The New Kleptocracy : the biggest "giveaway" in American history.

[Bluestar]

Interview with Dr. Michael Hudson.
- mentions 10 million people losing their homes in the next year. Potentially more trillions of unpaid debts - aye carumba!

http://www.globalresearch.ca/index.p...t=va&aid=10731

[metalman]

Re: The New Kleptocracy : the biggest "giveaway" in American history.

Interview with Dr. Michael Hudson.
- mentions 10 million people losing their homes in the next year. Potentially more trillions of unpaid debts - aye carumba!

http://www.globalresearch.ca/index.p...t=va&aid=10731

that's over the top. sometimes i think hudson feels he has to keep turning up the volume to get attention.

[D-Mack]

Re: The New Kleptocracy : the biggest "giveaway" in American history.

that's over the top. sometimes i think hudson feels he has to keep turning up the volume to get attention.

As many as 7.3 million American homeowners are expected to default on their mortgages between 2008 and 2010, with 4.3 million of those losing their homes, according to Moody's Economy.com, a research firm

http://online.wsj.com/article/SB122531677860781723.html

4.3 mil , but I think those guys have been optimistic in the past

[GRG55]

Re: The New Kleptocracy : the biggest "giveaway" in American history.

As many as 7.3 million American homeowners are expected to default on their mortgages between 2008 and 2010, with 4.3 million of those losing their homes, according to Moody's Economy.com, a research firm

http://online.wsj.com/article/SB122531677860781723.html

4.3 mil , but I think those guys have been optimistic in the past

That would be an understatement.

Moody's Economy.com is part of Moody's Analytic...which also includes that famous credit rating agency...the one that never saw a CDO tranche it didn't like.

[metalman]

Re: The New Kleptocracy : the biggest "giveaway" in American history.

That would be an understatement.

Moody's Economy.com is part of Moody's Analytic...which also includes that famous credit rating agency...the one that never saw a CDO tranche it didn't like.

every inch of this system is corrupt or broken. i'm turning anarchist. blow it all up. it's the only solution.

[kingcopper]

Re: The New Kleptocracy : the biggest "giveaway" in American history.

every inch of this system is corrupt or broken. i'm turning anarchist. blow it all up. it's the only solution.

I think i'm going to take up the habit of burning thy skin with lit cigarettes!

[politicalfootballfan]

Re: The New Kleptocracy : the biggest "giveaway" in American history.

----nm----

[don]

Re: The New Kleptocracy : the biggest "giveaway" in American history.

"On Friday, JPMorgan Chase became the latest big bank to pledge to cut monthly payments, by lowering interest rates and temporarily reducing loan balances for as many as 400,000 homeowners. Early in October, Bank of America, which acquired the large lender Countrywide, announced a similar effort aimed at 400,000 borrowers as part of a settlement with state officials."

“What we are doing is a process that just makes a lot of sense,” said Charlie Scharf, chief executive of retail financial services at Chase. “If the government can come in and help us find ways to modify more people that would be wonderful.”

"Chase owns $350 billion of the $1.5 trillion in the home mortgages it services; the rest are owned by investors. Some hedge fund investors have threatened legal action if banks aggressively modify the loans that back bonds that they own. Mr. Scharf said the bank was working with investors to gain approval to modify more loans."

http://www.nytimes.com/2008/11/01/bu...20terms&st=cse

Does anybody not think that this 90-day adjustment is simply an attempt to keep sucking whatever wealth that's left in these mortgage payees for a little longer, who are stuck in underwater deals that Chase would drop in a heartbeat if the roles were reversed. The "help struggling homeowners" mantra will be the obfuscation of choice on this extension of the bubble gone bad. Hold your nose a little tighter, gentlemen :mad:

[don]

Re: The New Kleptocracy : the biggest "giveaway" in American history.

Different Across the Pond?

"The government said they would attach strict conditions on bonuses and it is very clear they are doing nothing of the kind."



Rescued bank to pay millions in bonuses

RBS 'making monkeys' out of the government



Royal Bank of Scotland. Photograph: Newscast



Royal Bank of Scotland, which is being bailed out with £20bn of taxpayers' money, has signalled it is preparing to pay bonuses to thousands of staff despite government pledges to crack down on City pay.


The bank has set aside £1.79bn to cover "staff costs" - including discretionary bonuses - at its investment banking division for the first six months of the year alone. The same division caused a £5.9bn writedown that wiped out the bank's profits for the same period.



The government had demanded that boardroom directors at RBS should not receive bonuses this year and the chief executive, Sir Fred Goodwin, is walking away without a pay-off. But below boardroom level, RBS and other groups are preparing to pay bonuses to investment bankers who continue to generate profits. (Don't ask how)