“Islamic mortgage firm Tamweel resumed home financing today after a hiatus of two years, said Varun Sood, CEO for Home Finance Division.”
““At least when it comes to mortgages, the banks have the right address, everyone agrees about the interest rate. But with debt buyers, the debt has been passed through so many hands, often over so many years, that a lot of time, these companies are pursuing the wrong person, or the charges have no lawful basis.””
“The rules would replace those imposed last year by Fannie Mae and Freddie Mac. Critics say they won’t lessen the system’s tilt toward cut-rate fees and short turnaround times.”
Okay homeowners… want to hear about one of the dumbest ideas I’ve ever heard as related to the housing meltdown? I mean stupid-on-steroids? An idea that’s supposed to stop people from walking away from underwater mortgages, brought to Wall Street by the guy who as a bond trader during the bubble cost Morgan Stanley $9 billion… this one you’re not going to believe. It’s also proof positive that the guys on Wall Street have lost it… or never had it… but it makes clear that the sum total of what they know about living in America today you could put in a thimble and still have room for your finger tip.
“”I agree that banks should probably be stopped from creating money, and recommend John Kay (or Laurence Kotlikoff’s) proposals. But it’s not for me to say – let’s leave it to the Banking Commission.””
By Robert Reich, Robert Reich
The true center of American politics isn’t found where most of us agree. We fiercely disagree. That’s not a problem. Democracy assumes disagreement.
The true center is about how we resolve those disagreements. Most of us believe we should work them out respectfully.
We don’t believe in winning political arguments through bullying, name-calling, lying, intimidating, or using violence.
In other words, the political center isn’t about what we decide It’s about how we decide. A central tenet of American democracy is a commitment vigorous debate, done honestly and civilly.
That’s why some of what we’ve been witnessing recently is troubling.
Consider the foot-stomping incident in Kentucky by Rand Paul supporters, just outside a Senate debate. Or Alaska GOP Senate candidate Joe Miller’s security detail handcuffing a reporter from a liberal-leaning website.
Consider last year’s congressional town hall meetings where members of Congress were shouted down, a Tampa town hall meeting turned violent, and gunshots were fired at Democratic campaign headquarters in Arizona.
Consider the outright lies about “death panels,” “government takeovers,” and the President’s nationality.
Consider Rep. Joe Wilson’s “you lie” outburst against the President on the House floor.
And the vitriol emanating at all hours from rage radio, yell television, and Fox News – against immigrants, intellectuals, “coastal elites,” gays, and the President.
We’re better than this.
This is not respectful disagreement. It’s thuggery. It has no legitimate role in a democracy. And most Americans are fed up with it.
Sadly, we needed two comedians to remind us.
By Robert Reich, Robert Reich
From Marinner Eccles, chairman of the Fed, to Franklin D. Roosevelt, March 6, 1935:
Given the “totally inadequate” amount of money the administration is prepared to spend to jump-start the economy, there’s no reason “to expect any substantial improvement. If we spend some every year, but not sufficient to give the required stimulus to private expenditures, we can build up a large debt and still not be out of the Depression.”
By Charles Hugh Smith, OFTWOMINDS
The U.S. stock market is looking vulnerable to buyer’s remorse.
Even those of you who don’t enjoy charts will see the signs of an exhausted market just waiting for the sell signal from the Powers That Be to roll over.Standard-issue financial pundits forget that “surprising” declines benefit those same select hands which kept the market lofting higher the past few months as volume (i.e. broad-based appetite for equities) declined.
The easiest way to make large profits is to go short when everyone else has been lulled into complacency/mild bullishness, then engineer a sharp downturn that triggers stops all the way down. Once the complacency has been replaced by fear and angst, then scoop up shares which have been discounted.
Rinse and repeat.
This is not investment advice (please see the HUGE GIANT BIG FAT DISCLAIMER below) but is that a voice crying “Look out below!” I hear? Previous entries on the same topic:
Look Out Below (I’ve got a bad feeling about this)
(October 8, 2010)
The Stock Market’s Long Decline Has Begun
(October 20, 2010)
Recommended Books and Films has been updated and now includes a new category of books on The Global Financial Meltdown. Lots of fascinating titles to browse….
My apologies: due to my workload I have fallen behind on my email once again. Your correspondence is greatly appreciated even when I am unable to respond in a timely manner.
Special podcast: Steve over at Two Beers with Steve was generous enough to invite me back to discuss topics of great importance to both of us and to you: health, diet, fitness and taking charge of our own lives. Please give it a listen: Two Beers with Steve podcast.
If you would like to post a comment where others can read it, please go toDailyJava.net, (registering only takes a moment), select Of Two Minds-Charles Smith, and then go to The daily topic. To see other readers recent comments, go to New Posts.
Order Survival+: Structuring Prosperity for Yourself and the Nation and/or Survival+ The Primer from your local bookseller or from amazon.com or in ebook and Kindle formats.A 20% discount is available from the publisher.
Of Two Minds is now available via Kindle: Of Two Minds blog-Kindle
HUGE GIANT BIG FAT DISCLAIMER: Nothing on this site should be construed as investment advice or guidance. It is not intended as investment advice or guidance, nor is it offered as such. It is solely the opinion of the writer, who is NOT an investment counselor/professional. All the content of this website is solely an expression of his personal interests and is posted as free-of-charge opinion and commentary. If you seek investment advice, consult a registered, qualified investment counselor (As with any other professional service, confirm their track record and referrals).
Thank you, Sue K. ($40), for your astonishingly generous contribution to this site– I am greatly honored by your support and readership.
Thank you, Ann M. ($15), for your most-welcome generous donation to this site– I am greatly honored by your support and readership.
for the full posts and archives.
“Americans today are constantly watching their speedometers and trying to conform to every little rule yet there are so many rules that it’s impossible for even the most honest and hard-working Americans not to be breaking some type of law on a daily basis. We are slaves in a criminal monetary system, where the Federal Reserve steals from the middle class through inflation and transfers this wealth to their banker friends on Wall Street. We are forced to accept pieces of paper of money while the US constitution defined only gold and silver as legal tender…We are now seeing countless signs on a daily basis that the US is headed for a complete societal collapse as we know it, forever.”
The government is finally being exposed for being the most systematic abuser of those primal human weaknesses known to Franz Kafka over a hundred year ago: namely – riddle people with guilt, force them to obey countless rules and regulations, many of which are in stark disagreement with each other, keep them preoccupied with superficial lies, provide them with a marginal education, prevent them from thinking for themselves, allow the constant deflection of individual responsibility, provide a society of countless lawyers where any infarction, no matter how minor, serves as the basis for substantial wealth loss, all the while hiding behind a system of increasingly insolvent welfare, whose sole purpose is to validate the destruction of labor product savings, and the devaluation of money. At the center of this nearly 100 year successful wealth transfer plan is none other than the Federal Reserve: a private institution controlled by wealthiest, whose tentacles reach into the government, into the media, and into every classroom (especially those of brainwashed Ivy League students).
As Gerald Celente says, America has become a society where one is guilty until proven innocent. Is it any wonder that nobody respects the constitution any more? MERS fraud, financial collapse, unprecedented political corruption, and not one person found guilty or put in jail…How can one respect what America has become?
Just over two hundred years after America’s “independence”, the country has reverted to a despotic state, at whose apex is the New Novus Ordo Seculorm, not that envisioned by the founding fathers, but its mutated, freakish descendant, which managed to survive Andrew Jackson’s victory over the Second Bank of the United States, and is now controlling everything through the secret and unauditable decisions made in the halls of the Marriner Eccles building, and a stock market which is driven exclusively by the order flow emanating from Liberty 33.
And even as America prepares for yet another theatrical farce of what Democracy has become in the form of the mid-term elections, whose outcome will have no bearing whatsoever on the future of this country, the far more important decision, that virtually no American has any control over, except for a few bankers and a few religious fundamentalists, is the Fed’s decision to decisively do away with the reserve currency, appropriately due on the very same day.
We suggest everyone watch the below clip documenting the end of US liberty, and its transition to a state that is everything that those who created America rebelled against.
An assortment of images from the set of Young Blankenfein brought to you by the Banzai7 Film Institute…to the music of The Edgar Winter Group.
AND REMEMBER FOLKS…
Happy Hollow Balance Sheets!