My background from 1996-2008 was in the title business. In August of 2005 I approached the President of the Title Company about a concern that I had. I had told him then that I could forsee a tsunami of foreclosures that would make the 80's look good. I could tell by the caliber of loans that were being approved and closed that the majority of people buying were setting themselves up for failure. I told him that the best marketing strategy for our company was to build relationships with mortgage companies....because I could forsee them holding a HUGE VOLUME of foreclosed homes on their books. Sadly, it took several years from my prediction for this to happen, but the outcome was just as I had predicted...leading to the financial meltdown in 2008.
I have to tell you that the concerns were being raised since apx 2002 about this potential disaster and every time legislation was introduced to reign in this out of control lending, it was blocked by the DEMOCRATIC PARTY. They are as responsible for this disaster as any bank, lender or broker.
I am very proud to say that the title company I worked for had a high level of integrity, thus if there was any incling of fraud or risk on a file, we were encouraged to submit our concerns to our underwriter. 100% of the time, they would tell us to let the customer know that we could not close their transaction. In other words, they would rather lose the revenue, and possibly lose a customer (realtor, builder) than close a transaction that was questionable. The problem is, the customer would then move the closing to another title company. Even when we would alert them to potential issues, they would go forward with the closing.
Fast forward to 2010...story after story that I read these days has to do with unfunded or underfunded pensions. I have to tell you this is our next tsunami. While I don't have a pension to worry about, I do have a 401K that lost about 40% of it's value and is still not near where it was. Is someone going to bail me out? Is someone going to have to lose their job because the city or state has to pay my retirement? The answer is NO. NOONE is going to bail me out.
This is something that is going to take center stage very soon. The Unions are already doing their "plotting and planning" on how they are going to get us to fund their underfunded pensions.
Hold on to your wallets......it looks like it's going to be you and me picking up the tab for the abuse and mismanagement of the pension funds. If this doesn't make your blood boil, nothing will. I am sick and tired of having to pay for everyone elses inability to manage their money while at the same time I am completely and wholly responsible for my savings and retirement. We must let Congress know that we will not tolerate this bailout...it is not or duty or responsibility!!!
Check out some of the things they are working on to date:
http://www.seiu.org/2009/03/seiu-coalition-partners-launch-retirement-usa-initiative.php
(make sure to follow all of the links to get a full picture of who and what is behind this....many unions, progressive and socialist organizations)
http://www.glgroup.com/News/Congress-Seeks-to-Rescue-Underfunded-Union-Multiemployer-Pension-Plans-47655.html
http://rep-am.com/articles/2010/01/29/opinion/463226.prt
http://www.google.com/hostednews/ap/article/ALeqM5jt8ugDEaTpcSqN7m_RUmr7XMmm6QD9ETPJ481
Showing posts with label ecomomic tsunami. Show all posts
Showing posts with label ecomomic tsunami. Show all posts
Friday, April 9, 2010
Sunday, November 1, 2009
WHAT REALLY CAUSED OUR ECONOMIC CRISIS?
These videos are right on target. I worked in the title business for 12 years. I can't tell you the volume of loans that closed that should have never been approved. The lax requirements pushed by the Democrats and their agenda continued this train wreck to where we are today.
In 2005 I approached the Vice President of the company I worked with and voiced my concern over the obvious loans consumers were approved for that were destined for foreclosure. I do not have a degree in economics, yet even I could see this coming. You can't possibly believe that these highly educated individuals running our country and ruining our financial industry did not see this coming as well. When President Bush and John McCain tried to reign this out of control lending in, (they obviously saw what I saw) they were voted down by every Democrat.
It is as if this was a deliberate act to destroy our financial industry, create a financial crisis, and then point fingers at the Bush administration. Lay the blame on Bush. I truly believe this was deliberate by the democrats...to create a crisis. As Rahm Emmanuel said, "you should never let a good crisis go to waste."
I wonder how much money these scumbags made through hedge-funds etc that were betting against the housing market. It would be interesting to know if George Soros was heavily involved in this or not.
Don't you think it is bizarre that Chris Dodd and (then) Senator Obama were the number 1 and 2 recipients of campaign contributions? They were as deeply imbedded in this implosion as anyone.
Do your homework.....you'll find that this was a disaster that didn't have to happen....at least to the extent it did. If the Democrats would have done the right thing and voted to reign these out of control lending practices 4-5 years before now, this could have been avoided....but you see that would have been a win for the Bush administration. That would have pulled back the curtain on the corruption and the cooking of the books for Freddie, Fannie, and any number of other financial insitutions. That would have dried up the campaign contribution well for the Dems as well as uncovered some possible improprieties.
The Bush administration was not the cause of this economic tsunami. On the contrary, they were trying to do what they could to get it under control. The Democrats own this...but they will never admit it. That is why we need to educate those that are easily led by these liars in the White House, Senate and Congress. They all need to be voted out of office and we need to start with a clean slate.
We need God-fearing men and women of honor, good morals, integrity and those that really have our best interest at the forefront of every decision that they make. Anything less and there won't be any real change...it will just remain the same.
Bill Clinton on Democrats and the financial crisis:
“I think that the responsibility that the Democrats had may rest more in resisting any efforts by Republicans in the Congress, or by me when I was President, to put some standards and tighten up a little on Fannie Mae and Freddie Mac.” – Former President Bill Clinton (D-AR), September 25, 2008 Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!!
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis:
Explosive Video, Fannie Mae CEO calling Obama and the Dems the "Family" and "Conscience" of Fannie Mae:
Full video of Secretary of Hud, Andrew Cuomo
Participants spoke about the importance of equality in housing opportunities, both in housing and lending. Secretary Cuomo stated that while much progress has been made the Department of Housing and Urban Development still has much work to do in enforcing the law. A video recording was shown of Nick Conner speaking about the racist incident involving Lisa Costa. This event marked the thirtieth anniversary of the Fair Housing Act and the tenth anniversary of its amendment to cover persons with disabilities or children. It also honored the thirtieth anniversary of the death of the Rev. Martin Luther King, Jr., and Mr. Brown read a letter from Martin Luther King III in honor of his father. 4/6/1998
Be informed.............
Michele
"I realize that on the sea of life, I can't control the weather but I can adjust my sails." UNKNOWN
In 2005 I approached the Vice President of the company I worked with and voiced my concern over the obvious loans consumers were approved for that were destined for foreclosure. I do not have a degree in economics, yet even I could see this coming. You can't possibly believe that these highly educated individuals running our country and ruining our financial industry did not see this coming as well. When President Bush and John McCain tried to reign this out of control lending in, (they obviously saw what I saw) they were voted down by every Democrat.
It is as if this was a deliberate act to destroy our financial industry, create a financial crisis, and then point fingers at the Bush administration. Lay the blame on Bush. I truly believe this was deliberate by the democrats...to create a crisis. As Rahm Emmanuel said, "you should never let a good crisis go to waste."
I wonder how much money these scumbags made through hedge-funds etc that were betting against the housing market. It would be interesting to know if George Soros was heavily involved in this or not.
Don't you think it is bizarre that Chris Dodd and (then) Senator Obama were the number 1 and 2 recipients of campaign contributions? They were as deeply imbedded in this implosion as anyone.
Do your homework.....you'll find that this was a disaster that didn't have to happen....at least to the extent it did. If the Democrats would have done the right thing and voted to reign these out of control lending practices 4-5 years before now, this could have been avoided....but you see that would have been a win for the Bush administration. That would have pulled back the curtain on the corruption and the cooking of the books for Freddie, Fannie, and any number of other financial insitutions. That would have dried up the campaign contribution well for the Dems as well as uncovered some possible improprieties.
The Bush administration was not the cause of this economic tsunami. On the contrary, they were trying to do what they could to get it under control. The Democrats own this...but they will never admit it. That is why we need to educate those that are easily led by these liars in the White House, Senate and Congress. They all need to be voted out of office and we need to start with a clean slate.
We need God-fearing men and women of honor, good morals, integrity and those that really have our best interest at the forefront of every decision that they make. Anything less and there won't be any real change...it will just remain the same.
Bill Clinton on Democrats and the financial crisis:
“I think that the responsibility that the Democrats had may rest more in resisting any efforts by Republicans in the Congress, or by me when I was President, to put some standards and tighten up a little on Fannie Mae and Freddie Mac.” – Former President Bill Clinton (D-AR), September 25, 2008 Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!!
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis:
Explosive Video, Fannie Mae CEO calling Obama and the Dems the "Family" and "Conscience" of Fannie Mae:
Full video of Secretary of Hud, Andrew Cuomo
Participants spoke about the importance of equality in housing opportunities, both in housing and lending. Secretary Cuomo stated that while much progress has been made the Department of Housing and Urban Development still has much work to do in enforcing the law. A video recording was shown of Nick Conner speaking about the racist incident involving Lisa Costa. This event marked the thirtieth anniversary of the Fair Housing Act and the tenth anniversary of its amendment to cover persons with disabilities or children. It also honored the thirtieth anniversary of the death of the Rev. Martin Luther King, Jr., and Mr. Brown read a letter from Martin Luther King III in honor of his father. 4/6/1998
Be informed.............
Michele
"I realize that on the sea of life, I can't control the weather but I can adjust my sails." UNKNOWN
Subscribe to:
Posts (Atom)
