Nurses Hold Actions Across Country Demanding Wall Street Transaction Tax « naked capitalism

 Nurses stages protests and demanding a tax on Wall Street.  Follow the link and watch this interview.  The woman makes some great points about how the stress of job loss or income loss can affect health dramatically.  She also says that it is getting worse for the middle class of America as the number of uninsured is up to 50 million and this often leads to people coming into the hospital or to their doctor in much worse condition.  People are making choices because of limited funds and the extremely high cost of health care. 
People end up being sicker when they arrive at the hospital and therefore they usually have take longer for recovery.  There is no such thing as early treatment when you are uninsured. For anyone who has gone without health insurance knows the reality that even though you can get car at the emergency room, you are going to likely get lower quality care if you can't afford to pay or if you have no insurance if only because you will not have any follow up care or return visits to the doctor during your recovery once you leave the hospital. 
This is a smart plan put forth by the nurses and they are going to be the best source for information regarding the health care system and the devastating effects lack of insurance and the increase of stress can have on the public. 

 READ THE FULL STORY BY FOLLOWING THE LINK BELOW



Nurses Hold Actions Across Country Demanding Wall Street Transaction Tax « naked capitalism

Hard work, not investment gurus (published with permission from Investors.com)

If you are serious about learning stocks, Investors.com is where you need to go.  It is a great resource for learning about specific stocks and the market in general. 


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Customers Close Accounts To Protest Wall Street, Abusive Lending Practices

Interesting story found at the Huffington Post.

It is a small number to the big name banks but at least some people are letting them know how unhappy they are about the irresponsible banking behavior.  It looks as though the push back against the banks is being squashed by Washington and the bank lobby.  It is an all out push to speed up the process of foreclosure, illegal or legal, which is exactly the wrong thing to do for the economy.  We are not at a bottom if the banks continue to put a million empty and/or abandoned homes on the market. 
The Stock Market has little to do with the housing market.  The past year of stock market gains had an equal amount or worse wealth evaporation in real estate.
The bank strategy has been to hold on and wait because they knew their position was getting stronger the longer they sat tight.  They squeezed the citizens and the economy as Washington stood back and watched.  The troubling thing now is that if we see any sign of a recovery there will be absolutely no chance at reform or a push to slow down the number of foreclosures.  Mark Zandy this week called a bottom in the housing market.  I don't know where he is calling the bottom but some states have a long way to go as foreclosures continue to hit the market at record levels.  It is to the point that banks are even turning down some of the houses rather then take them back even after the borrower has been pushed out.  The house that could have served someone well becomes abandoned and left for the local municipalities to manage.  It is a another way for banks to get over on the local governments after getting bailed out by the tax payer.  The banks are not going to add to their costs in anyway if they can get around it.  It is the reason they created MERS. Banks did not want to pay the local registration and deed taxes that are required to transfer ownership.  MERS was their way around paying to transfer and register real estate. 
 Customers Close Accounts To Protest Wall Street, Abusive Lending Practices

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More banks walking away from homes, adding to housing crisis - Chicago Tribune

More banks walking away from homes, adding to housing crisis - Chicago Tribune Interesting story here. Wonder how many people were kicked out in foreclosure to have the bank just walk away from the property? Still makes no sense for the banks to not negotiate with borrowers. It would be better to have someone in the property and income of any amount rather than walking away. This has been a terrible breakdown of common sense by the banks and politicians.  It also seems like the Tax payer is content with having to bail out banks every few years even if it means killing the colden goos e that housing had become to most people.



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Guest Post: “The Fed No Longer Even Denies that the Purpose of Its Latest Blast of Bond Purchases … Is To Drive Up Wall Street

This is true on many levels. the Fed, along with the banks know they will not be challenged so why would they try to hid their ridiculous policies.


Guest Post: “The Fed No Longer Even Denies that the Purpose of Its Latest Blast of Bond Purchases … Is To Drive Up Wall Street



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The WSJ published a story that reveals the governments lack of will and fortitude when it comes to prosecuting the worst offenders from the financial crisis.  The headline mentions take down of 500 offenders but the reality is they have not done a thing to anyone of the major players on Wall Street.  Wall Street was ground zero for this crisis and the government is afraid to cross Wall Street or the big banks.  They keep asking for the bankers to come to hearings and give there testimony instead of putting them on trial.  It is ridiculous that they have gotten away with pillaging the entire system and no one has been held accountable.  Wall Street has just continued to give out billions in bonuses as the banks stall for time and try to turn the fight for the truth in to a fight of attrition.  The big players like to win battles this way because they have the most resources and the backing of cheap funds from the fed.  
There is no plan the banks are initiating to help stem the foreclosure crisis.  They are fine with letting everyone suffer while they get to ride in limos and private jets.  The screwed the entire system by using far more leverage than necessary on the RMBS products and exploited the CDS market for their benefit. 
Seeing this story today makes me even more certain that the government is so deep in the pockets of the big banks that we will have the same bank run government for years. 
Read the full story in the Wall Street Journal here.  Government attempts to placate Americans calling for the prosecution of the offenders in the financial crisis.

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minyanville story by david stockman shredding Oracle of Omaha

Stockman says it like it is here.  He is holding the big money players to task as they keep saying how important it was to bail out everyone except the tax payer.  It is incredible that big money has brain washed nearly the entire MSM with the such dither blaming the home owners for the financial meltdown.  Everyone has misguidedly fallen for the ridiculous notion that what is good for the big banks and Wall Street is good for America. 

We have been witness to a 'great depression' that has been labeled the 'great recession'.  The only reason it hasn't fallen further after the ridiculous bank bailouts is because of the book manipulation of the actual economic data along with the ability of the government to massively deficit spend on programs like unemployment.  On one hand the country treads water but the other hand is digging deeper into debt.  The plan to kick the can down the road has not worked.  We still have banks near insolvency in reality but they are cook their books in hopes housing prices  will save us all. 

You can see in the Stockman's article that the banks and other TOO Big To Fail institutions like GE, had one think in mind;  saving themselves no matter the cost to taxpayers and the economy.  We have seen the personal rights that were so sacred in our country over run by the interests of big money elite.  There is no other way to explain such a dramatic fleecing  of the country. 


link to full story at minyanville here.  I first read the story at Naked Capitalism

"But no taxpayer can be grateful. There never was a crisis on Main Street. The panic was in the US Treasury Department where the clueless Hank Paulson was swamped with calls from his crony capitalist buddies like Immelt and his counterparts up and down Wall Street, but especially at Goldman Sachs (GS). When Goldman’s stock price ticked $65 in the days after Lehman, Mr. Market was desperately trying to purge the reckless speculation and leveraged rot that had been building up in the nation’s financial system ever since the Fed discovered in the 1990s that it could print endless dollars and that they would be obligingly accumulated by the mercantilist overlords of China and East Asia.

Thanks to the Geithner/ Paulson/ Bernanke claque, the needed financial cleansing and purge never happened. Instead, we've just drifted deeper into a statist regime in which Uncle Sam backstops, stimulates, underwrites, and meddles with every aspect of our broken capitalist machine. Uncle Sam wasn't our savior in September 2008. By the panicked actions of a few desperate men occupying high offices, he was empowered to become our destroyer. Thanking Uncle Sam is fatuous under any circumstance. But to thank the men who brought on TARP, bailouts, and the lunacy of ZIRP and QE is pure humbug."

Stockman's conclusion is very telling. The government failed to do its duty in protecting the rights of citizens as it fell for the manipulations of Wall Street.

I am sure plenty of Americans would be doing just fine had they gotten easy money loans and a virtual government guarantee of their debt. But we can't all forget the government is here first to help the big banks because it is for the good of the country rather then enforce laws to protect the consumer. 

We are seeing how well that is working. 


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Bove and Cramer sipping cheap scotch

How many times have you heard Dick Bove saying the banks were not in trouble and the banks are doing well? Everyday maybe for the past 3 months. Hopefully he won't turn out to be another Cramer now that Bank of American has ruined his thesis. If he does a Cramer he will come out and say "oh I meant to say the depositors were OK and their money was safe, not shareholders" Cross you fingers. The world does not need another Jim Cramer. Holy buckets batman never thought anyone could every be as bad as Cramer "one of the greatest minds" (in his own mind of course) on wall street. Looks like all the face time Bove is getting for figuring out the financial system was a mess (oh yeh shocker there) is making him a little dizzy.

The demand is there because home owners are being fleeced...who wants mortgages for .25 cents on dollar

They are are being valued by the larger banks because they have already made money off the mortgage boom and wall street made their money by creating securities with our mortgages and in turn undercutting our assets. They are writing things down 75% but the banks will then be expected to collect 100% on these assets while the people on main street get shafted because the underlying value has been cut in half even though they have not profited like wall street or the banks. The banks and wall street peeps seem to think it is OK to make 3, 4 or 10 times profit from on the backs of American home owners while they get screwed into the ground because of banking greed and government failure to protect home owners from being hurt by the leveraged cdo's. We are all being used as profit centers and they have made money from the the loans on origination, then more profit selling mortgages as securities and now the fire sale buyers will get to make 300 and 400% profits on homeowners again because home owners have to pay the full value of their mortgage regardless of what caused the drop in prices. It is a load of crap and if one other person says people that bought things they couldn't afford are the cause of this problem I will jump through the TV and smack the crap out of them.