Recession Impressions - Limerick by Leisure Lad

 
RECESSION IMPRESSIONS
Fannie Mae shatters and cracks
Foreclosures abound to the max
White trash got wrecked
Buyin’ McMansions on spec
But Whee! AIG can relax
 
 

Foreign Money Used to Influence U.S. Elections

Singapore, Germany, Bahrain, and especially India are the countries whose money is being used by the Chamber of Commerce and the Republican Party to sell out the interests of the tax-paying American. You wonder why the Chamber of Commerce is in favor of outsourcing American jobs? They get a large chunk of dues from companies from India.

American elections should be about what is best for America, not the rest of the world. The American worker has been suffering and thrown out of work and had his house taken away from his family. All the while Republicans and the Chamber of Commerce have been saying that outsourcing jobs is a good thing for everybody. Tell that to the guy who can't find work.

See the foreign donor list to the US Chamber of Commerce below, courtesy of ThinkProgress.org:

Company Location Money/Level
4G Identity Solutions Hyderabad, India $7,500
A2Z Maintenance & Eng. Gurgaon, India $7,500
Amarchand Mangaldas Mumbai, India $15,000
Apollo Hospitals Chennai, India $7,500
Arshiya International Mumbai, India $15,000
Astonfield Management Mumbai, India $7,500
AXA Group Paris, France $7,500
Avantha Group India $7,500
Avasarala Technologies Bangalore, India $7,500
AZB & Partners Mumbai, India $15,000
Azure Power New Delhi, India $7,500
Bharat Forge Pune, India $15,000
Blake, Cassels & Graydon LLP Toronto, Canada $7,500
Brookfield Asset Management Toronto, Canada $7,500
Cameco Corporation Saskatoon, Canada $7,500
Credit Suisse Zürich, Switzerland $15,000
Devas Multimedia Bangalore, India $15,000
DSK Legal Bombay, India $7,500
Dua Associates Hyderabad, India $15,000
Educomp Solutions Ltd Delhi, India $7,500
Essar Group Mumbai, India $7,500
Fox Mandal Little India $7,500
GMR Bangalore, India $15,000
Hindalco Group, The Mumbai, India $15,000
Hinduja Group, The London, UK $15,000
Hindustan Construction Company Mumbai, India $15,000
HSBC London, UK $15,000
ICICI Bank Mumbia, India $7,500
Infosys Bangalore, India $15,000
Infotech Enterprises Hyderabad, India $7,500
International SOS Assistance Singapore $7,500
Ireo Management Gurgoan, India $15,000
ITC Group Kolkata, India $15,000
J. Sagar Associates Mumbai, India $15,000
J.B.Boda Insurance Mumbai, India $7,500
J.M. Baxi & Co. Mumbai, India $15,000
Jagran Prakashan Kanpur, India $7,500
Jindal Power New Delhi, India $15,000
Jubilant Organosys Noida, India $7,500
Kimaya Energy New Delhi, India $15,000
Kotak Mahindra Mumbai, India $7,500
KPIT Cummins Pune, India $7,500
KPMG Amstelveen, Netherlands $15,000
Lahmeyer International Frankfurt, Germany $7,500
Larsen & Toubro Mumbai, India $15,000
Leela Hotels Bengaluru, India $7,500
Linklaters LLP London, UK $7,500
Luthra & Luthra New Delhi, India $15,000
Macquarie Capital Sydney, Australia $15,000
Majmudar & Company Mumbai, India $7,500
NIIT Technologies Delhi, India $15,000
Nishith Desai Associates Mumbai, India $15,000
Novartis Basel, Switzerland $15,000
Oberoi Group Dehli,India $7,500
Patni Americas Mumbai, India $15,000
Punj Lloyd Gurgaon, India $15,000
QuEST Global Singapore $7,500
Ranbaxy, Inc. Gurgaon, India $7,500
Reliance Industries Mumbai, India $15,000
Reliance Communications Navi Mumbai, India $7,500
Rolta Mumbai, India $7,500
Sanofi-Aventis Paris, France $7,500
SKP Crossborder Consulting Mumbai, India $7,500
SNC Lavalin Montreal, Canada $7,500
State Bank of India Mumbai, India $15,000
Sun Life Financial Toronto, Canada $7,500
Tata Group Mumbai, India $15,000
Tatva Legal India $15,000
Urenco Investments Slough, UK $7,500
Trilegal India $7,500
Walchandnagar Industries Mumbai, India $7,500
Welspun Mumbai, India $7,500
Wipro Bangalore, India $15,000
TAIB Bank* Dubai $20,000
Aluminum Bahrain B.S.C Kingdom of Bahrain $10,000
Bahrain Financial Harbour Holding Company Kingdom of Bahrain $10,000
Gulf Air Kingdom of Bahrain $10,000
Midal Cables Kingdom of Bahrain $10,000
The Nass Group Kingdom of Bahrain $10,000
Bahrain Maritime & Mercantile International Kingdom of Bahrain $5,000
The Bahrain Petroleum Company Kingdom of Bahrain $5,000
First Leasing Bank Kingdom of Bahrain $5,000
Gulf Petrochemical Industries Company Kingdom of Bahrain $5,000
TOTAL $885,000

The Problem With Obama

Today's Washington Post reveals that Obama Administration officials knew about the problems with illegal foreclosure but felt they couldn't do much about it. What? Couldn't do much about it? The Making Homes Affordable Program is a good idea. The problem with the Obama Administration isn't the ideas. It's the lousy implementation of those ideas.

And it seems too often that President Obama is worried about the elite running the banks and ready to sacrifice the people whose money is in those same financial institutions. You know, the people who voted for him in the first place?

You cannot run a large organization by waiving your hands and announcing a grand policy. Without good implementation your policy will be words only. The entire fiscal crisis that Bush got us into has been dealt with by protecting the banks first and the depositors second.

There would be no mortgage crisis if people had jobs.

Foreclosure Specialist

One growing employment field is that of the Foreclosure Specialist, a real estate agent who works exclusively with foreclosed real estate. This can be extremely challenging work, as, thanks to the predatory loan practices, many naïve buyers put little or no money down when getting mortgages, and are awash in negative equity.

Often buyers have purchased a home for a certain amount, and then the value of the property goes down, and they owe more than the property is worth, thus not being able to refinance if they are unable to make payments.

One of the riskiest home mortgages offered was the option adjustable rate mortgage (ARM) which started out offering low minimum payments. But the option ARM’s low payments were temporary, as they were not fixed rate mortgages.

Sometimes the foreclosure specialist can help a debtor to transfer the title to a corporate entity, or help the borrowers get a Small Business Administration loan. Today, having someone who is loan and real estate savvy is quite necessary when dealing with the crises that have been created by the easy-come-hard go loan systems.

http://www.axsmith.net/Axsmith_Law/Home_Foreclosure_Prevention.html

Love Those Goldman Sachs Photos!

It's great vindication to see fabulously wealthy people cringe. Goldman Sachs executives are being grilled and made to cower for stealing from their clients and the American taxpayer. We love it!

My favorite part is the dim realization - I always loved dim realizations - on the part of Goldman Sachs executives that this nightmare isn't over. The American people want blood and they can see it in the eyes of the electronic lynching mob. And we can tell every time we see one of those pictures!

I can't be the only person daydreaming about throwing things, messy suit-ruining things, at Goldman Sachs executives. Maybe an attack with Silly String would be just the thing.

We may be losing our homes, going to food banks, making our children's clothing out of curtains, but we have the satisfaction of seeing the powerful grovel. And there promises to be much more. Hooray!

Foreclosure: Idiot Professor Brent T. White advises underwater homeowners to walk away - Should Be Disbarred

Don't! Don't! Law Professor Brent T. White gives idiot suggestion that people with mortgages worth more than their homes should walk away from the house. Don't Do It!

This is why:

The house isn't always going to be worth what it is now. Prices of homes may steadily escalate in the future, in fact it would be very strange if they did not.

You have a very strong hand in negotiating the terms of the mortgage with the mortgage company because they would lose money if they foreclosed on you.

If you are in this situation, go to my law firm web site at http://www.axsmith,net and contact me. I can help you through this.

Unemployment at 15%

That's right! Counting the unemployment of all people out of work and looking for work puts the unemployment rate at 15%. Changing the formula for the unemployment rate was a trick Reagan came up with just prior to bis reelection.

Is the Government ever going to get honest about how bad it is right now? I'd like to see it.

People are starting to feel really optimistic about the recession and its being over soon. Not so fast. There's still millions of ARM mortgages that haven't reset yet. When that happens, there will be another hit to the credit system that is gasping for air already.

Seven Deadly Sins of Banking

This report has caused quite a stir even though almost none of the reporters writing about it have read it. But that doesn't stop them.

Bank loans are defaulting. The prediction is that they will default even more in the future. The cry is that not enough bailout money was given to the banking industry to forestall disaster. Worse than the Great Depression! Now run around and scream like a crazy person.

The problem is being approached from too narrow a perspective. Banks will not have defaulted loans if people have jobs. The focus needs to be on getting jobs for people and loans for small businesses. That is the foundation that our banks stand on.

If people are paying their mortgages then they will have an income to do it with. There will be no need for panic or for cries of Great Depression II.

Unlike 1929, the U.S. Government is taking a proactive role in addressing problems with our economy. The hyped-up fear is misplaced.

Another Great Depression Practice

Local communities are printing their own currencies now, copying a practice from the Great Depression. It keeps the money local because no one else will accept it. In Detroit, it is the Detroit Cheers. Odd name for a currency in the capitol of homicide.

What should Columbia Heights' local currency be? The "You Can Still Buy Drugs Here" or "What Are Those Old Men Doing in the Park Anyway"? Or something hopeful like "Today a Dog Park, Tomorrow the World"?

Maybe I should start my own currency: the Econo-Buck. With the Econo-Buck you'll be able to sing like Edith Piaf, play violin like Mozart, play piano like Herbie Hancock and look like Brad Pit or the First Lady - but only when no one can see, hear or record you.

AIG Bonus Redemption

Idea! How about President Obama handles the Treasury Department's OK of the AIG bonuses by firing EVERYONE involved with it. That means all the people who knew about the change but didn't scream and raise hell about it. It would restore his credibility.

Note to Obama Administration: No, You Can't Get Away With It

What is Barak Obama thinking? Someone in his Administration gives the OK for AIG corporate bonuses. Retention bonuses, no less. And they really seemed to think this would just fly by everybody without protest. The one thing Obama doesn't need is to be seen as on the side of the people who brought our economy down. Pretty speeches are great, but the credibility behind them is even more important.

Better yet, the Obama Administration just tried to get private insurance carriers to bear the costs of caring for veterans injured in war. Let's take a look at that for a minute. The upshot, as my husband pointed out, is that veterans would not be able to get private insurance because the insurer would be stuck with all the medical bills related to combat injuries. Or, all the other people insured by the same private insurer as the veteran would be the ones helping to pay the medical costs. The Obama Administration didn't get away with it.

It's only March, and these slimeball tactics are already hurting the credibility and moral leadership of the Obama Administration. Straighten up and fly right, buddy. You're not going to get too many more passes.





CEO AIG bonus class money finance economy meltdown foreclosure bank Bank of America Merrill Lynch