Category Archives: Economy

The Third Rail In This Economic Recovery – Foreclosures!

” A Pale Green Mermaid Blog “

 

Money borrowed by banks at 0 percent from Govt

but banks won’t lend unless 29.99 percent

you are a risk

we need to protect ourselves—

we  alone, are allowed to gamble

take risks with depositer’s money ….. bundle dreams and sell them down the river

make money off fees

short-term payoff,

long-term— — —

empty houses

2 per street

people on the street, their homes sitting empty

communities crumbling

no residents

no revenue

banks won’t re-adjust

even if the government says ” It is a must, that’s why we bailed you out gave you money to lend, gave you money at zip interest! “

we’re not interested they say

the fees are our horn of plenty, our horn of plenty

please lend us more money (Mr. Government, at zip percent )

We will remember you at x-mas time! We promise and big banks always remember…..

__________________________________

My neighborhood once solidly middle class now has on avg. 2 empty houses per street, this in a community where you rarely saw a for sale sign for fifty years. And houses are still falling homeowners are still being thrown out onto the street while their homes are empty and begin to decay. 

This is happening across the United States Of America.

Tomorrow the SOLUTION, it is so easy it makes me cry!

_____________________________

Below article from www.altnet.com

Investigations  –

Very Bad Things Happen When We Depend on the Same People Who Caused the Foreclosure Crisis to Track Its Destruction

There is not a single federal agency that has tracked foreclosures comprehensively, a massive information gap that prevents the work of journalists, advocates and policymakers alike.
August 5, 2012  |  
 
 
 It’s a simple set of questions: “How many foreclosed properties are there in the country? What zip codes are they in? What factors sent people’s homes underwater?” For policy makers, journalists or anyone trying to size up or address the years-old housing crisis, these questions present the natural place to start. But their answers don’t quite exist.  
In Chicago, for example, the city’s official vacant property count, which relies on the banks’ reporting, hovers just under 5,000. The Chicago Tribune estimates 18,000. Housing activists say there are well over 100,000.   
 
See www.altnet.com for full article
Advertisements

Leave a comment

Filed under Economy

Step Two, Reenact Glass-Steagall, Banking Rule And Toughten It As Well.

 

” A Pale Green Mermaid Blog “

Reenact the Glass- Steagall Act of 1933 that President Roosevelt put in place during the depression and that was repealed in 1999. ( banking rule )

The article below describes in concise detail the mechanisms the Glass- Steagall act provided, to control  the investment and lending  practices of banks, 

___________________________________

From, Which Idiot Decided To Repeal Glass-Steagall? www.voices.yahoo.com 

By: selise Sunday February 22, 2009 7:28 pm
 

Note: In a previous diary on OTC Derivatives (Which Idiot Decided Not to Regulate Credit Default Swaps?) we looked at the legislative history of the Commodity Futures Modernization Act of 2000. Today’s topic is the Gramm-Leach-Bliley Act and the repeal of Glass-Steagall—a part of the deregulation story of how our banks got “too big to fail.” For additional details and reference links see my Financial Regulation Timeline.

From Stiglitz’s 2003 book, The Roaring Nineties (typos are mine):

For more than half a century, commercial banking, which takes deposits from households and firm and makes conventional loans, had been separated from investment banking, which helps firms issue new bonds and shares. The same company could not lend money and also sell securities, in other words. The Glass-Steagall Act, which barred this, was one of the reforms put in place by the administration of Franklin Roosevelt, in response to the wave of bank failures that had followed the Great Crash of 1929. But the ideas behind Glass-Steagall went back even further, to Teddy Roosevelt and his efforts to break up the big trusts, the large firms that wielded such economic power. TR and the Progressives of the early twentieth century were alarmed not only about the concentration of economic power but about its impact on the political process. When enterprises become too big, and interconnections too tight, there is a risk that the quality of economic decisions deteriorates, and the “too big to fail” problem rears its ugly head. Expecting to be bailed out of trouble, managers become emboldened to take risks that they might otherwise shun. In the Great Depression, when many banks were on the ropes, it was, in effect, the public that bore the risk, while the bank got the reward. Wen banks failed, the taxpayers paid the price through publicly funded bailouts.

The Glass-Steagall Act of 1933 addressed a very real problem. Investment banks push stocks, and if a company whose stock they have pushed needs cash, it becomes very tempting to make the loan. The U.S. system worked in part because under Glass-Steagall the banks provided a source of independent judgments on the creditworthiness of businesses. When a “full-service” bank makes most of its money by selling equities and bonds or arranging “deals,” issuing loans becomes almost ancillary—a sideline.

With Glass-Steagall, the United States rejected the course followed by other nations, such as Japan and Germany, that did not separate commercial and investment banking—I believe to our evident benefit. But American banks themselves saw Glass-Steagall as reducing their opportunities for making profits and not surprisingly began to insist that the rules separating commercial and investment banking had become passé. In an age of free-floating capital and giant multi-national companies, they argued, banks had to be integrated, to make advantage of what are called “economies of scope”—the benefits that businesses can reap by working in many different areas at once. Global competition was too intense for bank concentration to be a serious worry (though in fact, many borrowers, especially small and medium-siaze firms, have access only to a few potential lenders), and Glass-Steagall supposedly put American banks at a disadvantage.

In the mid-nineties, the banks mounted a concerted campaign to have Glass-Steagall repealed. The conditions were favorable. Prosperity made the notion of bank failure seem very remote (though the S&L crisis of the eighties ought to have been a caution).

Full article at site listed above.

The argument is that the act would not have prevented the recession but it would have slowed it down made recognition of what was happening clearer and provided a structure within which banks could be forced to comply.

4 Comments

Filed under Economy

Foreclosures Are The Number One Economic Drain On The Recovery In US Today

” A Pale Green Mermaid Blog “

 

Blizzards of gizzards

watching

lounge lizards

lounging scrounging

for pieces of leases

on foreclosed homes

a lost tome

left behind

after the merciless grind

into the ground

of a once home sweet home

empty quiet

these houses dot my neighborhood

one was crushed into the mud, by the powers that be

every morning I would see on my walk

a kindly old man

sitting looking out from his porch

as the sun came up

now he is gone

and so is his

home sweet home.

_____________

True story /observation. BHC

____________

Foreclosure Crisis Rears its Ugly Head Again: Foreclosure Defense Firm Reports Increase in Foreclosure Filings in First Quarter, as Banks Return to Aggressive Tactics

>PRWEB.COM Newswire

 

New York, NY (PRWEB) April 01, 2012

Like a monster in a horror movie that rises from the dead, the foreclosure crisis has returned to inflict even greater financial and emotional anguish upon American homeowners in virtually every state. According to foreclosure defense website StopForeclosureForms.com, there was a substantial increase in new foreclosure filings during the first quarter of 2012. The recent settlement of the rob-signing settlement, in which the banks got off remarkably easy for mishandling tens of thousands of mortgages, suggest that the trend of increased foreclosure filings will continue.

The increase in foreclosure filings is particularly severe in certain states. January foreclosure activity increased by more than 30 percent in several states, including Indiana, New Hampshire and New Jersey. Nationwide, the average increase was approximately 3%. Surprisingly, Ohio, which was one of the states most devastated by the foreclosure crisis, actually reported a decrease.

According to foreclosure defense expert Marc Rapaport, “it is abundantly clear that 2012 is going to be a year in which the banks return to aggressive foreclosure tactics. The robo-signing scandal involve egregiously unlawful and dishonest behavior. Nonetheless, the banks escaped with little more than a slap on the wrist. The result of that settlement is already emerging: more foreclosures.”

Rapaport’s website, StopForeclosureForms.com, is reporting that a record number of Americans are downloading foreclosure defense forms. According to Rapaport, the site is experiencing “a dramatic increase in the number of people downloading nearly every type of legal form to stop foreclosure, including answers to foreclosure complaints and motions to stop foreclosure sales.” According to Rapaport, residents of many hard hit states are now keenly aware that by downloading foreclosure defense forms, they can significantly delay, and sometimes stop, the process of foreclosure. Rapaport states that “people now know that they can download forms to stop foreclosure, and file their papers with their local court, without hiring expensive lawyers. The cat is out of the bag on foreclosure defense: it can be done, even without a lawyer.”

The ability of homeowners to fight back may be one of the few bright lights on the horizon as the foreclosure crisis revs up.

Read the full story at http://www.prweb.com/releases/2012/4/prweb9356720.htm

 
_____________________________________________________
 
According to the United States Conference of Mayors,[5] the main cause ( of homeless persons ) is the lack of affordable housing.
___________________________________________________
Why are we ( as citizens) allowing this rate of foreclosures to continue?
Contact your representatives with your feelings on this issue!

www.congress.org

_______

Below from www.newsworks.org

 

Protesters call on Philadelphia sheriff to stop sale of foreclosed properties
 

March 6, 2012

By Tom MacDonald

Housing activists staged a protest Tuesday during the Philadelphia sheriff’s sale of foreclosed properties, calling for a halt of such sales in the city.  

About two dozen protesters came to the sheriff’s sale, saying banks should not be so quick to foreclose on homeowners during these tough economic times. 

Anne Gemmell of the group Fight for Philly admits the protest is merely symbolic.

“What choice do we have, when we have a governor in the State House that passes a budget literally attacking thousands of families, attacking their schools, attacking their medical care, attacking their housing?” she said.

Cheri Honkala of the Poor People’s Economic Campaign says those facing foreclosure should not give up.

“We encourage other families that don’t have a place to live to reach out to us and we will put you into a house that’s just sitting there vacant,” she said.

Undersheriff Joe Vignola says the office is following court orders on foreclosure sales.

“Unless the court orders us otherwise, we are compelled to go forward with this month’s sheriff sale,” Vignola said.

The protesters say they will continue to occupy the foreclosed homes until they are evicted.

 

Leave a comment

Filed under Economy, Fat Cat Skinny Cat Musings

POEM – An Inconvenient Truth For The Policymakers At Investment Banks

” A Pale Green Mermaid Blog “

 

Push us out of our houses

push us out of the park

Push

push

push

what you hear is the squishing of

the middle class

by

investment bank policies

re-adjust?

trust us

we will do all we can—

so many on the street

finally more on the street, than  behind closed doors

push

push

now we push back

like,

Adams

Franklin

Jefferson

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.

 

And you can’t do that if you have no place to live

Push

push

push

the sound you hear is,

the squishing of the middle class.

Push back.

______________________________

Dedicated to all the Occupy Wall Street Protesters

 

 

Leave a comment

Filed under Economy

Word Cloaks – Poem

” A Pale Green Mermaid Blog “

A vagrant was found

he died

in a burned out

foreclosed house

no one knew why-

it was cold that night

in his forties

a vagrant died

in a burned out

foreclosed house

a vagrant was found

trying to keep warm

he died.

Once a man with money and friends

now he is a vagrant

a vagrant

a vagrant

a human bring—minus…money and friends,

a vagrant.

he was once a man—

now he is a vagrant

found dead

in a burned out

foreclosed house.

Leave a comment

Filed under Economy, Foreclosures

Undercover, The Foreclosure Crisis Continues

A Pale Green Mermaid Blog “

 

F-ree money for investment banks.

O-rderly exit of people from neighborhoods.

R -eadjust? why should we when we are making more money with fees by throwing people out?

E -verything gone, owners cry.

C -lass attacks, go after low income areas.

L -ower the rate of cash lent to investment banks, but who are they lending to?

O -h how could this keep happening?

S -peculators turn away from bundled mortgages to commodities.

U -nderstand the reason is greed.

R -emember investmant banks control the global economy.

E – verything must change.       As President  Theodore Roosevelt might have said long ago ” Time to bust some trusts.”

 

__________________________________

Below FROM www.answers.yahoo.com –

Theodore Roosevelt was a progressive. He broke the trusts that had accumulatedmassive amounts of cash that they used to gain favors from Congressmen and senators that passed legislation helpful to their trusts and monopolies. His first message to Congress called for regulations of railroads , corporations and banks; the creation of a Department of Commerce; reforms in civil service, and a massive national conservation program. during his first term he sponsored the Newlands Reclamation Act, put strength into the Interstate Commerce Commission.

___________________________________________

From Wikipedia below,

 

 Trust busting

 

Room in the Wilcox Mansion, where Roosevelt was sworn into the Presidency

 

Trusts were increasing the central issue in politics, with public opinion fearing that large corporations could impose monopolistic prices to cheat the consumer and squash small independent companies. By 1904, 318 trusts controlled about two-fifths of the nation’s manufacturing output, not to mention powerful trusts in non-manufacturing sectors such as railroads, local transit, and banking. Roosevelt decided to do something about it.

_________________________________

F-o-r-e-c-l-o-s-u-r-e  is ruining the fabric of this country.

__________________________________

From wikipedia below,

Roosevelt coined the phrase “Square Deal” to describe his domestic agenda, emphasizing that the average citizen would get a fair share under his policies.

 

Theodore Roosevelt


26th President of the United States

In office

September 14, 1901 – March 4, 1909

Vice President

Charles W. Fairbanks (1905–1909)

Preceded by

William McKinley

Succeeded by

William Howard Taft


25th Vice President of the United States

In office

March 4, 1901 – September 14, 1901

President

William McKinley

Preceded by

Garret Hobart

Succeeded by

Charles W. Fairbanks


33rd Governor of New York

In office

January 1, 1899 – December 31, 1900

Lieutenant

Timothy L. Woodruff

Preceded by

Frank S. Black

Succeeded by

Benjamin B. Odell, Jr.


Born

October 27, 1858(1858-10-27)

New York, New York

Died

January 6, 1919(1919-01-06) (aged 60)

Oyster Bay, New York

Political party

Republican (1897–1912)

Progressive Party (1912–1916)

Spouse(s)

(1) Alice Hathaway Lee (married 1880, died 1884)

(2) Edith Kermit Carow (married 1886)

Children

Alice, Ted, Kermit, Ethel, Archie, Quentin

Alma mater

Columbia Law School – dropped out; Harvard College

Occupation

Statesman, author, historian, explorer, conservationist, civil servant

Religion

Dutch Reformed

Signature

Cursive signature in ink

Military service

Service/branch

United States Army

Years of service

1898

Rank

US-O6 insignia.svg Colonel

Commands

1st United States Volunteer Cavalry Regiment (Rough Riders)

Battles/wars

Spanish-American War

*Battle of Las Guasimas

*Battle of San Juan Hill

Awards

Nobel Peace Prize (1906), Medal of Honor (posthumously, 2001)

 

Leave a comment

Filed under Economy

Poem -Trickle down, trickle up, trickle this…

(An angry mermaid can’t take a break!)

 

A vote is taking place in congress today to try and END  Bush Tax cuts to anyone earning over 1 million. ( Most republicans are against this bill, they want to extend tax cuts to the top of our economic scale  )

_________________________________

They say,

They say…

it will trickle down

over the scorched ground

over 100 million yet-

they still need a break

so say the re-economic -boob-icans, (or if you prefer re-fat-cat-icans)

we watched this before

and all took a snore,

and the house of cards fell

on Aunt Nell-

the cloud of money they want to shower

at the top high above  us

is for the true ELITE-

anyone with over 100 million,

the cash they get from “uncle ” GOP

will top their x-mas tree

never will one red cent

ever put a dent

in the ever blooming

republican deficit.

__________________________________

FACT: President Bush came in with a Clinton surplus

and left with a trillion-dollar Bush deficit.

 

Image Courtesy of Google

 ______________________________________________

FROM www.cnn.com      Today

 

The Senate voted 53 to 36 to end debate on whether to extend tax cuts.

The Senate voted 53 to 36 to end debate on whether to extend tax cuts.

STORY HIGHLIGHTS
  • A second procedural tax vote is expected later Saturday morning
  • Democrats knew beforehand that they were unlikely to succeed
  • 

    Washington (CNN) — A Senate vote to end debate on a Democratic measure to extend George W. Bush-era tax cuts for families making under $250,000 failed on Saturday, preventing the measure from moving forward. —

    Despite the realization that neither would get the 60 votes to succeed, many Democrats said before the vote they wanted to get on-the-record in support of extending the lower rates to lower earners. They also want to contrast their ideas with Republican proposals to extend all tax cuts, even those for people who are very wealthy.

    “I think we want to lay it out there,” Sen. Tom Harkin, D-Iowa, said on Friday. “Who’s for which approach on this? That’s why we’re doing it.”

    “There are no signs that millionaires are suffering in this economy. It’s everybody below that,” said Sen. Dianne Feinstein, D-California. “You have to stand up for what you believe and you have to vote on what you believe.”

    ____________________________

    9 Comments

    Filed under Economy