● Congressional earmarks sometimes used to fund projects near lawmakers' properties... ● Congress's Phony Insider-Trading Reform... ● Obama denounces Senate vote to block Cordray at consumer watchdog agency... ● Walker signs 'castle doctrine' bill, other measures... ● Holder faces House Republicans over health-care law, ‘Fast and Furious’... ● Postal workers behaving badly!... ● The supercommittee failed because Democrats insisted on $1 trillion in new taxes... ● Happy Thanksgiving!... ● Supercommittee announces failure in effort to tame debt... ● Happy Veterans Day to the brave men and women of the United States Armed Forces....
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When the people fear the government, there is tyranny; When the government fears the people, there is liberty.  ~ Thomas Jefferson

 

Entries Tagged as 'Money Matters'

Holder faces House Republicans over health-care law, ‘Fast and Furious’

December 8th, 2011 · Accountability, Corruption, Deception, Ethics, Government Control, Healthcare, Money Matters, Non-Transparency, Obama Exposed, Obama Nominees, Obama's Scheme, Politics, Selling Out the US, Supreme Court, Tax Dollars, Terrorism from Within, Treason

By Jerry Markon, Published: December 8

Attorney General Eric H. Holder Jr. clashed with congressional Republicans on Thursday, defending the Justice Department in the face of criticism of its “Fast and Furious” gun-trafficking sting and its refusal to turn over documents on the health-care law adopted last year.

Under exhaustive questioning from the House Judiciary Committee, Holder reiterated that his department would not provide Congress with more information about Supreme Court Justice Elena Kagan’s health-care-related role when she was President Obama’s solicitor general. Republicans are seeking internal e-mails and other documents, arguing that Kagan might have to recuse herself from the court’s decision on the health-care law if she was involved in the legislation.

Attorney General Eric Holder says it’s inexcusable for the bureau to use a controversial tactic known as “gun-walking” in its effort to identify and prosecute major arms trafficking networks along the Southwest border. (Dec. 8)

Holder also was grilled over the Phoenix-based Fast and Furious operation, in which federal agents targeting drug cartels allowed guns to flow illegally onto U.S. streets and into Mexico. The operation led to a storm of criticism from Republicans, many of whom have urged Holder to resign.

The attorney general, who has resisted calls to step down, said the controversial Fast and Furious tactic known as “gun walking,’’ was “wholly unacceptable” and “must never happen again.” But he also condemned his accusers, saying the congressional investigation of the gun sting has been political and calling for cooperation in fighting firearms trafficking along the southwest border.

“Each of us have a duty to act, and to rise above partisan divisions and politically motivated ‘gotcha’ games,’’ Holder said. “The American people deserve better.’’

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The supercommittee failed because Democrats insisted on $1 trillion in new taxes

November 25th, 2011 · Accountability, Deception, Democrats, Dissention, Economy, Ethics, Federal Spending, Government, Government Control, Greed, Money Lost, Money Matters, Non-Transparency, Obama Nominees, Obama's Scheme, Stimulus, Tax Dollars, Terrorism from Within

By Jon Kyl, Rob Portman, Pat Toomey, Jeb Hensarling, Fred Upton and Dave Camp, Published: November 25

We do not choose to add more to the blame game for failure of the Joint Select Committee on Deficit Reduction , but one Democratic talking point needs debunking: that the talks failed because of Republicans’ attachment to the Bush tax cuts.

The untold story of the negotiations is the significance of the Republican offer of fundamental tax reform. It is critical to understand the interplay between the proposal (dubbed the “Toomey plan”) and existing tax law.

First, a bit of history. The 2001 and 2003 changes to the tax code reduced marginal rates for all taxpayers as well as the rates for capital gains, dividends and the death tax. For technical reasons, all of these provisions expire at the end of next year — meaning that if Congress does not act, Americans will face the largest tax increase in our history.

This prospect has put a wet blanket over job creation and economic recovery. It would be the wrong medicine for our ailing economy. As President Obama has famously said, “You don’t raise taxes in a recession.” Partially to avoid this result, but also to try to meet the Democrats partway — given their absolute insistence on big, new tax increases — Republicans offered a proposal that would have both reformed the current code and produced significant new tax revenue.

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Supercommittee announces failure in effort to tame debt

November 21st, 2011 · Accountability, Congress, Economy, Federal Spending, Finance, Greed, Money Lost, Money Matters, Non-Transparency, Obama Nominees, Obama's Scheme, Politics, Stimulus, Tax Dollars, Terrorism from Within

By Lori Montgomery and Paul Kane, Published: November 21

A special congressional committee created to try to curb the national debt abandoned its work and conceded failure Monday, the latest setback in a long effort by Washington to overcome ideological differences and stem the rising tide of red ink.

In a joint statement issued hours before a midnight deadline, the Democratic and Republican leaders of the panel said that they were “deeply disappointed” by their inability to reach an agreement and that they hope for progress in the months ahead.

supercommittee conceded defeat Monday in its quest to conquer a government debt that stands at a staggering $15 trillion, unable to overcome deep and enduring political divisions over taxes and spending. (Nov. 21)

“Despite our inability to bridge the committee’s significant differences, we end this process united in our belief that the nation’s fiscal crisis must be addressed and that we cannot leave it for the next generation to solve,” said the statement from Rep. Jeb Hensarling (R-Tex.) and Sen. Patty Murray (D-Wash.). “We remain hopeful that Congress can build on this committee’s work and can find a way to tackle this issue in a way that works for the American people and our economy.”

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Obama opens door for talks with GOP on tax-cut extension

November 8th, 2010 · Change of Power, Small Business

By Lori Montgomery – Washington Post Staff Writer
Sunday, November 7, 2010; 11:16 PM

President Obama said a Republican proposal to preserve the full array of Bush administration tax cuts for two more years presents a “basis for conversation” that could lead to a compromise as lawmakers prepare to meet next week for a high-stakes showdown over taxes.

However, a senior House Republican on Sunday flatly rejected the option most favored by the White House: decoupling the Bush tax cuts that benefit the wealthy from the cuts that benefit the vast majority of Americans by extending each set of provisions for a different period of time.

“No, I am not for decoupling the rates,” Rep. Eric Cantor (R-Va.), the No.2 Republican in the House, said on “Fox News Sunday.” He echoed the GOP argument that such a move virtually would guarantee the eventual expiration of tax breaks in the upper brackets, where some of the most successful small businesses pay taxes.

“I am not for raising taxes in a recession, especially when it comes to the job creators that we need so desperately to start creating jobs again,” Cantor said. “I am not for sending any signal to small businesses in this country that they’re going to have their tax rates go up.”

The comments highlighted the shifting political landscape in the wake of a Republican landslide in last week’s midterm elections. Obama, who has argued strenuously that the nation cannot afford to keep the tax cuts for millionaires, has been adopting a conciliatory tone in recent days in hopes of reaching a deal with resurgent Republicans to prevent all the cuts from expiring on schedule — an outcome that would sharply increase IRS withholding in January for virtually every American taxpayer, including the middle-class families Obama has sworn to protect.

“My number one priority coming into this is making sure that middle class families don’t see their tax rates go up January first,” Obama said in an interview with CBS’ “60 Minutes” set to air Sunday night.

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Most Americans worry about ability to pay mortgage or rent, poll finds

October 29th, 2010 · Deception, Democrats, Economy, Federal Spending, Housing Industry, Reform, Selling Out the US, Tax Dollars, Unemployment

By Ariana Eunjung Cha and Jon Cohen Washington Post Staff Writers
Thursday, October 28, 2010; 12:52 AM

A majority of Americans now say they are worried about making their mortgage or rent payments, underscoring the extent of economic anxiety in the country heading into midterm elections.

A new Washington Post poll shows that concerns about housing payments have spiked since 2008 despite some improvements in the overall economy. In all, 53 percent said they are “very concerned” or “somewhat concerned” about having the money to make their monthly payment. Worries are the most intense among those with lower incomes and among African Americans.

The poll results highlight the political challenge facing the Obama administration: Despite committing hundreds of billions of dollars to bail out troubled financial firms, create jobs and keep distressed borrowers in their homes, it has not been able to make many people feel better about their personal situations or even relieve fears about the cost of a need as basic as shelter.

The recent foreclosure mess provides another example of this gap between the policy decisions in Washington and the sentiment of ordinary Americans. The poll reveals that just over half of the country thinks the administration should impose a national moratorium on foreclosures to sort out whether banks are improperly seizing the homes of struggling borrowers. But the White House rejected that idea, saying it would gravely wound the fragile housing market.

White House spokeswoman Amy Brundage said the administration has deployed every possible resource at its disposal to “pull our economy back from the brink.”

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Employers looking at health insurance options

October 25th, 2010 · Corruption, Deception, Democrats, Ethics, Federal Spending, Government Control, Healthcare, Immigration, Money Lost, National Security, Non-Transparency, Obama's Scheme, Selling Out the US, Small Business, Tax Dollars, Taxes, Terrorism from Within, Treason, Treasury, Unemployment

By RICARDO ALONSO-ZALDIVAR – The Associated Press
Monday, October 25, 2010; 4:12 AM

WASHINGTON — The new health care law wasn’t supposed to undercut employer plans that have provided most people in the U.S. with coverage for generations.

But last week a leading manufacturer told workers their costs will jump partly because of the law. Also, a Democratic governor laid out a scheme for employers to get out of health care by shifting workers into taxpayer-subsidized insurance markets that open in 2014.

While it’s too early to proclaim the demise of job-based coverage, corporate number crunchers are looking at options that could lead to major changes. Gov. Phil Bredesen, D-Tenn., said the economics of dropping coverage are “about to become very attractive to many employers, both public and private.”

That’s just not going to happen, White House officials say.

“The absolute certainty about the Affordable Care Act is that for many, many employers who cover millions of people, it increases the incentives for them to offer coverage,” said Jason Furman, an economic adviser to President Barack Obama.

Yet at least one major employer has shifted a greater share of plan costs to workers, and others are weighing the pros and cons of eventually forcing employees to strike out on their own.

“I don’t think you are going to hear anybody publicly say ‘We’ve made a decision to drop insurance,’ ” said Paul Keckley, executive director of the Deloitte Center for Health Solutions. “What we are hearing in our meetings is, ‘We don’t want to be the first one to drop benefits, but we would be the fast second.’ We are hearing that a lot.” Deloitte is a major accounting and consulting firm.

“My conclusion on all of this is that it is a huge roll of the dice,” said James Klein, president of the American Benefits Council, which represents big company benefits administrators. “It could work out well and build on the employer-based system, or it could begin to dismantle the employer-based system.”

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Foreclosure freeze leads to uneasy politics for Democrats

October 19th, 2010 · Accountability, Banking Industry, Corruption, Deception, Democrats, Ethics, Federal Spending, Fraud Alert, Government Control, Greed, Housing Industry, Money Lost, Obama's Scheme, Selling Out the US, Tax Dollars, Taxes, Treasury

Another political factor: people struggling to keep paying their mortgages who are upset that deadbeat borrowers may get a break.

“I pay my mortgage every month; that was the deal I made,” Kevin McGrath, a Virginia realtor, wrote in an e-mail. “I know I am currently throwing money into a depreciating asset that every day feels more and more like the Black Hole of Calcutta, but that’s ok; I placed my bet, and I am willing to ride this pony until she breaks.

“But wait a minute; now I look over at my neighbor and I see he is in the same situation, upside down on his mortgage, except he has not made a payment in a year or so. He has multiple cars in his driveway, some of them newer than mine, he just got back from a trip to Best Buy, and he is still living in his house. There are all kinds of neat things to do with your money when your housing costs are zero. Where is my free rent?

By Steven Mufson Washington Post Staff Writer
Tuesday, October 19, 2010; 7:26 AM

The details of the foreclosure mess are ugly and complicated. The politics of it are even worse.

The calculus is clear for most Democratic incumbents, especially those in tight races like Senate Majority Leader Harry M. Reid: Nothing could be worse on the eve of elections than images of people being booted out of their homes by big banks that have relied on sloppy, if not fraudulent, paperwork.

But reviving the economy requires repairing the housing market, which won’t happen until foreclosed properties and delinquent mortgages are dealt with. So the White House, which is looking past the midterm elections, has been restrained. Housing and Urban Development Secretary Shaun Donovan wrote over the weekend that “a national, blanket moratorium on all foreclosure sales would do far more harm than good, hurting homeowners and home buyers alike.”

It’s a recipe for legislative inaction, especially with lawmakers busy campaigning. For a White House seen by Wall Street as too populist, and by many liberals as too close to Wall Street, that might not be a bad outcome. Democratic candidates can strike a populist note, letting the Obama administration take the economic high road while pressing banks to define the scope of the latest financial mess.

“There’s a problem here,” said one veteran Democratic political consultant, who spoke on the condition of anonymity because of the issue’s sensitivity. “The politics are very attractive to say, ‘Let’s have a moratorium.’ But shutting down foreclosures has the potential of shutting down the whole housing market, which isn’t helpful to anybody.”

For now, most of the biggest banks, sensitive to political winds, have voluntarily frozen foreclosure sales. Some analysts believe the freeze could last until January. That gives banks until the end of the quarter to figure out the extent of their problems, and it delays foreclosures until after the election as well as the Thanksgiving and Christmas holidays.

“I think that they’re trying to see how this is playing,” said one political consultant working for the financial services industry. “They’re trying to gauge the political intensity around the issue.”

Democratic pollster Peter Hart says intensity runs high. “There are two things of critical importance to American households,” he said. “One is their job and two is their house.”

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U.S. presses mortgage lenders to fix documents, but foreclosures can continue

October 14th, 2010 · Accountability, Ethics, Housing Industry

By Zachary A. Goldfarb,Dina ElBoghdady and Ariana Eunjung Cha Washington Post Staff Writers
Thursday, October 14, 2010; 12:31 AM

Federal regulators sought Wednesday to prevent the growing furor over improper foreclosures from escalating, pressing mortgage lenders to replace flawed and fraudulent court documents while insisting that foreclosures continue apace.

The approach adopted by the Federal Housing Finance Agency (FHFA) is Washington’s clearest response so far to a crisis that threatens to roil the national real estate market and overwhelm courts around the country.

Some consumer advocates and lawmakers said the policy wassoft on banks, and industry insiders said the approach may have little effect, because many lenders are already taking such steps. In addition, the handling of individual court cases is the province not of federal officials but of judges at the state level.

Judges handling foreclosure cases in the Maryland suburbs said Wednesday that they have begun to take concrete steps to cope with alarming problems now apparent in legal documents.

In Prince George’s County, which has the Washington area’s highest foreclosure rate, the circuit court has ordered a special review of cases in which lawyers have acknowledged they did not sign the documents as they had earlier claimed. The circuit court is scheduled later this fall to slowly begin reviewing some of the 14,500 foreclosure cases pending in the county. A judge in Montgomery County said the court is putting about 400 foreclosure sales on hold while waiting for lawyers to explain why they had not actually signed the legal paperwork in those cases as they had initially said.

As a result, some foreclosures in these counties may be dismissed and home buyers who are poised to purchase these properties may lose the chance.

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Government had been warned for months about troubles in mortgage servicer industry

October 11th, 2010 · Banking Industry, Deception, Democrats, Economy, Ethics, Federal Spending, Government, Government Control, Housing Industry, Obama's Scheme, Real Estate, Selling Out the US, Tax Dollars, Taxes, Unemployment

By Zachary A. Goldfarb Washington Post Staff Writer
Sunday, October 10, 2010; 12:45 AM

Consumer advocates and lawyers warned federal officials in recent years that the U.S. foreclosure system was designed to seize people’s homes as fast as possible, often without regard to the rights of homeowners.

In recent days, amid reports that major lenders have used improper procedures and fraudulent paperwork to seize properties, some Obama administration officials have acknowledged they had been aware of flaws in how the mortgage industry pursues foreclosures.

But the officials said they could take only limited action to address the danger. In part, this was because they wanted lenders’ help carrying out federal programs to modify mortgages that had fallen into default or were poised to do so.

New concerns about improper practices – such as those involving faked documents or “robo-signers” who signed tens of thousands of documents without reviewing them – have prompted the mortgage servicing arms of the country’s largest banks to freeze millions of foreclosures. As momentum builds for a national moratorium, the administration has begun assessing the potential impact, examining the threat it could pose for the ailing housing market and the wider financial system.

There is no evidence so far that the specific abuses made public in the past few weeks were known to government officials. Nor is it clear whether they were aware that the process of the selling and reselling of mortgages among financial firms – which became extremely common and highly profitable during the housing boom – was raising legal questions about who actually owned the loans and had the right to foreclose if they went bad.

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Momentum builds for nationwide freeze on foreclosures despite the grave impact on the nation’s housing market and economic recovery.

October 11th, 2010 · Banking Industry, Corruption, Deception, Democrats, Economy, Federal Spending, Government Control, Greed, Housing Industry, Obama's Scheme, Real Estate, Selling Out the US, Tax Dollars, Taxes, Terrorism from Within, Treason, Treasury, Unemployment

By Ariana Eunjung Cha, Steven Mufson and Jia Lynn Yang Washington Post Staff Writers
Saturday, October 9, 2010; 10:23 AM

Senior Obama administration officials said Friday that a nationwide moratorium on foreclosure sales may be inevitable, despite their grave reservations about the impact a broad freeze would have on the nation’s housing market and economic recovery.

Their remarks were made as pressure for a nationwide moratorium mounted Friday when Bank of America, the nation’s largest bank, halted foreclosure sales in all 50 states. Senate Majority Leader Harry M. Reid (D-Nev.), who is locked in a tight reelection campaign, called on other major lenders to follow suit.

The White House has so far resisted joining the election-season calls for action but convened two interagency meetings this week to discuss reports that banks filed fraudulent documents to evict delinquent borrowers and to deal with questions about whether banks are seizing properties without having clear ownership of the mortgages.

One meeting was made up mostly of groups that regulate the housing industry, including the Department of Housing and Urban Development, the Treasury Department and the White House. The other, which involved the U.S. Securities and Exchange Commission, the Internal Revenue Service and U.S. attorneys from across the country, was focused on the question of whether financial fraud was committed.

With foreclosed properties comprising one in every four homes sold in the United States, the spreading moratorium could disrupt real estate deals in progress, slow down the process of clearing the backlog of troubled home loans and prolong the economic recovery, analysts said.

A freeze would also strike at the financial sector, just two years after it suffered one of the worst crises in its history. One government official who has been in discussions with several big financial firms said the banks are bracing themselves for a wave of lawsuits from homeowners who are fighting to keep their homes and from investors who had bought mortgage loans on Wall Street. On Friday, while the Dow Jones industrial average crossed 11,000, most major bank stocks fell.

Bank of America is the first bank to put a moratorium on foreclosures in all states, extending its suspension to states such as California and Nevada, which have been hit hardest by the housing bust. Previously, Bank of America, J.P. Morgan Chase and others had announced that they were stopping foreclosures only in the 23 states where a court order is needed for an eviction.

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