By Numerian Posted by Michael Collins
It seems, therefore, that millions of foreclosures that have occurred in the past two years may be invalid. Investors who were part of the $8,000 tax credit program may not have valid mortgages and may not legally have the right to live in their home. Title insurance companies have stopped accepting mortgage titles from GMAC and other financial firms implicated in this situation. Numerian
Those who should be leading this country, and contributing to its development, have spent the past 25 years joining the parade of looters and predators who have found ways to extract wealth from the middle class and the poor in this country. Numerian
By Numerian posted by Michael Collins
The whole history of civilization is strewn with creeds and institutions which were invaluable at first, and deadly afterwards. Journalist Walter Bagehot
Banking reform measures are moving rapidly through the U.S. House and Senate, so much so that bills may be voted on as early as next week. This is one reform effort where even President Obama is engaged from the start with ideas and recommendations. As with health care, the two chambers have different proposals they are looking at, so now is the time for interested citizens to put forth their own views.
The big U.S. banks were the source of the global financial crisis, in part because their bigness and their practices were copied by major banks around the world. What happens in this reform effort is being watched avidly in many countries, because it will say much about how global finance is to be conducted.
What is often missing in these discussions are the assumptions people make about banking and its role in a modern economy. We should begin therefore with some first principles.
“Massachusetts voters have given up on President Obama as an agent for anything but the status quo, and this is most evident in his willingness to dole out trillions of dollars in direct and indirect support to the banks. The Massachusetts polls show this issue to be foremost on the minds of the voters.” Numerian
The article exerpted below is the first and may end up being the best analysis of the Massachusetts disaster, the loss of the late Senator Edward Kennedy’s seat in the United States Senate. The “all knowing” pundits have already tagged this as some sort of revolt against President Obama’s health care legislation or a sea change in United States politics. But there are a few facts that point to the likely cause of the defeat. Financial commentator Numerian laid it out out very clearly at the start of his analysis:
“An interesting observation was made today by the pollster for Martha Coakley, the hapless Democratic candidate for the Massachusetts senate seat held almost forever by Ted Kennedy. It appears polls are showing that the voters, especially independents who would normally vote Democratic in a liberal blue state like Massachusetts, have instead run to support the Republican candidate as the agent of change. Wasn’t that supposed to be Barack Obama’s signature tune?