Friday, December 3, 2010

Mortgage Relief Even Lower than Reported – No Room at the Inn. And...

And Tea Party Shows Its Real Face? President of Tea Party Nation Favors Restricting Voting Only to Property Owners

Michael Collins

AIG got $48 billion and Investment Partnerships another $15 billion, none of which has been paid back. So the score is AIG/Bankers $94 billion – Homeowners $0.71 billion. Quite a deal!

What do you get when you cross Tim Geithner and Peter Peterson? Barack Obama; who would rather help the big banks and balance the budget than offer a helping hand for struggling homeowners.

The president demonstrated new heights of indifference toward the people in his handling of the mortgage relief program made a part of the Trouble Asset Relief Program (TARP). Citizens paid the full share for TARP and were to get a modest proportion. That’s not the case. The November 2010 Congressional Budget Office Report on TARP was just issued. It showed that the funds for home mortgage assistance programs would be reduced from $50 billion to $12 billion, as reported in the Huffington Post.

Reading the details of the report, we find that the take back from homeowner relief through TARP funds is even more outrageous. The actual funds spent so far for homeowner relief is only $710 million.

Justice, so-called, bought and soldThe remaining $11 billion “additional funds” billion of will not likely materialize. In his October 2007 report the Special Inspector General for TARP, Neal Barofsky, noted that, “HAMP produced a net increase of fewer than 26,000 permanent modifications a month signaling that the anemic pace of permanent modifications may even get worse” The $11 billion “additional funds” will be treated like the previous $50 billion commitment that turned into $11 billion. It is an accounting version of Zeno’s Paradox...

Here’s the frightening thing. If you think things are bad now, wait until the new crop of Republicans takes over the House. The President of the Tea Party Nation, Judson Phillips, just announced that he favors restricting the vote to property owners only.

Of course, there may be problems with that since the people he thinks are property holders are really debt slaves to the big banks, the real property owners. Read it all here.... [and especially read that astonishing last paragraph again, full report here]

Note / SH: As one who has been a registered political independent for years, maybe decades now, I---and millions like me---am in a mess. On the Left we have the centralizers, who think all power and values should be concentrated in the State alone, and on the Right we have the Money party. But is all of this a chimera? When I look at Mr. Obama he is hardly the typical Socialist (unless China with its alleged "free" enterprise is the new template---if so, woe is the future). His alignment to the banks, Wall Street, and ongoing privatization, ala Bill Clinton, is clear, which is bad for homeowners and the poor. He is also of course squarely with the pro-abortion lobby. But is it really any better on the political Right? Phillips, if he had his way, would restrict voting to property owners, which means very many could not vote. So where would that place these millions?

Too, at present the nation is selling off more and more of its assets and infrastructure to pay for its war economy and Wall Street thievery, because without a manufacturing base---which was sold off by Clinton's "trade" agreements (NAFTA, GATT), we have little else to sell in comparison to the post Great Depression-WWII years.

Meanwhile, while the political Right is full of pro-life rhetoric at election time, what do they do about abortion when the campaign season is over? Consider the following here from the Bush years...

And despite rhetorical differences, both the Left and the Right appear completely dedicated to the permanent war economy. It's a hell of a mess.

"When they had gone, an angel of the Lord appeared to Joseph in a dream. "Get up," he said, “take the child and his mother and escape to Egypt. Stay there until I tell you, for Herod is going to search for the child to kill him."---Matt 2:13

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