ITWASSOOTED: February 2009

Friday, February 27, 2009

How many times do we have to let the same guys stick it to us before we're allowed to throw these SOB's in jail?

On Monday, a bank assesses a property, determines it's worth $1.25million, then writes a loan against it for $1 million. If property values drop 40%, and taxes were 2% and the initial borrower stopped paying a year ago the situation looks like this: Current value of the security: $750,000 less $25000 taxes (which can probably be lowered via negotiation) for net $725000. It might cost another $100000 to sell the property, so the net should be around $600000 or thereabouts, or 60% of the "toxic" loan value. That's a reasonable expectation of the recovery if the loans are all liquidated right away - so the liquidator would get around 12% of the portfolio value of $1.45 billion, or around $150 million for their investment of $59 million. But wait, there's more... if they sell off roughly a third of the portfolio they can get back all their money, then just wait. If inflation runs 4% per year, they will net 20% of 3% (inflation less property tax adjusted to market) or .6% of the entire portfolio value of $1 billion, or the equivalent of $6 million/year in perpetuity.

So guess who is buying the assets? That's right, the same banking system that just dumped them onto the tax payers in the first place. No executives returned any salary or bonuses in the last few minutes, right? So now the same bankers with a new name plate are buying back the same loans in a structure that is not just virtually risk-free, but probably going to return around 18% ROI net, and the taxpayers paid to support the banks, to underwrite the FDIC liquidation, and we're underwriting the loans to purchase the assets via the stimulus program. How many times do we have to let the same guys stick it to us before we're allowed to throw these SOB's in jail?
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The reason we do not learn anything from history is because our histories are tampered;

and when we manage to discover the truth of histories it becomes “conspiracies”.
Thus the history repeats itself simply because we never get to know the truth!
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Tuesday, February 17, 2009

The two greatest obstacles to democracy in the United States are,

first, the widespread delusion among the poor that we have a democracy, and second, the chronic terror among the rich, lest we get it : Edward Dowling

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Friday, February 13, 2009

If you want to blame an economic school, the monetarists and the Chicago school are more appropriate.

But ultimately it's about authoritarianism and nepotism; corporate lobbyists and politicians pick and choose the specific pieces of theory that suit them, shifting back and forth between Keynsianism and Monetarism suits them fine, socializing losses and privatizing profits.
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Capitalism’s Self-inflicted Apocalypse

Michael Parenti
SNIP

In sum, free-market corporate capitalism is by its nature a disaster waiting to happen. Its essence is the transformation of living nature into mountains of commodities and commodities into heaps of dead capital. When left entirely to its own devices, capitalism foists its diseconomies and toxicity upon the general public and upon the natural environment--and eventually begins to devour itself.

The immense inequality in economic power that exists in our capitalist society translates into a formidable inequality of political power, which makes it all the more difficult to impose democratic regulations.

If the paladins of Corporate America want to know what really threatens “our way of life,” it is their way of life, their boundless way of pilfering their own system, destroying the very foundation on which they stand, the very community on which they so lavishly feed.

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"We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can’t have both."

Supreme Court Justice Louis Brandeis
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Monday, February 09, 2009

giant building fire in china, waiting for collapse!~














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Friday, February 06, 2009

"The Corporation"

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Thursday, February 05, 2009

House Financial Services Hearing on Madoff Investigation Wednesday

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Former investment manager Harry Markopolos, who investigated investment adviser Bernard Madoff in the 90's, testified before the House Financial Services Subcmte. on his experiences with the Securities and Exchange Commission. This is the second in a series of hearings on the alleged Madoff investment scheme.
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Monday, February 02, 2009

A well planned choreography of events will reshape the global economy in ways which the average individual cannot comprehend.

it�s far from over. Apply these same principles and methods to the national and global economy. It appears as if the industrialists and financiers who control the economies of the world have been moving their cash cows out of the U.S. .for a long time in advance of a controlled burn or just maybe wildfire. The crash of the �30's was such an action, however, every major market on the face of the earth will be effected this go round. A well planned choreography of events will reshape the global economy in ways which the average individual cannot comprehend. When the fires are out and the smoke clears, the result will be an empty shell of a country, with an economic landscape barren and ready for the next season of growth.
Enjoy your freedom and rights, savor them as you would your favorite meal. Life in the United States and the entire civilized world shall soon go through quiet a transition. Similar circumstances have overtaken unsuspecting populations in the past, but never the entire world, as it will this time. What shall be used as the form of ignition? Will it be a manipulated economic disaster, or some fabricated terrorist act. Perhaps a bonafide and unexpected act of God that was not a part of man�s planning. Maybe those in Washington will legislate the country out of existence by executive order, it�s amusing to think a thing like that is possible. Imagine, a economic system with no exchange rate, a global unit of currency. One currency and one governing authority.
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Constititution of the United States: 1st Amendment, Bill of Rights : "Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances."

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