So here here we are beleaguered, bedeviled and beguiled, lost between the vicissitudes of fate and the patrimony of the state. Tasting only salt from what were once tears of joy and eating dirt from the path of hope and change. Barack Obama today dropped any illusions that he might be a populist or even a Democrat.
Obama's HUD secretary said the following, "banks must follow the law -- and those that haven't should immediately fix what is wrong. Given the problems that have already been found and admitted to by some servicers, the Obama Administration fully supports the voluntary moratoria that are already in place and others should they be deemed necessary. Some have suggested, however, that all foreclosures in every state, under every servicer, should be stopped. But a national, blanket moratorium on all foreclosure sales would do far more harm than good -- hurting homeowners and home-buyers alike."
Now imagine that someone robs a bank and the Obama administration said, "bank robbers should follow the law and those that haven't should immediately bring the money back to fix what's wrong." But as far as actually going after them with a national investigation and a moratorium to protect against future robberies well, we trust the bank robbers to be honest enough to do what is right.
This national policy of sweeping it under the rug means just one more free ride for the big banks whose internal investigations will turn up one or two sacrificial lambs and who then will crank up the rubber stamp machines again. You see, I wouldn't want to be in the title insurance business for the next ten or twenty years. I would expect title insurance premiums to go sky high with this offal shoved down the babies gullet.
Before long the bottom feeding legal pirana's will figure out that there is a lucrative market in fleecing the title insurance companies. Expect billboards along the highway, Lost your house to Foreclosure? Call me Now! Dick Dickerson the dickering attorney. Dick will then place a lis pendens court order on the docket effectively stopping any sale or even any inquiries into a sale. Then Dick will negotiate a mutually agreeable settlement of say five, ten or twenty thousand dollars and keep half. On homes all ready purchased, Dick will contact the title insurance company and threaten litigation over a defective title claim.
At first the title insurance companies might laugh Dick off and maybe even hang up on him but then the cases will begin piling up, five hundred, five thousand, fifty thousand? With 2.8 million home foreclosures averaged per year for the last three years the numbers could easily run in to the millions. Millions of defective titles and nobody knows for sure which ones and the burden of proof would be on the title insurers Dick only has to make the claim.
Makes it blatantly obvious why Congress tried to slip the old eleventh hour passed by voice acclimation law to make any rubber stamp presented by the financial industry legal in the eyes of the court. No different than passing a law that says, "If a policeman says you did it, then you did it."
The Obama administration quickly understood that this was an election year time bomb and quietly sent the measure back to congress to have its commas retooled and to wait until after the elections to sign it after it is renamed, "The blue sky and puppy dog initiative or "The fairness in banking act." Henceforth, all bank tellers must provide children under age ten with a lollipop when accompanied by an account holding parent or legal guardian. This measure shall exclude all drive through locations, automatic teller machines and all banking locations located upon a paved street or road. The measure shall also allow any document, notebook paper or cocktail napkin presented by a financial institution as god's holy writ and above question, doubt or suspicion in the eyes of the court.
How does it feel when you're finding out its all real? Your government whose sole obligation is your protection not only doesn't protect you but sides with those who would abuse you. Providing the banks with perpetual do overs while the banks grind millions of you into the dirt with their boot heel.
Two weeks before the great political "Gong Show" to choose between the pathetic or the insane only to discover that the gong has been privatized and the strikers are in the hands of the wealthy. The grand illusion is over Dorothy, there is no road to Oz from here. The tin man's been recycled and the lion's been charged with trademark infringement and the scarecrow's been turned into biofuel. Its just you and your little dog now as the flying monkeys come swarming seeking your vote that you'll now know that you're not in Kansas anymore kid!
In 1933 powerful corporate interests plotted to overthrow FDR and to place in his cabinet a corporate minder. This minder would shake his head and shoot down any idea not found acceptable to corporate interests. FDR would still sit at the head of the table but the power would rest at the other end of the table.
Explains a lot, doesn't it? George Bush gets voted down by the Florida Supreme Court and the Federal Supreme Court decides to hear his case despite having two justices with family members working on Bush's campaign and despite the fact the the constitution says state election laws are the province of the state.
Stop thinking of the world as left of right but as up or down and because they are up and they are going to keep you down. A President that runs on hope and change but who governs with the same agenda as Bush or McCain with the only noticeable difference being a warm smile instead of a snotty smirk.
The Democrats talk of cutting Social Security while the Republicans talk of cutting the minimum wage. Insanity served on the half shell, a liquored up lunacy served by the quart. Fed Chairman Ben Bernanke thinks inflation is too low and plans more quantitative easing. By lowering bond yields the plan is to push more than a trillion dollars on bank balance sheets into stocks thus creating the illusion of prosperity. Three hundred and thirty million Munchkins may languish and suffer but are you still under the illusion that somebody around here gives a tinker's damn about Munchkins?
Output at factories, mines and utilities fell 0.2 percent, unemployment is up but those collecting benefits fell as the numbers of the abandoned rise. A Great Depression in braille, a symphony for the deaf, an inoculation for those still feeling.
With commercial Real Estate foreclosures soaring and a record number of banks failing the stock market goes up,up,up like the wizard's hot air balloon. Oz is the unreal kingdom made not of concrete and steel but of dreams, and of wishing it were so with fairy glass houses. "Pay no attention to that man behind the curtain, the recession is over!" Suddenly, just like that, all concern or care for the struggling Munchkins evaporates as the grand Ozian parade begins.