Site for Free Markets and Free People
Monday, October 31, 2011
IBD: Clinton Ordered Banks in '98 to Ease Credit Standards
Rewind to 1994. That year, the federal government declared war on an enemy — the racist lender — who officials claimed was to blame for differences in homeownership rate, and launched what would prove the costliest social crusade in U.S. history.
At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.
Thursday, October 27, 2011
Mortgages and Student Loans: Two Massive Redistribution Efforts
The second plan, as financial industry analyst Tom Brown explains, is to force lenders who own mortgage backed securities to accept lower rates on their securities even if the loan-to-values on the loans are way north of 100%. That's right - all mortgage holders are going to be screwed.
In the long term, meanwhile, this crazy auto-refi scheme will surely drive capital out of the mortgage market. The government’s essentially rigging the system in order to transfer wealth from lenders to borrowers. Wouldn’t that give you pause? The credit markets have already seen what this White House did to Chrysler’s secured creditors during the auto bailout, remember, and must understand it’s willing to give mortgage investors the same sort of treatment. Who’d blame them for demanding higher returns?
So, with millions of layoffs in the financial industry because of new regulations, there will likely be more now because they are going to have to cut costs further from more revenue losses. (That's right - don't get too excited about today's stock market rally.)
As for Obama, he's trying to buy votes with taxpayer dollars, which is his usual template. Worse, he is not even bothering to seek Congressional approval for any of this. He's simply using dictatorial fiat.
Wednesday, October 26, 2011
Muslims Complain About Christian Symbols at Catholic University
How dare they have Christian symbols at a Catholic school!!
Obama's Favorite Group Behind Occupy Wall Street Movement
Given that all of the leaflets coming from those events promote socialism and outright communism, it's not a surprise that ACORN is involved.
Obama Admin. Wastes $70,000 in Taxpayer Money On His Own Books
Obama: The Junior High School Candidate
Obama is using the same kind of campaign promises to win. Unfortunately for us - he can do what he wants - even if it means the equivalent of longer recesses or fewer study hours for students. I'll highlight 2 things Obama talked about yesterday:
1. New student loan modification. This caps the amount a student will have to pay back annually at 10% of income. Originally this law was supposed to go into effect in 2 years but Obama's no idiot - he needs the student vote next year, so he announced it yesterday. A cap is already in place at 15%, but only 1.2% of students currently opt for this program. So who cares? Maybe another half percent will go for this program, but really, it's irrelevant. For Obama - it's a talking point - so he can say he actually did something for students and we'll continue to hear about it for the next 12 months and 1 week. But will it help? Nope.
2. New jobs for military. obama announced something to get 8000 new jobs for military veterans. Ok - what about the other 500,000? And what about the millions of other Americans out of work? Again it's something that might help 1% of the total military veterans out of work. Of course what will get people employed is a stronger economy, but under Obama's inane policies, that's not going to happen. But again, it's another "goodie" that Obama is promising to people and it gives him a talking point that he will brag about for the next 53 weeks.
More garbage in. Garbage out. When are we going to get a real president?
Occupiers in London Go Home at Night
I mean - c'mon. Socialism is the absolute best system - except all the rest.
Tuesday, October 25, 2011
Obama: I've Done a Lot!
As he met with Will Smith, Magic Johnson, Hilary Duff he complained:
'Sometimes I think people forget how much has gotten done,'
Translation: Look how much I did! And nobody appreciates it!
In a year's time, hopefully we, as the electorate can help Obama spend 100% of his time with the celebrity types.
Monday, October 24, 2011
Will Obama's Legacy Include Spread of Sharia Law?
Was this Obama's plan? Or is this another Obama-failure?
Friday, October 21, 2011
Steve Jobs Told Obama: "You're Headed For a One-Term Presidency"
According to Walter Isaacson (via Huffington Post):
...Jobs was not that impressed by Obama, later telling Isaacson that his focus on the reasons that things can't get done "infuriates" him.
This certainly sounds like the Obama we all know - he prefers to blame someone rather than come up with a solution himself.
I hope Jobs' prediction is correct.
Fisker Automotive: The Latest Solyndra
Even if the company isn't a total fraud like Solyndra, why in the world should we taxpayers be funding a risky venture based in Finland when we're racking up $1,500,000,000,000.00 in additional debt each year?
Thursday, October 20, 2011
Boston Occupiers Starting to Complain
Demonstrator Andrew Warner, 36, said homeless people are hijacking tents, getting drunk, “passing out” and stealing.“It’s turning into us against them,” Warner said. “They come in here and they’re looking at it as a way of getting a free meal and a place to crash, which is totally fine, but they don’t bring anything to the table at all. It gets really frustrating.”
Hmm. I thought they'd like people who don't bring anything to the table. Ironic isn't it? Additionally there were other reports:
...some homeless people have been hoarding free items, including donated coats... “They’re getting more than they need and trading it off. What we noticed is all the new jackets are disappearing quickly.”
Wow - imagine that. They are giving away free items and people are taking more than they should, even though they haven't earned it. I think this demonstator may have just shown why socialism/communism doesn't work. But isn't that exactly what they're demonstrating in favor of?
Welcome to the real world guys.
Unprecedented 26 Million Underemployed
Steve Wynn: Democrats Bankrupting the U.S.
I cannot predict what healthcare costs are going to be, what regulatory load they are going to heap on us, what new taxes or other burdens this insatiable governmental appetite for money from the citizens will take us to.
Now, that is simply a statement of fact. It isn't a partisan political pitch.
It's simply a statement of fact from a businessman who has supported probably more Democrats than Republicans. But I say right now that the Democratic agenda of spend and bribe the public has bankrupt this country, and until it stops, the citizens of this country are in for more hard times.
It's hard to argue with him.
Wednesday, October 19, 2011
Reid: Private Sector Fine; We Need More Government Jobs
"It's very clear that private-sector jobs have been doing just fine; it's the public-sector jobs where we've lost huge numbers, and that's what this legislation is all about," Reid said on the Senate floor.
So this unemployment business is all in your minds. Let's spend more!!
Will Obama Ever Pass a Budget?
Obama's hardly been any better. His latest budget was so outrageously irresponsible that the entire Senate, including every single Democrat, voted against it.
Is it any wonder the spending is going off the rails when these guys don't even want a budget?
Tuesday, October 18, 2011
Obama Celebrates 7 Month Anniversary
If this had been GW Bush, do you think the media would have kept their "code of silence" regarding this war? My guess is that we will keep "not hearing" about it all through 2012 as well.
Bove is Right About Government Destruction
"The last three AGs in New York—Eric Schneiderman, Andrew Cuomo, and Eliot Spitzer—have made their primary goal attacking the financial industry. Drug dealers are safer in that town than bankers are. Does the attorney general of Texas attack the oil industry? Does the AG of California try to put Hollywood out of business? Cars in Detroit? No, they're not that stupid. Now they're suing Bank of New York (BK), with the result that they're pulling jobs out of New York as fast as it can. Goldman (GS) is moving to New Jersey and Utah. Citigroup (C) is going anywhere it can find outside New York. JPMorgan Chase (JPM) is the only bank putting jobs in the U.S. and everyone flips out because Jamie says he's not sure we're taking the right approach to fixing the system? People are electing people who want to fire their neighbors. It just doesn't compute for me."
When the topic turns to Bank of America (BAC) and the $5 debit charge controversy, his dander goes right back up again. "Dick Durbin gets up on the floor of the U.S. Senate and encourages a run on Bank of America? How can a U.S. senator say that we should bankrupt the biggest bank in the U.S? Has he lost his mind?"
Senators are not new to destroying financial companies. Dem. Chuck Schumer caused a run on Indybanc a few years ago, which effectively destroyed the bank in a day. Durbin and Obama want to one-up Schumer and take down the biggest bank in the country and perhaps the entire industry.
Monday, October 17, 2011
Are Lefty Protests Backfiring on Obama?
Oddly enough, the Rassmussen approval ratings for the President appear to be dropping now that the protests are kicking into gear....yet another plan that hasn't come together.
Wednesday, October 12, 2011
Free Trade Deals FINALLY Clear Congress
After two years of opposition, the White House now "strongly supports" them. I wonder if Obama will say he supported them all along...
Tuesday, October 11, 2011
Paula Deen: Michelle Obama Ate More than Any Guest
Very interesting but not surprising. Michelle can eat whatever she wants, but believes she should be allowed to regulate what everyone else eats.
Ridiculous Severance Payments at B of A
Saturday, October 08, 2011
Obama Disapproval Rating Approaches 60%
No doubt Obama will try all sorts of short term spending gimmicks over the next year to change this. I don't think it will change though.
Friday, October 07, 2011
Friday Night White House Solyndra Email Dump
Here, ABC News says that an Obama fundraiser was pushing hard from the inside.
Thursday, October 06, 2011
Harry Reid Nuke Option: Eliminate Senate Minority Rights
If this were the GOP controlled Senate who tried this under Bush, it would almost certainly be described as a fascist takeover. But frankly, I don't care. Change the Senate rules - it's a virtual lock that the GOP will take over the Senate in next year and I have no problem locking the Democrats out of the entire conversation of lawmaking.
Tuesday, October 04, 2011
Suskind: Obama Ignores Own Economists; Has Own Economic View
[Summers and Romer] were concerned by something the president had said in a morning briefing: that he thought the high unemployment was due to productivity gains in the economy. Summers and Romer were startled. “What was driving unemployment was clearly deficient aggregate demand,” Romer said. “We wondered where this could have been coming from. We both tried to convince him otherwise. He wouldn’t budge.” Summers had been focused intently on how to spur demand, and on what might drive a meaningful recovery…. [W]ithout a rise in demand, in Summers’s view, nothing else would work…. But productivity?… If Obama felt that 10 percent unemployment was the product of sound, productivity-driven decisions by American business, then short-term government measures to spur hiring were not only futile but unwise. The two economists strained their memory… had they said something he’d misconstrued?… After a month, frustration turned to resignation. “The president seems to have developed his own view,” Romer said.
In Obama's mind, productivity and innovation are bad for employment and the economy. Then again, we're 3 years into the Obamanomics experiment - and the results are speaking for themselves.
Sen. Durbin Encourages Run on B of A
It's sad that Democrats believe it's their job to select winners and losers in the private sector.