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| When Statist Back-Turning On Fraud Loses... in forum [Market-Ticker]
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Trades50
Posts: 4218
Incept: 2007-10-30
Land of Tax and Spend
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Quote: Yet everyone understands that counterfeiting is illegal, and with good reason -- every $100 you run off on your office copier makes all other real $100 bills worth less since you've increased the number of $100 bills. Bernanke, the Fed and everyone else will push this until they can't anymore.
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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Mdm
Posts: 333
Incept: 2010-10-13
South Florida
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IMO, the FASB suspension of mark to market is the primary reason housing has not found a bottom and will continue to decline for the next 5 years or more. Banks have made a conscious decision to spread out the losses on their mortgages over as long of a time period as possible. If mark to market were in place, this would not be allowable.
Considering the FASB suspended mark to market after threats were made by the banks and Congress, I see this as nothing more than a state taking matters in their own hands and doing what the Federal government has refused to do. Sort of like Arizona did with immigration enforcement. While I do not like the means California is taking to do this, if the Federal government didn't constantly get on their knees for the banks, California would not be in a position where action had to be taken.
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Tesla
Posts: 15543
Incept: 2008-04-03
State of Disbelief
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Quote:The correct solution is to enact One Dollar of Capital and thus force recognition of the hidden losses  Force ? Really ? So sorry to be so cynical, but when regulators have been bought off by the very industries they regulate over thousands of years of human history, who exactly will enforce One Dollar of Capital ? Regulations don't work, ever, over any period of time. Sad to say, but it's a fact. The ONLY thing that DOES work, each and every time, is failure, or the fear thereof. So long as we prop up financial entities, whether it's via the FDIC or Fed borrowing or no mark-to-market or any other gimmick, you take away that fear, and the games begin anew. Let failure happen. Darwin should rule - the stupid, incompetent, reckless, or merely unlucky, will be justly "rewarded".
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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes
"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
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Crzymorse
Posts: 1195
Incept: 2010-06-25
Maryland
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Tesla - that concept you mentioned is called Capitalism.
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Steelhead23
Posts: 2043
Incept: 2008-09-09
Portland OR
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Actually, I think this would be fun to watch - and is not all that bad an idea. Under eminent domain, the city would have to identify "fair market value", pay the holders of the notes that amount, issue new mortgages at that amount - and then service the loan. The conflicts this process would evoke would be epic. First, the holder of the note would have to recognize its fair market value - something they have been assiduously avoiding. Hello courthouse. Then, after poking investors in the eye, they would have to fund the new note. Good luck with that. Then get a servicer, who was likely milking the trust the note was parked in for dubious fees and had to fight bondholders for a piece of that "fair market value". They'd damned near need an Icelandic bank, willing to play pariah, to make it work. But it sure as hell would be fun to watch. Go California. Make my day!
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"Give me control of a nation's money and I care not who makes it's laws" —Mayer Amschel Bauer Rothschild Benjamin Bernanke
For-profit commercial banks are a menace and should be eradicated
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Standby
Posts: 1005
Incept: 2009-08-06
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I think the California Teachers Association is heavily invested in real estate. Another way for the taxpayers to eat the load I'm sure.
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Debtpie
Posts: 534
Incept: 2009-12-17
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"a way to help some borrowers "
BS!
What about me? I didn't buy a McMansion, a boat, a lake house, a BMW, "dream" vacations or even a trophy wife.
What a dumb ass I was for being responsible...I should have borrowed every last penny these crooks had to offer and then just walked away....which is what these people that are "under water" need to do...stick the bad loans back on the people the made them...and don't let those people shift that loss to the tax payers as has already happened.
Obama on all this - FAIL!
Romney to the Rescue - FAIL!
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A Leader, or an Opportunist? "A leader has the capacity of vision, the ability to see where things are headed before people in general see those things." Mitt Romney --- DebtPie's definition: a leader decides where "things" should head and "leads" us there.
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Bagbalm
Posts: 4263
Incept: 2009-03-19
Just North of Detroit
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The small thefts and frauds are not working anymore. We see the crash is closer because they are getting desperate and applying massive theft and fraud to try to make it function for a little while longer. Won't be long now and some little pebble in the road will be enough of a bump to destabilize the whole thing.
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Goforbroke
Posts: 5350
Incept: 2007-11-30
Just call me 'Comrade'
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Quote:A handful of local officials in California who say the housing bust is a public blight on their cities may invoke their eminent-domain powers to restructure mortgages as a way to help some borrowers who owe more than their homes are worth. This is a tactic straight out of Agenda 21. And it's the first step towards what Rosa Koire describes in her book, Behind the Green Mask... Quote:Redevelopment is a tool used to further the Agenda 21 vision of remaking America's cities. With redevelopment, cities have the right to take property by eminent domain -- against the will of the property owner, and give it or sell it to a private developer. By declaring an area of town "blighted" .. the property taxes for that area are diverted away from the General Fund. This constriction of available funds is impoverishing the cities ... reducing your standard of living. The money gets redirected into the Redevelopment Agency and handed out to favored developers building low income housing and mixed use. In spite of what it's advertised to do, its actually intended to ultimately take away people's homes, independence, privacy, and rights. It doesn't make sense using traditional values, logic, and best money management practices. It does if you look at the longer-term endgame for TPTB.
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We have met the enemy and it is us. -- Pogo
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Krzelune
Posts: 5513
Incept: 2007-10-08
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People's focus is too narrow. Step back and look at what is going on here.
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The desire of millions, the inconvenience of millions, the suffering of millions, the death of millions, does not concern them because of the evolutionary humanist lens they peer through.
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Donethat
Posts: 771
Incept: 2009-04-22
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apalling, allowing financial firms, including pension funds and others, to hold notes on their balance sheet at other than the fair market value of the underlying assets secured thereupon, with no capital being reserved against the remaining value.
Read 700 Billion dollar oxymoronic stable value fund industry, everything priced to maturity, insured, yah, but only for interest rate changes, not the loss of principal due to market pricing. Just like the FRB, and the banks, everything priced to maturity, not to market....
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Swingtrader
Posts: 9108
Incept: 2007-08-12
United Oligarchic Goldman Sachs States of America
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This crash is gonna be a long, slow process. Probably decades in total, if not more. One more brick in the wall!
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Swing said "Well, it is collapsing as we watch.This is what it looks like." Australian federal judge Jayne Jagot, doing what US judges need to do!
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Goforbroke
Posts: 5350
Incept: 2007-11-30
Just call me 'Comrade'
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Krzelune ... ummm ... how much broader do we need to be than to see this step as just one of many which is part of the planned takeover of every aspect of our lives by Totalitarian/Facist government?
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We have met the enemy and it is us. -- Pogo
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Northerner
Posts: 25
Incept: 2011-10-18
Southern Colorado
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Speaking of California...noticed this morning on Google News the California Legislature approved the bill authorizing the high speed bullet train for that state. Hearing the late Carl Sagan saying his famous line, "Billions and billions...!" And they'll get the money from where? Oh, yeah, they'll just simply run off a few dozen pallets of $100 bills on their state office copier. The old joke of the San Andreas fault seperating and the Western half of CA sliding off into the Pacific might be more merciful a result. Being mindful of course of contributors here being from CA and hoping that you escape that fate, fiscal or physical. What are those "governmental disfunctionaries" thinking? Obviously, they're not. They're simply following the practices of the rest of the country, sadly. Heartily agree there should be scores of corporate and government employees in orange jumpsuits, handcuffs and leg chains being led to long-term confinement making little rocks out of big ones. Would love to see San Fran Nan swinging an 8# sledge...might work off some of the flab on her corrupt legislative tush...<sigh>.
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Wis/min
Posts: 5364
Incept: 2009-08-14
On the border
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Quote:Speaking of California Yeah, they have to sell 4.5 billion in bonds so they can access 3.2 Billion in FREE Federal dollars. And that's only the beginning. Total project is to cost $68 Billion. Now who do you suppose they are going to sell those bonds to? |
Hiphopapotamus
Posts: 569
Incept: 2007-07-11
Burbank, CA
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CALPERS
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Mannfm11
Posts: 3556
Incept: 2009-02-28
DFW, Tx
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They should be barred by the Constitution from any of this, as it goes around due process of law and involves private contracts. If this occurs, I would hope there isn't another mortgage made in California for the next 1000 years.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Azzi
Posts: 144
Incept: 2009-10-08
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people in CA are mad or are leeches. They vote FOR tax increases.
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The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. - Thomas Jefferson
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Dburn
Posts: 165
Incept: 2009-09-10
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I tried to explain once to party loyalists from both parties, the time that the voter has the greatest leverage over politicians was before the election , not after. What stuns me is this overt willingness to suspend disbelief in order to win elections. People are reassured that problems can only be fixed if they are still in office. If they voted out, the other guy will never fix it. "So vote for us now, and we will help you later." Yeah. That's worked out so well in the past. When people are asked for examples of how they fixed things after an election, the subject gets changed or the marginalization of the messenger begins.
That's on a federal level. As Karl noted in the "Sheriff" ticker, local officials are more apt to act, even if their enthusiasm is muted . They have to live with the people who are getting it up the butt. It's pretty hard to ignore. When I see actions taken by local and state officials anywhere against this mortgage fraud, I have to cheer . They are the ones feeling the most heat. We may disagree with how they are going about it, but in my mind, action of any kind that threatens the bankers is a hell of a lot better than BS promises from Federal Office holders. Now it seems like they are just ignoring the whole issue.
Put some sunlight on the roaches any way they can. Try everything. Don't discourage them. Help them. It's too bad your travel limited Karl, I could easily see you coming up with a "How to" manual for state and local officials and then travel on the speaking/lecture circuit to show them how to implement it.
Speaking of that, what the heck happened the Dylan Ratigan? I remember watching Karl and Dylan. It was real dynamic. That's when Karl talked about his travel limitations ( Single Parent). The country needs ya man.
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"Bring out your dead"-a new alternative to Health care reform
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