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More Foreclosure problems to come

A report on what happened, and what is likely to happen. Amazingly, it appears like my analysis was spot on. From the report:

What Happened?
For the Second Half of the 20thCentury, Housing Was a Stable Investment…And Then Housing Prices Exploded
Prices Exploded Because the Borrowing Power of a Typical Home Purchaser More Than Tripled from 2000-2006
Americans Have Borrowed Heavily Against Their Homes Such That the Percentage of Equity Has Fallen Below 50% for the First Time
Housing Became Unaffordable in Many Areas Using a Typical 30-Year Fixed-Rate Mortgage, Which Led Many Borrowers to Take Exotic Mortgages
There Was a Dramatic Decline in Mortgage Lending Standards from 2001 through 2006

Why Did It Happen?
Among the Many Causes of The Great Housing Bubble, Two Stand Out:
       1) The lenders making crazy loans didn’t care if the homeowner ended up defaulting
       2) The entire system –real estate agents, appraisers, mortgage lenders, banks, Wall St. firms and rating agencies –became corrupted by the vast amounts of quick money to be made
The Enormous Amounts of Money to Be Made Corrupted Our Financial System
Deregulation of the Financial Sector Led to a Surge of Compensation, Leverage and Profits
Wall Street Firms Were Making a Fortune Securitizing Loans
Mortgages Were Pooled into RMBSs, Tranches of Which Were Pooled into CDOs
The Rating Agencies Were Making a Fortune Rating Structured Finance Products

What is coming?
 The wave of resets of subprime mortgages is mostly behind us, but the mortgage crisis is shifting from defaults driven by resets, to one driven by underwater mortgages and job losses.
Fannie and Freddie prime mortgage defaults are 8 times higher in Q4 2009 than they were in Q3 2008.
Two Waves of Losses Are Behind Us… But Three Are Looming…

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Like a drunken sailor?

Debt Recap:

Obama has borrowed more money than:
Carter ($300 billion) in 41 days
Reagan in 8 months
Clinton ($1.539 trillion) in 11 months, 10 days.
GW Bush borrowed $5 trillion in his 8 years in office, and Obama is halfway there in only 16 months.

Obama isn’t spending money like a drunken sailor. I spent 6 years in the Navy as a drunken sailor, and when I ran out of money, I quit spending.

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National Insolvency

40 million on food stamps!!! In in 8 Americans are on food stamps, one in five accepts some form of assistance. Only half pay income tax. Can any of you see where this is headed?

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UCLA professor says overthrow government

He advocates Mexican insurrection to “take back” Aztlan, and that he is engaged in a struggle for communism. He states “La Raza” is at the forefront. Huh, but the TEA party is full of racists, the Minutemen are racists, Arizona is a bunch of racists, but people who advocate invading a foreign country and overthrowing government in the name of your race (Raza) are not racist.He even quotes mass murderer Che Guevara’s domino theory.

He says that capitalism is the enemy. Like communism has EVER worked. Using Hugo Chavez and his government is a FAIL. Look at Venezuela and its 30% inflation, and tell me that the system there works.

Well, sport. You and your Raza should remember something when you are plotting your people’s struggle against capitalism and imperialism: I have guns (lots of them), and I have ammo (lots of it). Bring it, bitch.

Go ahead, skin it! Skin that smokewagon and see what happens…
M-mister, I’m gettin’ tired of your…
[slaps Tyler across the face, unafraid] I’m gettin’ tired of all your gas, now jerk that pistol and go to work!
[slaps him harder, now completely steely-eyed] I said throw down, boy! 

Is it wrong for me to express an opinion that someone would do the world a favor by offing this mother fucker? Not because he is Mexican, but because he is an asshole commie that is advocating killing people and overthrowing my country for the benefit of his race.

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For comparison- the cost of cheap labor

Lets take a look at two workers- one an illegal immigrant, one a legal one. They both have a wife and two kids, and live in a 2 bedroom apartment in the same neighborhood.

Mr Legal makes $18 an hour in construction as an independent contractor and pays his taxes.
Mr Illegal makes $8 an hour as an “undocumented” worker, working under the table.

Mr Legal makes $37,440 if he works 40 hours a week, 52 weeks a year.
Mr Illegal makes $16,640 under the same conditions.

Mr Legal then pays $4643 in Social Security and Medicare taxes, leaving him $32,797.
Mr Illegal, working under the table, pays nothing and still has $16,640.

Mr Legal takes the standard deductions, and pays $1,408 in Federal income taxes, leaving him $31,389.
Mr Illegal, working under the table, pays nothing and still has $16,640.

Mr. Legal pays medical and dental insurance with limited coverage for his family at $600.00 per month, or $7,200.00 per year.  He now has $24,189.
Between using the Emergency Room and EMS ambulances without paying, the county health department, and other state funded clinics at no cost, Mr Illegal pays nothing for health care, and has $16,640.

Mr. Legal makes too much money and is not eligible for food stamps or welfare, so he pays $500.00 per month for food for his family, or $6,000.00 per year. He now has $18,189 left.
Mr Illegal, having no documented income, and is thus eligible for food stamps, and his children are also eligible for free school lunch and breakfast programs. They are well fed at a cost to themselves of $0, leaving him with $16,640. (under the Federal “indigence” exception, illegal immigrants who would go hungry or homeless without assistance can qualify for food stamps and welfare. Since our illegal in this example has no reported income, his family would qualify for this exemption. it is highly unlikely that this reporting provision will have any immigration consequences for the immigrant)

Mr Legal rents a 3 bedroom apartment for his family at a cost of $13,200 a year. He now has $4,989 left.
Mr Illegal lives in a rent subsidized apartment, and only pays $8,400 a year. He is left with $8,240.

 Mr Legal must have car insurance at $1,600 a year, plus an additional $300 in uninsured motorist coverage, to protect his car and family should he be hit in an accident by Mr Illegal. He is now left with $3,089.
Mr Illegal doesn’t have insurance. He still has $8,240. *(as a side note I run on at least 2 car accidents a week where the at fault party is an illegal. They never show up to court, and never have insurance. This leaves Mr Legal to pay the bill, meaning that he better have uninsured motorist coverage, or he is gonna pay.)

They still need to pay utilities, gasoline, clothing, and other expenses.

Mr Legal has $3,089 left, has paid a total of $6,051 in taxes and has gotten $0 in Government subsidies and money, for a net contribution of $6,051.

Mr Illegal has $8,240 left, and has paid $0 in taxes  and has received $18,000 in subsidies and Government assistance, his take home income and benefits are the equivalent of $39,543 in pre-tax income. That’s right- to get what Mr Illegal has, Mr Legal would have to get a $1 an hour raise.

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Fundamentally, Christianity is the same as Islam

It seems that I touched a nerve yesterday when I compared Christianity and the Muslim faith when it came to application of Sharia law. In the comments, I was accused of being dishonest when I only quoted from the Old Testament to show that religion is a bunch of primitive men practicing according to outdated and cruel practices. In order to believe that the Old Testament, with its commands to kill disrespectful children, and kill those who work on the Sabbath, we must ignore In Isaiah 40:8 God says that the word of the Lord will last forever, and he says the same thing again in 1 Peter 1:24-25.

Even so, to be fair, here are some New Testament quotes:

Jesus was a horse thief. In Mark 11:1-3 we find this transaction:

As they approached Jerusalem and came to Bethphage and Bethany at the Mount of Olives, Jesus sent two of his disciples, saying to them, “Go to the village ahead of you, and just as you enter it, you will find a colt tied there, which no one has ever ridden. Untie it and bring it here. If anyone asks you, ‘Why are you doing this?’ tell him, ‘The Lord needs it and will send it back here shortly.’ “

Jesus advocated hate. In support, we find Jesus saying this in Luke 14:26:

Whoever comes to me and does not hate father and mother, wife and children, brothers and sisters, yes, and even life itself, cannot be my disciple.

Jesus was a misogynist. Proof is here:

1 Corinthians chapter 14:

As in all the congregations of the saints, women should remain silent in the churches. They are not allowed to speak, but must be in submission, as the Law says. If they want to inquire about something, they should ask their own husbands at home; for it is disgraceful for a woman to speak in the church.

Under Christianity, women should be veiled, just as in Sharia:

1 Corinthians 11:

But I want you to understand that the head of every man is Christ, the head of a woman is her husband, and the head of Christ is God. Any man who prays or prophesies with his head covered dishonors his head, but any woman who prays or prophesies with her head unveiled dishonors her head–it is the same as if her head were shaven. For if a woman will not veil herself, then she should cut off her hair; but if it is disgraceful for a woman to be shorn or shaven, let her wear a veil. For a man ought not to cover his head, since he is the image and glory of God; but woman is the glory of man. (For man was not made from woman, but woman from man. Neither was man created for woman, but woman for man.) That is why a woman ought to have a veil on her head, because of the angels.

1 Timothy chapter 2:

Also that women should adorn themselves modestly and sensibly in seemly apparel, not with braided hair or gold or pearls or costly attire but by good deeds, as befits women who profess religion. Let a woman learn in silence with all submissiveness. I permit no woman to teach or to have authority over men; she is to keep silent.

Ephesians 5:22-24 we find this:

“Wives, submit to your husbands as to the Lord. For the husband is the head of the wife as Christ is the head of the church, his body, of which he is the Savior. Now as the church submits to Christ, so also wives should submit to their husbands in everything.

Seen enough yet? Again I say:

You must understand that both of these religions were written by primitive men, using primitive standards. Enforcing the Bible in a strict manner will yield similar results as strictly enforcing Sharia. It wasn’t all that long ago that Christians were conducting the inquisition, or even the crusades.

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The joys of Sharia

A woman is raped by six armed men. The men receive sentences ranging from 2 to 9 years in prison. The woman is sentenced to 200 lashes and six months in jail. The woman’s attorney is now prohibited from practicing law, and is facing further punishment.

Why? Because under Sharia law, women can incite men to commit rape if they commit various acts, including being in the company of a man she is not related to, not covering her body from head to toe, or even driving her own automobile. Of course, it doesn’t help that her and her attorney were openly critical of the court and of sharia. A crime which is punishable by death, as a criticism of sharia is a criticism of the Muslim faith, and even of Muhammad himself.

In the comments, one person had this to say:

Doesn’t logic tell you that worshiping a God that is so brutal and unforgiving may be the wrong thing to do?
Long live Jesus Christ – a forgiving God.

Let me point out a few things about Christianity, lest you think that they are any better:

Consider Exodus 35:2

For six days, work is to be done, but the seventh day shall be your holy day, a Sabbath of rest to the LORD. Whoever does any work on it must be put to death.

Then look at Deut 21:18-21. It says:

If someone has a stubborn and rebellious son who will not obey his father and mother, who does not heed them when they discipline him, then his father and his mother shall take hold of him and bring him out to the elders of his town at the gate of that place. They shall say to the elders of his town, ‘This son of ours is stubborn and rebellious. He will not obey us. He is a glutton and a drunkard.’ Then all the men of the town shall stone him to death. So you shall purge the evil from your midst; and all Israel will hear, and be afraid.

Then there is Leviticus 20:13:

If a man lies with a male as with a woman, both of them have committed an abomination; they shall be put to death; their blood is upon them. All homosexuals need to be killed.

What about this:

If a man commits adultery with the wife of his neighbour, both the adulterer and the adulteress shall be put to death.

You must understand that both of these religions were written by primitive men, using primitive standards. Enforcing the Bible in a strict manner will yield similar results as strictly enforcing sharia. It wasn’t all that long ago that Christians were conducting the inquisition, or even the crusades. The Catholic church was busy selling indulgences, and the rich were buying tickets to heaven, all sanctioned by his Holiness the Pope.

It is time that we all decide that all humans are born in possession of the same rights and freedoms, and that it is the job of government to protect those rights, ensuring that no person’s right overshadows another’s.

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More thoughts on foreclosure

It was January of 2008 when I posted that both the banks and the borrowers were equally at fault for the mortgage crisis. I will admit that I was wrong. It wasn’t until I looked at what was going on that I understood the scope of the problem.

The lenders deliberately manipulated the system, from paying off legislators, to forging paperwork, paying off appraisers, and all sorts of trickery- all the while making bad loans knowing that they would be sold off to investors before the loan went bad.

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All your rights are belong to us

Americans affiliated with a foreign terrorist group would be stripped of their U.S. citizenship under bipartisan legislation introduced by Senator Joseph Lieberman.

“Those who join such groups join our enemy and should be deprived of the rights and privileges of U.S. citizenship,” Lieberman said at a Washington news conference today.

The proposal would broaden the existing law to include joining or working with extremist groups designated by the State Department as foreign terrorist organizations. Citizens would have the right to appeal.

In the House, Republican Charlie Dent and Democrat Jason Altmire, both of Pennsylvania, are proposing similar legislation.

Notice how he refers to your NATURAL RIGHTS as “privileges of U.S. citizenship?”

From this article:

Sen. Joe Lieberman (I-Conn.) thinks he’s found a work-around on the whole Miranda rights debate for U.S. citizens accused of terrorism: Strip their citizenship and ship them to Guantanamo.

“If you have joined an enemy of the United States in attacking the United States and trying to kill Americans, I think you sacrifice your rights of citizenship,” Lieberman said.

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Militarization of the police

SWAT team breaks into home, fires seven rounds at family’s pit bull and corgi (?!) as a seven-year-old looks on.

They found a “small amount” of marijuana, enough for a misdemeanor charge. The parents were then charged with child endangerment.

So smoking pot = “child endangerment.” Storming a home with guns, then firing bullets into the family pets as a child looks on = necessary police procedures to ensure everyone’s safety.

Just so we’re clear.

Here is the video of the brave “heroes” taking down a suburban family and their pet:

With these rights in mind, would you like to answer questions?

No, you fucking douchebag, I want my fucking lawyer.

These military style raids are good at killing animals and roughing up suburban families, but get their asses handed to them when met by real resistance. Pussies. I mean, shooting a corgi? How can a corgi possibly be a threat to an armored SWAT team?

In his statement, the Police Chief states that the initial shot missed the pit bull and the dog then attacked officers. Funny, on the tape I can hear the first shot, and the pit bull yelps until it is shot again. The Chief gets one thing right: The dog wasn’t shot by mistake.

In the end, all the cops got was a plea deal for misdemeanor possession of paraphernalia. Why don’t I feel safer knowing these cops are looking out for us?

Any time a vote comes up for cutting police funding, pay, or benefits, I will do so.

Tip from The Agitator