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bruce MN
Advisor

Thanks for the spelling correction

It's getting worse and I apologize to those who find themselves reading them. 

 

I believe you understand that I wasn't necessarily putting that up as agreeing with all of the claims within it but rather that if the NYT editorial staff which has been very, very right leaning through the Bush and early Obama administrations is laying this out as  a description of the political landscape then that is a strong signal.

 

The NYT editorial staff held a strong neocon position post 9-11 and in the run up to and execution of the wars on the Middle Eastern nations.  And  has consistently and most notably been appalled at anyone who would pose criticism of Wall Street and the Fed.  The editors laying this out this way is  a fairly strong  affirmation that this is what the electorate is going to be focused upon.  It's only that, right or wrong, this is what is going to be at the political forefront.

 

What may have triggered this more than ever is Gingrich (funded by Adleson and looking to sell books and book speaking events) and other GOP contenders suddenly becoming raging  Trotsky like economic populists in their attacks on Romney.  May be the most internally destructive political move in history.  They've legitimized wide open discussion of what Romney is saying should only be discussed in "quiet rooms"  (potentially the most hideous thing said by a candidate since GWB told that banquet hall full of defense and energy moguls  "I call you my base").

 

Chords are being struck everywhere.  It's like the GLBT issue and how the cultural and religious right is losing ground so fast on that one.  Once the discussion becomes frequent enough, it becomes evident that damned to near everybody has somebody that they are related to, care about as a freind or associate who is affected and that they are not bad people and it is not their fault.  It's not ironic that this is coming fore post-holidays as just about everybody has had interaction with people with whom they do not over the rest of the year.  Damned to near everybody knows somebody in a terrible employment or housing situation and can't envision or rationalize how it might be their fault.

 

It's permeated the general  middle class dialogue.  In fact it may have become the obsessive topic. 

GreaTOne_65
Senior Contributor

Re: Uness there is another war....

As I told you in the post above, it's going to Asia, and the article I posted concurs. We, have got to get on the band wagon, for alternative fuels, simple as that. To take the chance on ruining our aquafirs, to benefit Canada and Asia, should not even be questioned. I'm losing faith in the fracking business too. Too, many secrets, to many greedy people, and no oversight. I believe we should leave this world as good or better than it was when we came here, we owe it to the following generations.

Red Steele
Veteran Advisor

Re: Thanks for the spelling correction

Bruce, I get what you are saying.....The New York Times, as zionist of a newspaper as you will ever find, has looked at Obama and Romney and feels comfortable that either one will accomplish their major goals, a continuation of the disasterous USA/Israeli link at the hips, and further support for the banking and financial industry, especially if your firm does not have an Anglo sounding name like Lynch or others.

 

Having properly vetted the two contenders, they now feel comfortable to point out the major difference....one will be branded as a 1% ER, NOT A JOBS PRESIDENT, and the other will be a populist, not a welfare Promoter. And you may well be right...I would not bet my life that Obama loses.

 

If Obama wins re-election, and he may, I cannot see how anyone will feel that the USA has much of a future. Maybe it is good for Mitt that he knows how to speak french...sounds like that may be the direction we are going.

r3020
Senior Advisor

Re: Uness there is another war....

As I told you, it is about HIGH PAYING UNION JOBS.

bruce MN
Advisor

Re: Thanks for the spelling correction

As for the future, under either of them, the best thing well have going for us is our innordinate real wealth.  We are collectively collateralized quite a bit heavier than anywhere else.  Canada is n nice shape also, and has seemed to understand that a bit better over the past few decades than we have so as to not be quite so screwed up in basic inequity as we are.  But then, a much smaller economy and therefore easier to do.

 

But it will come down to leadership to manage our reaction to what appears very likely to be on the global horizon.  I wonder if the people won't be more likely to place that responsibilty in the hands of parties that at least indicate that they may have been thinking about what to do in such a situation if it were to come up.  By then the very bad German led EU leadership example should have exposed itself considerably.

bruce MN
Advisor

I dunno....maybe they've gone crazy

Maybe they sense something and want the public to view them as somethig other than a kinder and gentler Limbaugh or FOX?

 

This came out in the same slot the very next day.  I have no idea what their calculation may be, but it's surely a huge and sudden turnaround:

 

http://www.nytimes.com/2012/01/16/opinion/on-the-trail-of-mortgage-fraud.html?ref=opinion

 

On the Trail of Mortgage Fraud

Queens has been harder hit by foreclosures than any other New York borough, and the Federal Bureau of Investigation believes it has found a culprit. Last July, the F.B.I. accused Edul Ahmad, a local broker, of a $50 million mortgage fraud, saying he lured fellow immigrants into subprime mortgages, inflated the values of their properties and concealed his involvement in deals that were ruinous for scores, if not hundreds, of borrowers. Mr. Ahmad pleaded not guilty, and posted $2.5 million bail. Now, according to court papers, as reported in The Times, he is plea-bargaining with federal prosecutors.

Whatever Mr. Ahmad did or did not do, one thing is sure: he did not act alone. The attention Mr. Ahmad has drawn highlights the relative lack of scrutiny of the big banks and their senior executives. Big banks created demand and provided credit for dubious mortgage loans, which they bundled into securities and sold to investors. If not for reckless lending and heedless securitizing, there would have been no mortgage bubble and no mortgage bust — and, in all probability, no Edul Ahmad.

There have been some prominent civil suits with settlements and fines, including the $550 million deal between Goldman Sachs and the Securities and Exchange Commission over the misleading of investors in a mortgage-backed investment. Bank of America, which bought Countrywide Financial in 2008, recently agreed to pay $335 million to settle a lawsuit by the Justice Department over Countrywide’s practice of steering black and Hispanic borrowers to subprime loans while similarly qualified white borrowers got better terms. But such cases have been narrowly focused and rarely name top executives.

What is needed is leadership by President Obama on this issue. He should form an interagency task force to investigate and pursue potential civil and criminal wrongdoing by institutions and people whose conduct in the mortgage chain had the greatest economic impact.

That would mean focusing on the large banks and their top echelons. The investigators would need to include the departments of Justice and Housing and Urban Development, the S.E.C. and the Internal Revenue Service, as well as bank regulators, with the formal co-operation of the most aggressive state attorneys general. The task force would need a leader with the impulses of a crusading prosecutor.

The investigations to date have not had this character. The Goldman Sachs settlement, for instance, was over one security and put the blame on a midlevel banker. When executives have been personally penalized, the fines have been a fraction of the wealth they amassed during the bubble. From 2000 to 2008, Angelo Mozilo, the chief executive of Countrywide, received total compensation estimated at $521.5 million; in 2010, without admitting or denying any wrongdoing, he paid $67.5 million to settle civil fraud charges brought by the S.E.C. The Justice Department, for its part, decided not to pursue a possible criminal case against Mr. Mozilo.

Lawsuits by state attorneys general, notably in Massachusetts and Nevada, may ultimately prove more revealing and helpful to wronged homeowners, because they tend to focus on foreclosure abuses by banks. New York’s attorney general, Eric Schneiderman, is building a comprehensive investigation of the mortgage chain from the origination and securitization of loans to banks’ foreclosure practices. That may lead to more actors in the system being held accountable for creating the mortgage crisis. Mr. Ahmad is accused of swindling naïve borrowers in Queens. There is more to the mortgage mess than that.

 

 

 

 

Nebrfarmr
Veteran Advisor

Re: Uness there is another war....

I used to raise hogs to export to Singapore, and still raise calves for beef to Japan. Are you saying that the jobs that are provided by the cattle feedlots, the feed millers, truckers, meatpackers, shipyard workers, etc. Don't count for anything, because the beef from my calves are eaten overseas? Oil is a commodity, it will be produced and sold somewhere. Do you REALLY think if oil is $100 here, and $50 in Asia, that it will automatically go to Asia? It will go to the buyer that gives the highest return, like any commodity. However, if it is refined in the USA, at least there will be American workers benefitting. Why do you not want more Americans to have jobs?
Red Steele
Veteran Advisor

Re: I dunno....maybe they've gone crazy

you don't find it hilarious, in the gallows humor type of hilarious, that the NY times goes after two men with the names of Ahmad, and Mozilo in this article?

 

I had no clue that it was the muslims, with their ban against lending for interest, that caused the financial crisis. And what about Mozilo, is this the mafia back in action loan sharking?

 

I really could not make up anything funnier.You just can't make this stuff up.

bruce MN
Advisor

Re: I dunno....maybe they've gone crazy

Did you stop reading after you saw those names?  They were posed as prime examples of a general malady, as was described in the remainder.

 

I suppose the Times would have recieved a better reception form you if they'd found some Jewish or Anglo guys to include.  Problably weren't any though, huh? 

Red Steele
Veteran Advisor

Re: I dunno....maybe they've gone crazy

as long as even Bernie Maduff plants a tree in the Holy Land, the NY Times will never say anything derogatory about him. Sure, the article mentions that Goldman Sachs got off too easily, with none of the head honchos indicted on anything, but lets that go as closed history. ho hum. And even in the GS case, I am sure it was some goyum that led the faithful astray.