Archive for October, 2010

Foreclosure fraud chaos

Thursday, October 14th, 2010

Pines and Associates reports that:

Most [mortgage] loans are securitized and most investors have filed class action suits. He finds those suits and joins them on behalf of clients as a “special interest” in the suit.

This is Armageddon for the financial system. The underlying problem is that finance runs on trust, and these days they are all crooks, so the entire financial system has seized up.

Any solution to the problem that could possibly work is far more drastic than anything proposed by anyone on either side of politics. For starters, you would have to send everyone involved in the CRA scam to prison, roll affirmative action back all the way to Marie Curie, and that is only the beginning of what is needed.

Conspiracy

Thursday, October 14th, 2010

If you watch the reality show “survivor”, you will have noticed that in any power struggle, the winners usually have invisible connections – there is a group that conceals from outsiders that it is a group.  Conspiracy tends to be a substantial part of any winning strategy.  Conspiracies are therefore as common as cockroaches and crabgrass.  Conspiracy theory has a deserved bad name because it tends to be invoked to explain away unwanted evidence, as for example Chomsky explaining that the Khmer Rouge were good guys under attack by the CIA, shortly before he explained that they were bad guys installed in power by the CIA.

But while we should not believe in conspiracies with the ability to program millions of refugees to say unkind things about noble mild mannered agrarian reformers, nor conspiracies that can bring out large mobs on the streets to lynch beloved leaders of the proletariat, we should believe in conspiracies that link together a handful of powerful people in a handful of powerful, but supposedly separate and independent, organizations.   The state department really was full of commies.

By definition, a conspiracy is small.  Astroturf, therefore is a signature of conspiracy. If there is a real mob in the streets, a conspiracy is unlikely to have much control over it.

Another good signature of conspiracy is people mysteriously rising to power from nowhere, as the current leader of the British Labor party. Ed Miliband has a mysteriously invisible powerbase. Before 2005, no one had heard of him. Then he is nominated to a safe seat – which usually only happens to people who have been working for years to inherit the seat, promptly becomes minister, and then, leader of the labor party.

Tracing connections, we find a lot of odd links between the London School of Economics, the people who made the 10:10 no pressure video, and Ed Miliband – revealing the presence of a greenie conspiracy that is

  1. Powerful
  2. Composed of morons
  3. Unable to get its agenda through

More astroturf

Wednesday, October 13th, 2010

The one nation rally was largely AstroTurf, students bussed by their teachers, unionists bussed by their unions. If it was not hundred percent AstroTurf, it was close enough to one hundred percent that it was hard to see the difference.

Jon Stewart’s “March to keep fear alive” rally is looking like it will be more of the same.

On the morning of October 30th, we’re loading up a fleet of buses here at 1515 Broadway and sending as many of you as we can down to DC for a free one-day, round-trip journey to join in the Rally to Restore Sanity and March to Keep Fear Alive. It’s about a 5 ½ hour trip down 95 to our nation’s capital

By and large, if a rally is partly AstroTurf, it is usually all AstroTurf, because you don’t resort to AstroTurf if you can get real supporters to show up.  If one lie, all lies, if one AstroTurf, all AstroTurf.

The foreclosure scandal

Tuesday, October 12th, 2010

Did you make payments on your mortgage?  Can you prove it?  Can you prove you made the payments to the right entity?  Who is the right entity?  Does anyone know?  Mortgage servicers don’t have great incentives to get distressed homeowner’s records correct

The foreclosure scandal, at first sight, does not seem like much of a scandal.  A bunch of people borrowed large amounts of money against houses, usually with false or nonexistent documentation of their income and assets and grossly inflated valuations of the houses.  Then they did not make their payments.  Then some random person attempts to foreclose on them, and they complain that the guy trying to foreclose lacks standing to foreclose.  What is so bad?

Somehow, one does not feel any great sensation of outrage and pity, but yes, there is a scandal here and it is really bad.  Also very, very complicated.

The dud loans were made into dud mortgage backed securities, which were divided into tranches, some of the tranches being more senior, that is to say less dud, than the others.  So when it all has to be unwound, it is a total mess and complete chaos.  To make things worse, the various entities that arranged the loans were fly by night scamsters who cannot be found.  Even worse, the senior tranches all wound up being sold to the government:  Freddy Mac, Fannie May, the Federal Reserve, and the FHA.

Why does the feds holding senior tranches make things worse?  Because the holder of the senior tranche should be defending his own interests, should be making sure that foreclosures benefit himself, should be organizing the foreclosures to be most lucrative to himself, but the federal government could not run a pie stand.  The labyrinthine and rigid federal bureaucracy  is at the top composed largely of people who graduated in political correctness from the most eminent universities.  Which means that these assets (the rights to foreclose on various houses) are ill defended, therefore apt to be stolen at worst, and incompetently exercised at best.

So it looks as if houses are often being foreclosed to the benefit of those who merely hold the junior tranches and thus have no right to benefit by the foreclosure, or perhaps do not hold anything at all – it is difficult to tell, perhaps impossible to tell.

It is also unclear how much money the people being foreclosed upon actually owe – again, it is difficult to tell, perhaps impossible to tell.  When the scammers sold mortgages on to the next guy in line, they tended to pad up the mortgage, tended to exaggerate the amount of money owing.

But the big scandal is a fraud upon the taxpayer: Goldman and Sach, and other well connected and too big to fail securitizing entities guaranteed that 9999 out of 10000 mortgage notes would be valid. It looks like few or none of them are valid. Thus the people that securitized these the mortgages are liable for the full value. Unfortunately, since the senior tranches were all purchased by the taxpayer, this claim against Goldman and Sach is unlikely to be exercised.  It may well be exercised by the holders of junior tranches, which will produce further chaos.

War with Islam

Tuesday, October 12th, 2010

The Muslim brotherhood has majority support in Egypt, and supposedly moderate Muslim organizations that are linked to western governments, and supported by them, are in large part Muslim brotherhood organizations.

Memri translates a sermon by the Brotherhood’s  “Supreme Guide” posted on the Brotherhood’s website.

… they are disregarding Allah’s commandment to wage jihad for His sake with [their] money and [their] lives, so that Allah’s word will reign supreme and the infidels’ word will be inferior…

… the improvement and change that the nation seeks can only be attained through jihad and sacrifice and by raising a jihadi generation that pursues death just as the enemies pursue life.

The Soviet Union fell dramatically, but the factors that will lead to the collapse of the U.S. are much more powerful than those that led to the collapse of the Soviet empire – for a nation that does not champion moral and human values cannot lead humanity, and its wealth will not avail it once Allah has had His say, as happened with [powerful] nations in the past. The U.S. is now experiencing the beginning of its end, and is heading towards its demise…

After 9/11, I started reading old books, and found our past had been rewritten.  It turns out that Islam has always been at war with us, at war with all infidels.  A substantial and important part of our history has been erased, perhaps because it is “racist”

Thomas Jefferson and John Adams asked the Barbary Ambassador what right they attacked us.

The Ambassador answered us that it founded on the Laws of the Prophet, that it was written in their Koran, that all nations who should not have answered their authority were sinners, that it was their right and duty to make war upon them wherever they could be found, and to make slaves of all they could take as prisoners, and that every Mussulman who should be slain in battle was sure to go to Paradise.

America was out of this war from 1830 to 1960, because the French foreign legion, and French sponsored settlers, were taking the brunt of it. When the French pulled the settlers out, we started to get hit with increasing effectiveness, much as Israel got rockets when they pulled the settlers out of Gaza.

Over the past thirteen hundred years we never had peace with Islam, just higher and lower levels of war, and when we had very low levels of war, we accomplished it by meeting state level war with state level war, but substate level war with substate level war – we met met substate level war with settlers, settler militias, and state sponsored pirates and brigands. For over a thousand years, settlers, brigands, and pirates, have been the keys to defeating Islam. Observe what happened when we pulled the settlers out of Algeria, and the settlers out of Gaza.

The only time when we enjoyed peace from them was during the colonial period when any trouble from them resulted in colonialist settlers taking their land and their women.

To survive, we need far more modest goals, and need to apply far more drastic measures, and far cheaper measures.

Because war with Islam is permanent and irreversible, we must fight it by methods that are sufficiently economical that we can sustain them permanently. This requires that all measures be carefully evaluated for the minimum cost to us, and the maximum cost to them. Building schools for them to blow up fails to meet that criterion. Seizure or destruction of assets meets that criterion wonderfully, and it is an operation that can be privatized, and over the past thousand years of warfare, usually was.

Astroturf

Friday, October 8th, 2010

Casting Call: It’s a Bit Part Playing a Concerned Ordinary Citizen
Shannon Love found an interesting job listing at website advertising acting jobs:

Casting Notice Search Results

New Casting Notice Search

1 2 3 4 5 6 7 8 Next

158 Casting Notices found |
Posted
Date
Ascending Descending
Casting Notice Summary
10/7/2010 PRESIDENT OBAMA TOWN HALL, DC
PRESIDENT OBAMA TOWN HALL, DC MTV, BET, and CMT (prods.) are casting the audience for a town hall meeting with President Obama. Shooting Oct. 14 at 4 p.m. in Washington, DC. Seeking—Audience Members: males and females, 18+. To apply, email townhallaudience@mtvnmix.com and put “Town Hall” in the subject line. To ensure that the audience represents diverse interests and political views, include your name, phone number, hometown, school attending, your job and what issues, if any, you are …[more]

Duelling Rallies

Monday, October 4th, 2010

Verum Serum compares the rallies:

Rally comparison

Rally comparison

Notice the mass of buses at the left of the “one nation” rally – those were unionists who were bused, government employees, rather than people who chose to turn up by their own individual decision. To judge by the number of buses, the “one nation” rally was 90% astroturf. Had they relied on voluntary unpaid attendance, the rally would have been invisibly tiny.

Falkenblog locates the guilty

Sunday, October 3rd, 2010

Falkenblog has an interesting quote from Harvard, wherein in 2003, back before the financial crisis, Angello Mozilla gives politically correct bullshit justifying every bad thing the banks did to cause the financial crisis on the basis of race and affirmative action.

That means there is currently a homeownership gap of over 25 points when comparing white households with African Americans and Hispanics. My friends, that gap is obviously far too wide.

One of the more obvious resolutions to the Money Gap is the elimination of down payment requirements for low-income and minority borrowers

….

the credit score bar dividing creditworthy from high-risk borrowers, must be substantially lowered by the GSEs, the secondary market in general, and with bank regulators.

These are all quotes from a publication of “The Joint Center for Housing Studies of Harvard University”, which endorsed all the actions the regulators took to destroy our financial system, and urged more of the same.

Please keep in mind that everything this wrecking crew did is still in place, still in force.  It became illegal to be an honest banker, that being raaaacist, and it still is illegal. Every single banker is a crook, is because no honest banker can make crooked loans, and the regulators require all bankers to make crooked loans. Undoing the damage would require an unthinkably radical transformation of our political system, something more akin to regime change and the collapse of democracy, than any mere election.  As I have said so many times before, to fix the financial system will require and result in a society where it is possible to laugh at the Nobel committee for giving Marie Curie two Nobel prizes that for work that was unexceptional when men did it, and laugh at Pierre Curie for pushing his wife into the lab, when he should have kept her in the bedroom and kitchen.

No Pressure 10:10

Saturday, October 2nd, 2010

Murder children for a greener tomorrow.

Most honest political ad of all time.

By now, you have probably seen the No Pressure video, depicting the warmist wish fulfillment fantasy where they get to blow up the heretics.  It starts with a warmist teacher blowing up skeptical children, then depicts every people of every part of society being blown up, then finally the revolution devours its children, with a warmist blowing up another warmist for inadequate faith.

A lot of blogs are asking: “what were they thinking!”;

Cull the skeptics, Infocult, The Catastrophist, Fascistic New Video, Greens want to blow you up, Chicks on the right, Boom!, most self-defeating ad campaign ever, utter stupidity, decimation, massive Freudian slip.

Seems pretty obvious to me.  They were thinking about power, which is what the global warming campaign has been about from the beginning.

The fascinating thing is that before the shitstorm hit all the good and great signed on saying what a great video it is.  Blowing up children.  Ha ha!  So funny.  Serves them right for doubting their betters!

The video reveals the true character of our rulers.  They think that murdering people who disagree with them is funny.

One commenter gets it right in revolting

Politics, which fundamentally is a struggle to control the most violent organization in society, attracts people that are amoral or whom otherwise lack consideration for their fellow men. The more expansive the state, the more attractive it is to these people. The more they dominate the state, the more expansive and activist it becomes.It’s a vicious feedback loop ending only when the state kills the civilization that is its host, or so shocks the host’s sensibilities that the people rebel.