Bankruptcy Law is Key to Obama's Foreclosure Fight

by Zach Carter, Media Consortium MediaWire Blogger 

President Barack Obama unveiled his administration's plan to fight foreclosures on Wednesday. Unfortunately, the most important element of the program will require Congressional action—and the banking and business lobbies are already on the attack.  The Homeowner Affordability and Stability Plan has three chief components:

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Weekly Audit: Geithner's Terrible, Horrible, No-Good, Very Bad Bailout

 

by Zach Carter, Media Consortium MediaWire Blogger 

In this week's Audit, we're examining Treasury Secretary Timothy Geithner's thoroughly uninspiring bank bailout plan, which fails on almost every level. What's more, some of the most insightful (and stinging) critiques of the proposal are coming from progressive media.

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Obama: 'Your payment is due.'

President Obama has pretty much put everyone on notice that: "Your payment is due." So, I thought it was time to ask what I believe is...

The most important bailout question(s).

A great deal of focus in Washington, and within the MSM, is somewhat rightfully being placed upon ongoing excesses within the banking and investment banking industries. But, at what point do we turn our attention to--by far and way--the most excessive industry bonus of all: allowing the financial services sector to cash in their trillions of dollars in toxic debt at make-believe valuations which saddle our country with liabilities upon which our children and our children's children will be paying the price for years to come?

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Banks Shamefully Lie About Liquidity In Today's WSJ

One of the lead stories in today's Wall Street Journal is a totally contrived piece of crap, entitled: "Lending Drops at Big U.S. Banks."

In this story, the Wall Street Journal, being spoonfed spin from many of our nation's largest lending institutions, would have us believe (infer...imply...etc...whatever) that consumer liquidity in the marketplace only dropped 1.4% between Q3 '08 and Q4 '08.

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Is it Recovery or a Dive to New Depths?

I learned three things listening to Secretary Paulson on the Bailout program yesterday:

  1. Paulson is a worse public speaker than Alan Greenspan (something I didn't think possible), leaving a more confused image of the Bailout Program behind him.

  2. Homeowners will now not benefit from any kind of mortgage recovery from the Bailout, as it is now all going to keep banks afloat.

  3. Since thee has, so far, been no oversight by Congress over the program, Paulson can do anything he wants without accountability.

In other words, we are screwed.

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