[Occupymendocino] Occupymendocino Digest, Vol 39, Issue 1
Linda Jupiter
jupiter at mcn.org
Wed Jul 25 13:29:35 PDT 2012
Dear Ad,
I wish you a speedy healing process and know you'll be back better
than better.
Cheers,
Linda
-----------
Linda Jupiter Productions
P.O. Box 2822
139-1/2 Jupiter Lane
Fort Bragg, CA 95437
phone 707-964-8985
www.lindajupiter.com
On Jul 25, 2012, at 10:19 AM, occupymendocino-request at lists.mcn.org
wrote:
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> Today's Topics:
>
> 1. Fw: Here is a video on the LIBOR scandal with Matt Taibbi
> (Agnes Woolsey)
> 2. leave of absence (Ad Ross)
>
>
> ----------------------------------------------------------------------
>
> Message: 1
> Date: Tue, 24 Jul 2012 14:18:10 -0700
> From: "Agnes Woolsey" <agnes at mcn.org>
> Subject: [Occupymendocino] Fw: Here is a video on the LIBOR scandal
> with Matt Taibbi
> To: <occupymendocino at lists.mcn.org>
> Message-ID: <2F59E1305E8B48ED852B9ECC162E4AF1 at toshibauser>
> Content-Type: text/plain; charset="windows-1252"
>
>
> ----- Original Message -----
> From: Agnes Woolsey
> To: SYD BALOWS ; Mark Safron
> Sent: Tuesday, July 24, 2012 2:13 PM
> Subject: Here is a video on the LIBOR scandal with Matt Taibbi
>
>
> On Jul 21, 2012, at 11:14 AM, Tim Nonn wrote:
>
>
> Corporate power dictates government policy and prevents
> accountability. It's a crime syndicate, and we're the victims on so
> many levels. Here is a video on the Libor scandal with Matt Taibi
> and an interview with Chris Hedges by Bill Moyers that shows what we
> are up against.
>
>
> http://www.youtube.com/watch?v=ne408rvMK_4
>
>
> http://billmoyers.com/episode/full-show-capitalism?s-?sacrifice-
> zones?/
>
>
>
>
> On Sat, Jul 21, 2012 at 10:51 AM, Brenda Reed <brendahreed at sbcglobal.net
> > wrote:
>
> This is unbelievable.
>
> Sent from Brenda Reed
>
>
>
> Begin forwarded message:
>
>
> From: Deontos <deontos.is at gmail.com>
> Date: July 21, 2012 8:14:48 AM PDT
> To: "Deontos .is" <deontos.is at gmail.com>
> Subject: Warren asked Geithner repeatedly about HAMP. After
> several evasions, Geithner said about the banks, ?We estimate that
> they can handle ten million foreclosures, over time? this program
> will help foam the runway for them.?
>
>
> FDL
> Barofsky Book: Geithner Confirmed in 2009 That HAMP Was
> Designed for Banks to Spread Out Foreclosures
> By: David Dayen Friday July 20, 2012 6:26 am
>
>
>
> The Huffington Post described a scene in a forthcoming book by
> Neil Barofsky, the former Special Inspector General of TARP, where
> Treasury Secretary Timothy Geithner delivered a string of F-bombs
> during a discussion about transparency. I?ve read the book, and
> while that?s an amusing diversion, it?s nowhere near the headline
> story.
>
> The important moment in the book for me comes conveniently
> after Barofsky recounts this FDL News item, one of my HAMP horror
> stories. Barofsky shows how HAMP?s faulty design led to all sorts of
> problems like this, with trapped borrowers, extended trial payments,
> no-doc modifications, and eventually unnecessary foreclosures.
> Barofsky mused that Treasury didn?t care about the suffering of
> borrowers under HAMP, and the issue came up in a meeting with the
> Treasury Secretary, which was also attended by Elizabeth Warren,
> then the head of the Congressional Oversight Panel, another TARP
> watchdog.
>
> Warren asked Geithner repeatedly about HAMP. After several
> evasions, Geithner said about the banks, ?We estimate that they can
> handle ten million foreclosures, over time? this program will help
> foam the runway for them.?
>
> This is a revelatory moment for Barofsky in the book, and
> should be for everyone reading. Geithner?s concern, first of all,
> was with how the banks would respond to the program, not how
> homeowners would respond to it. In fact, homeowners are quite
> besides the point. Regardless of their situation, they will be one
> of the 10 million foreclosures, in Geithner?s construction. His goal
> was merely to space out the foreclosures and give the banks time to
> earn their way back to health, mostly through the other parts of the
> bailout, that enabled them to earn profits.
>
> This is a classic ?extend and pretend? scheme; banks can extend
> the time frame for their losses, and pretend they were financially
> strong in the meantime. We previously had evidence that Geithner and
> the Treasury Department thought this way. In August 2010, a Treasury
> official (which Barofsky outs in the book as Geithner) made
> basically the same defense of HAMP, that it would give time for the
> banks to absorb foreclosures rather than have them come on the
> market all at once. But that came as a defense of the program after
> the fact. This scene with Warren and Barofsky came in mid-2009, when
> the program was in its infancy. And it?s prospective, not
> retrospective. It?s not that Treasury came up with a justification
> after the performance of HAMP faltered. It?s that it was designed
> this way.
>
> As Barofsky says, HAMP was not separate from the bailouts, it
> was part of them. It squeezed a few extra payments out of borrowers
> and then allowed banks to do with them whatever they wanted. It
> stretched out the foreclosure crisis, by design. In fact, by the end
> of this, HAMP may not help even the borrowers secure in permanent
> modifications. Not only are the modifications of inferior quality,
> and not only have they led to high re-default rates already, but
> most of the permanent modifications are not permanent at all.
> Barofsky notes in the book that they have five-year time limits,
> with interest rates rising and payments returning to their original
> size at that time. So in 2014 and 2015, we?re going to see hundreds
> of thousands of recasts, like on an adjustable-rate mortgage. Maybe
> the borrowers will have righted their financial ships by then, or
> saved up enough to move on. But the more logical scenario is for
> more defaults at that time. But by then, the banks will have built
> their fortress balance sheets (with lots of government help) and won?
> t mind another half a million foreclosures.
>
> This confirmation of the design of HAMP is just one of the many
> revelatory moments in a book from a man thrust into the position of
> a Washington insider, willing to tell the tale. It?s well worth your
> time when it goes on sale next week.
>
> I have attempted to contact Elizabeth Warren to corroborate
> this meeting, and will let you know if I hear back.
>
> UPDATE: Yves Smith has a preview of the book as well.
>
>
>
> --
>
>
>
> And how many times can a man turn his head,
> and pretend that he just doesn't see?
>
>
> And how many ears must one man have,
> before he can hear people cry ?
>
>
> And how many deaths will it take till we know,
> that too many people have died?
>
>
> The answer my friend is blowing in the wind,
> the answer is blowing in the wind.
>
>
>
>
>
>
>
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> ------------------------------
>
> Message: 2
> Date: Wed, 25 Jul 2012 10:19:51 -0700
> From: Ad Ross <adross at mcn.org>
> Subject: [Occupymendocino] leave of absence
> To: occupy <occupymendocino at lists.mcn.org>
> Message-ID: <F8E123E4-1B84-4AE4-88EA-56035057E41A at mcn.org>
> Content-Type: text/plain; charset="us-ascii"
>
>
> I will be unavailable for a couple months, but look forward to
> participating when I return.
>
> Keep on keeping on!
>
> best, Ad
>
>
> -------------------------------------------
>
> OCCUPY MENDOCINO (the Mendocino Coast) and the Global OCCUPY Movement
> want government of the people, by the people, and for the people -
> not of the corporations, by the lobbyists, and for the richest 1%.
> We stand with those who have lost their homes, their jobs, their
> savings, retirements, pensions, and health insurance.
> We stand with those who struggle to put food on the table and who now
> work MORE for MUCH LESS.
> We stand with the elderly, vulnerable, veterans, laborers, working
> people, students, teachers, unions, children and our planet.
> PLEASE JOIN US
> www.OccupyMendocino.net
>
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> End of Occupymendocino Digest, Vol 39, Issue 1
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