TARP used to mean a cover… Now it means a “Cover-Up.”

15 Oct

Here we go again;

Lately, I’m getting all kinds of hatemail from folks who think I’m “fearmongering” as I help families build ISBU homes.

If you read my blogs, you know that I AM one of those people who see hard times coming for Americans.

However, it seems some of my readers  actually believe that Obama is curing the nation’s ills and that housing is rebounding, “with bargains galore in a buyers market.”

So, I counter with;

  • “So… what do all these bargain hunters use to PAY for that property?
  • Where do they get the loans?
  • How do they save money to buy this property as the economy is slowly hemorrhaging?
  • Has housing REALLY even hit “the bottom”?
  • Or… has the recent bout of “foreclosure slow-downs” just suspended the market, until they all start slamming us at the same time, on a date to be named later?
  • Are they among the lucky percentage of Americans that work for companies that aren’t “right-sizing” and outsourcing jobs to Malaysia and India?
  • Do they still have job security?
  • Does anyone?

Like many others, I do see (mark my words) a combination of some sort of massive bailouts as well as legislation to give blanket immunity to this rather large slice of the financial industry.

I’m going to quote something I just read in another forum I participate/lurk in (because it parallels exactly my own feelings), written by a guy just like us… a simple guy named Tony who lives within his means in Louisiana. He’s a “down-to-earth guy”, with “down to earth brains”.

And, he uses them.

“Hold on to your seats because this is going to be rammed down our throats – we are about to be re-TARPED.

The jokers who compromise the ruling class will never hold the Big Money Boys to the same standards as the great unwashed (you and me).

The main argument against some sort of mass investigation or the Federal Reserve referring to the Justice Department is that the economy would take a huge hit. This is an admission that we are now unofficially a foreclosure based economy. It is an admission that justice (small “j”) takes a back seat to preserving the caste system.

Unless there is some sort of legislation or Federal Foreclosure Insurance (like flood or crop insurance), land that has never been foreclosed upon will have a premium price. Structures on land with even the slightest stink of unclear title will be left to rot.

This is what you get when you bail out criminals and do not force the shareholders of their corporations to take the hit they deserve.

From the Washington Post, October 13, 2010

Lack of proper mortgage paper trail could leave big banks reeling again

“The federal government’s pressure on lenders Wednesday to fix the paperwork problems plaguing foreclosures left unaddressed a far greater potential threat facing the financial system and the U.S. economy.

Beyond sloppy documents, the foreclosure debacle has exposed one of Wall Street’s little-known practices: For more than a decade, big lenders sold millions of mortgages around the globe at lightning speed without properly transferring the physical documents that prove who legally owned the loans.

Now, some of the pension systems, hedge funds and other investors that took big losses on the loans are seeking to use this flaw to force banks to compensate them or even invalidate the mortgage trades themselves.

Their collective actions, if successful, could blow a hole through the balance sheets of big banks and raise fundamental questions about the financial system, financial analysts and a lawmaker said.”

So, at the risk of “fearmongering”, I ask you;

We’re already buried by debt that our grandchildren won’t be able to repay. How deep can the hole get, before the sides cave in? Hmmm?

That affordable, sustainable rural home built of Corten Steel is looking better and better all the time.

Stay tuned.

“Insulation Drama” is next…  TED. :)

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2 Responses to “TARP used to mean a cover… Now it means a “Cover-Up.””

  1. ted yrizarry October 15, 2010 at 10:08 am #

    What a load of Crap! For once I disagree with you Alex…
    “We’re already buried by debt that our grandchildren won’t be able to repay.” Nonsense.
    ok…have you let your eyes un-bugg out of your head? haha. I’m not saying that the statment does not hold merit…I am simply saying that we can eliminate the debt. Us even, not our grandchildren. How? What on earth is that lunatic Ted blathering on about now?
    Responsability.
    What we need is to just gather together as a solid, unified country and put our collective foot (feet?) down. We need to force all the pathetic, self-serving,special interest cattering, foriegn debt pawning, nation ruining bunch of morons that are currently in office OUT. Free rides over! You were elected to do a job and you failed miserably..you’re FIRED! Then, we gather together the best and the brightest to create a thorough, simple, and effective economic system to pull our butts out of this funk! Will it be difficult? You’re damn skippy! Will we have to make some bitter tasting decisions? Your darn tootin’! But as long as we continue the way we are….allowing those that are “supposed” to be serving our political needs and are not, we will only get worse.
    TO those that want to say “oh my…your just producing your own fear factor” I say WAKE THE *BLEEP* UP! Pull your head out of the sand, do whatever kind of integrity check is gender specific to yourself, and realize that if we all, not some, not this or that group…but ALL of us don’t start working to get back on track we will soon be written into the history books alongside the Roman empire, The Egyptians, Ans the Aztecs!
    FAIL!
    And I don’t give a northbound rat’s south end what political party you follow. If you believe that the polotiticians in office now are doing what we pay them for your an idiot. I don’t think when we hired them we said it was ok for them to leave work to go make sure their friends got cush jobs. I’m pretty sure that when we offer them a paycheck (of disgusting quantities) that we should be able to expect them to produce some tangible evedence that they are working!?! Maybe???
    I love my country. I currently am working 16-20 hour days to make sure that the job I was hired to do gets done. That yours and my tax money is not wasted, lost, or stolen. That the freedoms we enjoy are maintained. I haven’t had a realy “day off” in more than a YEAR. And to be blunt I don’t think that crapping in a 140* porta-potty or enjoying the nightly whistle of hostile incoming is out of line…it is the job I chose. I knew what was expected when I applied. To that end I produce. I do my job throughly and to the best of my abilities. I don’t fail and look around to find someone or something to blame it on.
    Yet that is what our Government officals do. And they make a hell of a lot more duckies than I ever will!
    Ok Alex…Rant over…pick on me at will!

    • Renaissance Ronin October 15, 2010 at 10:20 am #

      Ted, Ted, Ted…

      Take a pill… Hell, take two, they’re small!

      While you already know that I agree with you in principle, you’re dreaming if you think that “National Responsibility” will just spring up like groundwater after a storm.

      While I WISH what you described COULD happen. It won’t. I know it, and frankly, so do you.

      First off – “Our best and brightest” don’t aspire to be politicians.” They are too busy actually being successful.

      Second – There isn’t any profit in REFORM for the “guys up there in the nosebleeds” who look down on us and twist the knives from the Beltway.

      Without incentive (and a HUGE stick) the downward spiral we’re seeing is going to emulate the fall of great civilizations in History. The Byzantines thought they could just grab hold of their bootstraps and fix everything, too.

      When’s the last time you talked to a Byzantinian? Hmmm?

      Look. We worry about you daily (and whether or not you took your meds;)). So, stay safe, stay healthy,and maybe, just maybe, stay there! At the rate things are going, you may not have much to return home to. There are those among us who think that the fall will be sooner, as opposed to later.

      Now get back to work, you goldbricker! :)

      My tax dollars at work, my butt! ;)

      Ronin

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