tagged w/ Sub-Prime Motrgage Crisis
-
Howard Zinn says there has always been big government, but mostly for the wealthy. Part 2
In part two of our interview with Howard Zinn, Prof. Zinn responds to the $700 Billion bailout bill, the economic crisis, and provides his vision for an appropriate response. He describes his disappointment that both Obama and McCain joined to support the bailout, a move which Zinn believes fits into a long history of big government at the service of wealthy elites. Zinn argues that the roots of the crisis are the same as in 1930, a growing gap between the wealth at the top and the insecurity at the bottom. Zinn argues that in place of a bailout of the financial sector, what is needed is a 21st century New Deal, with government investment providing jobs and health care. He also argues that Big Government has always been a feature of the American system, and that the question is therefore not one of size, but of how the government and its power is to be used.
Howard Zinn is an American historian, political scientist, social critic, activist and playwright. He is best known as author of the best-seller 'A People's History of the United States'. Zinn has been active in the Civil Rights and the anti-war movements in the United States. Zinn was raised in a working-class family in Brooklyn, and flew bombing missions for the United States in World War II, an experience he now points to in shaping his opposition to war. In 1956, he became a professor at Spelman College in Atlanta, a school for black women, where he soon became involved in the Civil rights movement, which he participated in as an adviser to the Student Nonviolent Coordinating Committee SNCC and chronicled, in his book SNCC The New Abolitionists. Zinn collaborated with historian Staughton Lynd and mentored a young student named Alice Walker. When he was fired in 1963 for insubordination related to his protest work, he moved to Boston University, where he became a leading critic of the Vietnam War.
See Part 1 at: http://current.com/items/89436711_zinn_vote_for_obama_but_direct_action_needed
See Part 3 at: http://current.com/items/89443567_howard_zinn_on_taxes_and_class_war
See Part 4 at: http://current.com/items/89447830_guns_or_butter
See Part 5 at: http://current.com/items/89453046_democracy_and_militarism
Howard Zinn says there has always been big government, but mostly for the wealthy.... more
-
-
ANP: The morning her house was to be auctioned off Voltaire woke up to donations and reporters.
Last week, ANP reported on the foreclosure of Jocelyn Voltaire in Queens Village, NY and the impending auction of her house. Since the report aired, a national grassroots effort to save her home was launched. In this piece, we report on the outcome of said initiative and delve deeper into a connection between Jocelyn's mortgage company and Goldman Sachs.
ANP: The morning her house was to be auctioned off Voltaire woke up to donations and... more
-
-
Jason Newman worked at JP Morgan Chase as an analyst for 6 years. When JP Morgan bought out Bear Stearns, he lost his job. Despite a bad economy, Jason felt that he had nothing to lose, and is now pursuing his previously part time job/hobby as a writer full time. This pod will look at the challenges Jason faces making a career change in this economy, and the hustle that accompanies it.Jason Newman worked at JP Morgan Chase as an analyst for 6 years. When JP Morgan... more
-
-
MattyP
-
added this
-
3 years ago
- |
-
Two former Credit Suisse bankers have been charged with fraud for allegedly deceiving clients over the value of debt tied to sub-prime mortgages.
Julian Solov and Eric Butler are accused of selling "auction-rate securities" on the pretence they were as safe and risk-free as cash.
In reality, they were backed by high-risk investments and generated large commission payments for the duo.
The credit crunch froze the market for the securities, making them worthless.
Prosecutors claim the assets had been sold for up to $1bn.
The two men are facing criminal charges of securities fraud, wire fraud and conspiracy, which carry a maximum sentence of 25 years and fines of in excess of $5m.
They also face separate civil charges.
It is alleged the two told clients that the financial instruments were secured against student loans and other federally-backed collateral.
In fact, they were backed by sub-prime mortgages and collateral debt obligations, packages of debt whose high-risk trade helped to precipitate the credit crisis and cast a shadow over Wall Street in the past year.
Two former Credit Suisse bankers have been charged with fraud for allegedly deceiving... more
-
-
Neighborhood Assistance Corporation of America helps tens of thousands restructure their home mortgage.
This week, while Congress was busy providing assistance to Fannie May and Freddie Mac, a non-profit organization called The Neighborhood Assistance Corporation of America was provided free consulting to homeowners who could no longer afford their mortgage. The five day event, called "Save the Dream of Home Ownership", ended on Wednesday after providing assistance to countless people who are at risk of losing their largest equity holding. NACA has also been providing financial counseling to the countless Americans who are lost in the complexities of the US banking system.Neighborhood Assistance Corporation of America helps tens of thousands restructure... more
-
-
Danny Schechter: "This is a 50 state Katrina"
Danny Schechter, "The News Dissector," is a former network TV producer, radio newscaster, and edits MediaChannel.org. He has written nine books on media themes. His latest, Squeezed: America As The Bubble Bursts was inspired by his latest film, In Debt We Trust: America Before The Bubble BurstsDanny Schechter: "This is a 50 state Katrina"
Danny Schechter, "The... more
-
-
The mass migration of America's middle classes from urban areas to the suburbs amounted to a demographic revolution in the years after the Second World War.
But the so-called "driveable suburb" is becoming increasingly unfeasible as soaring fuel costs make a long commute too expensive for many.
Higher energy prices are also having a disproportionate impact on bigger homes, such as those found in the suburbs, as they inevitably cost much more to heat in winter and cool in America's often fiercely hot summers.
The sub-prime mortgage crisis has accelerated this flight to the cities – experts have christened it New Urbanism – as property prices have particularly collapsed in more remote areas.
According to a poll for Reuters, about 10 per cent of Americans said they were considering moving closer to work while roughly the same percentage said they were thinking about getting a job closer to home.
Transportation is now the second biggest household expense in the US after housing. Much of the new demand for city homes is in neighbourhoods close to light railway stations, hastening the move away from a car culture. The mass migration of America's middle classes from urban areas to the suburbs... more
-
-
By Josh Marshall...
HOW MANY BILLIONS IN WRITE DOWNS for Swiss Bank UBS?
And who is their Vice Chairman?
And who is he economics advisor for in this election?
LOBBYISTS
WHERE THE DOUBLE TALK STARTS and for what purpose?
By Josh Marshall...
HOW MANY BILLIONS IN WRITE DOWNS for Swiss Bank UBS?
And who... more
-
-
A similar thing happened to me about a month ago. My husband and I have three accounts with our bank, two personal and one business. I've have a relationship with our bank for over ten years, and during that time none of the accounts I've managed had ever gone into the red. With a longtime track record of being a model customer, I was therefore very upset when the bank chose to penalize me when a snafu occurred.
One of our checks was accidentally deposited into the wrong account, which caused it to go overdrawn when checks we had written cleared. Even though we had more than enough money to cover the checks over the three accounts we had with the bank, the bank decided to return three checks, which, if they had cleared would have created an overdraft of less than $250. The bank then charged us $36 per check for the privilege of refusing to honor them. In addition, we faced check return and late payment fees from our car insurance, phone and credit card companies because of the bank's actions.
I was particularly upset that the bank hadn't bothered to call me (which they did regularly to confirm other transactions), or taken my highly responsible banking record into account before they decided to bounce the checks. Had they called, the situation could have been resolved instantly with a transfer between accounts. Instead, it seems to me, the bank saw an opportunity to make a quick buck ($108 actually) and took it, charging me fees, and putting my good credit, and car insurance policy, at risk in the process.
My initial complaints fell on officious and intransigent ears. The bank refused to refund the charges, insisting that they "couldn't" rather then "wouldn't" do it. Luckily for me, they'd erroneously mailed someone else's overdraft notice in the same envelope as mine, so with this as leverage, I agreed to do the right thing and hand over "John Doe's" letter on condition that the bank did the right thing and rescinded my fees.
But the episode left a very bitter taste in my mouth, and got me thinking about those less fortunate than myself, for whom the system is particularly unfair. Just one of the three fees the bank had taken from my account, without my permission, was the equivalent to the best part of a day's pay for someone on minimum wage. Put the three together and it's well over half a week's salary for the hard working poor. How can that be fair?
With such sharp practices these banks are no better than loan sharks. And with the economy in crisis, such money generating policies are likely to increase as the banks desperately try to claw back the funds they've been forced to write off due to the mortgage fiasco we're in the midst of right now. Once again the consumer is paying (dearly) for the mistakes fat cat, big business has made.
So what can we do? Certainly it's all our responsibilities to refuse to take such treatment lying down. The banks are only able to charge such outrageous fees because on some level we allow them to get away with it. Next time you get an unfair charge, call the bank on it. You may be able to afford to eat it, but the person standing in line behind you might not, and, as a society, we stand or fall together. If one employee refuses to help, refuse to be brushed off. Ask to see their superior, and if they can't help, ask to see theirs. Threaten to close your account down and take your business elsewhere, and DO IT if they fail to offer an acceptable resolution.
If all else fails, take a leaf out of Hatch's playbook, and take your bank to small claims court. As Ralph Nader says, "If a million consumers filed a million small claims court actions a year against the banks, the banks would either try to abolish the small claims court or try to improve their performance." Perhaps it's our responsibility to put that theory to the test. Once we've knocked the banks into shape, my next raison d'être will be local councils and the parking fines they charge. Try paying those on a minimum wage!A similar thing happened to me about a month ago. My husband and I have three accounts... more
-
-
Kansas City, Missouri Producer Joe Dimino examines varying opinons and facts surrounding the current subprime meltdown. His personal commentary on selling and buying in July, along with other individuals highlight an emerging crisis on the American economic landscape. Kansas City, Missouri Producer Joe Dimino examines varying opinons and facts... more
-
-
It's not just middle class and working class who have to worry, now even "rich" folks have to take a hard look at their assets. Are we all feeling the pinch yet? Can we agree this is a problem, or is it just overblown fears?It's not just middle class and working class who have to worry, now even... more
-
-
The US sub-prime mortgage crisis has lead to plunging property prices, a slowdown in the US economy, and billions in losses by banks. It stems from a fundamental change in the way mortgages are funded.
If you are like me, you have probably heard about the sub-prime mortgage crisis, but have no idea what it really means, this article explains very clearly what is happening in this country.
Eye opening article!
The US sub-prime mortgage crisis has lead to plunging property prices, a slowdown in... more
-
