Big shit coming....

[unkachuck]

....as others have pointed out, as per a New York Times article by Paul Krugman,

http://www.nytimes.com/2010/10/15/opinion/15krugman.html?_r=1

....a big shit's coming....

It's not a good time to be holding a bubble mortgage. This affects the whole economy. There's over a trillion dollars of private capital sitting on the sidelines because of uncertainty. As long as we're playing capitalism and not allowing our government to create jobs, there won't be any new jobs without investment. Not a very bright economic outlook.

This economic collapse could last longer than the great depression of the thirties. This is organized crime on a massive scale. The country is going down. Better tell all you friends to get to the polls and vote Dem and hope the hell the Republicans don't take over.

The black menace of capitalism is about to haunt us the rest of our lives.

[ixion]

1. Learn how to grow your own food, and make your own stuff

'cause you're gonna need those time-honored skills to survive.

[pocoloco]

7. Don't forget to get in a little target practice also!

[Xenotime]

30. What's that supposed to mean?

[littlewolf]

33. probably the ability to hunt your own food ....

snares work good for small game (rabbits squirrels and such ....

[karnac]

12. an interesting question

so let's say you have been paying your mortgage for years to a bank who doesn't have the note anymore but lost it in the shuffle. somebody else(or institution) eventually does. does that mean all the money you paid to the bank was a waste since you should have been actually been paying the ACTUAL holder of the note?

do you have to pay again?

[eShirl]

15. making my own beer as we speak

[BlueDemKev]

17. We all may need one on election night....

:beer:


But hopefully, we'll be doing THIS instead...:toast:

Vote Democratic! Let's Keep America Moving Forward!

[Mojorabbit]

47. Mead being made here. nt

[undergroundpanther]

48. With Montsano

Owning Xe(blackwater)..Now they have a "private army" to enforce food compliance by threat of harm, that we buy seeds from montsano only.

http://foodfreedom.wordpress.com/2010/04/24/s-510-is-hissing-in-the-grass/
http://www.grist.org/article/food-five-tips-for-surviving-a-raid-on-your-farm-or-food-club/
http://sunandsticks.com/wordpress/?p=150
http://www.citizens.org/
Food freedom is vital to maintain!!!Share what you grow help others,,and stand up to Lookout because Montsano owns the Blackwater thugs..

http://www.commondreams.org/headline/2010/10/16-0
http://www.infiniteunknown.net/tag/dhs/
http://www.lavidalocavore.org/

[RKP5637]

2. Just now a shadow of the incredible country I grew up with ... n/t

[dixiegrrrrl]

3. I walk around with a constant feeling of grief and loss.

replaced occasionally with dread.

And NOT misplaced feelings at all.

Damn, wish I had some denial.

[RKP5637]

5. I had one of my older friends in their 90's pass on recently, one of the

real patriots of this country and a true original Bostonian. They were shocked by the Bush years and the direction of the country from Bush. Their news programs were Keith Olbermann, Rachel Maddow and Chris Matthews. And they were sharp as a tack, recalled well the good and bad times of this country and were fluent in current events. I always get a kick out of people that think all old people are teabaggers.

I was glad they passed on when they did, remembering and having lived/participated in the better times of the country and not having to endure what might happen if R's gain the majorities.

[femrap]

21. I seem to facilate between

despair and anger in an atmosphere of constant dread. Thankfully I'm a humorous cynic so I laugh on occasion.

My one delightful escape is sleep and some good dreams.

I tried being happy last week....it was exhausting.

[leeroysphitz]

25. You should take a tip from Neil Ppatrick Harris.

[femrap]

45. Oh....

of all the jerks in the world...He's so part of the problem. Rich dude buys woman who not only has one but two children for him and his partner. Just what the world needs, more babies, especially US babies who really consume the most of world's resources. I hope the woman was paid buckets of $$$$.

I don't see how he can play that horrid straight dude. The promos are so insulting to women.

It's a different age. Gays used to be so radical and pushing the envelope...now, not so much. I'm not trying to be insulting. It's just so different from when we were young....no one wanted to be in the military or have babies and live the consumer, suburban life AT ALL. Of course many of my generation died of AIDS....horrible deaths. I miss my friends every day. God and Goddess did we have fun!

[Whisp]

27. I am just frightened to death for our kids.

I am old and crusty and have learned to cut down on stupid consumption.

I try to keep my kid on track to not be one of those stupid pacman gobbling idiots you see at Walmart.

but it's going to be a lot worse than just tightening belts.

:cries:

[femrap]

46. I've never been much of a

consumer...I inherited the 'cheap' gene. If it isn't on sale for 75% off, I don't want it. I hate giving money to corporations. I never wanted a fancy car...just get me from Point A to Point B reliably and cheaply...and if it has a few dents, the BMWs get the hell out of my way! I have cut coupons all my life. Getting a great deal on something gives me a 'high' of sorts.

And if it still works, I don't get a new one. Still have my Montgomery and Ward TV/VCR combo. I hope it lasts another 5 years.

I spent money on memories...going places, seeing things, wares from artists, spending time with friends over home-cooked meals. And I saved money so I could have a bit of freedom from 'da man.'

[WillyT]

24. Right There With You, dixiegrrrrl...

Exactly...

:shrug:

[Daphne08]

34. I feel the same way. I try to remain upbeat in front of my

husband, but I feel so sad most of the time. I really dislike the feeling.

[BlueDemKev]

4. Sounds like de-regulation at its finest

I don't think we need to totally scrap the free-market economy in place of a gov't-planned economy, but what we've seen here is lack of sufficient regulation or regulation enforcement. Not keeping paper trails to find out exactly what the terms of contracts are and then passing on bad notes to others just so the bank (lender) can get paid their money back (or most of it) and be done with the problem are excesses of capitalism. This is where government regulation is a good thing.

My mortgage is paid and I have the papers to prove it. However, if some server shows up tomorrow and hands me an eviction notice, there's nothing I can do except call an attorney and file a complaint in court with evidence the house is fully-paid for. Thousands of dollars in legal fees plus all the stress I'd have to go thru....NO THANKS!

Republican-Tea Baggers say "oh, just let everyone go out there and play the game of Wealth Pursuit; everything will then fall into place." To an extent that is true, HOWEVER there are excesses which invariably will be created--you know "UNINTENDED CONSEQUENCES"?? (a recently-favorite term expressed by the GOP-Tea's)--that there need to be some rules in place while the game. This is one of the reasons I am a Democrat. I am all in favor of individual & economic freedom, however there has to be some limits in place to keep people honest in their pursuit of wealth. Democratic policies help provide the needed balance; Republican-favored policies do not.

[RKP5637]

6. +1000 +++ n/t

[grasswire]

8. this doesn't have to happen

I hate to sound like a broken record, but if this IS happening, we are allowing it to happen.

If the people would stand together in solidarity and demand action, the economy would turn around on a dime. If we the people would DEMAND action, it would happen.

Just four actions would set things right again.

1. End corporate welfare now.

2. Tax the rich their fair share now.

3. End offshoring jobs, and bring jobs back via regulation and incentives now.

4. Pass out a significant cash payment to every adult man and woman making less than $100,000/yr. Do it now. $5000 each.

The PTB have us believing that this REcession/DEpression is inevitable -- too big to stop. THAT IS BOGUS.

BOGUS. If we want it to stop, WE THE PEOPLE can make it stop.

[RKP5637]

14. What I've seen over my lifetime is Americans have forgotten how to stand together. Instead

per the republican plan of divide and conquer, groups, minorities, etc. are fed ammunition to fight and quarrel among themselves to eliminate collective cohesive action against the oppressors. Americans need to unite again, work together, vote together and we can toss these oppressors and criminals out. As the OP said, "WE THE PEOPLE can make it stop."

[Greyhound]

37. Yes, we could.

But we know that we won't. we've been very well fractured and the understanding that community is essential to our survival is too well buried for many to get it.

We could also end this built-in inequity by re-creating our monetary system, which is at the root of all the problems your 4 proposed solutions address.

[peacetalksforall]

9. Is it my imagination or have the supremacists stopped the rant about the

supiority of this country. If yes, that's a sign. This is all orchestrated. Baronerati. Baronanatti.

[Life Long Dem]

10. Oh shit!

The sky is falling again! :scared:

[bvar22]

19. Yes. They were saying the same thing in 2006/2007.

Glad I listened and cashed out.

[marmar]

20. Great comeback.

:thumbsup:

[FedUpWithIt All]

36. + + + +

I alternate between a feeling of relief at the progress we've made in the same direction and guilt over it. I know some others either cannot find the financial resources (although the resources we have put in so far are a LOT less than most people have access to)to attempt what we are. Others simply don't understand the grave need for it.

One minute i am hand cleaning brush with my family (partner, teen-aged daughters and toddler son)and feeling like the world is absolutely perfect and the next i am feeling guilt over our happiness and feelings of increasing freedom in a world where so many feel desperate and hopeless.

I was just reading more about edible landscaping. Just going back to a victory garden mentality in this country would relieve so much burden. But discussing most of these things with others usually leads to either a tone of sympathetic tolerance from loved ones or a outright dismissal. People have heard the warnings for some time and seem to have desensitized to the call of it. Frog in boiling water...

The children's stories of the Little Red Hen and the Ant and the Grasshopper have been coming to mind a lot lately. I could never be like the Hen or the Ant at the end of those stories so we are trying to build for the possible "many" using only the hands of a few.

[mod mom]

38. Me too. I'm still thankful for having reading Krugman columns back then.

:hi:

[Life Long Dem]

42. Actually it was Obama brought this to attention in early 2007.

March 22, 2007

The Honorable Ben Bernanke
Chairman
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, D.C. 20551

The Honorable Henry Paulson
Secretary
U.S. Department of Treasury
1500 Pennsylvania Ave, NW
Washington, D.C. 20220


Dear Chairman Bernanke and Secretary Paulson,

There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge.

We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes. And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly.

Working together, the relevant private sector entities and regulators may be best positioned for quick and targeted responses to mitigate the danger. Rampant foreclosures are in nobody's interest, and I believe this is a case where all responsible industry players can share the objective of eliminating deceptive or abusive practices, preserving homeownership, and stabilizing housing markets.

The summit should consider best practice loan marketing, underwriting, and origination practices consistent with the recent (and overdue) regulators' Proposed Statement on Subprime Mortgage Lending. The summit participants should also evaluate options for independent loan counseling, voluntary loan restructuring, limited forbearance, and other possible workout strategies. I would also urge you to facilitate a serious conversation about the following:

* What standards investors should require of lenders, particularly with regard to verification of income and assets and the underwriting of borrowers based on fully indexed and fully amortized rates.

* How to facilitate and encourage appropriate intervention by loan servicing companies at the earliest signs of borrower difficulty.

* How to support independent community-based-organizations to provide counseling and work-out services to prevent foreclosure and preserve homeownership where practical.

* How to provide more effective information disclosure and financial education to ensure that borrowers are treated fairly and that deception is never a source of competitive advantage.

* How to adopt principles of fair competition that promote affordability, transparency, non-discrimination, genuine consumer value, and competitive returns.

* How to ensure adequate liquidity across all mortgage markets without exacerbating consumer and housing market vulnerability.

Of course, the adoption of voluntary industry reforms will not preempt government action to crack down on predatory lending practices, or to style new restrictions on subprime lending or short-term post-purchase interventions in certain cases. My colleagues on the Senate Committee on Banking, Housing and Urban Affairs have held important hearings on mortgage market turmoil and I expect the Committee will develop legislation.

Nevertheless, a consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. There is an opportunity here to bring different interests together in the best interests of American homeowners and the American economy. Please don't let this opportunity pass us by.


Sincerely,


Barack Obama
United States Senator

http://tpmcafe.talkingpointsmemo.com/talk/2008/03/obamas-year-old-letter-to-bern.php

[bvar22]

44. Obama?

He was telling Americans to get their money out of Wall Street, and dump suburban property before the bubble popped?

I must have missed it.

[callous taoboy]

35. Maybe it's time to get a ticket on the clue bus.

:shrug:

[Life Long Dem]

43. Only when you give credit where credit is due.

To Obama in March of 2007, and not Krugman.

[Petrushka]

11. A little yankee-doodle-dee-dum as background music for the big occasion --->

http://www.youtube.com/watch?v=CVE72Ae82Tw&feature=related


Edited to add: Brother, Can You Spare A Couple Billion?
http://www.youtube.com/watch?v=UbiyLpIcLg8&feature=related

[crazyjoe]

13. well then, quick! get to the bathroom!!

[RKP5637]

16. LOL

:rofl:

[CoffeeCat]

18. I smell another bailout on the horizon...

The banks saw that Americans weren't going to just suck it up and
be abused. If banks didn't have the note, then many Americans
who were about to lose their homes said, "Produce the note."

And the banks couldn't.

Now it comes to light that many of the big banks recklessly
and irresponsibly approved foreclosures when they didn't have
the proper paper work. Furthermore, they used robo-signers who
didn't even read the paper work.

AHEM. Bank executives operated this way. They set up this system.
These are professionals who are experts in risk assessment, finances
and real-estate law. They know mortgages inside and out.

We're supposed to believe that---ooopsie!--they screwed up while
failing to understand the implosion this would cause?

I'm not buying this malarkey again. It's difficult to know who is
in on THIS fix, but I suspect that many of the attorney generals
are part of this theater.

We're looking down the barrel of another bailout for these asswipes.

Be prepared. We're about to hear how if we don't do this, the entire
system collapses and life as we know it will end. END I TELL YOU!!

They're going to do it again. These bastards. They made so much money
off of an unprecedented number of mortgages. Now that the jig is up--the
game is over for them. They're done. And now they want to be compensated--
with OUR money--for behaving like criminals that make the Sopranos look like
the Powerpuff Girls.

There is no word to describe how utterly outrageous it is that we're going
to be asked to give another boatload of corporate welfare to these whining,
greedy baby bankers.

[Kalyke]

22. I say we Americans stand up and demand a top-down

dismantling of all these too-big-to-fail banks.

Break 'em up.

Put 'em back in local control (local or community banks, for example).

Throw the a goodly portion of the perpetrators in jail.

OR OFF WITH YOUR HEADS!

I think the Teabaggers would actually join us on this one - but we'd have to make sure they realized that their Republicans caused it.

[grasswire]

26. if only a populist movement would arise

and start something to make people understand that this turndown is NOT INEVITABLE and the people are NOT HELPLESS. I think the most dangerous aspect is the cowed attitude even here on DU.

the people DO hold the power, if they will stand together.

the defeatist attitude WILL bring us down.

[bvar22]

39. "Centrist" Democrats helped.

It was a sensible "Centrist" Democratic President that signed the repeal of Glass-Steagall in 1999,
De-Regulating the Big Banks and leading directly to the Great Bailout of 2008.

[littlewolf]

23. +1000

[lunatica]

28. But, but the sale of luxury goods is going up

I read that on a thread here earlier today but I can't find it now.

[Xenotime]

32. The rich get richer.

[felix_numinous]

29. Save seeds.

It is not nuts to see this coming, to the contrary, it is a sign of denial. We will need to strengthen our community ties and work together.

[okieinpain]

31. now see this is what cracks me up. this is what i remember hearing

all through 2008, but it seems like everyone has forgotten what was being said about the economy. people are so pissed at the dems but no one seems to remember john mccain almost skipping a presidential debate so he could go back to congress and vote on a stimulus package to keep us from going into the great depression.

oh and one more thing, why does it have to be the black menace of capitalism, how come it can't be the white menace of capitalism, or are rappers running wall street now.

[lunatica]

40. Sometimes black is just a color on a palette

[okieinpain]

41. yeah, but most of the time it's associated with something bad. n/t.