Lying Scum Racist Robbers

Seven hundred billion dollars would pay off ALL of the home mortgages in the US up to $150,000. Or, it would give every citizen with a mortgage $50,000 to pay down his or her mortgage. Paying back all those mortgages would dump massive amounts of available cash into the financial market, and would put hundreds of billions of dollars into the hands of consumers and taxpayers.

Meanwhile our elected lying scum racists are hell bent on paying off their buddies. Obama, Dodd, Clinton, and the lot are on the PAYROLL of the financial institutions. Giving money back to taxpayer is not even on their radar screens.

The reason the credit markets are in trouble is because of the Community Revitalization Act that FORCED lenders to make millions of loans to illegal aliens and inner city ghetto dwellers who never had any intention of paying any of it back. Nobody in Congress or the Media will talk about the 20 years of RACIST lending and law that forced this so-called crisis. They have yet to begin talking about rolling back their CRA law that caused the problem. Their solution is always to rob the hard working people again and again.

In cities like Detroit and Los Angeles there are thousands of homes that have been completely destroyed and abandoned. They went from decent homes worth a hundred thousand to trash that subtracts from the value of the land. The reason is because they were “sold” to people who had no intention of taking care of their property or paying back their loan, people who intended to abandon when the bills came due. The RACIST, LYING SCUM in CONGRESS is the problem. They all bout to be impaled on a row of poles down Pennsylvania Avenue by the honest taxpaying citizens of America.

Responsibility for Housing Crisis

Who is responsible for the current economic crash led by housing underwriters Fannie Mae and Freddie Mac? We though you might want to know.

The top Democrats have been on the Fannie Mae / Freddie Mac Payroll. Note that Barack Obama has claimed the #3 position in only 3 years in the Senate.

Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008

Name Party/State Total Cash Received
1. Dodd, Christopher, D-CT $133,900
2. Kerry, John, D-MA $111,000
3 . Obama, Barack, D-IL $105,849
4. Clinton, Hillary, D-NY $75,550
5. Kanjorski, Paul, D-PA $65,500

Media report here

Note: Christopher Dodd is Chairman of the Senate Banking Committee.

Does anyone actually believe that B. Hussein Obama is going to "change" any of the corruption in Washington? Well, they are bringing some "change" already. The economy is collapsing, Wall Street is in a crash, housing and mortgages are in disaster mode. You can thank Dodd, Kerry, Obama, and Clinton for bringing this "change" to the American economy.

How Stupid can you get?

I’ve gotta say it. Galveston, Texas, is a really stupid place to build a city. A century ago a hurricane came in and washed away most of the people along with most of the buildings. Sea water storm surge was 10 feet deep or more across the whole island. So what did the survivors do? They rebuilt the homes on the same stupid hurricane zone island.

So Hurricane Ike comes along and washes away most of the homes in Galveston. Can anybody say “You STUPID idiots!”

So what are they planning to do now? You guessed it. The survivors are hell bent on rebuilding on the Galveston sand bar island to get ready for the next hurricane. Someone said that the definition of insanity is someone who keeps doing the same thing over and over, and expecting a different result.

Read Media Story

Investment Opportunity

The meltdown in the US housing market has caused financial ripples across the globe. The so-called “housing bubble” burst and the fallout is continuing. The bubble began several years ago when the US government (Read Democrats in Congress) passed a law encouraging banks to lend huge sums of money to buyers who had no job and no real prospect of paying back the money. The new lower credit rules were augmented by the FED's low interest rates. Many buyers borrowed money for homes on Adjustable Rate Mortgages, loans with monthly payments that rapidly would become too high for the borrowers.

The other major factor fueling the “housing bubble” was massive and uncontrolled immigration. In 10 years the US government allowed 20 million illegal immigrants to move into the US. Twenty million new residents need something like 10 million housing units. The illegals tended to occupy the lowest priced housing in lower class neighborhoods. They took over 10 million homes and apartments where that hard working Americans had been living. That left 20 million hard working Americans being forced to pay untenable amounts to buy (or rent) homes that they could not afford.

People tend to think of houses as a fixed commodity, but overall houses are just as subject to the economic laws of supply and demand as any other product. A house has a residual value based on the hours of labor, cubic feet of concrete, board feet of lumber, etc. But when the available homes suddenly have 20 million more people wanting homes than there are homes available the price people will pay for a home is driven up and up beyond its residual value.

With the government allowing massive and uncontrolled immigration and concurrently encouraging uncontrolled lending to unqualified home buyers the demand for homes far outstrips the number of available homes. The prices for homes went up far beyond any reasonable or rational price in several parts of the US. Banks that had made loans on these properties, often at 100% of the street bid, were in a massively risky position. Greedy lenders knew that it would crash, but each of them was trying to make a fortune and get out, leaving the financial mess for someone else. It wouldn't last forever. It never does.

By about 2005 several factors were coming together to end the housing bubble. First, the government was finally beginning to respond to citizen demands to finally get control on immigration. Some were being deported. A fence was being built on the southern border. And the oil fueled economy of Mexico was providing jobs at home. Instead of millions of new immigrants demanding millions more housing units every year, the number of immigrants in the US became more stable and even declined in some areas. New housing construction began catching up with the demand for housing space. Sellers had to compete with each other for buyers. People now has an option to buy a less expensive home down the street, and the massive shortage driven inflation in housing prices came to a screeching halt.

Suddenly there was more homes than occupants in areas that has a serious housing shortage just the year before. The massively over inflated prices no longer had buyers taking homes at any price asked. Banks and other lenders found themselves holding paper on houses that were actually worth a lot less than they had loaned on them. About the same time, the FED raised interest rates a few points. Payments on all the Adjustable Rate Mortgages doubled just about overnight. Hundreds of thousands of hard working Americans could not afford to make payments on a $500,000 home at 8% or 10% interest.

So the greedy bankers, or often the banking corporations that the now-wealthy managers had abandoned, were left holding a lot of worthless paper and abandoned over-priced homes. The financial fallout of greed and corruption by bankers and our government will continue for a while. Housing prices will continue to fall until they reach some actual basis related to the cost of construction. The government will try to bail out the remnants of the greedy lenders. The government will not help the millions of hard working Americans who lose their homes. Instead the government will focus on the illegal aliens and low life scum who should never have been able to compete for over priced housing in the first place.

For a wise investor this is an opportunity to buy. The oldest economic theory for making money in housing, or in stocks, is “Buy low and Sell high!” Most people invest high and sell low. Millions of home owners and real estate investors have lost their shirt by buying high and selling low. In a down turn there will be bank repo homes that are liquidated far below their residual value. The over sold condition will drive down prices below residual value for a short time. Now is a good time for investors to buy low in the real estate markets. It is also a time for investors to buy stocks. The financial crisis created by the colapse of greedy bankers has driven down stock prices to a lower than residual value position. A wise investor does not join the herd of losers sellng stocks at a loss. A wise investor starts buying when eveyrone else is selling. Its time to buy.

It is an ill wind that blows no good for anyone. A crash of markets can be profitable if you don't panic. You can make money while others are losing theirs. Buy their panic sales at cheap prices and grow rich.

Hang the Bastards!

Many of the news reports coming from Louisiana after hurricane Gustov deal with the collapse of the electrical power system. The Governor of Louisiana has apparently asked President Bush to help find like crews from other states to come to Louisiana to help rebuild the electrical system. As Bob has previously observed, the system is DESIGNED TO FAIL whenever the wind blows. Read Failure After Failure

Here are some questions for everyone who lives along the gulf coast:

Why isn’t the electrical system designend and constructed to be hurricane resistant in a known hurrican zone?

Why aren’t the managers and engineers responsible for the electrical system being charged with criminal malfeasance and dereliction of duty for failing to design and install hurrican resistant system in a known hurrican zone?

It's a Feminist World?

I turned on our TV this morning and found the “Good Morning” TV bitches interviewing our Congresscunt about the Governess from Alaska. Has the world gone to hell in a hand basket or what?

The Non-Event of the Decade

Update September 2, 2008

Hurricane Gustov came and went. TV crews in New Orleans were able to find some torn awnings to film. None of the levies broke although the water came near to the top of levies and waves splashed over. A semi-panic happened when someone discovered a railroad gate in the levy, a gate that leaks by design. The center of the storm came ashore more west of New Orleans, blowing through some smaller towns. A few trailer trash blew over. And, of course, the pathetic electrical system came apart. Seen Bob’s previous articles on the failure by design electrical system.

Overall the talking heads shouting doom and gloom had very little for their fear mongering. By Monday afternoon they were still whining about possible levy failure while the scene behind the “on the scene” reporter clearly showed that the storm surge had passed and the water’s edge was now 50 yards away from the concrete wall that had waves washing over it earlier in the day.

The storm and the danger was passed by Monday afternoon. Mayor Nagy and his blue gun thugs were parading in front of TV cameras trying to stretch it out as long as possible. On Tuesday they put up roadblocks to prevent the citizens from returning to their homes. Even the TV reporters who usually are lock step with the Gestapo are wondering about so many angry citizens. Mayor Nagy promised to provide busses for evacuees to return home on, but they are all stuck in shelters until Thursday. People who drove their own cars are stuck in hotels in other states while Mayor Nagy and his blue gun thugs loot the best parts of the city. Another huge reason that “Chocolate Town” Mayor Nagy is delaying the return is to stretch out the story to conflict with the Republican Convention. What does it matter to a Democrat Mayor if they abrogate all the civil rights of 2 million citizens if it will help to divert media from Republicans.

The TV doom and gloom idiots are already whining about Hurricane Ike, a new storm that may be in the Gulf in another week or two. One or two TV heads are smart enough to figure out that Mayor Nagy’s roadblocks preventing citizens from returning home will impact their decision to leave town the next time the Mayor and his thugs demand an evacuation.

Hurricane Gustov turned out to be a monstrous non-event. Millions of people were badly mistreated by the Mayor and other government agencies. They are talking about doing it all over again in another couple of weeks. I have to wonder, what good is it to live in a city that is only habitable in good weather? Not acceptable in my thinking. The Mayor and his predicessors’ graft robbed all the levy maintenance money for 3 decades, and now they run off all the people whenever the weather turns threatening. Idiots like Nagy should be run out of town on a rail. The citizens of NO need to get a real Mayor who can make real changes.

Bob was born in Seattle. The whole south end of Seattle, the industrial area, was once a tide flat that was underwater at low tide. Almost a century ago the people of Seattle raised many square miles of tide flat with 15 feet or so of fill dirt. The once tidal area now is the site of Boeing’s Plant 2 where 737s are built. It’s the site of Kenworth Motor Trucks. It’s the industrial heart of Seattle, with shipyards, manufacturing plants, distribution warehouses, and all manner of facilities. What once was Denny Hill to the north of Downtown is now another flat area full of businesses and residential buildings. But New Orleans just sits there, whines whenever the wind blows, and wants everyone else to rescue them.

Can anyone say “fill dirt.”

The Corps of Engineers dredges the Mississippi river continuously to keep shipping channels open. They continually have barges full of dirt to dispose of. There is no excuse for New Orleans still below sea level 30 years ago. There is no excuse now. Instead of putting in fill dirt and rebuilding the Katrina damage 15 feet up, they are asking for more flooding by rebuilding in the same, asking for disaster, below sea level locations. Can anyone say “fill dirt”?

Original Article

Weather “experts” are predicting the worst doom and gloom they can, and have named it “Hurricane Gustov.“ In “Chocolate Town” Mayor Nagy has ordered a “mandatory” evacuation. FEMA has mobilized thousands emergency response workers. The Red Cross has sent thousands of emergency workers from all across America to the Gulf Coast. Republican politicians are abandoning their nominating convention to play “Presidential.” National Guard troops by the thousands have mobilized. The usual media idiots are going nuts.

Bob predicts that this will be the biggest NON-EVENT of the decade. The tropical storm will slide into the US as a common strorm. A few trees will blow down. The pathetic, designed to fail electrical system will come apart. Ten thousand gathered reporters will show pictures of streets with water flowing down them. Zzzzzzzzzzzzzzzzz!