Tag: big shitpile

Annals of the (Completely) Free Market

May God bless Our completely Free, Uninhibited, and Unbiased market economy that, for some reason likely tied to his un-Americanism, noted socialist Obama hates so very much:

By granting exemptions to laws and regulations that act as a deterrent to securities fraud, the S.E.C. has let financial giants like JPMorganChase, Goldman Sachs and Bank of America continue to have advantages reserved for the most dependable companies, making it easier for them to raise money from investors, for example, and to avoid liability from lawsuits if their financial forecasts turn out to be wrong.

Freedom! If we can just keep on keeping Big Guvmint off the backs of these little Mom and Pop operators, just think of all the jobs that will be created when, again, their “financial forecasts turn out to be wrong.” Going to be a big day for us all.

Annals of the (Completely) Free Market

[The GOP members of the Financial Crisis Inquiry Commission are issuing their own report, which will lay the entire financial crisis at the feet of] Fannie and Freddie, which somehow managed to cause housing bubbles in Ireland, Iceland, Latvia, and Spain as well as the United States; and the repo market had nothing to do with it.
And bear in mind that this wasn’t one Republican; it was all of them.
I really do wonder how this country can remain governable, when one party insists on creating its own reality. Next thing you know they’re going to reject the theory of evolution. Oh, wait …

Paul Krugman getting all shrill again while noting the invincible ignorance held in seemingly infinite supply by the GOP and their various political enablers.

What Anti-Foreclosure Deadbeats?

Today’s edition of What Atrios Said:

If Citi doesn’t own the mortgage then the woman doesn’t owe them any money. If Citi doesn’t own the mortgage then it isn’t the case that “perhaps” they shouldn’t foreclose on her, it’s the case that they have no legal right to foreclosure. Citi can’t just take possesion of a house, or decide someone owes them money, just because they say so.

And, yes, maybe one day Fannie will get around to a foreclosure process, but Citi cannot just assert control of the mortgage and the property on their say so.

[…] the [conventional wisdom] just seems to be “well, she deserves to lose her house so it doesn’t really matter who takes it from her.”

That this whole thing is so utterly small-c conservative just makes it all the more deadly to the GOP and their Tea Klan enablers. I mean it’s fundamental property rights, and a partial reason for the founding of the nation in the first place. It’s a political hydrogen bomb to use against the anti-modification crowd, which, not coincidentally is made up of the GOP establishment (but would be an issue that quite conveniently rends them from the arms of their anti-bank Tea Klanners) and the Blue Dogs that Rahm, back in his DCCC years, so lovingly forced down our throats without ever bothering to ensure they’d, you know, vote with leadership on key initiatives.
This is why you will never hear a Democratic candidate utter so much as a peep about it. It’s just too goddamned explosive. Wouldn’t want to get all shrill in a way that would make a few Blue Dogs uncomfortable, now would we? Once the GOP wins every available seat in the House and Senate, I’m sure they’ll be ready to work with the President on serious policy initiatives. And we certainly don’t want to irritate them prior to that coming to pass. Right?

What Anti-Foreclosure Deadbeats?

Banksters Own US, We Just Live Here

The investment banks didn’t mind buying up loans they knew were bad, because they considered themselves to be in the moving business rather than the storage business. They weren’t going to hold on to the loans: they were just going to package them up and sell them on to some buy-side sucker.

In fact, the banks had an incentive to buy loans they knew were bad. Because when the loans proved to be bad, the banks could go back to the originator and get a discount on the amount of money they were paying for the pool. And the less money they paid for the pool, the more profit they could make when they turned it into mortgage bonds and sold it off to investors.

Oh, and they withheld this information from the people and organizations they sold these products to.

I guess we’d better get together a blue ribbon commission. What, you think anyone will face trial over this? You think anyone will go to jail over this? You think any bank that sold these products will even have to pony up their own money to cover losses they created?

If you answered “yes” to any of those questions, you need to reassess just what country it is you live in and just who is in charge. Because it isn’t who you think.

Banksters Own US, We Just Live Here