Robert Scheer begins: "This week's proposals by the Obama administration to deal with the persistent economic crisis will be, as with previous plans that involved trillions of taxpayer dollars, little more than salt in the wounds. Once again the strategy is to stimulate the economy by funding projects and tax cuts while ignoring the root cause of the problem: a housing foreclosure meltdown that has chilled the spending of a majority of American consumers."
April Charney, a lawyer at Jacksonville Area Legal Aid in Jacksonville, Florida, says the foreclosure courts do not give borrowers a serious hearing. 'You get a five-minute hearing. It's a factory.' 09/04/10. (photo: Kelly Jordan/NYT)
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The Bank of America, a bank that saved the financial lives of many thousands when it was founded, has sure changed its stripes. I have friends, a young couple with a good income but an ill child, who will have to walk away from their home because that Evil bank will not modify their loan. So what will the bank get? Certainly NOT even 2/3rds of what that couple paid for it. So why won't the bank negotiate with them? Because they are truly EVIL, that's why. I can only hope that there is karma and it comes in the form of some horrible financial crises for these banks that ignore their customers' true needs.
Abandoning traditional friends to try to make nice with traditional enemies?
A war in Afghanistan IN ADDITION TO Iraq?
Not vetoing the Bush Bailout?
Spending on Corporations, but not on the customers?
Blaming our Deficit Pit on BUSH, when Obama's not slowed the digging of it?
Apologizing to countries that were in the wrong, from Japan to Mexico?
You're right, he's accomplished more than Bush, but in an intensely wrong direction!
Sorry EPGAH, You gotta wake up and understand who's buggering you and it isn't Obama.
The last strong President we had was Wilson, or maybe Roosevelt, depending your cynicism/idealism! He would've told Mexico, China, Africa to shut up and either accept what we give or do without, and Roosevelt had a great track-record for taming runaway Corporations--A Political Cartoon about that spawned the most durably popular toy ever, the Teddy Bear!
We can't expect that kind of iron from the Great Apologizer!
And indeed, he and both major parties RELY on our Amnesia/Apathy to keep getting reelected. Remember, CLINTON was the one who passed NAFTA, AND the one who forced the banks to make loans to people who couldn't afford it, NOT the Entitlement Fairy!
So if we keep voting in the "Entitlement Pimps", I guess we get what we deserve?
However, the banks were bailed out because they were "Only Following Orders"
And Obama--or at least his Administration--have been against E-Verify, tariffs, and other measures to make sure the money would go to hire Americans, rather than bail out the economies of other countries...
As to Ann Scott, Bank of America was the first to offer loans to illegals. Giving money to professional ID Thieves may be stupid, but SOMEONE has to pay for it, and it won't be the banks, so it's probably your friends picking up the tabs!
Right on Peacedragon. That is THE issue in my view. Sometimes I wonder what would it be like to live in such far away lands (and not just "far away" in the sense of thousands of miles but philosophically ) as Denmark, Sweden, Spain, Italy, Switzerland, and .... the list goes on.
Our whole identity is corporate/military. It is all about empire and world dominance. When 5% of the world's population consumes 25% percent of its resources...well what you have is the USA.
It was a bonanza for speculators to buy foreclosed houses and flip them. The vultures got so full, they couldn't fly.
And as I pointed out before, people "bought" houses they couldn't afford--at everyone else's expense! The banks that made the loans to these idiots--"Only Following Orders" or not--deserve to take the hit for such Generosity Unto Stupidity, not the public at large...
And now that we've bailed out these Corporations, they are under no obligation to hire Americans, so we're essentially bailing out the economies of lesser countries. India, Mexico, and China can't even be bothered writing us a Thank-You Note!
They have profited from fraudulent accounting practices its time they were punished for their crimes. Not by imprisonment but through lose of profit.
Automatic interest rate reduction will not only keep people in their home, but jump start the economy though increasing the amount of spendable income available even to the un & under employed. The people must spend money to insure the recovery. Trickle down doesn't work, but trickle up will.
Texas has laws saying you can't borrow more than a certain percent of what you're worth, which is why the recession "didn't hit them as hard"!
Or we could all sing, "I Owe My Soul To The Company Store" It was a big hit when I was a kid, and now the meaning is clearer, no?
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