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Why 'The Professional Left' Hates the Tea Party

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posted on Jan, 16 2011 @ 05:15 PM
link   
reply to post by crimvelvet
 


So Dewey's system and beliefs survived all the Republican administrations, McCarthyism and the entire cold war?
Either he was a genius or the right was completely clueless and have only recently discovered his iniquities.

I do agree about the dumbing down of America. Maths and science has declines over the last 50 years.
viz
Innumeracy: Mathematical Illiteracy and Its Consequences by John Allen Paulos




posted on Jan, 16 2011 @ 05:58 PM
link   
reply to post by kinda kurious
 





So you cite data over 100 years old? Sorry but I fail to be grasping the correlation given there have been 11 Republican Presidents over last 100 years. (Spanning approx 66 years)


John Dewey is known as the Father of American Education. He is responsible for the change in the education system from when my Grandmother taught Latin in school to the government baby sitting service we have now. Tell me how many high schools in the USA do you know of that still teach Latin and Greek??? My Dad took both - in Harlem NYC


When did I ever say the Republicans were not for the same agenda as the bankers??? Remember the bankers??? You know the BANKERS who FUNDED the Bolshevik Revolution?

Paul Warberg wrote the Federal Reserve Act of 1913 and was head of the Federal Reserve meanwhile his brother Max Warburg gave Lenin 5-6 million in gold. Jacob Schiff helped finance Trotsky.


According to the New York Journal-American of February 3, 1949:

"Today it is estimated by Jacob's grandson, John Schiff, that the old man sank about 20,000,000 dollars for the final triumph of Bolshevism in Russia." SOURCE


I am NOT defending the ReBooblicans. I am a GDI because I finally figured out the Democrats and the Republicans are BOTH in the pockets of the bankers and corporate cartels. A group promoting conflict and war so they can make money!

Instead of listening to the banker funded media READ what the laws are.
This site gives a quick couple sentence synopsis of each banking law. It shows how the DEMOCRATS and the REPUBLICANS set the USA up for the current financial crisis. It is deliberate and you can see that when you read this. Important Banking Legislation

After you read that background read this: www.democracynow.org...


Two views of John Dewey:
From the Teachers point of view: www2.scholastic.com...
Opposite view: www.renewamerica.com...

OOPS sorry, just realized you meant Yankee Drover. It was republished in1988 by University press of New England. Very interesting reading. You can google Asa Sheldon. Here is some iinfo

I mention Asa because it show just what an enterprising individual can do - WITHOUT the government.
edit on 16-1-2011 by crimvelvet because: (no reason given)



posted on Jan, 16 2011 @ 06:04 PM
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Originally posted by crimvelvet
Kinda hard to blame the dumbing down of Americans on the RIGHT now isn't it.

Ummmmmm no.




posted on Jan, 16 2011 @ 06:11 PM
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reply to post by kinda kurious
 


This post of the Palin picture just about sums up everything you're pointing out KK!

They will never accept it though...

Rev.



posted on Jan, 16 2011 @ 06:19 PM
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Well I see this thread has come down to moral equivalency again.

Do not address the topic, spin the topic to something else.

I see some have taken the Howard Dean class on avoiding the topic. What was the subject of the OP again? Oh, the professional left. Nothing more needs to be said I guess.
edit on 16-1-2011 by saltheart foamfollower because: (no reason given)



posted on Jan, 16 2011 @ 06:27 PM
link   
reply to post by tiger5
 





So Dewey's system and beliefs survived all the Republican administrations, McCarthyism and the entire cold war?


There is no two party system in the USA. All we have is a dog and pony show to make the serfs think they have a say in government. Our politicians are bought and paid for by the bankers and corporate cartels.

The left seems to think the Democrats are FOR the little man, yeah right the Democrats are for raping the little man and handing the money over to the bankers, so are the republicans. WHO sponsored the Federal Reserve Act??? First it was sponsored by a republican and then by a democrat and was signed by a democrat.

You want to see what happens to an honest politician? Read up on Congressman McFadden. McFadden, brought formal charges against the Board of Governors of the Federal Reserve Bank system, The Comptroller of the Currency and the Secretary of United States Treasury for numerous criminal acts, including but not limited to, CONSPIRACY, FRAUD, UNLAWFUL CONVERSION, AND TREASON.

What happened? He was defeated in the next election. When he would not shut up he was shot at twice and then poisoned.

After that do you think ANY politician is willing to stick his neck out for us?

President Woodrow Wilson said:
"Since I entered politics, I have chiefly had men's views confided to me privately. Some of the biggest men in the United States, in the field of commerce and manufacture, are afraid of somebody, are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that they had better not speak above their breath when they speak in condemnation of it."



posted on Jan, 16 2011 @ 06:44 PM
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reply to post by saltheart foamfollower
 




Well I see this thread has come down to moral equivalency again.

Do not address the topic, spin the topic to something else....


That is how you can tell when you are dealing with a true Marxist. To them truth is fluid and only based on whether it will advance the Marxist agenda. So black is white if that will advance Marxism.

I have had more productive arguments with a sheep
(The wooly kind)


This view of man and his morality induces Marxism to maintain a theory of truth which radically contradicts the tradition of the occidental world. Truth, according to this theory, is a function of Progress. Whether a claim, a theory or a philosophy contributes to man's mastery over the universe and to his emancipation from his dire past, it is true; if it does not contribute to it, it is false, no matter how empirical, scientific or lofty it may be.

This amounts to saying that, according to Marxism, objective truth is nothing but a bourgeois trick. Truth is by its very nature partial: what retards or even hinders Progress is always false and in most cases a conscious lie. In other words, Marxism is an ideology which makes of its bias a precondition of truth. It explicitly admits that it is one-sided and partial, indeed party-minded, yet it claims that this is the only way in which reality may be grasped as it should. After all, Marxism knows of no "impartial spectator"; there is no God to the absolute knowledge of whom we might be invited to adjust our views. Even science is not objective... Whatever serves it [Marxism] is true and good; whatever hinders it is false and evil. There exists no objective morality and there cannot exist any disinterested pursuit of truth. As one of my Marxist students at the University of Munich once put it: "As long as you do not grant that Marxism, including its partiality, is true, you have not understood what it is about." www.leaderu.com...



posted on Jan, 16 2011 @ 07:01 PM
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Originally posted by EssenSieMich
'The Professional Left' hates the Tea Party for precisely this reason - the Tea Party is against big government.



Not professional...but I am certainly left of center.

I don't hate the Tea Party...I actually like a lot about them, BUT do hate certain traits.

I like...

New party!!! Awesome. More choice, different debate topics etc.

Recently improved independance..still working on not being a GOP Remix tool, but better than 12 months ago.

Fiscal conservativism...we weren't getting it from the GOP...they made the GOP consider putting their vote where their rhetoric was.

I Hate..

The way they were co-opted by the GOP and far right conservatives almost immediately...I will admit they are showing "improved" independance as of late...but they need to keep on that track and work harder to be thier own party.

Sarah Palin...Michelle Bachman et al. The TP should not look to dim witted celebrity Idealouges to lead them...if they are "of the people" declare a joe blow thier leader and mouthpiece. I'll listen.

Emotional Politics...Enough screaming...now bring me the "thinkers" amongst the TP. Many followers were there for rage purposes...now I want thoughtful policy and TP folks that can explain to me thier plan in a rational way.

I am not a TPer...but I keep hoping they will convince me they are growing...not in size, but in sophistication and maturity, I want more choices!! I want America to be complaining about the "TriPartisan division" in 5 years!
edit on 16-1-2011 by maybereal11 because: (no reason given)

edit on 16-1-2011 by maybereal11 because: (no reason given)



posted on Jan, 16 2011 @ 07:03 PM
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Originally posted by saltheart foamfollower

Well I see this thread has come down to moral equivalency again.

Do not address the topic, spin the topic to something else.

I see some have taken the Howard Dean class on avoiding the topic. What was the subject of the OP again? Oh, the professional left. Nothing more needs to be said I guess.
edit on 16-1-2011 by saltheart foamfollower because: (no reason given)


You must have been Howard Deans professor -

You guys will never be what you envision or aspire to be because of your views on big business -
You cannot accept that they are the same as big government - mindless, faceless and without compunction.
You do not want to interfere and they do their best to use whatever means they can, they virtually own the government you hate through the electoral process and are protected by your views not mine, hence you also protect their agent, the government.

What can you achieve by doing nothing???


edit on 16-1-2011 by Janky Red because: (no reason given)



posted on Jan, 16 2011 @ 07:27 PM
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Is it just me or has anyone else noticed that the OP is nowhere to be found after 7 pages? After nearly 24 hours, nary a single reply.

I suppose if I dropped a nugget like this in the ATS litter box, I'd run like I just pulled the fire alarm too.


Can you say courage in defending conviction of beliefs?
edit on 16-1-2011 by kinda kurious because: (no reason given)

edit on 16-1-2011 by kinda kurious because: fix typos



posted on Jan, 16 2011 @ 07:44 PM
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Originally posted by kinda kurious
Is it just me or has anyone else noticed that the OP is nowhere to be found after 7 pages? After nearly 24 hours, nary a single reply. I

suppose if I dropped a nugget like this in the ATS litter box, I'd run like I just pulled the fire alarm too.


Can you say courage in defending conviction of beliefs?
edit on 16-1-2011 by kinda kurious because: (no reason given)


And George Bush is a liberal -

OP voted for him twice


Anyhow, I think this TEA party costume can come off, I think at this point it is the Charade that bugs me the most. Also have you noticed people feel more free to stand up for the GOP, or even defend Bush's past
actions

(BUT HE WAS A LIBERAL)

This TEA party thing has been the most hypocritical thing I have witnessed, just recall the spending, the anti liberty security acts, the wars, the new agencies... The sim-s didn't have the bleedin sense to say anything,
, I mean some of the Bush LOVERS are on this thread, I remember them defending the patriot act for the love of mercy.


As the song goes, "it'll be my time after a while"



edit on 16-1-2011 by Janky Red because: (no reason given)



posted on Jan, 16 2011 @ 07:48 PM
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reply to post by maybereal11
 






New party!!! Awesome. More choice, different debate topics etc...


That is my point of view too.

It is tough to untangle the true Tea Party and the crap from the Banker owned Mass Media who are doing their darnedest to push the Tea Party into the White Supremacist Right-Wing Religious Conservative mold. Meanwhile the Tea Party keeps trying to squirm back out of that mold.


I was really hoping for a more central party that would grab the level headed from both the right and the left. A Party to counter the bought and paid for major two parties.

Of course THAT is the last thing the Bankers want to see so we get the Right-Wingnut image blasted at us with Sara Palin as the Tea Party's "Spokesman" to make sure the Tea Party attracts plenty of the nuts and scare off those in the center. _ Ain't propaganda great!


...Grijalva said that Tea Party leader Sarah Palin should reflect on the rhetoric that she has employed.... huffingtonpost.com


Then you look at a different paper

...Tea Party Express spokesman Levi Russell said Palin was welcome to join other stops on the tour... www.spokesman.com...



It is obvious she is not a Tea Party Leader as in head of the Tea Party, but you would never know it from reading the Liberal press.



posted on Jan, 16 2011 @ 08:05 PM
link   
reply to post by Janky Red
 





You guys will never be what you envision or aspire to be because of your views on big business...


There is a heck of a lot of difference between big business, which I call the Corporate Cartels and small business, you know the guys who provide more than 50% of American jobs.

Speaking of big business. You should see the maneuvering behind the foreclosure scam!
Remember Clinton was president and signed off on bills between 1993 to 2001. Clinton also ratified the World TRADE Organization, the most evil organization I can think of.

First the changes in the laws that lead up to Forclosuregate:

BANKING LAWS:


The McFadden Act of 1927 or Amendment to the National Banking Laws and the Federal Reserve Act (P.L. 69-639, 44 STAT. 1224): Prohibited interstate banking.

Law: Negating above:
Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994
(P.L. 103-328, 108 STAT. 2338). (Clinton signed)
Permits bank holding companies to acquire banks in any state one year Beginning June 1, 1997, allows interstate mergers.

The Glass-Steagall Act or Banking Act of 1933 (P.L. 73-66, 48 STAT. 162): Separated commercial banking from investment banking, establishing them as separate lines of commerce.


Bank Holding Company Act of 1956 (P.L. 84-511, 70 STAT. 133): Prohibited bank holding companies headquartered in one state from acquiring a bank in another state.

Law: Negating both of the above laws:
Gramm-Leach-Bliley Act of 1999
(P.L. 106-102, 113 STAT 1338) (Clinton Signed)
Repeals last vestiges of the Glass Steagall Act of 1933. Modifies portions of the Bank Holding Company Act to allow affiliations between banks and insurance underwriters. Law creates a new financial holding company authorized to engage in: underwriting and selling insurance and securities, conducting both commercial and merchant banking, investing in and developing real estate and other "complimentary activities."

Federal Deposit Insurance Corporation Improvement Act of 1991 (P.L. 102-242, 105 STAT. 2236).
Also known as FDICIA. FDICIA greatly increased the powers and authority of the FDIC. Major provisions recapitalized the Bank Insurance Fund and allowed the FDIC to strengthen the fund by borrowing from the Treasury.

Housing and Community Development Act of 1992 (P.L. 102-550, 106 STAT. 3672).

RTC Completion Act (P.L. 103-204, 107 STAT. 2369):
implement provisions designed to improve the agency's record in providing business opportunities to minorities and women.. Expands the existing affordable housing programs of the RTC and the FDIC by broadening the potential affordable housing stock of the two agencies.
Increases the statute of limitations on RTC civil lawsuits. In cases in which the statute of limitations has expired, claims can be revived for fraud and intentional misconduct resulting in unjust enrichment or substantial loss to the thrift.
SOURCE


Those are the changes in banking laws that set the stage. Note the Republicans AND the Democrats had a hand in the changes.

Here are the crucial move:
1.CDSs, credit default swaps were exempted from regulation in the Commodity Futures Modernization Act in the year 2000. (Clinton Signed)

2.Hank Paulson who was the Treasury secretary who engineered the AIG bailout worked for Goldman Sachs.

3. If a bank had the credit default swap insurance policies on a mortgage, especially if they had more than one, it was to their advantage to force foreclosure.

4. Obama mortgage program sets up homeowners for defaulting on their mortgage by reducing payments up front before qualification and then handing them a staggering bill, due in one month when they do not qualify. (First hand experience) www.wtop.com...



Senior investors, who are typically financial institutions, own the AAA tranches that are insured against default by AIG, and they WANT to foreclose on the Middle Class so that insurance payments kick in. Conversely, the junior tranche investors want workouts with homeowners because their investment is not insured.

“To ensure that the mortgage servicer pushes default instead of workout, the servicer is paid double (50 basis points versus 25 basis points) by the MBS to service a loan in default. Why do you think your servicer tells you that you must be in default before it will consider a mortgage modification, a practice known as invited default?

“Simply put,” says Parker, “the government bailout of AIG has actually encouraged foreclosures because the taxpayers continue to fill AIG’s coffers with enough cash to pay out insurance on defaulted home loans.”

“A credit default swap (CDS) is a credit derivative contract between two counterparties,” says Wikipedia. "The buyer makes periodic payments to the seller, and in return receives a payoff if an underlying financial instrument defaults. CDS contracts have been compared with insurance, because the buyer pays a premium and, in return, receives a sum of money if one of the specified events occur...

Instead of cars or houses, credit default swaps were used to guarantee mortgage-backed securities (MBS), a safe bet according to the best-available mathematical models. Why? Because most homeowners pay off their home loans with the certainty of an ATM.
The is no reserve requirement with CDS because there's no government regulation. Each insurance company can set aside as much — or as little — as it wants for reserves. In fact, a company could set aside nothing for potential losses without violating regulatory requirements.
The money NOT set aside for reserves can be invested in high-risk securities to create a larger cash flow for the insurance company. This means that with CDS, insurers expected not only premiums but also bigger investment returns then would be possible with regular insurance products.
CDS premium revenue is not restricted to those who might have actual losses or real assets to protect. You can bet as much as you want and create as many CDS as you want....
www.realtytrac.com...



In other words there maybe more than one CDS on a mortgage and therefore it is much more profitable to collect the multiple payoffs than to refinance the mortgage.



MATT TAIBBI: Well, the insurance policies, the things that Cassano [AIG] was selling that are like insurance, Goldman Sachs actually had bought $20 billion worth of those guarantees, so that when we bailed out AIG, we were effectively bailing out Goldman Sachs, because AIG owed Goldman Sachs $20 billion.
And that’s significant, because who was the Treasury Secretary who engineered this bailout? It was Hank Paulson, who was the former head of Goldman Sachs. They ultimately ended up installing Ed Liddy as the CEO of AIG, and Liddy, himself, is a former Goldman employee. And now the top aide to Timothy Geithner, Mark Patterson, is a former Goldman executive. I mean, this whole situation is rife with Goldman Sachs employees...
MATT TAIBBI: Well, you know, the biggest situation is, you know, a lot of these contracts, these CDS contracts, are like gambling, in the sense that—normally when you buy an insurance policy, you’re buying a policy on a house that you actually own. With these CDS contracts, you could actually bet on somebody else’s mortgage. AIG, for instance, could have gone to Goldman Sachs and said, you know, “We’d like to bet that the mortgages that were issued by JPMorgan Chase are going to default in the next ten years.” So these two parties that don’t have anything to do with the actual underlying loan could actually gamble on the outcome of that loan. So, this is—it’s really no different at all from gambling. And that’s why they had to seek a specific exemption from gaming laws in the year 2000, when they actually went forward with the deregulation of these instruments.
AMY GOODMAN: What do you mean?
MATT TAIBBI: In the Commodity Futures Modernization Act in the year 2000, they specifically exempted credit default swaps from being treated as gaming under any state laws. And they had to do that, because they were afraid that they were going to be regulated by, you know, state gaming agencies.
www.democracynow.org...

Also see www.commondreams.org...



posted on Jan, 16 2011 @ 08:16 PM
link   
reply to post by Janky Red
 





Anyhow, I think this TEA party costume can come off, I think at this point it is the Charade that bugs me the most. Also have you noticed people feel more free to stand up for the GOP, or even defend Bush's past actions


HUH?

I am a GDI, I am registered as a voter as a GDI and have been for years.( GDI = Independent.)

This is what I posted while Bush was President Court rules against allowing MAD COW testing! Not exactly Pro-Bush is it?

Let me beblunt I hate politicians in general and the Democrats and Republican in particular!


I am an equal opportunity politician basher.


The ONLY politician I like is Congressman McFadden and the Banker managed to kill him.



posted on Jan, 16 2011 @ 08:27 PM
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I don't hate the Tea Party as such. I just dislike their ignorance.
Don't they realise it was their side of politics that caused the mess in America today?
Remember when Bush came into power America had low unemployment and a budget SURPLUS!
Within 3 short years this was all gone, due to a combination of voodoo economics (Laffer curve anyone) and illegal wars.
This is the tea party inheritance and they have the gall to criticise Obama??!
Ask a tea party member what they are against and they will give you the vague waffle they seem to specialise in - higher taxes, big govt etc.
Ask for specifics or what they are for then you tend to get a blank stare.



posted on Jan, 16 2011 @ 08:37 PM
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Love it when people fall for the party rhetoric.

Neither party likes the Tea Party - that is why they threw in the likes of Palin and Beck to throw it off course.

Yes, the Tea Party is for smaller government, more financial accountability - the likes that neither party wants.


Republicans are in all honestly a lite version of the Democrats - and it doesn't hurt that Obama acts like a Bush 2.0 and throws the Dems health care so they will shut up.

edit on 16-1-2011 by MidnightTide because: (no reason given)



posted on Jan, 16 2011 @ 08:40 PM
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Its easy to say "I'm for smaller govt" - any halfwit can say that.
But how much smaller? 1% 5%, $5b? $5 Trillion? Be specific, what areas specifically would you cut?
Ask a tea party member for specifics and like Boehner, they fall to pieces.



posted on Jan, 16 2011 @ 08:45 PM
link   

Originally posted by crimvelvet
reply to post by Janky Red
 





You guys will never be what you envision or aspire to be because of your views on big business...


There is a heck of a lot of difference between big business, which I call the Corporate Cartels and small business, you know the guys who provide more than 50% of American jobs.

Speaking of big business. You should see the maneuvering behind the foreclosure scam!
Remember Clinton was president and signed off on bills between 1993 to 2001. Clinton also ratified the World TRADE Organization, the most evil organization I can think of.

First the changes in the laws that lead up to Forclosuregate:

BANKING LAWS:


The McFadden Act of 1927 or Amendment to the National Banking Laws and the Federal Reserve Act (P.L. 69-639, 44 STAT. 1224): Prohibited interstate banking.

Law: Negating above:
Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994
(P.L. 103-328, 108 STAT. 2338). (Clinton signed)
Permits bank holding companies to acquire banks in any state one year Beginning June 1, 1997, allows interstate mergers.

The Glass-Steagall Act or Banking Act of 1933 (P.L. 73-66, 48 STAT. 162): Separated commercial banking from investment banking, establishing them as separate lines of commerce.


Bank Holding Company Act of 1956 (P.L. 84-511, 70 STAT. 133): Prohibited bank holding companies headquartered in one state from acquiring a bank in another state.

Law: Negating both of the above laws:
Gramm-Leach-Bliley Act of 1999
(P.L. 106-102, 113 STAT 1338) (Clinton Signed PENNED by THREE CONSERVATIVE REPUBLICANS)
Repeals last vestiges of the Glass Steagall Act of 1933. Modifies portions of the Bank Holding Company Act to allow affiliations between banks and insurance underwriters. Law creates a new financial holding company authorized to engage in: underwriting and selling insurance and securities, conducting both commercial and merchant banking, investing in and developing real estate and other "complimentary activities."

Federal Deposit Insurance Corporation Improvement Act of 1991 (P.L. 102-242, 105 STAT. 2236).
Also known as FDICIA. FDICIA greatly increased the powers and authority of the FDIC. Major provisions recapitalized the Bank Insurance Fund and allowed the FDIC to strengthen the fund by borrowing from the Treasury.

Housing and Community Development Act of 1992 (P.L. 102-550, 106 STAT. 3672).

RTC Completion Act (P.L. 103-204, 107 STAT. 2369):
implement provisions designed to improve the agency's record in providing business opportunities to minorities and women.. Expands the existing affordable housing programs of the RTC and the FDIC by broadening the potential affordable housing stock of the two agencies.
Increases the statute of limitations on RTC civil lawsuits. In cases in which the statute of limitations has expired, claims can be revived for fraud and intentional misconduct resulting in unjust enrichment or substantial loss to the thrift.
SOURCE


Those are the changes in banking laws that set the stage. Note the Republicans AND the Democrats had a hand in the changes.

Here are the crucial move:
1.CDSs, credit default swaps were exempted from regulation in the Commodity Futures Modernization Act in the year 2000. (Clinton Signed)

2.Hank Paulson who was the Treasury secretary who engineered the AIG bailout worked for Goldman Sachs.

3. If a bank had the credit default swap insurance policies on a mortgage, especially if they had more than one, it was to their advantage to force foreclosure.

4. Obama mortgage program sets up homeowners for defaulting on their mortgage by reducing payments up front before qualification and then handing them a staggering bill, due in one month when they do not qualify. (First hand experience) www.wtop.com...



Senior investors, who are typically financial institutions, own the AAA tranches that are insured against default by AIG, and they WANT to foreclose on the Middle Class so that insurance payments kick in. Conversely, the junior tranche investors want workouts with homeowners because their investment is not insured.

“To ensure that the mortgage servicer pushes default instead of workout, the servicer is paid double (50 basis points versus 25 basis points) by the MBS to service a loan in default. Why do you think your servicer tells you that you must be in default before it will consider a mortgage modification, a practice known as invited default?

“Simply put,” says Parker, “the government bailout of AIG has actually encouraged foreclosures because the taxpayers continue to fill AIG’s coffers with enough cash to pay out insurance on defaulted home loans.”

“A credit default swap (CDS) is a credit derivative contract between two counterparties,” says Wikipedia. "The buyer makes periodic payments to the seller, and in return receives a payoff if an underlying financial instrument defaults. CDS contracts have been compared with insurance, because the buyer pays a premium and, in return, receives a sum of money if one of the specified events occur...

Instead of cars or houses, credit default swaps were used to guarantee mortgage-backed securities (MBS), a safe bet according to the best-available mathematical models. Why? Because most homeowners pay off their home loans with the certainty of an ATM.
The is no reserve requirement with CDS because there's no government regulation. Each insurance company can set aside as much — or as little — as it wants for reserves. In fact, a company could set aside nothing for potential losses without violating regulatory requirements.
The money NOT set aside for reserves can be invested in high-risk securities to create a larger cash flow for the insurance company. This means that with CDS, insurers expected not only premiums but also bigger investment returns then would be possible with regular insurance products.
CDS premium revenue is not restricted to those who might have actual losses or real assets to protect. You can bet as much as you want and create as many CDS as you want....
www.realtytrac.com...



In other words there maybe more than one CDS on a mortgage and therefore it is much more profitable to collect the multiple payoffs than to refinance the mortgage.



MATT TAIBBI: Well, the insurance policies, the things that Cassano [AIG] was selling that are like insurance, Goldman Sachs actually had bought $20 billion worth of those guarantees, so that when we bailed out AIG, we were effectively bailing out Goldman Sachs, because AIG owed Goldman Sachs $20 billion.
And that’s significant, because who was the Treasury Secretary who engineered this bailout? It was Hank Paulson, who was the former head of Goldman Sachs. They ultimately ended up installing Ed Liddy as the CEO of AIG, and Liddy, himself, is a former Goldman employee. And now the top aide to Timothy Geithner, Mark Patterson, is a former Goldman executive. I mean, this whole situation is rife with Goldman Sachs employees...
MATT TAIBBI: Well, you know, the biggest situation is, you know, a lot of these contracts, these CDS contracts, are like gambling, in the sense that—normally when you buy an insurance policy, you’re buying a policy on a house that you actually own. With these CDS contracts, you could actually bet on somebody else’s mortgage. AIG, for instance, could have gone to Goldman Sachs and said, you know, “We’d like to bet that the mortgages that were issued by JPMorgan Chase are going to default in the next ten years.” So these two parties that don’t have anything to do with the actual underlying loan could actually gamble on the outcome of that loan. So, this is—it’s really no different at all from gambling. And that’s why they had to seek a specific exemption from gaming laws in the year 2000, when they actually went forward with the deregulation of these instruments.
AMY GOODMAN: What do you mean?
MATT TAIBBI: In the Commodity Futures Modernization Act in the year 2000, they specifically exempted credit default swaps from being treated as gaming under any state laws. And they had to do that, because they were afraid that they were going to be regulated by, you know, state gaming agencies.
www.democracynow.org...

Also see www.commondreams.org...




I absolutely agree that there is a difference between sole proprietorships and cartels, I think FOAM does too.

The difference is that FOAM is unwilling to examine or interfere with these types of cartel business' because of his core political beliefs and distain for the this peoples government. Many of my conservative friends can see that there is a VERY large problem in corporatism, but they unwilling to do anything but make then more free
to compound the misery some of their practices bring about.

GLB act signed by Clinton in 1999 was penned by three conservative Republicans who sold the bill as a way to FREE up the market place, let the producers produce and create new avenues for revenue. This is the type of idealism many GOPEA partiers still harbor, I have yet to see any mass awakening as to the detriment of these criminal deregulatory schemes. It is LESS government, less involvement, stay out of the way of business, we are creating jobs and wealth here -

Christ, I might consider being a libertarian if this blind spot was not so systemic -

As a person I weigh each case, by each case, there are good laws and bad laws... I believe government is
only as good as the people who hold the positions in that government.

If the representatives do not care to enforce Regulatory vigor based upon their conservative views, they should not be voted into office, or their appointees for that matter. I am sure there are some equivalence for liberals too,
but we are talking business, there are some very contrary views regarding this. If I had been in charge of regulatory duties from 2000-2008 we would not have had this mess, unfortunately Ayn Rands cousin
was on the job and felt it was not necessary to get involved due to idealism and belief. I refuse to accept
the extent of this was the result of doing too much, that is anti logical... It was bad regulation, pawned off as deregulation, this is the hidden truth... It was also done in the name of the free market, that is the most damning
and pertinent piece of information IGNORED. The GOPEA party will always be susceptible to this same idea,
there is no attempt to learn or grow, it is freedom, yes, it is also irresponsible and creates devastating results.

GBA!



posted on Jan, 16 2011 @ 08:48 PM
link   
At one time I had great hopes that the TPM might be a compassionate, inclusive and reasonable alternative to the Republicans and Democrats....then I saw this.

www.youtube.com...



posted on Jan, 16 2011 @ 08:53 PM
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Originally posted by crimvelvet
reply to post by Janky Red
 





Anyhow, I think this TEA party costume can come off, I think at this point it is the Charade that bugs me the most. Also have you noticed people feel more free to stand up for the GOP, or even defend Bush's past actions


HUH?

I am a GDI, I am registered as a voter as a GDI and have been for years.( GDI = Independent.)

This is what I posted while Bush was President Court rules against allowing MAD COW testing! Not exactly Pro-Bush is it?

Let me beblunt I hate politicians in general and the Democrats and Republican in particular!


I am an equal opportunity politician basher.


The ONLY politician I like is Congressman McFadden and the Banker managed to kill him.


Well then maybe you are special, I have viewed at least ten members go thru a transformation since the the GOP got a foot hold again.

You remember Glenn Becks Rally???

Would you be willing to give me a dime for every person there who voted for BUSH, TWICE
???



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