Scott Brown wins the Massachusetts-what does it mean for you

The Senate now has 100 crooks instead of 99Add to Technorati Favorites

The Banks are still reaming us, just worse than you thought

Outright Fraud and nobody is doing anything about it.  CNBC  reports today:
(Link)Big Banks Accused of Short Sale Fraud!

Oh No you say, Banks and banker committing FRAUD?  Why it can not be. Not these pillars of the community to whom we trust our life savings, our pensions? Oh please say it ain't so.  Why the government and all it's little bureaucracies charged with safeguarding the public trust from the vampire octopussy's by monitoring them and auditing them and cajoling with them and pleading with them and begging with them and even going so far as to use your money to try and buy them.  Whose job it is to insure that American Free Capitalism is available to all in the land who might wish to better themselves. Whoops, wait a second. Read the post before this one,  (link) America, now a Kleptocracy: We forgot Free Market Capitalism is dead.

Killed by the politicians and bankers who rigged the playing field, aw damn that ain't right either, they didn't rig no playing field, they do it in broad daylight cause they no the sheeple well. Promise them a house for nothing they say, if they can't pay for it one way we will get it the other.  Even if it means robbing pension funds.

Alas you think I jest maybe?  Consider from the post mentioned above:

But here's what's not legal and what's apparently happening quite often recently. Since many second lien holders are getting very little, they are now allegedly requesting money on the side from either real estate agents or the buyers in the short sale. When I say "on the side," I mean in cash, off the HUD settlement statements, so the first lien holder doesn't see it. (You may have to read the whole article to get the jist of this)

They are pretty clear and pretty upfront about the fact that if the first lender knows they are getting paid, the first lender will kill the short sale," says Brandt. "So these second lenders are asking for the payments off the closing documents, off the HUD statement, usually in a cashiers check prior to closing. Once they receive that payment, they will allow the short sale to go through, which according to RESPA laws and the lawyers that we have spoken to on the topic is not legal."

 Brandt told me he's heard from at least 200 agents that they've had these requests made by representatives of Citi Mortgage [C  3.54    0.12  (+3.51%)   ], JP Morgan Chase [JPM  43.28    -0.40  (-0.92%)   ], Bank of America [BAC  16.32    0.06  (+0.37%)   ] and other large banks.

Most agents wouldn't go on the record with me, for fear of retribution by the banks with whom they have to work every day. But one agent, Kayte Gentry, of Keller Williams Integrity First Realty, was brave enough to blow the whistle.

"I think it's wrong, and I think somebody needs to hold them accountable, and every time I lose a house in foreclosure because of this, it hurts my client," says Gentry matter-of-factly. "Aside from being illegal and a violation of RESPA, it's immoral and truly it's just sad for the client that it's hurting."

 It's illegal, immoral and hurting the client???

"When we confront the lenders and tell them that this request is illegal and a violation of RESPA, they tell us it's been cleared through legal and they don't care. Do it anyway," charges Gentry.

It's illegal, immoral and hurting the client???  

 I contacted the Treasury Department, HUD, FINCEN (Financial Crimes Enforcement Network) and the Federal Trade Commission, and none of their representatives could tell me of any active investigation into this. The folks at HUD said they'd be very interested to see my story.

It's illegal, immoral and hurting the client???

OH Lord God that is funny! Like they actually think that there's somebody gives a damn!Add to Technorati Favorites  

America, now a Kleptocracy:

In our previous post written on 1-16-10 entitled:
(link)American Socialist state easy prey for the Privileged-it has happened
We laid out a case for the idea that what many "tea party" individuals fear, America becoming "Socialist", has already occurred.   We were wrong. What in fact we currently have is worse than Socialism.


Socialism is defined by Websters as follows:

1 : any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2 a : a system of society or group living in which there is no private property b : a system or condition of society in which the means of production are owned and controlled by the state
3 : a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done

this can not apply to America because we do not have an equal distribution of goods according to work done!

What we have is a redistribution of wealth, not based on the needs of the people, but conducted in a manner to insure that the privileged remain so.

In the past we have referred to America as an Oligarchy. This is now true. In fact we can take that a step further.  America is an Oligarchy in a unique form referred to as a Kleptocracy:

Kleptocracy, alternatively kleptocracy or kleptocracy, from Greek kleptes (thieve) and kratos (rule), is a term applied to a government that takes advantage of governmental corruption to extend the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats), via the embezzlement of state funds at the expense of the wider population, sometimes without even the pretense of honest service. The term means "rule by thieves". Not an "official" form of government (such as democracy, republic, monarchy, theocracy) the term is a pejorative for governments perceived to have a particularly severe and systemic problem with the selfish misappropriation of public funds by those in power.

Now have we caught your attention yet.  If that does not sound familiar to you then you h ave been watching to much Sponge BoB.

Note, there is no use of the words democrat, republican, left or right in this definition.  Their is the word "Thieves".  Which is exactly why this country threw a tea party in the first place. "Taxation without representation".  In other words, theft!

Lets those that happen across this think I'm just some "crazy son of a bitch" (which of course I cop too), let me Quote a post from the financial channel website CNBC. As we always say, "Follow the Money."

Published: Tuesday, 19 Jan 2010 | 8:39 AM ET  by: CNBC.com entitled:

(Link)US Does Not Have Capitalism Now: Stiglitz

Quoting, Joseph Stiglitz, Columbia University professor and Nobel laureate:

 "Today, (at) most of the big companies you have managers who, when things go well, walk off with a lot of money. When things go bad the shareholders bear the costs," he said.

and

It's a system where "you socialize the losses and privatize the gains," which is not capitalism, he said. There's "moral hazard everywhere," he added.

Now for those of you who still insist on blaming everyone but ourselves for allowing it to happen, let me see if I can put this in street terminology to make it a bit more  understandable.

When and if you go to buy DOPE, do you have any idea how many times it has been "stepped on" before it gets to you?

Well that's your money. It is stepped on over and over again before it ever gets to you. Somewhat illustrated by "Stiglitz" comment:

Even worse, those giving the money to the companies are entities like pension funds that are managing money on behalf of other people, so there are "layers and layers of agency costs," Stiglitz said.

Maybe that's what they refer to as the "trickle down theory"http://en.wikipedia.org/wiki/Trickle-down_economicsAdd to Technorati Favorites