Obama gave one of those oxymoronic speeches yesterday--announcing that "deal" arising out of economic fascism by which Obama again asserted his TTOAL CONTROL over the financial industry of this country, even as Obama (along with "Bailout Ben" Bernanke) CONTINUE to bail out those very same banks (and Wall Steet) with YOUR MONEY.
You should know the "deal" I am talking abut. Banks have "agreed" (at th epont of a gun) to "give" 25 billion dollars to unspecified peole to 'compensate" or what "they" did to people. To make it even clearer what he is doing, Obama is gong to appont anothe "czar" to TELL the banks exactly lwhat they MUST do. This, of course, has NO resemblance to free market capitalism, where these same banks would have been "held accountable" by LETTING THEM FAIL. Instead, Obama and leftists bailed them out, but at the "price" of a MAFIA DON. Obama regards these people to now be HIS CREATURES--bholden to HIM and "accountable" to HIM. Their money--the attitude of a mafia loan shark--is HIS money. Their business is HIS business. Make no mistake. This is NOT about "fixing" housing, or holding people "accountable" (such as the GOVERNMENT entities--Fannie Mae and Freddie Mac--MOST responsible fore the housing problems). It is all about OBAMA, and CONTROL by Obama of every aspect of the economy, and your lives, that he can control.
Oh. Economic fascism? Nope, that has little to do with Hitler, and nothing to do with Hitler's "final soluton". Economic fascism is this incredible idea that what we need is a PARTNERSHIP between Big Business and Big Government to CONTROL the eocnomy, and basically your lives. It has been defined this way: "socialism with a capitalist veneer." As this definition implies, this "partnership" is just like the "partnership" the mafia develops when it gets its hooks into a business (as the government has now done wiht so much of American buisness). The DOMINANT p"partner" is the government, no matter how much the "business" peole may think that they are "equal" partners. It would not matter, by the way, even if this were not true. If you think you are better off with Big Business and Big Government JOINLY contolling your lies with CENTRAL PALLING (a government of MEN, and not laws), then there is no way I can help you. You are beyond help. Yes, Obama controlling every aspect of life in this country is truly a disturbing thing. But it is no more disturbing than if he truly "joined' with Big Business, banks and Wall Street to do the same thing (as he is professing to do). GOP politicians, by the way, have pretty much provent thesmselves to be ECONMIC FASCISTS, almost to the same degree as Obama and leftist Democrats. I will put it as bluntly as I can; Mitt Romney is an economic fascist, as is ture of the MAJROITY of the GOP incumbents in Congress (INCLUDING most of the supposed "Tea Party" politicians).
Why "Liar-in-Chief"? It is because of the blatant way Obama LIES. In that speech, Obama started off by saying how Americans who bought/intended to buy "houses they could afford", and duly made their payments on time, were BETRAYED by banks. That is a bald-faced LIE. If peole had done that, we would have had no problem. Obama tried, deliberately, to give the impression that he was not intending to help people who deliberately bought houses they could NOT afford, or ended up not being able to afford (partly because of Obama and the government dragging on this disastrous economic slowdown so long). That is NOT TURE. This "program' is NOT inteneded to help those people who SACRIFICED to keep their pauments current, and to buy only houses they could afford. The program is inteneded as a BRIBE to those people who buoght houses they culd NOT afford, or ended up not being able to afford because of Obama's "food stamp economy" of economic fascism. How can Obama LIE like this with a straight face (acting like he would NEVER "bail out" people who did not deserve it)? Easy. He DOES NOT CARE. All he wants ois to SOUND GOOD. He does not expect to be called on it--least of all by either the media OR GOP politicians (COWARDS and fellow economic fascists).
What is this "program" really about? I TOLD you, above. It is about CONTGROL. But it is even more directly about Obama GETTIN HIS WAY, even when Congress wll only go so far. We know that the GOP, despite what they SAY, has not "cut" ONE THINK DIME from Federal spending. However, Obama cannot get Congress to actually continue to appropriate UNLIMITED aditonal money (however much they would like to do so, the people they represent would not stand for it). Thus, this latest SABOTAGE of the American economy can best be looked at as ANOTHER OBAMA STIMULUS PROGRAM. Obama can't get Congress to appropriate money, so what does he do? Like any good economic fasicist (or mafia don), Obama goes to his 'partners" and EXTORTS the money out of them--claiming POLITICAL "credit" for it.
Why is this a disaster for the American ecnomy Easy. It jsut guarantees that the housing "crisis" will LINGER on. This is what has happened wiht all of the other government attmepts to interfere to "solve' the housing crisis. Remember that 8,000 'tax credit"? Remember the previous Obama programs to BAIL OUT homeowners facing foreclosure (more, by the way, a bailout of BANKS)? ALL of those things made the problem worse, as MOST people who managed to take "advantage" of special programs DEFAULTED AGAIN. The market is distorted, and the problems are jsut dragged out. Any number of people, of course, hav ealready lost their house through foreclosure. There is going to be NO rhyme or reason as to WHO gets "bailed out' (other than we know that the BANKS are getting gailed out every single day). Where do you think this 25 BILLIOIN dollars comes from? No, you are more deluded than I hope you are if you believe it comes out of bankers' pockets. It comes from YOU. Either you pay more for a house. Or you can't get a loan for a house or a business, as banks have 25 billion dollars LESS to lend. Or the money is jsut BAILUT money (perhaps through the Federal Reserve) passing from YOU to the banks, an then back to selected "victims" (who may or may not get any gbenefit at all). In the process, of course, much money gets SIPHONED off by peole lie this new "czr", who have taxpayer money STICK TO THEIR FINGERS.
Nope. This is meant to be a BRIBE, pure and simpele, to BUY VOTES (while at the same time helping the "government class" and the leftist "community organizers" of this country).
You may not have even perceived one of the most obvious LIES from our Liar-in-Chief. He said that banks had "deprived" people of the "American dream" by putting so many peple in a foreclosure situation. Tis is a blatant LIE. No, I am NOT a "defender" of banks. For most of my adult life, I SUED banks as a plaintiffs' trial lawyer. I have as low an opinion of banks and bankers as any person living. However, waht CREATED the housing "bubble" was the attempt to provide the "American dream" (of a house) to EVERY person--whether such person could afford the houses or not . Waht would have happened if banks had acted responsibliy, depite the government presssure and incentives to make it possible fore EVEROYONE to buy a house? The people WOULD NOT HAVE BEEN ABLE TO BUY THE HOUSES. How can you say that banks "deprived" people of the "American dream", when the entire problem is that they SHOULD NEVER HAVE BEEN PROVIDED WITH THAT "DREAM' IN THE FIRST PLACE. In fact, I have never been too clear why peole who got houses they could not afford have been "damaged". Oh, I understand that they may have lost credit, and the opportunity to buy a house later on that they could afford. But, by the same token, they got to LIVE in a BETTER house than they could afford--when often they could not really afford any house at all--and DID NOT HAVE TO PAY FOR IT (certainly not totally, and often staing in the house without making mortgage payments for months at a time).
Let me tell you a dirty little secret. I am gong to tell you HOW the housing 'crisi" occurred, and this blog was telling you as early as 2006 (and as I told people on AOL blogs when I was still on my "dial up" connection). This is actually relevant TODAY, and not just because we need to know what happened. We are again in a SToKC MARKET BUBLE, as the economic fascists on Wall Street have totally bought into economic fascism, and believe that governments (and central bankers) around the world will BAIL EVERYBODY OUT with a magic wand every time trouble appears. There is actually NOTHIGN--no particular policy--more dangerous than this IDEA OF ECONOMIC FASCISM. The housing "crisis" occurred because of the hoousing BUBBLE, where EVERONE (banks, house buyers, and everyone else) assumed one thing: the price of houses will continue to go up, and we have a PARTNER in the government makng sure we can make money on a house.
Did banks really believe that people could really "pay back" all of these loans? Of course not. But this does NOT make them "predatroy". Look at what happens if the PRICE of the house continues to go up. NO ONE LOSES. Peole NEVER have to actually make the mortgage payments (for anylength of time, or when the "real" mortgage payment kicks in, as in "interest only" loans or the like). Rather, when the loan becomes "too burdensome" for the person "buying" the house, that person can jsut SELL the house. So long as housing prices keep going up, as EVERNE (except peple like me) assumed they would, then there is no problem. The loan gets "paid" out of the SALES PRICE of the house. Even if a person is so much a slacker as to abandon the house, the mortgage compnay does not lose much. The "value" of the house has gone UP. Atworst, the mortgage compny pretty much gets all of its money back-even in a "distress" sale.
Problem? This is why the people on Wall Street are The Stupidest People on Earth, as proven by the fact they have "learned" NOTHING. Markets do NOT go up FOREVER. And RISKS exist, as they obviously do in a stock market that is ignroing them right now. "Derivatives" came into existence on the assumption that house prices would continue to go UP forever--NOT the assumptioin that peple would be able to pay all of these loans IF tghe "value" of their house went DOWN. But that is what happens in a BUBBLE, as Ron Paul tells you. The bubble bursts. Prices go DOWN. If EVERONE--government, lenders and borrowers alike--is assuming that prices will go ever upward, then you get a "crisis'. The governent is actually trying to REPEAT the very same mistake, and you are deluded if you think the banks, and people on Wall Sttreet (Jim Cramer, this means YOU, you IDIOT), have l"learned" ANYTHING. Wll, I admit I am wrong. They THINK they hav "learned" ONE thing, which may DOOM us all. They think they have "learned" that they will be BAILED OUT. They still are demanding that with EUROPE.
Again, you see why I periodically end up on the floor in a fetal position, laughing/crying. We can't go down this road, and yet we are. The GOP is going down the same road, just not quite so fast. The DOOM is the same in the end. Never say that this blog does not make you fell better. I, personally, always fell much better after crying/laughing on the floor, in that fetal ositin, for 15 minutes or so.
P.S. No proofreading or spell checking (bad eyesight). And no, I have no problem with INDIVIDUALS suing banks for any actual DAMAGE they suffered because banks did something wrong. That is NOT what this fascist EXTORTION is all about. you don't have people in court suing for damages. You have the GOVERNMENT asserting control over 25 billion dollars. The idea of INDIVIDUAL "accountability" is AMIERCAN. The idea of soem sort of "industry" "accountabliity"--making the insudtry part of the government--is UN-AMERICAN. The most American of all is the FREE MARKET method of holding "capitalists" accountable by letting them FAIL.