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

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.

Larry

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

Oops

meant to say eminent domain

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?

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.

Here something to brighten your day…not!

http://www.opednews.com/articles/How-the-Economy-Was-Lost-by-Paul-Craig-Roberts-090223-753.html

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.

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