Category Archives: The Big Picture

S & P Sued By The Government: Don’t Piss Off The King

He won’t be cuddly likurle this guy.  He will sue your ass off if tell the truth about him.

I wish I were talking about a different place and time, but I mean here and now.

I have no sympathy for Standard & Poors, as I have been blogging for years, they are one of the guilty parties in pumping up the real estate bubble, the bursting of which brought us the foreclosure crisis that is not yet over.

And which caused tens of thousands of bankruptcies.

Hey, you may be thinking, didn’t the manure hit the fan on this in the summer of 2008?  Why, yes, you are correct!

The short version is, the Wall Street crooks and Fannie Mae and the politicians they bought gave anyone who could fog a mirror a mortgage.  Appraisers who were honest were driven out of business.  Crooked mortgage brokers profited; the banks were happy, they sold the mortgages before the ink was dry and booked the profits.  The mortgages were packaged into securitized trusts, and Goldman Sachs and the other crooks sold them to unsuspecting customers.

How did Standard and Poors fit in?

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Planning For Hard Times

Short term advice is difficult to give, unless you are off the cliff and flailing in the sky already. Assuming you are not there, let’s look at some long range tough times Plan B advice. One, of my dozens of cousins, budgets for what he made at his last job, or before his last raise,Continue Reading

2 Responses to Planning For Hard Times

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Zombie Debt

How does a company you never even heard of, sue you? It might say, somewhere in the court papers, an old debt you may have owed was assigned to the company suing you. Or, to some other company you never heard of, and then to the one suing you. A buyer of junk debt. HereContinue Reading

Foreclosure Fraud, What Does It Mean?

We write mostly about specific issues and ways to improve family finances, what might be called micro issues by the economists. This post is a look at the macro picture, as it is referred to by the “dismal science” of economics. Massive fraud in mortgage documentation is coming to light across America. The Federal Reserve,Continue Reading

2 Responses to Foreclosure Fraud, What Does It Mean?

  1. Wall Street was incompetent to allow this to happen, and it is handling the situation incompetently. Proposals from NACBA and others to reduce mortgage notes and interest rates would decrease the value of the funds, but the funds would be intact. Hypothetical: I invest $10,000 a year in a fund which promised a return of $1000 a year, but I end up with a share of a fund worth $8,000 which returns $400 a year. Not good, but better than my fund managers destroy the fund, and the only who benefit are the lawyers who billed for the lift stay motions and the foreclosures. The current style of management is to resist to the utmost any law mandating re-writing mortgages. This Is the Louis XVI style of management. You will recall early in the French Revolution, Louis was called upon to become a constitutional monarch, in return for which the Estates General would reform his financial system and “bail out” his royal butt. He wanted to be bailed out, but not reform. Two decades later, a revolutionay military dictator reformed the system. Wall Street is worse than criminal. It is incompetent. I hope history doesn’t repeat itself and there won’t be a Napolean to straighten out the mess.

Student Loans And The Big Picture

“To get a good job, you need a good education.” That has been a theme for decades. Well, just how many good jobs are out there, compared to how many college students? Unemployment predicted to be higher than normal for:  8 more years. That is the consensus unemployment forecast of economists surveyed by the AssociatedContinue Reading