June 21, 2008
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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18 comments:
But he has a flag pin so he must be a patriot!
I don't understand you people. You're missing the greatest corruption that is happening in the US right now because you're too stubborn and superior to take the time to look at the overwhelming evidence:
Watch this damn video and let's discuss it:
9/11 - Birth of Treason
This is the real deal people! Your housing bubble is small fries compared to the crime of the century that is 9/11!
http://www.youtube.com/watch?v=U3j3NF_-dlo
correct link to anon above
Thanks for correcting me anon 9:24am.
In honour of Tim Russert I found this article very interesting because it shows that Tim Russert unwittingly exposed Dick Cheney's lie about his whereabouts on the morning of 9/11. This could have been the greatest and most revealing interview of Tim Russert's career except we have a pathetic media that doesn't follow up on these inconsistencies.
Read it for yourself:
Tim Russert, Cheney and Cheney's 9/11 Alibi Exposed
Un-indicted co-conspirators.
Pelosi: let's amend a bill proposal because AIPAC (=Israel) asked me.
What's the definition of treason in the US?
Steny Hoyer's an illegal immigrant hugger as well...
With 250,000 illegal immigrants now in Maryland, he's done a hell of a job in protecting them.
LIAR!!
Democrats are great. You told me to vote for them and I followed your orders in 2006.
All hail NANCY PELOSI
All hail OBAMASAMA
All hail TED KENNEDY
We are all doomed.
It will NOT be "God" that destroys America.
It will NOT be Bin Laden, or Saddam that destroys America.
It will be a bunch of evil asswipes from Washington DC, out of control that smile and wave at the news cameras.
The end will not be sent from above, but rather from humans that lost control on earth.
Man are we doomed. And the sad thing is, that nobody can stop these two corrupt criminal US government parties.
The END is NEAR. Seriously.
yes yes yes look at these 2 and you would trust your security and your families to this group say what you will about Bush but we have not had an attack since 9/11 yes I know he is evil Iraq is a failure no WMD civil liberties taken away but wait Obama will fix it all can't wait
Bush will veto but then the congress is going to override it. They'll put 300B on the tax payers!
WTF
WTF
WTF
THIS Story MUST GET OUT!!
Bank of America and Countrywide very likely WROTE the entire Dodd Bailout Bill--
The COUNTRYWIDE/ BofA / DODD BAILOUT Stinks to High HEAVEN!! (Must read stuff)!!
From Mr. Mtg--
None of us really believed that Dodd could come up with anything close to this. Just go through transcripts or videos and look at the language and terminology he used just a few months back when referring to the subprime and credit meltdown. Think back to the left-field, irrelevent questions he asked at hearings when he could have made a difference by asking the right questions and getting information out. I have always wondered who was behind it all. Now we know what $70k in contributions, which is what BofA has given Dodd in the past 18-months, will buy. Only Hillary and Obama have received more from BofA.
This $300 billion Dodd-Shelby bailout is an absolute crime. It bails out the banks by limiting their loss to 10%; a joke since many of the problem areas like CA are down as much as 30% already on the median in the past 12-months and the rate of acceleration of the price declines are picking up steam. The subprime crisis is nearly over and now Prime, Alt-A, Pay Option ARMs and Home Equity Lines/Loans are failing. If they get this $300 billion passed, another $1 trillion+ will have to come on its heels for all of the other bailouts.
This needs to be fought and/or vetoed or it’s potentially $300 billion of taxpayer money down the toilet. Bernanke already cost global citizens enough by ratcheting down rates the most in the shortest amount of time in history, sparking a massive inflation wave in order to save the very investment banks who started all of this in the first place. Now, unless we all do something and get this story out there, another $300 billion will go up in smoke.
The National Review Online has obtained an internal 64 page document on Bank of America letterhead dated March 11th that matches the Dodd-Shelby Bill almost identically (see below).
First, we find out that Dodd is a Countrywide “insider” who claimed ignorance over being given special considerations saving him $75k over the life of his loan and is so ignorant he didn’t read his loan papers. Now, we find out that BofA, who is supposed to be closing on their Countrywide purchase in the next few months, wrote the Bill for him.
If this Bill passes, BofA’s Countrywide buyout is much more palatable and the $60+ billion in toxic loans are mostly covered by the taxpayers. This stinks to high-heaven. its no wonder why BofA is so comfortable closing the CFC deal, which with will cost them at least $40 billion when considering the value of theie toxic assets (loans) vs massive debt. I actually did a post on it, if you are so inclined.
Even more disturbing, in the BofA draft it proposes than Ginnie Mae gives an explicit guaranty on the loans. I wonder if you read the fine print of the Dodd-Shelby Bill if it is in there somewhere but has just has not been publicized?
This just in, found by a TickerForum memeber… www.FreedomWorks.org says that “Senate Housing Bill Requires eBay, Amazon, Google, and all Credit Card companies to Report Transactions to the Government”.
“Washington, DC - Hidden deep in Senator Christopher Dodd’s 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses. The provision, which was added by the bill’s managers without debate this week, would require the nation’s payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.
FreedomWorks Chairman Dick Armey commented: “This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay’s PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America’s small businesses are breathtaking.”
National Review Online story and link to document below. -Best Mr Mortgage
NRO Doc Drop: BofA-Scripted Bank Bailout Looks Awfully Similar to Dodd-Drafted Housing Bill [Stephen Spruiell]
National Review Onlinehas obtained an internal Bank of America “discussion document” (pdf here) on the subject of the FHA Housing Stabilization and Homeownership Retention Act of 2008, a.k.a. the Dodd-Shelby mortgage-lender bailout bill.
Yesterday, Tim Carney reportedthat the prevailing sentiment on Capitol Hill is that the Dodd-Shelby bill “is exactly what Bank of America and Countrywide wanted.” BofA is in the process of acquiring Countrywide. Countrywide is currently embroiled in a scandal over its V.I.P. program, under which several powerful politicians, including Sen. Chris Dodd, got preferential loan rates.
This discussion document (dated March 11, 2008) would appear to support the contention that BofA essentially wrote the bailout section of the bill. Almost all of BofA’s preferences are mirrored in the Dodd-Shelby legislation. The BofA document even offers PR tips, such as “We believe that any intervention by the federal government will be acceptable only if it is not perceived as a bail-out of the bond market.”
The president has threatened to veto Dodd-Shelby because it would “unfairly benefit lenders who made bad loans.” The Senate will resume debating the bill on Monday.
The BofA doc is worth posting here for a couple of reasons: First, the similarities between BofA’s ideal bill and the bill before the Senate are obvious even to the layperson — read the document, then read David C. John’s analysis of the bailout and see for yourself.
Second, we’d invite our readers with some expertise in this area to look over the document for things we might have missed. Opponents of the bailout are lucky that a few tenacious Republicans (Kit Bond, DeMint et al) were able to hold up the bill and keep it from passing as quickly as expected. The fight resumes next week, so take a look at this document and keep digging.
Kill them ALL !!!!!!
The Congressional Budget Office forecasts that 35% of the loans dumped onto the FHA by Dodd's banker bailout plan will go into foreclosure and taxpayers will take a loss
http://www.freedomworks.org/newsroom/press_template.php?press_id=2570
“The Dodd plan creates a new housing trust fund that will collect more than $530 million a year through a new levy on Fannie Mae and Freddie Mac. The trust fund in turn makes these funds available to politically active community groups like ACORN outside the normal appropriations oversight.
In addition, the Dodd plan creates a new $300 billion facility that allows mortgage lenders to cherry-pick their worst performing loans and roll them into the FHA, shifting 100 percent of the loan liability to the taxpayer.”
The letter was supported by findings released earlier this week by the Congressional Budget Office’s (CBO) scoring of the Dodd-Frank legislation. The CBO predicts that banks will offload their "highest-risk loans” to the taxpayer, the reports also projects that a shocking 35 percent of the loans refinanced through the program will eventually default anyway at a loss to the taxpayer.
And butt-ugly
they can not stop the corruption. You see they also sold they soles to the devil. Other people have dirt on them too. They can not prosecute Bush, Cheney, Dodd, Shelby, Frank, Bernanke and Paulson. That what happens when Rome is burning. Did you expect something different. Their crime are bribes and crooked earmarks
The Dodd, Shelby, Bill of course was written by Bank of America and Counrtywide. It make zero sense. Have governemnt buyu foreclosures so empty homes do not destroy there neigborhoods. That makes no sense they already have tax lein and will get any property back for free. Why spend billions or Trillions? Corruption is the only answer.
...Democrats
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