much but now? It's becoming pretty much the same as everywhere else but with a lot more debt and more debt on the way with little reason for any of this to change unless something really drastic happens and not to sound like a pessimist which I am not, that big change is going to me more of the same , not a drastic change toward more freedom. It'll be less and less )
Frankly, I don't know about you, but I will not be part of that trend no matter how successful the useful idiots or their hero's are who perpetuate this trend knowlingly or unknowlingy.
Why Haiti is so fked up is the same reason why many places here are so fked up. Lack of freedom, government corruption and theft, burdensome regulations, laziness and ignorance.
Edited to add laziness.
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<< <i>Ya' know...US manufacturers aren't much good at makin' gewgaws and cheap consumer stuff... >>
I beg to differ. The US is great at making everything, it just costs a bit more, mostly due to the adverse business climate with all of the unions, regulations, and litigation that exist here that don't exist elsewhere.
I'm not sure we need to go 'protectionist,' but it would help greatly if all countries were on an even playing ground with freely floating currencies and no subsidies. To some extent I feel we do need to protect the economy from this unfair business advantage that an artificially low currency provides. IT would also help if we'd "let" each country buy it's own goods and not call it a WTO violation... and by this I mean that the US should almost always buy defense equipment and big ticket items (i.e., airplanes) domestically and we should acknowledge and expect that European countries will almost always buy European.
<< <i>
<< <i>Ya' know...US manufacturers aren't much good at makin' gewgaws and cheap consumer stuff... >>
I beg to differ. The US is great at making everything, it just costs a bit more, mostly due to the adverse business climate with all of the unions, regulations, and litigation that exist here that don't exist elsewhere.
I'm not sure we need to go 'protectionist,' but it would help greatly if all countries were on an even playing ground with freely floating currencies and no subsidies. To some extent I feel we do need to protect the economy from this unfair business advantage that an artificially low currency provides. IT would also help if we'd "let" each country buy it's own goods and not call it a WTO violation... and by this I mean that the US should almost always buy defense equipment and big ticket items (i.e., airplanes) domestically and we should acknowledge and expect that European countries will almost always buy European. >>
Hard to compete when we pay assembly line workers $25/ hr + $10/hr in benefits. Then the goods get passed to the guy in the warehouse who get paid $18/hr and $7 in benefits. And so on. Union members comprise 14% of the US workforce. Why should they dictate wages? Incredible how they managed to drive 40 million Americans into poverty.
Knowledge is the enemy of fear
It's beginning to be perverse that our U.S. government is trying to inflate our economy to get businesses and people spending and lift our economy. While the U.S. economy is slowly growing, inflation seems to be in emerging markets. It takes several months for Federal Reserve actions to affect the markets and inflation in emerging economies appears to be where the effects of current policies are being seen first.
Now our Fed is impatient and appears likely to dump more money into the economy soon.
I think the people in charge are confident they can keep the inflation beast under control.
Nothing like deciding a fire is too small and dumping gasoline on it.
Of course if inflation is growing in India and China I hope their wages grow too. India's wages seem much more market driven to a U.S. guy reading internet articles. China's wages may require some unrest before they rise.
Anyone with more international experience have any thoughts?
Since 1945, US consumption has supported export driven growth of economies in this order (a) Europe, (b) Japan, (c) the Asian Tigers - Korea, Taiwan, Singapore, HK, (d) China & Southeast Asia, and (e) India, while most of this time also sending large amounts of dollars to the oil producing states.
We are fairly obviously getting beyond the point of sustainability of this model.
anyway...
night of the living fed
Box of 20
<< <i>
<< <i>
<< <i>Ya' know...US manufacturers aren't much good at makin' gewgaws and cheap consumer stuff... >>
I beg to differ. The US is great at making everything, it just costs a bit more, mostly due to the adverse business climate with all of the unions, regulations, and litigation that exist here that don't exist elsewhere.
I'm not sure we need to go 'protectionist,' but it would help greatly if all countries were on an even playing ground with freely floating currencies and no subsidies. To some extent I feel we do need to protect the economy from this unfair business advantage that an artificially low currency provides. IT would also help if we'd "let" each country buy it's own goods and not call it a WTO violation... and by this I mean that the US should almost always buy defense equipment and big ticket items (i.e., airplanes) domestically and we should acknowledge and expect that European countries will almost always buy European. >>
Hard to compete when we pay assembly line workers $25/ hr + $10/hr in benefits. Then the goods get passed to the guy in the warehouse who get paid $18/hr and $7 in benefits. And so on. Union members comprise 14% of the US workforce. Why should they dictate wages? Incredible how they managed to drive 40 million Americans into poverty. >>
Right, it was all the Unions...
We are fairly obviously getting beyond the point of sustainability of this model.
True to form, the politicians think that they can override economic reality by forcing more consumption down our throats instead of letting the markets adjust themselves. The American middle class is being told by the political elites that they must sacrific so that the rest of the planet can consume huge amounts of resources much less efficiently than they, while the political elites feather their own nests on the side and hope that nobody notices.
Yep, the model isn't working, for a bunch of reasons.
I knew it would happen.
Peter Schiff-Spending-Krugman-60 Minutes
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<< <i>Well, what is everyones opinion on what effect the national elections yesterday will have on the gold silver and hard asset markets?? >>
You mean after the fed decided to "pump" another 600 Billion into the economy?
No change. Spending will not decrease, and we may find ourselves in yet another war. The little neocon rubio has called for that here in Fla.
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New money, created just like that.
Thought of a different way, the Fed is funding half of this year's deficit by "printing" money. Who needs to borrow when you have a printing press in the basement.
Truly I am an optimist by nature, but this is nonsensical.