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Tune in to Larry Doyle’s “Dollars and Sense” on No Quarter Radio

By Larry Doyle on March 1, 2009 at 12:20 PM in American Consumers, Bank Nationalization, Banking Institutions, Current Affairs, Economic Stimulus, Economy, Global Finance, NQR Live Chat, No Quarter Blog, NoQuarter Radio, World News

Please join me this evening on No Quarter Radio from 8-9PM (ET) for LD’s Dollars and Sense.

The developments in the markets, economy, global finance, Wall Street, and Washington are occurring at breakneck speed. I will try to slow things down a bit and provide a sense of perspective.

What did we learn in the markets over the last week and month and what do they mean for the weeks and months ahead?

What is happening overseas and how does that impact us here at home? What is happening in the municipal sector and how will that impact the markets and our personal finances?

Ultimately this show is less about the markets and the economy and more about you! Please join us and share your questions, thoughts, concerns, and opinions. A well diversified portfolio is the best form of risk management and in a similar vein we look for a diversified audience so we can all truly all from a wide array of opinions and perspectives as we try to most effectively navigate the economic landscape.

What is on your mind? What would you like to address? Please share your questions and thoughts by calling in to (347) 677-0792, and also join our live chat room, which I’ll start up about 10 minutes before the show begins!

  • Gary McGowan

    The New York State General Assembly became the sixth state legislative body in the United States to pass a resolution urging Congressional passage of the Homeowners and Bank Protection Act, on Feb. 26. Bill No. K196 had 40 sponsors.

    The other five states are: Rhode Island, Alabama, Kentucky (Senate), Mississippi, and Vermont. In addition, there are ten states in which the HBPA has been introduced in the state legislatures: Tennessee, Florida, Indiana, Kentucky (House), Michigan, Missouri, Oklahoma, South Carolina, South Dakota, and West Virginia.

    Here are the essential features of the Homeowners and Bank Protection Act:

    Congress must establish a Federal agency to place the Federal and state chartered banks under protection, freezing all existing home mortgages for a period of how ever many months or years are required to adjust the values to fair prices, restructure existing mortgages at appropriate interest rates, and write off all of the cancerous speculative debt obligations of mortgage-backed securities, derivatives and other forms of Ponzi Schemes that have brought the banking system to the point of bankruptcy.

    During this transitional period, all foreclosures shall be frozen, allowing American families to retain their homes. Monthly payments, the effective equivalent of rental payments, shall be made to designated banks, which can then use the funds as collateral for normal lending practices, thus recapitalizing the banking system. Ultimately, these affordable monthly payments will be factored into new mortgages, reflecting the deflating of the housing bubble, and the establishment of appropriate property valuations, and reduced fixed mortgage interest rates. It is to be expected that this process of shakeout of the housing market will take several years to achieve. In this interim period, no homeowner shall be evicted from his or her property, and the Federal and state chartered banks shall be protected, so they can resume the traditional functions, serving local communities, and facilitating credit for investment in productive industries, agriculture, infrastructure, etc.

    State governors shall assume the administrative responsibilities for implementing the program, including the “rental” assessments to designated banks, with the Federal government providing the necessary credits and guarantees to assure the successful transition.

    • LD

      Watch mortgage money dry up in the process as neither the banks nor investors will have any real degree of faith in borrowers repaying or in the sanctity of a mortgage contract going forward.

      If this is not the definition of moral hazard I do not know what is.

      The fact is a LARGE percentage of these homes are in CA, NV, AZ, FL, and GA.

      Manipulating a market is not easily accomplished without significant costs. This plan has huge but unwritten costs for society as a whole.

  • EWard

    Larry

    Is the Internet story true about Obama granting China “eminment domain” rights to US properties to cover our debt?

    • Gary McGowan

      Only in small part. Hillary promised the strip in Vegas, certain limited properties in Chicago and on Wall Street. I’m sure Hannity will have more on the story soon.

      Rumor is that the U.K. will offer up some Caribbean Islands as collateral also, in honor of our “special relationship.”

    • LD

      These are the types of stories that will start to seep through the internet to increase the level of paranoia.

      We can turn the prinitng press on and turn it off when we are done.

      The Chinese obviously are evry concerned about that exact scenario.

      While the level of trust between China and the U.S. is not strong we need each other.

  • EWard

    Oops

    meant to say eminent domain

  • r2d2

    Larry, would you look into what Obama is doing with the funding of Social Security? The way I read it, the stimulus package tax reduction for the $200K and lower income tax payers was paid by reducing the Social Security tax. In the budget Obama wants to make that change permanent. Does that mean that Obama is paying the tax reduction with dollars that would have gone to fund Social Security? I see him accomplishing two things with that gimmick. First, Obama defunds Social Security and pushes its demise. Second, the Federal Government won’t borrow from Social Security and pay the interest to the fund that would normally happen when the government uses the money from the fund.

    My view is that Obama is raiding the Social Security funds. Do you agree?

    • LD

      Yes I do…all part of the wealth redistribution program that was not properly debated and discussed during the campaign.

      How do you think it would have gone over if he released that he was changing the mortgage and charitable deduction along with tapping the Social Security fund?

      Master politician.

  • Karma

    Well, just a heads up.

    But it seems that insurance scams is also on the list of things to look for in this downturn.

    Someone just pulled a maneuver that looked like it was intended for me to rearend them. With their daughter in the backseat.

    • LD

      Amazing…desperate people will do desperate things!!

  • Cubs in 09
  • TeakwoodKite

    Thank you for a show well done. Not easy but I appreciatte what you are saying.

    Regarding the “ripple” while the markets tumble in to the abyss, transfer of assests in the US will accelerate.

    CIFIUS under Obama will see to it.

    China is a member of the FutureGen project which BO is funding for two billion dollars. They already own us.

    • LD

      Thanks for the plug.

  • anon

    Hey, LD
    Do you want to grip some level of control i.e. principle? Or shall we let the lizards play?

    • LD

      Anon,

      Not sure I understand your question. Are you talking about principal reduction of mortgages?