Who ya gonna call?
By Eastan McNeal on September 26, 2008 at 11:06 AM in Current Affairs
The Dust Busters. It’s time to clear the air.
Paulsen, when asked why he wanted to let the same crooks who stole and skimmed the system run the fixing of it, said that they, in essence, knew where all the bodies were.
So. Who ya gonna call?
OK. I understand letting the serial killer tell you where the corpses are buried.
I was going along my merry business of not working yesterday. I was reading and watching everything about this crisis. My cars are paid off. My house is ok. But I do want to see my kid’s college loans come through to help off-set the load. So I was open. When the conservative republicans held their ground against the bail out package I was bothered, to say the least.
Then I went to the local store and everyone was talking about it. One man said something very interesting. He said we should listen to what McCain was saying. McCain, long after everyone agreed that Wall Street moguls would not get golden parachutes or profit from the recovery, continued to say he did not want the folks who caused this to profit from this. What did he mean? What did those awful conservatives tell him?
Well, here it is as best as I can understand it this morning. For those who do not have a background on some of the terms, people or organizations in the following, I apologize to you. For those who have questions I ask you to google and get up to speed. This election is about to be stolen and you should not be a party to it by being naive.
The RTC was cake on a plate compared to this. We took over the S&Ls and dealt with loans between the lender and the borrower. That came out a wash, as most long term banking solutions will if one works with the debtors. Old fashioned banking practices helped the U.S. taxpayer not have to eat much of that bail-out. That is what Paulsen told congress on Tuesday. Why is this different?
Paulsen said that this is much more complex.
Thanks Michelle for the Logo (you did owe me one)
Under pressure from the Obamas and the ACORNs, and with the guidance of the Let’s Give Loans to Broke People Act, small banks loaned money to people who had little or no income. They then sold those notes to bigger banks. Those banks talked to Congress. Congress laxed the rules and Fannie bought the notes. Fanny then sold the notes to Wall Street. Wall Street derived a method to break the loans into tiny little pieces and sell them to the folks that mutually agreed to buy those little parts and put them into your personal portfolios of mutual funds and retirement accounts.
Finding the true owner of the debt was like trying to create a family tree that starts with your daughter and goes back to pre-Viking Ireland. Paulsen argued that we needed to have these people, who were a part of the dirty deeds, to help us gather the information necessary to buy back all of these loan parts.
Now here is where all this dust gets us all confused. The democrats said they had a deal until MAC came in an messed it up. Then we hear that the conservatives objected to the idea of bringing in the crooks to help us clean up their crime scene, and that was the deal breaker. The conservatives were looked at as the kooks who were preventing us from averting a catastrophe. But they had a good point. McCain met with them before he met with the president yesterday and he sat silent as the argument raged in the White House from 4 to 5 pm on September 25th, 2008. Johnny Mac knew better than to stop a battle that could cause the scotched earth to bleed truth after the skirmish.
Just as they made money during each iteration of the process of getting the loans from the borrower and the originator, through the myriad of middle men to the scattered owners of each tiny piece of the mortgage pies, these same middle men (who know where the bodies are buried and know how to put all the pieces back together) will make a percentage when we hire them to get the loans all put back together and into the new RTC type bank that we, the taxpayers, own.
I will repeat and paraphrase Paulsen: Some of these mortgages have been sold, split, merged, split and merged again, so many times that it is almost impossible to pull the parts together back into a manageable mortgage document, without hiring all the crooks who broke them up to help us put them back together.
We are told that we have to let the crooks make a commission on each iteration of the buy back because only they know how the parts were dispersed, and they have no incentive to help us unless they make a lot of money. So the bundler who sold your brokers’ the parts gets 5% for buying it back. The bank on Wall Street gets 10% for buying it back from him. The Fanny middle operation gets 15% for working the deal of getting the parts in a whole back to Fanny, who charges 20% for getting the note back to the new RTC. So, a $0 note bought for 5 cents on the dollar at the end point and bought and held, by our Paulsen bank, for/at 70 cents will sit on our books until the housing market heals and we can sell the home or paper for 71 cents on the dollar of its value.
So, let me get this right. The same guys that sold us down the road will be making a fortune selling back to our collective treasury the notes they made a fortune selling down to our private investments. They will make billions while we work overtime to pay for the new sails on their fair weather yachts.
That may be the logical method for piecing together recovery from a crime scene. But this is my money and I have another idea. Don’t put the crooks in charge of the field operation. Put them in chains and drag them to the scene with a strong message. Help us put this together or live in our hell on earth.
We have this really unique agency. Most of the agents that work for them are either attorneys or accountants. They have a history of putting together confusing puzzles. Put them in your bonnet for now.
I a bit uncomfortable with the nutty conservative basket in Jefferson’s grove. But I am so glad that they are running around the halls of congress with both eyes open. John McCain knows that, if we let them get their hands on the paper we are offering to purchase, they (the crooks) will scrape off billions in the process of passing it too us. If we are going to buy worthless paper we should, instead of having a magic mark-up-artist passing it to us, just pay a civil servant an hourly wage to go out and pick it up. I am waiting for the nuts to explode and blow away the dust hovering over this aspect of the issue.
One sane voice came out at 10:14 PM last night and talked to Greta Van Susteren. Senator Lindsay Graham told the truth about the deal – no deal and the lies being passed on by the TV networks about how Johnny messed things up. But, at the end of his interview, he said something that not a soul in congress has had the guts to just come right out and say.
Jump to time stamp 2:36: “20% of the money that should go to retire debt, that would be created to solve this problem winds up in a housing organization called ACORN, that is an absolute ill-run enterprise..”
Here is the most disturbing information I extrapolated from his statement. The entire problem of the crises is centered around one group, that Senator Graham mentioned, that did much to teach poor people how to get these loans and how to game the system, and they are not being held accountable. I am honestly on the side of the conservatives on their blocking this bill, as it stands.
In the democrat version of the revision of the bail out bill was a provision that gave management of 20% the total to one group. The plan, as it stood last night, was to award, for this group $140 Billion, an amount that represents the loans they brought in. Their loans are the loans that caused the problem, BTW. They are under criminal investigation in nearly half the states in the union. They were to get the biggest chunk of the $700 billion. They are..
Here is comes.. ..
ACORN.
ACORN is Obama’s precinct voter registration and turnout organization. ACORN is Obama. Obama is ACORN. They are the crooks most responsible for this mess.
We not need to give them (ACORN), or any other agitator, billions of dollars to find the dead bodies. We just need to give the FBI the orders.
Here is my suggestion to the FBI. Go in to the offices of the banks, the brokers and the community organizations and tell them to please step away from the desk. “We are here to help you.” Then they should start taking the file cabinets and the computers out the door.
We do not need to hire the crooks Anyone who can create a family tree can trace this paper. We don’t need the bad guys getting rich twice off of their original crimes. We have plenty of women who work for 70 cents on the hour in the federal government who can conduct this data gathering operation at a much lower cost than any community organization, with far greater pride and confidence.
I await John McCain’s plan. I am sure it will not include billions of dollars earmarked for the guilty facilitators, such as the criminal ACORN.
$140,000,000,000.00
Why in the hell did the democrats think the republicans would go along with giving enough money to ACORN to buy every vote in America, ten times over? What are they going to do? Start a Bill Ayers get-em-while-they’re-young-and-keep-them-in-the-socialist-basket program?
Our very on NancyA is working on a piece that, when published, will blow your minds. It connects the beginnings of Barack, through ACORN, into the CRA and out via this housing scandal that is threatening to rock our economy. I do not wish to rush her, but I will want to read it. It will be like reading a murder mystery that is happening and being unraveled, putting the time line of everything we know into a tight package that we hope can be changed before the end of the rest of the story.
Ramblings..
To say that Obama is part of the problem is like saying the body is part of the car.
ACORN?! A small community organizing group just down the street from me deserves getting 1/5 of the biggest bail out package in our country’s history.
I am not waiting until next April. If this happens then I am amending my 2007 returns and demanding my money back.
Who would of ever thought that one day I would be rooting for the right wing members of congress to prevail?
I honestly hope that US Daddy John McCain can get the grown up members of congress together with the kids, and the grandkids on the hill and convince them that they should all let wisdom reign.
by Ronald Scott
* More novels by 
* 
(
)
- You'll have access to 18 million movies, TV shows, songs, magazines, and books, as well as ultra-fast Web browsing with Amazon Silk -- faster than iPad. Full e-mail and document access and a keyboard. Fire can transmit what is on your screen onto a connected TV or monitor without an accessory. It runs Flash (iPad doesn't). 
