Daily Archives: June 11, 2012

Pete the Banker:

Victoria,

Continuing saga of misuse of taxpayer funds and now even the Dodd Frank Bill’s creation, The Consumer Finance Protection Bureau, has seemingly enabled the misuse of Mortgage Settlement Funds by its conspicuous lack of action and silence. Apparently, taxpayers don’t count as “consumers” and have no rights; nor “recourse” against government financial abuse.

Pete

“The National Mortgage Settlement provides the states with $2.5 billion in direct cash payments. However, a report published by Enterprise Community Partners, a Washington, D.C.-based affordable-housing organization, found that only 26 states are “substantially” using their settlement funds for housing. Thus, nearly half of the $2.5 billion provided by the settlement in direct cash payments is being spent on wholly unrelated expenditures and follies.

Most of the states are using their money to compensate for their dismal spending habits – California’s Gov. Jerry Brown was particularly shameless in hijacking his state’s $410 million and using it to fill in a deficit that is close to $16 billion.”

http://www.mortgageorb.com/e107_plugins/content/content.php?content.11684

PS – Shocker from CNBC – Say What?:

“US Already in ‘Recession,’ Extend Tax Cuts” Bill Clinton; http://www.cnbc.com/id/47693595

Pete the Banker: US Facing Another Credit Down Grade

The latest warning comes from credit agency Fitch Ratings. Find the story here and here.

A Fitch Ratings executive warned the firm would downgrade the U.S.’s triple-A credit rating if the government doesn’t get its fiscal house in order. A potential downgrade could send shockwaves through financial markets, similar to how S&P jolted markets last summer when it stripped the U.S. of its top credit rating.

 From the Wall Street Journal summary of the Fitch meeting:

Speaking at the firm’s global banking conference in New York, Fitch sovereign group managing director Ed Parker said “the U.S. does not have a credible fiscal consolidation plan” and that “If we don’t see one after the election, I would expect a downgrade.”
Fitch rates the U.S. at triple-A but put it on negative outlook earlier this year, and Parker’s comments were a reiteration of the firm’s position. Fitch has the U.S., U.K. And France on negative outlook because of high debt-to-GDP ratios.
Parker noted that the three countries, plus Germany, have the top credit ratings but are also the most heavily indebted nations.
“There is a limit to how high these government debt levels can go,” Parker said.

Tell ’em where you saw it. Http://www.victoriataft.com

No, Mr. President: The Private Sector is NOT Doing Fine

On Friday the President doubled down on his stimulus talk by saying that the real weakness in the economy is the sloughing off of government workers. He believes there should be a redoubling of efforts to bail out public sector union workers.

As the President made his comments he said, “The Private Sector is Doing Fine.” He later had to walk back the comments because OBVIOUSLY the private sector is not “doing fine.” But the damage was done. How incredibly out of touch must he be?

Mitt Romney wasted no time blasting back. He made a statement on Friday and then put out this web ad.

Tell ’em where you saw it. Http://www.victoriataft.com

Pete the Banker:

Victoria,

Continuing saga of misuse of taxpayer funds and now even the Dodd Frank Bill’s creation, The Consumer Finance Protection Bureau, has seemingly enabled the misuse of Mortgage Settlement Funds by its conspicuous lack of action and silence. Apparently, taxpayers don’t count as “consumers” and have no rights; nor “recourse” against government financial abuse.

Pete

“The National Mortgage Settlement provides the states with $2.5 billion in direct cash payments. However, a report published by Enterprise Community Partners, a Washington, D.C.-based affordable-housing organization, found that only 26 states are “substantially” using their settlement funds for housing. Thus, nearly half of the $2.5 billion provided by the settlement in direct cash payments is being spent on wholly unrelated expenditures and follies.

Most of the states are using their money to compensate for their dismal spending habits – California’s Gov. Jerry Brown was particularly shameless in hijacking his state’s $410 million and using it to fill in a deficit that is close to $16 billion.”

http://www.mortgageorb.com/e107_plugins/content/content.php?content.11684

PS – Shocker from CNBC – Say What?:

“US Already in ‘Recession,’ Extend Tax Cuts” Bill Clinton; http://www.cnbc.com/id/47693595

Pete the Banker: US Facing Another Credit Down Grade

The latest warning comes from credit agency Fitch Ratings. Find the story here and here.

A Fitch Ratings executive warned the firm would downgrade the U.S.’s triple-A credit rating if the government doesn’t get its fiscal house in order. A potential downgrade could send shockwaves through financial markets, similar to how S&P jolted markets last summer when it stripped the U.S. of its top credit rating.

 From the Wall Street Journal summary of the Fitch meeting:

Speaking at the firm’s global banking conference in New York, Fitch sovereign group managing director Ed Parker said “the U.S. does not have a credible fiscal consolidation plan” and that “If we don’t see one after the election, I would expect a downgrade.”
Fitch rates the U.S. at triple-A but put it on negative outlook earlier this year, and Parker’s comments were a reiteration of the firm’s position. Fitch has the U.S., U.K. And France on negative outlook because of high debt-to-GDP ratios.
Parker noted that the three countries, plus Germany, have the top credit ratings but are also the most heavily indebted nations.
“There is a limit to how high these government debt levels can go,” Parker said.

Tell ’em where you saw it. Http://www.victoriataft.com

No, Mr. President: The Private Sector is NOT Doing Fine

On Friday the President doubled down on his stimulus talk by saying that the real weakness in the economy is the sloughing off of government workers. He believes there should be a redoubling of efforts to bail out public sector union workers.

As the President made his comments he said, “The Private Sector is Doing Fine.” He later had to walk back the comments because OBVIOUSLY the private sector is not “doing fine.” But the damage was done. How incredibly out of touch must he be?

Mitt Romney wasted no time blasting back. He made a statement on Friday and then put out this web ad.

Tell ’em where you saw it. Http://www.victoriataft.com

Creators of Occupy Movement Call it "Burned Out" Suffering from a "Poverty of Ideas."

In Search of Meaning at Occupy

Thanks to an alert 5th Listener who directed me to this Newsbusters story, I learn that Adbusters, the Canadian magazine that launched the “Occupy” movement, declares their movement is now “burned out” and “out of ideas.”

For people who consider themselves at the cutting edge of “culture jamm[ing].” they’re certainly slow learners. Anyone with a pulse could have told you Occupy was “out of ideas” when they first appeared on the scene.

Occupiers pitched tents and commenced presenting a sushi-go-round-like buffet of warmed over liberal ideas. Free housing, free university education, steal from the rich and give to the poor, and,


oh by the way, if you don’t do what we say we’ll sic our pet anarchists on you and pee on your sidewalks. They were po’d at Wall Street, main street, cops, citizens, conservatives, suits and park toilets. The only ones they didn’t hold a grudge against were their union paymasters.

The left wing magazine, Adbusters, says Occupiers have sold out:

They Birthed Occupy, Now They’re Bored With It

Burned out, out of money, out of ideas… seduced by salaries, comfy offices, book deals, old lefty cash and minor celebrity status, some of the most prominent early heroes of our leaderless uprising are losing the edge that catalyzed last year’s one thousand encampments.

And after selling out they simply became corporate like:

Bit by bit, Occupy’s first generation is succumbing to an insidious institutionalization and ossification that could be fatal to our young spiritual insurrection unless we leap over it right now. Putting our movement back on track will take nothing short of a revolution within Occupy.

But amazingly after declaring their paradigm dead, Adbusters is calling for more of the same with a new name: Flash Encampments.

The next big bang to capture the world’s imagination could come not from a thousand encampments but from a hundred thousand ephemeral jams… a global cascade of flash encampments may well be what this hot Summer will look like.

Flash Encampments. Is that a plan or a prediction of how this will last?

Tell ’em where you saw it. Http://www.victoriataft.com