We are so consumed with economics and the presidential debate and Iraq/Iran debate we aren't watching what is going on....these are some of the things I have observed in the last month and they REALLY bother me and then today I found the article that follows my thoughts that really make me feel the government knows something we don't...
First of all Russia and Georgia get into it...
Then C Rice gives her bad boys, bad boys, speech to Russia, that we were going to whip their ass...be very afraid speech...at the time I felt the speech was a tad over the top for just a small country like Georgia...but now I wonder since in the last month other things have happened...
4 weeks ago at the Oil Cartel meeting it was announced that Russia was becoming part of them....
3 weeks ago Venezuela Dictator Chavez (who hates US and is a crazy MF) who we get 10 percent of our oil from met with Putin...now they are best buddies..
2 weeks ago in a small article I picked up on the internet said Russia has agreed to ''help'' Ecuador develop its nukes....last Friday I found an article where Russia is sending a fleet of ships to Ecuador to begin the nukes development...
then during the debate when McCain turned to Obama and said ''we do need free trade with Columbia, my friend, because you don't ''understand'' how important that is at this moment'....Columbia is located between Ecuador and Venezuela in South America...
a nuke sight in Ecuador is like Kennedy/Cuba/Russia all over again...it puts them in our back yard so to speak...
So for one brief moment this last week, I wondered if I didn't want a war hawk in the white house...but during that 'moment' of insanity I thought of what if the old war hawk had a stroke from the stress, and then we would have the one that can see Russia from her back yard....at least if the bigots get to Obama we have someone older and been around the block in Washington and foreign policy before...I am afraid we are soo wrapped up in economics and candidates that the fox is slipping in the back door....Russia may figure the republicans aren't going to win, and they think Obama is a pacifist, so they are getting into position....You know I wanted the pacifist cause I don't feel we have any right to be in Iraq,etc...we would have to take over everyone of those countries and kill every Muslim to be free from their terror...so when do we stop letting terrorist stop controlling our lives...we need to be here protecting our own borders,,,not let them slip in the back way...
ABC News' Matthew Jaffe Reports:
Sen. Joe Biden, D-Del., on Sunday guaranteed that if elected, Sen. Barack Obama., D-Ill., will be tested by an international crisis within his first six months in power and he will need supporters to stand by him as he makes tough, and possibly unpopular, decisions.
"Mark my words," the Democratic vice presidential nominee warned at the second of his two Seattle fundraisers Sunday. "It will not be six months before the world tests Barack Obama like they did John Kennedy. (makes me feel the government knows...Kennedy/Cuba/Russia all over again)
The world is looking. We're about to elect a brilliant 47-year-old senator president of the United States of America. Remember I said it standing here if you don't remember anything else I said. Watch, we're gonna have an international crisis, a generated crisis, to test the mettle of this guy."
Monday, October 20, 2008
Monday, October 13, 2008
Shoe Trees...In My Picasa Pictures
Shoe Trees San Diego - Balboa Park shoe tree.
Shoe Trees may be the greatest embodiment of the American Spirit you can find on the highway (free of admission charge, anyway). While cultural anthropologists trumpet the aggregated populist statement of the gum tree or the gob rock, we believe Shoe Trees soar to greater heights.
A shoe tree starts with one dreamer, tossing his or her footwear-of-old high into the sky, to catch on an out-of-reach branch. It usually ends there, unseen and neglected by others. But on rare occasions, that first pair of shoes triggers a shoe tossing cascade. Soon, teens are gathering up their old Adidas and Sauconys, families are driving out after church with Dad's Reeboks and grandma's Keds. Many inscribe messages on the sneakers in permanent marker -- greetings, love poems and life accomplishments.
The shoe tree blooms with polymer beauty. A work of art like this may last for generations, tracing our history by our sneakers . . . as long as the tree doesn't die.
Shoe TreeOn Highway 50 near Middlegate, Nevada, a lone cottonwood stands, clotted with hundreds of shoes. One tipster tells us the first pair was thrown during a wedding night argument by a young couple; later, their children's shoes were added to the bough. Whatever its origins, the tree now seems to suck up all the discarded footwear in the county.
The original Mud Flat Shoe Tree south of Altura, California was cut down in 1993, but second generation Shoe Trees sprouted along Highway 395. One of them, the Ravendale Shoe Tree (photo left), features scores of sneaker pairs dangling from branches, a strange ritual by bored locals. Not a fully developed shoe tree, but far from anywhere.
The Shoe Tree in Salem, Michigan even has a legend involving a serial killer and a quantity of small children dispatched for their footwear.
A shrunken old desert tree near Vidal, California , on Hwy 62 northeast of the junction with Route 177, bore both shoes and a variety of shirts -- until some maniac burned it down in 2004.
Beaver's shoe tree.Case Study: The Great Beaver Shoe Tree
The Shoe Tree in Beaver, Arkansas was on the road to Beaver Dam, a few miles from Dinosaur World. It was mysteriously chosen, one of many thousands of trees and woods lining an otherwise featureless highway. Hundreds of old sneakers and running shoes dangled, some over 30 feet off the ground. Why this particular tree instead of its scores of flanking arboreal brethren?
There was a dirt shoulder where tourists and contributors could pull off. Many of the shoes had names and messages scrawled on them in magic marker. Closer inspection revealed that shoes had started to spread to branches on adjacent trees, like sneaker kudzu. Eventually, this whole stretch of road might have been choked with shoe trees.
In 2000, disaster struck. A wind storm felled the Great Beaver Shoe Tree -- perhaps aided by the unnatural burden of hundreds of waterlogged hangers-on. The road department hauled off the branches and fallen footwear, and the mighty loss could be felt across all of Shoetreedom...
Beaver's shoe tree. But something magical happened. In subsequent months, locals and visitors continued to bring their cast-offs, heaving into the trees surrounding the gap. A few trees contended as replacements for the Great Shoe Tree.
Then some people, recently arrived and living in fancy log cabins nearby, decided they didn't like the attention to their stretch of road. Persons unknown butchered the offending limbs from the trees, wood and rubber and laces tumbling in a shower of horror.
At last report, the shoe trees of Beaver had been severely diminished.
But others flourish in gentler communities. More have been sighted in Nordman, Idaho; Milltown, Indiana; Hodgdon, Maine; Atlanta and Owosso, Michigan; Lyndonville, New York; and elsewhere.
Tell us about your Shoe Tree sightings (It should have at least 50 pairs of shoes, be publicly accessible, and known as a "Shoe Tree" by the locals -- try asking for directions to a shoe tree and see what you get. Send a tip)
Shoe Tree Rules | More Shoe Tree Sightings | Shoe Tree Seasons
Rule 1: Tying shoes together and throwing like a bola is trickier than you might think.
Tossing at a shoe tree. Try it some time. It's especially unwieldy with large shoes, which tend to curve around and smack your face, or go straight up and fall back on you. Meg found that five pinwheel arm rotations, with increasing speed releasing on the upward arc, was most effective.
(An alternate technique -- clasping the heels together and wheeling an underhanded pitch -- is less powerful but more accurate, suitable for lower branch placement.)
Rule 2: Knock a pair of shoes off a shoe tree and you will be cursed.
The shoes probably hold the spirit Manitou of their previous owners, and disturbing them, even accidentally, is a heinous sacrilege.
Milltown Shoe Tree.
Rule 3: Shoe trees can be dangerous.
We traveled to Milltown, Indiana, to visit their famous shoe tree. It supported less shoes than we expected, but was a tall, full foliage tree at a dirt pull off on Milltown Road south of town.
Sans the Test Kid, we had to do our own slinging. Doug broke out his recently decommissioned yard work sneakers -- a pair of diseased old Nikes -- tied the laces together, and proceeded to toss. After a few misses, he moved under the tree, lofting straight up with Meg's technique.
Sneakers and hornets' nest. It worked -- all too well. The shoes soundly wrapped around a branch. Cries of victory were cut short with the realization that the attached sneakers landed an inch from an unnoticed -- large -- hornets nest. The Nikes merrily clopped against the nest, puffing out clouds of angry little stingers.
More Shoe Trees
The roadside phenomenon of Shoe Trees appears to be on the rise.
Reports from the fringes of the National Shoe Tree Forest:
Shoe Tree - Prince Rupert, British Columbia: This sneaker/shoe/ski-laden trunk is on the outskirts of Prince Rupert, British Columbia. This photo was taken in August, 2003. [Joyce Remy, 9/21/2003]
Shoe Tree - Big Bear, California: The Shoe Tree of Big Bear is on Highway 18, near Baldwin Dry Lake, just 1 mile from Big Bear Lake. While the local seniors try to "undecorate" the tree (to prevent it from dying from all the weight, they say), shoe tossers manage to have enough on outlying branches to prevent total removal. And each spring, new shoes blossom. [dvgrooms, 9/21/2003]
Shoe Tree - Ludlow, California: About 10 miles east of Ludlow, CA is a shoe tree - the first I've ever seen. So far it's only got a couple dozen pairs of shoes, but from the appearance of some of the shoes I'd say they've been accumulating for a number of years.From Barstow, take I-40 east to Ludlow. Exit Ludlow road, turn left to Route 66, then turn left (east) on Route 66. The shoe tree is about 10 miles out of town on the right (south) side of the road. [Dan Mahoney, 3/03/2003]
Vidal Shoe Tree.
Vidal, CA Shoe Tree - Burned by vandals.
Shoe Tree - Vidal, California: In a barren desert where there is nothing but mountains on the horizon, you will happen upon a lonely, spent tree along the side of Hwy 177/62, that has hundreds of shoes hanging from it. What a strange sight! Hwy 177/62 between Desert Center and Vidal, CA. [Danielle Sprueill, 3/19/2004]
The Vidal tree has been reported as burned down.
Shoe Tree - Kalkaska, Michigan: There is a large shoe tree right beside US 131 just north of Kalkaska, Michigan on the left side of the road as you are traveling north. It's gotten pretty popular, and I would bet that there are over two hundred pairs of shoes hanging now. [Kim Hankamp, 9/29/2003]
Shoe Fence - Northport, Nebraska: Between Northport and Ogallala on Highway 26 in Nebraska there is a fence line that runs for miles and miles -- footwear of all kinds are mounted upside down on the fence posts on the right hand side of the road as you are traveling east/south. Cowboy boots, tennis shoes, all manner of foot gear...and it goes on for MILES. If this were done by a single individual, even at 50 cents a pair at a thrift store, this was an expensive project. Mystery? [j. alyce, 9/22/2003]
Shoe Tree - Juntura, Oregon: About sixteen miles east of Juntura, Oregon, between mile markers 206 and 207 on Highway 20, there is a small dirt turnout above Gold Creek. In this turnout is a tree festooned with shoes; as we did not stop in Juntura as we drove through the Oregon desert we do not know if this is considered a local attraction. Considering, though, that Juntura is the nearest town for a long distance with very little to do, it would be reasonable to assume that the local teenagers are responsible for the tree. [B. Durbin. 9/15/2003]
Great Britain Shoe Trees: Just to let you know - the phenomenom is over here too. I've no idea which side of the Atlantic it started, but tradition here states that one bride's shoe and one groom's shoe be tied together and thrown into a tree for fertility. There's a tree near where I live in High Wycombe (30 miles from London en route to Oxford) that's the third tree of its kind going back to the late 1960s. There's also a bra tree ... that's one tree I've gotta find ... [Steve Colgan, 4/9/2006]
Shoe Tree Seasons
Deciduous trees shed their leaves when the cold weather arrives, but Shoe Trees are in bloom all year long. The non-biodegradable integrity of modern footwear assures every riotous, brand-promoting clot of shoes could be around long after their unwilling hosts sicken and collapse.
When summer wraps up, vacation traffic slows, and the manic contribution of new sneaker pairs ebbs. Tossing Season for remote shoe trees, which begins in late Spring in most northern states, is over. While locals may deliver a few more Fall flings, the savvy shoe tree knows that with cold weather comes a respite.
Icicle shoe laces. A winter shoe tree can be an eerily beautiful vision, evident in these photos by Soopageek, recorded of Middlegate, Nevada's tree in late 2004. "It turned out to be a wonderful day to take pictures," wrote Soopa in his blog. "With the recent snow and ice storms, the shoe laces were creating long thin icicles."
We aren't all lucky enough to have perfect shooting conditions, and winter shoe tree sojourns can be hit-or-miss.
We enjoyed an update from Philip Deslippe about his travails getting to Milltown, Indiana's Shoe Tree in December, 2004. "The two shoe trees mentioned (in Tips) for Indiana are actually just one, single tree. The equally screwed-up directions for the two of them both lead you to the same place. I got there in a round-about way due to the flooding, so I couldn't give better directions myself."
Doug's sneakers. Milltown, Indiana shoe tree. The Milltown tree is no great visual reward, and in winter, with the leaves gone, one can't be much deluded about the feeble quantity of shoes involved. But here at roadsideamerica HQ, Doug fell out of his ergonomic chair when he saw Philip's photo.
In the upper right part of the frame is a small, grayish-brown lump hanging from a branch -- not shoes. It was the deadly hornet's nest we reported the previous August. Next to it dangled Doug's pair of trusted white running shoes.
He sure misses those sneakers.
Shoe Trees, there you have it!!!!
So next time you come visit me bring a pair of old shoes, cause my tree out back starting next spring will become the shoe tree of Grand Rapids...I am getting a pair of shoes ready...
Friday, October 10, 2008
A Sheriff with Balls and a Conscience
Sheriff Takes Stand Against Evictions
AOL
posted: 1 DAY AGO
(Oct. 9) - Saying innocent people have been thrown out on the street, the sheriff of Illinois' Cook County announced Wednesday that he would no longer evict people from foreclosed properties.
In an op-ed piece in the Chicago Sun-Times explaining his decision, Sheriff Tom Dart said that "too many times," his deputies have arrived at foreclosed properties to find tenants who have indeed paid their rent. But the property owner hadn't paid the mortgage, leading banks to foreclose on the property.
That's what happened to families living in a building in Albany Park, Ill. "I don't think this is fair because we don't know what happened," said one woman facing the prospect of eviction. "We were paying rent every month."
Dart faulted the banks for the "mess," saying they have a legal responsibility to find out who's living in a building before taking any foreclosure action
.
"We won't be doing the banks' work for them anymore," Dart wrote. "We won't surprise tenants with an eviction order intended for their landlord."
The New York Times reports that the department was on track to carry out 4,700 foreclosures this year, close to triple what it was just two years ago. The paper also reports that other sheriffs and judges around the country are trying to slow down such foreclosure proceedings.
"I may be held in contempt of court over this," Dart wrote. "If that's the case, I'm willing to accept it though I believe most judges in Cook County share my desire to find a solution for this mess."
WE NEED MORE PEOPLE LIKE HIM.....
AOL
posted: 1 DAY AGO
(Oct. 9) - Saying innocent people have been thrown out on the street, the sheriff of Illinois' Cook County announced Wednesday that he would no longer evict people from foreclosed properties.
In an op-ed piece in the Chicago Sun-Times explaining his decision, Sheriff Tom Dart said that "too many times," his deputies have arrived at foreclosed properties to find tenants who have indeed paid their rent. But the property owner hadn't paid the mortgage, leading banks to foreclose on the property.
That's what happened to families living in a building in Albany Park, Ill. "I don't think this is fair because we don't know what happened," said one woman facing the prospect of eviction. "We were paying rent every month."
Dart faulted the banks for the "mess," saying they have a legal responsibility to find out who's living in a building before taking any foreclosure action
.
"We won't be doing the banks' work for them anymore," Dart wrote. "We won't surprise tenants with an eviction order intended for their landlord."
The New York Times reports that the department was on track to carry out 4,700 foreclosures this year, close to triple what it was just two years ago. The paper also reports that other sheriffs and judges around the country are trying to slow down such foreclosure proceedings.
"I may be held in contempt of court over this," Dart wrote. "If that's the case, I'm willing to accept it though I believe most judges in Cook County share my desire to find a solution for this mess."
WE NEED MORE PEOPLE LIKE HIM.....
Thursday, October 9, 2008
The Fox in Charge of the Hen House
Interesting article I found......ALSO FOUND OUT THIS BOTTOM FEEDER HAD ONE OF THOSE 'GOLDEN PARACHUTE' DEALS WITH GOLDMAN SACHS....THE FOX WILL BE HANDING OUT THE MONEY AND PROBABLY WILL BE PARTAKING IN ALL THE CHICKEN FEED HE WANTS....
Who will spend our $700 billion? Meet 35-year-old Neel Kashkari
Posted Oct 8th 2008 2:30PM by Michael Rainey
Filed under: Recession, Financial Crisis
His name is not exactly familiar and his official title is a bit much -- Interim Assistant Secretary of the Treasury for Financial Stability and Assistant Secretary of the Treasury for International Economics and Development -- but 35-year-old Neel Kashkari is now one of the most powerful people in the global economy. As the head of the new Office of Financial Stability, it's his job to start spending the $700 billion Congress approved to stabilize the financial system.
As some commentators enjoy pointing out, Kashkari is a former rocket scientist, having earned Bachelor's and Master's degree in engineering from the University of Illinois and worked as a mechanical engineer at TRW, where he developed latches for the the Next Generation Space Telescope. He left engineering for finance, parlaying an MBA from Wharton into a gig at Goldman Sachs (NYSE: GS), where he rose to Vice President, specializing in information technology investment banking.
So there's little doubt that he's a smart and hard-working guy. And in the current administration, that's a great accomplishment.
But the question isn't whether Kashkari is smart. The question is whether he has any idea how to use all that money to stabilize the global financial markets. And a quote from Kashkari I dug up does not inspire confidence. In September, at the right-wing American Enterprise Institute, Kashkari reportedly declared, "I'm a free-market Republican."
It's no surprise, of course, that a Bush administration official would describe himself as a free-market Republican. But it does suggest that Kashkari may have trouble figuring out how to restore confidence in those supposedly free markets.
It's important to remember that unregulated free markets in debt instruments is how we got into this mess in the first place. And more generally, it's pretty clear that the free-market ideology espoused by the Republican party (and embraced by many Democrats too) bears much of the blame for our current economic situation.
Whatever the solution may be, it certainly involves violating free-market principles over and over again. Insolvent banks cannot fail. Worthless assets must be bought and sold. And the government must lead the way.
I'm sure Kashkari is plenty smart enough to create new programs to accomplish these goals. But I'm not sure that he and the people he works for will be willing to violate their own political principles to get the job done in the most effective way. Kashkari was involved in the HOPE NOW Alliance, the Bush administration's response to the subprime mortgage crisis. By most accounts, HOPE NOW has been a failure, largely because it serves corporate interests more than the needs of subprime mortgage holders. It seems that when pro-business political ideology meets real practical needs, ideology wins out.
Let's hope Kashkari meets with great success. I just wish other senior managers with a little bit more experience -- and a more complex understanding of the politics of the situation -- were along for the ride.
Who will spend our $700 billion? Meet 35-year-old Neel Kashkari
Posted Oct 8th 2008 2:30PM by Michael Rainey
Filed under: Recession, Financial Crisis
His name is not exactly familiar and his official title is a bit much -- Interim Assistant Secretary of the Treasury for Financial Stability and Assistant Secretary of the Treasury for International Economics and Development -- but 35-year-old Neel Kashkari is now one of the most powerful people in the global economy. As the head of the new Office of Financial Stability, it's his job to start spending the $700 billion Congress approved to stabilize the financial system.
As some commentators enjoy pointing out, Kashkari is a former rocket scientist, having earned Bachelor's and Master's degree in engineering from the University of Illinois and worked as a mechanical engineer at TRW, where he developed latches for the the Next Generation Space Telescope. He left engineering for finance, parlaying an MBA from Wharton into a gig at Goldman Sachs (NYSE: GS), where he rose to Vice President, specializing in information technology investment banking.
So there's little doubt that he's a smart and hard-working guy. And in the current administration, that's a great accomplishment.
But the question isn't whether Kashkari is smart. The question is whether he has any idea how to use all that money to stabilize the global financial markets. And a quote from Kashkari I dug up does not inspire confidence. In September, at the right-wing American Enterprise Institute, Kashkari reportedly declared, "I'm a free-market Republican."
It's no surprise, of course, that a Bush administration official would describe himself as a free-market Republican. But it does suggest that Kashkari may have trouble figuring out how to restore confidence in those supposedly free markets.
It's important to remember that unregulated free markets in debt instruments is how we got into this mess in the first place. And more generally, it's pretty clear that the free-market ideology espoused by the Republican party (and embraced by many Democrats too) bears much of the blame for our current economic situation.
Whatever the solution may be, it certainly involves violating free-market principles over and over again. Insolvent banks cannot fail. Worthless assets must be bought and sold. And the government must lead the way.
I'm sure Kashkari is plenty smart enough to create new programs to accomplish these goals. But I'm not sure that he and the people he works for will be willing to violate their own political principles to get the job done in the most effective way. Kashkari was involved in the HOPE NOW Alliance, the Bush administration's response to the subprime mortgage crisis. By most accounts, HOPE NOW has been a failure, largely because it serves corporate interests more than the needs of subprime mortgage holders. It seems that when pro-business political ideology meets real practical needs, ideology wins out.
Let's hope Kashkari meets with great success. I just wish other senior managers with a little bit more experience -- and a more complex understanding of the politics of the situation -- were along for the ride.
Wednesday, October 8, 2008
That Was Quick
Read blog below first to understand...I sent not only my bitching email to Bank of America/Countrywide but I sent it to the committee for the Emergency Economic Stabilization Act and low and behold I got a reply from our Senator Levin (repubulican)...of course it doesn't give me a reduction in the value in my mortgage I want...but I WILL not give up and this squeaky clog will keep on squeaking...
Dear Mrs. Shroyer:
Thank you for contacting me with your views regarding the Emergency Economic Stabilization Act, which was passed by the Senate on October 1, 2008. This bill was subsequently passed by the House of Representatives and signed into law on October 3, 2008. I appreciate the extraordinary amount of input I have received on this issue – much frustration and angst, as well as expert opinions – and I used this valuable input as I worked with my colleagues to improve this bill. The original bill sent to Congress by the Bush Administration was unacceptable.
Our nation’s economy is in crisis, the likes of which we haven’t seen since the 1930s. For years, we have traveled a disturbing path: foreclosures and unemployment are up while median income and purchasing power are down. CEO pay has skyrocketed while regular Americans are suffering. Economic growth has slowed because tight credit has forced businesses large and small to put investments for the future on hold while they focus on making sure they have capital to buy inventory or even make payroll. But in just the last few weeks, we have seen that this path is leading to a cliff, and we needed to act quickly to prevent our economy from sliding over the edge.
The reasons we are near this cliff are many. The path we have traveled has been marked by an appalling lack of oversight by the regulators of the marketplace. Wall Street has run amok with greed while the Bush Administration and others urged them on in the name of deregulation. As in the run-up to the Great Depression, our free markets are running wild. We have reduced capital requirements, removed the authority of the Securities and Exchange Commission to regulate swaps, and speculators took over the majority of some commodity trading, like oil. Cops have been taken off the beat in our financial markets; stoplights to put a hold on free markets running wild have been dismantled; and now, regular Americans are suffering, and face even more dire consequences. There is plenty of blame to go around, and the excesses that continue to surface as this unfolds will no doubt be shocking. In the immediate term, however, the most pressing issue is how we turn our unstable economic situation around to avoid an even more dire result.
Without this swift Congressional action, pensions and savings could quickly be decimated by a wrecked stock market, and Americans could suffer through significant job losses and have less ability to buy everything from groceries to a new car or house. Small businesses and even large ones could see their access to capital further reduced, home mortgages could become even more difficult to acquire or refinance, foreclosures could further skyrocket, and auto and student loans could be much more difficult to obtain. Construction jobs would likely disappear, automakers would cut back even further on production and lay off workers, and retail and service jobs would be cut. Retirees who are counting on a 401(k) or other type of pension could see their nest eggs shattered. If the stock market crashes, investments – even those made years or decades ago in supposedly “safe” assets – would be drowned.
It is clear to me that we cannot allow our nation’s economy to fall off this cliff. Doing nothing was not an option. I reluctantly voted for this rescue plan, because it is not entirely clear that it will unlock enough credit and stop enough foreclosures to turn things around. It is also evident that this plan only includes the first steps toward getting regulatory cops back on the beat to make sure our markets are not allowed to continue running wild. But there also was no better alternative at this time. I voted for this plan with the hope that allowing the government to buy up a significant portion of the troubled assets that are weighing down banks and other financial institutions will unlock enough capital to restore flexibility and credit to businesses and consumers, before Americans suffer even greater consequences of our current course. In addition, if done right, the government can use this plan to purchase, modify, refinance, and re-sell mortgages that are based on accurate home values, have fair, longer-term repayment terms that homeowners can meet, and return mortgage repayment rates to their historic high levels of dependability and profitability. If that’s how this program is carried out, it can avert a disaster. Unlocking credit and restructuring mortgages will also help soothe investor concerns, and therefore, protect pensions, savings and investments.
I could not have supported the original plan sent to Congress by the Bush Administration. It did nothing to protect taxpayers or to provide any oversight. It also did nothing to address the core of the problem, which is the foreclosure crisis. I think, however, that we in Congress have decided that if taxpayer dollars are used to clean up the financial mess, the Administration is going to have to accept taxpayer safeguards and taxpayer oversight.
Congress has done significant work to add in some of the needed taxpayer protections, and to make sure that this plan is grounded in helping regular Americans. Among other safeguards, this rescue bill will provide the government, and thus the taxpayers, with options to acquire an equity stake in companies that take advantage of the program.
The bill also includes limits on executive compensation for entities that take advantage of government assistance, though, like other provisions, the effectiveness of these provisions will depend upon how well they are implemented.
The bill also imposes needed controls and oversight provisions to make sure this unprecedented power and amount of money is used responsibly. These controls include immediate public reporting of the assets purchased, including the price paid; GAO audits of those financial reports; and Inspector General oversight to prevent fraud, favoritism, waste of taxpayer dollars, and abuse of power. In addition, a special House-Senate oversight panel will be established to track this program and to ensure that taxpayer interests are protected. These protections are important. Still more important is that Congress revamp oversight and regulation of our financial markets to prevent future financial disasters like this one.
I am also pleased that this bill includes provisions to maximize assistance for homeowners and minimize foreclosures to keep families in their homes. Rampant foreclosures are at the core of this economic crisis, and a recovery can only come when the housing market turns around. As the owner of loans that are at risk to be foreclosed upon, the government will be able to consent to modifications and rework mortgages so that the homeowner can continue to make payments. Homeowners, communities and taxpayers generally would be better off than if these mortgages go into foreclosure.
The financial mess we are in is the result of eight years of inadequate regulation of U.S. financial markets by the Bush Administration. It is long past time to strengthen market oversight. The regulatory gaps are everywhere. Unfortunately, due to the urgency of adopting this legislation, many much-needed reforms were simply not included in the rescue plan.
I voted for this rescue package with many concerns, but with the hope that it will prevent even greater harm to our economy and hard working American families. It is clear that a financial regulatory overhaul should be one of the first priorities of the next President and the new Congress.
Again, thank you for contacting me.
Sincerely,
Carl Levin
Dear Mrs. Shroyer:
Thank you for contacting me with your views regarding the Emergency Economic Stabilization Act, which was passed by the Senate on October 1, 2008. This bill was subsequently passed by the House of Representatives and signed into law on October 3, 2008. I appreciate the extraordinary amount of input I have received on this issue – much frustration and angst, as well as expert opinions – and I used this valuable input as I worked with my colleagues to improve this bill. The original bill sent to Congress by the Bush Administration was unacceptable.
Our nation’s economy is in crisis, the likes of which we haven’t seen since the 1930s. For years, we have traveled a disturbing path: foreclosures and unemployment are up while median income and purchasing power are down. CEO pay has skyrocketed while regular Americans are suffering. Economic growth has slowed because tight credit has forced businesses large and small to put investments for the future on hold while they focus on making sure they have capital to buy inventory or even make payroll. But in just the last few weeks, we have seen that this path is leading to a cliff, and we needed to act quickly to prevent our economy from sliding over the edge.
The reasons we are near this cliff are many. The path we have traveled has been marked by an appalling lack of oversight by the regulators of the marketplace. Wall Street has run amok with greed while the Bush Administration and others urged them on in the name of deregulation. As in the run-up to the Great Depression, our free markets are running wild. We have reduced capital requirements, removed the authority of the Securities and Exchange Commission to regulate swaps, and speculators took over the majority of some commodity trading, like oil. Cops have been taken off the beat in our financial markets; stoplights to put a hold on free markets running wild have been dismantled; and now, regular Americans are suffering, and face even more dire consequences. There is plenty of blame to go around, and the excesses that continue to surface as this unfolds will no doubt be shocking. In the immediate term, however, the most pressing issue is how we turn our unstable economic situation around to avoid an even more dire result.
Without this swift Congressional action, pensions and savings could quickly be decimated by a wrecked stock market, and Americans could suffer through significant job losses and have less ability to buy everything from groceries to a new car or house. Small businesses and even large ones could see their access to capital further reduced, home mortgages could become even more difficult to acquire or refinance, foreclosures could further skyrocket, and auto and student loans could be much more difficult to obtain. Construction jobs would likely disappear, automakers would cut back even further on production and lay off workers, and retail and service jobs would be cut. Retirees who are counting on a 401(k) or other type of pension could see their nest eggs shattered. If the stock market crashes, investments – even those made years or decades ago in supposedly “safe” assets – would be drowned.
It is clear to me that we cannot allow our nation’s economy to fall off this cliff. Doing nothing was not an option. I reluctantly voted for this rescue plan, because it is not entirely clear that it will unlock enough credit and stop enough foreclosures to turn things around. It is also evident that this plan only includes the first steps toward getting regulatory cops back on the beat to make sure our markets are not allowed to continue running wild. But there also was no better alternative at this time. I voted for this plan with the hope that allowing the government to buy up a significant portion of the troubled assets that are weighing down banks and other financial institutions will unlock enough capital to restore flexibility and credit to businesses and consumers, before Americans suffer even greater consequences of our current course. In addition, if done right, the government can use this plan to purchase, modify, refinance, and re-sell mortgages that are based on accurate home values, have fair, longer-term repayment terms that homeowners can meet, and return mortgage repayment rates to their historic high levels of dependability and profitability. If that’s how this program is carried out, it can avert a disaster. Unlocking credit and restructuring mortgages will also help soothe investor concerns, and therefore, protect pensions, savings and investments.
I could not have supported the original plan sent to Congress by the Bush Administration. It did nothing to protect taxpayers or to provide any oversight. It also did nothing to address the core of the problem, which is the foreclosure crisis. I think, however, that we in Congress have decided that if taxpayer dollars are used to clean up the financial mess, the Administration is going to have to accept taxpayer safeguards and taxpayer oversight.
Congress has done significant work to add in some of the needed taxpayer protections, and to make sure that this plan is grounded in helping regular Americans. Among other safeguards, this rescue bill will provide the government, and thus the taxpayers, with options to acquire an equity stake in companies that take advantage of the program.
The bill also includes limits on executive compensation for entities that take advantage of government assistance, though, like other provisions, the effectiveness of these provisions will depend upon how well they are implemented.
The bill also imposes needed controls and oversight provisions to make sure this unprecedented power and amount of money is used responsibly. These controls include immediate public reporting of the assets purchased, including the price paid; GAO audits of those financial reports; and Inspector General oversight to prevent fraud, favoritism, waste of taxpayer dollars, and abuse of power. In addition, a special House-Senate oversight panel will be established to track this program and to ensure that taxpayer interests are protected. These protections are important. Still more important is that Congress revamp oversight and regulation of our financial markets to prevent future financial disasters like this one.
I am also pleased that this bill includes provisions to maximize assistance for homeowners and minimize foreclosures to keep families in their homes. Rampant foreclosures are at the core of this economic crisis, and a recovery can only come when the housing market turns around. As the owner of loans that are at risk to be foreclosed upon, the government will be able to consent to modifications and rework mortgages so that the homeowner can continue to make payments. Homeowners, communities and taxpayers generally would be better off than if these mortgages go into foreclosure.
The financial mess we are in is the result of eight years of inadequate regulation of U.S. financial markets by the Bush Administration. It is long past time to strengthen market oversight. The regulatory gaps are everywhere. Unfortunately, due to the urgency of adopting this legislation, many much-needed reforms were simply not included in the rescue plan.
I voted for this rescue package with many concerns, but with the hope that it will prevent even greater harm to our economy and hard working American families. It is clear that a financial regulatory overhaul should be one of the first priorities of the next President and the new Congress.
Again, thank you for contacting me.
Sincerely,
Carl Levin
Stop Rolling Down Hill, Like a Snow Ball Headed For Hell....
As you can tell from the title of this blog, I am feeling a bit Merle Haggard today...I stole his words...thank you Merle. That sums it up to me. The United States needs to stop rolling down hill. Everything is going to hell in a hand basket...just what is a hand basket anyway?? God help us all, cause the government and the fat cats that run it aren't.
I was online yesterday and saw a news article about Bank of America. The bank that now holds our 'Countrywide Mtg' paper. It said that BOA was going to 'correct' the market values on some of the loans of Countrywide. It said this would reduce their mortgage payments, the home would then be at the corrected market value. The only problem with this idea to me is what about the people who have a shit load of equity in the house? Of course, that is not our problem...we rented this house and picked it up when Countrywide was getting ready to foreclose on the owner, meaning we put no equity into it. Countrywide was more than happy to have someone pick it up and keep paying on it. We paid 166 thousand for it, the amount that was owed on it. The other homes in the same subdivision were selling for that and more so we thought it was a good deal.
So after I read this article, I wrote my mortgage company online and ask them to explain why when a year ago I purchased this home why didn't they (countrywide) explain to me they were getting ready to go belly up themselves and my house in a matter of 3 months would no longer be worth 166 but closer to 100 thousand. Our neighbors next door had to move and they owed 180 plus on theirs (thru Countrywide), and lost the house cause they couldn't even sell it for 109 thousand on a short sale.
A short sale is where an owner can declare a hardship and sell their home for what they can get and they either have to take a loan out and repay the difference to the mtg company or the mtg company ''forgives'' the loan, which ruins your credit and makes it harder to get another home loan later...but it can be done, getting a home with less than stellar credit.
Back to my main bitch...I asked the mtg company how they expected me to sell this home, if GE goes any lower in the stock market and they have a massive engineer layoff...I asked them why it was not considered an 'illegal failure to inform about the compaines dire straits' when we bought this house (cause I went over and over about ANY disclosures on this property..I had a feeling as I was talking to the loan people something was being held back--it was in their body language...I was afraid the current owner may have had extra 'paper' held and we might not get a clear title)..turns out they (the company) lied to us about that...we didn't get our clear title on the property until June this year...Countrywide held more paper (a second mtg with owner) and were working out 'details' with past owner to make good on these...ergo our title wasn't cleared for over a year...meaning we didn't legally own this house (although we were paying taxes etc on it) till June 2008...I also pointed this ''illegal failure to disclose at signing'' to them in my ranting email.
I also pointed out that after having talked to many neighbors in this 3 street subdivision (very small subdivision) seems to be a 'Countrywide targeted' subdivision (they hold most of the houses here)...I asked them how could they make loans knowing the value wasn't there...I pointed out to them our subdivision alone had over 15 foreclosures in it..of course they already were aware of that I am sure. The house directly across the street sat for a year at 167 thousand and sold 2 months ago for over 40 thousand less than what was owed on it...I asked them how they could hold me to 166 thousand when their dealings from the beginning hadn't been in good faith. I informed them that if they couldn't come up with a ''solution'' for our problem, where we could see a future in paying for this home knowing that if we had to sell it and it didn't sell for the amount of 162 owed on it , then they would be holding somemore '''bad paper''' cause we would NOT make a short sale and ruin our credit. I told them I wanted our mortgage reduced. I informed them I wanted to be in on BOA deal to 'adjust' my mortgage down or law suit will follow, and as it stood I will be contacting the tort that is being brought against them in Illinois, and Michigan and offer any and all support for suing Countrywide..ie Bank of America.
Well, I realize I am just a tiny cog in the wheel, but it made me feel better to tell them what ass holes they were. Their CEO was one of the ones that walked away with millions after BOA bought them. ERRRRR
Speaking of that, did anyone else see the AIG asshole, limey ( yes that was limey as in English rat bastard not slimy) CEO yesterday in front of the senate? "No I don't feel I have to apologize,,,no I won't give the money back it is legally mine"...rat bastard...why aren't these people in jail...like the guy on the Today show said this morning you might as well give them a mask and a gun (opps, he works for GE and they are famous for those golden parachutes, he better be careful what he says). And to boot...as soon as we (yes I say we, not the government, because it is the 20 plus thousand dollars a year Gary and I alone pay on taxes and all of you that are footing this Republican fiasco) bailed out AIG, those bastards spent 449,000 on a company 'retreat' with golf, spa, beach front hotel'. Oh, but the speaking heads this morning on TV said..of course this retreat was probably booked over a year a go...cancel the son of a bitch I say...durrr...so you may have to pay some cancellation fees but that wouldn't be 449,000. WE paid for this...if they were allowed to go ahead and do this after OUR money was given to them for a bailout, WHAT is going to happen to that 700 billion dollars we just gave the fat cats??? Here's an idea...have some accounting BEFORE you hand over the money...look at the books...see if they are scheduled for a retreat or some other bullshit and CANCEL it. Gary (who is a Republican) is convinced this 700 billion is just for Bush and his Cronies for their 'golden parachute' as they leave office. It is not enough they made money hand over fist off the American people for the last 8 years, but they just had to reach in and get that last piece of apple pie...
Now for the debate last night in Nashville...I only have one thing that stood out and really chapped my butt...when McCain said "that one"...I was reminded of the movie Blazing Saddles line...shoot the nigger or up your nigger...McCain is not only an elitist, but a bigot, and his memory is slipping..he was having to write down the question so he could remember what the hell was going on...did you see Obama having to take notes...I can see McCain...'Wait a minute, Putin, I got to get this down so I can remember in 5 minutes what we were talking about.' Do we really want someone that is teetering on senility? I suggest someone do a MRI on him and see if all his lobes are still working. That is all I am saying about it...oh one more thing...how rude can any one be to walk around 'demanding' center stage while your opponent has the floor in a debate...but I guess that goes with senility too...the older you get the more child like you become...always wanting your way....
Talk soon and give me your thoughts....
as a post script check out...
http://www.youtube.com/watch?v=TJ_Sqj7JUn8
I was online yesterday and saw a news article about Bank of America. The bank that now holds our 'Countrywide Mtg' paper. It said that BOA was going to 'correct' the market values on some of the loans of Countrywide. It said this would reduce their mortgage payments, the home would then be at the corrected market value. The only problem with this idea to me is what about the people who have a shit load of equity in the house? Of course, that is not our problem...we rented this house and picked it up when Countrywide was getting ready to foreclose on the owner, meaning we put no equity into it. Countrywide was more than happy to have someone pick it up and keep paying on it. We paid 166 thousand for it, the amount that was owed on it. The other homes in the same subdivision were selling for that and more so we thought it was a good deal.
So after I read this article, I wrote my mortgage company online and ask them to explain why when a year ago I purchased this home why didn't they (countrywide) explain to me they were getting ready to go belly up themselves and my house in a matter of 3 months would no longer be worth 166 but closer to 100 thousand. Our neighbors next door had to move and they owed 180 plus on theirs (thru Countrywide), and lost the house cause they couldn't even sell it for 109 thousand on a short sale.
A short sale is where an owner can declare a hardship and sell their home for what they can get and they either have to take a loan out and repay the difference to the mtg company or the mtg company ''forgives'' the loan, which ruins your credit and makes it harder to get another home loan later...but it can be done, getting a home with less than stellar credit.
Back to my main bitch...I asked the mtg company how they expected me to sell this home, if GE goes any lower in the stock market and they have a massive engineer layoff...I asked them why it was not considered an 'illegal failure to inform about the compaines dire straits' when we bought this house (cause I went over and over about ANY disclosures on this property..I had a feeling as I was talking to the loan people something was being held back--it was in their body language...I was afraid the current owner may have had extra 'paper' held and we might not get a clear title)..turns out they (the company) lied to us about that...we didn't get our clear title on the property until June this year...Countrywide held more paper (a second mtg with owner) and were working out 'details' with past owner to make good on these...ergo our title wasn't cleared for over a year...meaning we didn't legally own this house (although we were paying taxes etc on it) till June 2008...I also pointed this ''illegal failure to disclose at signing'' to them in my ranting email.
I also pointed out that after having talked to many neighbors in this 3 street subdivision (very small subdivision) seems to be a 'Countrywide targeted' subdivision (they hold most of the houses here)...I asked them how could they make loans knowing the value wasn't there...I pointed out to them our subdivision alone had over 15 foreclosures in it..of course they already were aware of that I am sure. The house directly across the street sat for a year at 167 thousand and sold 2 months ago for over 40 thousand less than what was owed on it...I asked them how they could hold me to 166 thousand when their dealings from the beginning hadn't been in good faith. I informed them that if they couldn't come up with a ''solution'' for our problem, where we could see a future in paying for this home knowing that if we had to sell it and it didn't sell for the amount of 162 owed on it , then they would be holding somemore '''bad paper''' cause we would NOT make a short sale and ruin our credit. I told them I wanted our mortgage reduced. I informed them I wanted to be in on BOA deal to 'adjust' my mortgage down or law suit will follow, and as it stood I will be contacting the tort that is being brought against them in Illinois, and Michigan and offer any and all support for suing Countrywide..ie Bank of America.
Well, I realize I am just a tiny cog in the wheel, but it made me feel better to tell them what ass holes they were. Their CEO was one of the ones that walked away with millions after BOA bought them. ERRRRR
Speaking of that, did anyone else see the AIG asshole, limey ( yes that was limey as in English rat bastard not slimy) CEO yesterday in front of the senate? "No I don't feel I have to apologize,,,no I won't give the money back it is legally mine"...rat bastard...why aren't these people in jail...like the guy on the Today show said this morning you might as well give them a mask and a gun (opps, he works for GE and they are famous for those golden parachutes, he better be careful what he says). And to boot...as soon as we (yes I say we, not the government, because it is the 20 plus thousand dollars a year Gary and I alone pay on taxes and all of you that are footing this Republican fiasco) bailed out AIG, those bastards spent 449,000 on a company 'retreat' with golf, spa, beach front hotel'. Oh, but the speaking heads this morning on TV said..of course this retreat was probably booked over a year a go...cancel the son of a bitch I say...durrr...so you may have to pay some cancellation fees but that wouldn't be 449,000. WE paid for this...if they were allowed to go ahead and do this after OUR money was given to them for a bailout, WHAT is going to happen to that 700 billion dollars we just gave the fat cats??? Here's an idea...have some accounting BEFORE you hand over the money...look at the books...see if they are scheduled for a retreat or some other bullshit and CANCEL it. Gary (who is a Republican) is convinced this 700 billion is just for Bush and his Cronies for their 'golden parachute' as they leave office. It is not enough they made money hand over fist off the American people for the last 8 years, but they just had to reach in and get that last piece of apple pie...
Now for the debate last night in Nashville...I only have one thing that stood out and really chapped my butt...when McCain said "that one"...I was reminded of the movie Blazing Saddles line...shoot the nigger or up your nigger...McCain is not only an elitist, but a bigot, and his memory is slipping..he was having to write down the question so he could remember what the hell was going on...did you see Obama having to take notes...I can see McCain...'Wait a minute, Putin, I got to get this down so I can remember in 5 minutes what we were talking about.' Do we really want someone that is teetering on senility? I suggest someone do a MRI on him and see if all his lobes are still working. That is all I am saying about it...oh one more thing...how rude can any one be to walk around 'demanding' center stage while your opponent has the floor in a debate...but I guess that goes with senility too...the older you get the more child like you become...always wanting your way....
Talk soon and give me your thoughts....
as a post script check out...
http://www.youtube.com/watch?v=TJ_Sqj7JUn8
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