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What happened to all of the doom and gloom economic threads?

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It's Déjà vu all over again!

Holder Launches Witch Hunt Against Biased Banks
By PAUL SPERRY, INVESTOR'S BUSINESS DAILY
Posted 07/08/2011 06:51 PM ET

In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD.

Prosecutions have already generated more than $20 million in loan set-asides and other subsidies from banks that have settled out of court rather than battle the federal government and risk being branded racist. An additional 60 banks are under investigation, a DOJ spokeswoman says.

...

In several cases, the government has ordered bank defendants to post in all their branches and marketing materials a notice informing minority customers that they cannot be turned down for credit because they receive public aid, such as unemployment benefits, welfare payments or food stamps.

Among other remedies: favorable interest rates and down-payment assistance for minority borrowers with weak credit.

For example, the government has ordered Midwest BankCentre to set aside almost $1 million in "special financing" for residents living in predominantly black areas of St. Louis. The program includes originating conventional home loans at fixed prime rates for African-American borrowers "who would ordinarily not qualify for such rates for reasons including the lack of required credit quality, income or down payment."

The same federal order, signed last month, praises Midwest for adopting "less stringent underwriting criteria" while under investigation.

In the case against Citizens Bank of Detroit, settled in May, the U.S. decrees that "the bank may choose to apply more flexible underwriting standards in connection with the programs under this order."

...

Justice spokeswoman Xochitl Hinojosa said the anti-discrimination notice "does not compel the banks to make loans to people who do not qualify." She said such measures are "essential to remedy the harmful effects of the banks' conduct."

But industry analysts fear Attorney General Eric Holder is rekindling an anti-bank witch hunt launched by Attorney General Janet Reno in the 1990s, when Holder served as her deputy.

Some blame that in part for the subprime boom, because banks were ordered to throw open their lending windows to credit-poor minorities. That crackdown spurred the American Bankers Association to distribute to its thousands of members "fair-lend ing tool kits" advising the adoption of more permissive underwriting criteria to help inoculate them from prosecution.

In the new prosecutions, Justice acknowledges in every case it did not prove charges of intentional discrimination, while banks have denied any wrongdoing. Many, in fact, earned outstanding ratings from anti-redlining regulators enforcing the Community Reinvestment Act.

...

As part of settlement deals, prosecutors have required banks to sign "nondisclosure agreements" barring them from talking about the methods used to allege discrimination. Bank lawyers contend the prosecutors are trying to hide the shaky legal grounds on which the cases are built. "It's horrible what they're doing at the civil rights division," said Reginald Brown, a partner at Wilmer Hale in Washington, who has represented banks in connection to recent race-bias investigations. "They don't have any proof, just theories."

He added, "They want you to sign something saying you agree, under the condition of any settlement with them, that you won't disclose what their theories were. That's because their theories are loopy and wouldn't stand the light of day."

One such theory — "disparate impact" — holds that merely a difference in loan application outcomes is enough to prove racial discrimination — even if no intent exists on the part of loan officers to contrast based on the color of applicants, and even legitimate business factors — such as credit scores and down payments — help explain disparities in loan outcomes between white and black applicants.

Under this broad theory, banks have been accused of racism simply for failing to open branches or aggressively market mortgages in black neighborhoods — regardless of the demand for, or viability of, such loans in those areas.

...

For the first time, prosecutors are judging banks for the secondary impact their policies have on entire minority communities, not just households. And they're ordering reparations accordingly.

In announcing a recent $2 million settlement with Dallas-based PrimeLending, Civil Rights Division chief Tom Perez said, "We will require lenders to invest in the community that they've harmed."

Another Reno protege, Perez has compared bankers to Klansmen. Only difference is, he said, bankers discriminate "with a smile" and "fine print." He said this kind of racism, though more subtle, is "every bit as destructive as the cross burned in a neighborhood."

Perez has put in place an infrastructure to enforce "fair lending" — including a first-of-its-kind Fair Lending Unit staffed with more than 20 lawyers, economists and statisticians.

He's appointed a special lending cop to run it — Special Counsel for Fair Lending Eric Halperin, who also worked for Reno. Before returning to Justice, Halperin was chief Washington lobbyist for the Center for Responsible Lending, an anti-redlining group that urged banks to relax lending standards for low-income urban borrowers before the crisis.

Perez has required bank defendants to earmark potentially millions in funding for inner-city community organizers — who must be approved by Justice. Critics say lenders are being forced to bankroll Acorn clones that often exist just to shake them down for risky loans.

Hinojosa declined to provide a list of these "qualified organizations."
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http://www.investors.com/NewsAndAnalysis/Article.aspx?id=577794&p=1




FAST & FURIOUS!!! The most transparent administration EVER! ;) ;)
 
FIRST, LETS KILL ALL THE LAWYERS.

Ever get curious about how much lawyers cost the average town and county? Besides salaries and benefits, I mean.

If you consider the question it seems that lawyers make all the laws, make all the rules, and pass judgment on both when disputes arise.

My guess is lawyers add ONE Trillion bux to the cost of life in the USA.
 
That's exactly what you would do if you were willing to forgo Life, Liberty and Property.




That theory had not evolved during the Great Bard's writing years...
 
Frisco_Slug_Esq said:
That's exactly what you would do if you were willing to forgo Life, Liberty and Property.

That theory had not evolved during the Great Bard's writing years...
Click to expand...

Before God made lawyers in his own image folks took care of business.
 
Frisco_Slug_Esq said:
Some of them still armed in these here parts...

;) ;) *snerk*
Click to expand...

One of my favorite ancestor tales involves a grand-daddy named George Ward. Back in 1836 old George was a lawyer, cotton planter, and crack shot with a pistol.

Anyway, during the 1835 Indian War George's baby brother was summarily executed by the commanding officer of the brothers state militia regiment. The shooting followed a quarrel about the period of active service.

The Federal general in command held a court-martial that acquitted the militia colonel. Later, back in Tallahassee, George confronted the colonel at the hotel, and challenged the man to a duel. The colonel refused and George struck the man's face with a whip. They had a duel.

The duel was a wild affair. George was shot twice, with a broken arm and leg. But at the end, after the smoke cleared, George had one loaded pistol left, and the colonel had none. So George took careful aim and put a ball in the colonels gut.
 
chart-of-the-day-the-scariest-jobs-chart-ever-july-2011.jpg

Business Insider’s job chart just keeps getting scarier
Behold the red line. That’s our economy and its “recovery,” as compared with previous recoveries since WWII.



This chart measures the percentage of jobs lost during various recessions, and the pace of recovery. As you can see, this recession saw WAY more aggressive job cutting than in the past, and the recovery has been anemic.

Follow the link above to see an even scarier chart. Obama’s dream team is a pack of clueless dopes.

CRAZY POON

You freak of nature, STFU!

​
 
Video flashbacks: Pelosi and Wasserman Schultz on the Obama economy
Online video gives us a chance to review today’s unemployment numbers in light of what the Democrats who authored our national economic policies have said would happen, and who should get the credit/blame.

In February 2010, as the Democrats got set for the final passage of ObamaCare, then House Speaker Nancy Pelosi promised that the health care law would be a massive job creation engine. Video at the link.

“So this bill is not only about the health security of America. It’s about jobs. It is life…it will create 4 million jobs…400,000 jobs almost immediately. Jobs, again, in the health care industry, but in the entrepreneurial world as well.”

As we all know now, ObamaCare did no such thing. Not even close. Unemployment has continued to tick up as the law has created huge uncertainty for most American businesses. So who is to blame?

Take it way, DNC chair, Rep. Debbie Wasserman Schultz:



“We own the economy. We own the beginning of the turnaround and we want to make sure that we continue that pace of recovery, not go back to the policies of the past under the Bush administration that put us in the ditch in the first place,” Wasserman Schultz told Mike Allen at POLITICO’s ‘Playbook Breakfast.’

That’s from last month. The Democrats broke the economy, and now they own it.
 
busybody said:
Video flashbacks: Pelosi and Wasserman Schultz on the Obama economy
Online video gives us a chance to review today’s unemployment numbers in light of what the Democrats who authored our national economic policies have said would happen, and who should get the credit/blame.

In February 2010, as the Democrats got set for the final passage of ObamaCare, then House Speaker Nancy Pelosi promised that the health care law would be a massive job creation engine. Video at the link.

“So this bill is not only about the health security of America. It’s about jobs. It is life…it will create 4 million jobs…400,000 jobs almost immediately. Jobs, again, in the health care industry, but in the entrepreneurial world as well.”

As we all know now, ObamaCare did no such thing. Not even close. Unemployment has continued to tick up as the law has created huge uncertainty for most American businesses. So who is to blame?

Take it way, DNC chair, Rep. Debbie Wasserman Schultz:



“We own the economy. We own the beginning of the turnaround and we want to make sure that we continue that pace of recovery, not go back to the policies of the past under the Bush administration that put us in the ditch in the first place,” Wasserman Schultz told Mike Allen at POLITICO’s ‘Playbook Breakfast.’

That’s from last month. The Democrats broke the economy, and now they own it.
Click to expand...

They are applying for a wavier on that.:cool:
 
This is BAD?

Hell no

Our resident NIGGER PROTECTORS say

Its NOT

MOODY CLOWNS​

.How bad is it? Pawn shops, payday lenders are hot
Down on the US? Consider stocks that rise when things fall. Pawn shops, payday lenders are up


tweet52EmailPrint..Companies:Cash America International, Inc.Dollar General CorporationEZCORP Inc..Related Quotes
Symbol Price Change
CSH 58.15 +0.13

DG 33.86 -0.27

EZPW 37.62 -0.45


NEW YORK (AP) -- As the jobless rate inches up and the economic recovery sputters, investors looking for a few good stocks may want to follow the money -- or rather the TV, the beloved Fender guitar, the baubles from grandma, the wedding ring.

Profits at pawn shop operator Ezcorp Inc. have jumped by an average 46 percent annually for five years. The stock has doubled from a year ago, to about $38. And the Wall Street pros who analyze the company think it will go higher yet. All seven of them are telling investors to buy the Austin, Texas, company.

Is the economy still just in a soft patch? A hard patch? Will the market rise or drop? Even experts are just guessing. In investing, it's often better to focus on what you can safely predict, even if that safety is found in companies that thrive on hard times. One good bet: The jobless aren't likely to find work anytime soon. And companies profiting from their bad fortune will continue to do so.

Among them:

-- Stock in payday lender Advance America Cash Advance Centers (AEA) has doubled from a year ago, to just under $8. Rival Cash America International Inc. (CSH) is up 64 percent, to $58. Such firms typically provide high interest loans -- due on payday -- to people who can't borrow from traditional lenders.

-- Profits at Encore Capital Group, a debt collector that targets people with unpaid credit cards bills and other debts, rose nearly 50 percent last year. Encore has faced class action suits in several states, including California, over its collection practices. The Minnesota attorney general filed a suit in March. No matter. The stock (ECPG) is up 59 percent from a year ago, to more than $30.

-- Stock in Rent-A-Center (RCII), which leases televisions, couches, computers and more, is up 57 percent from a year ago to nearly $32. Nine of the 11 analysts covering the company say it will rise further and that investors should buy it.

The idea of investing in companies catering to the hard-up might not be palatable to some people. But it is profitable.

Mark Montagna, an analyst at Avondale Partners in Nashville, has developed what he calls "value retail" index of 11 companies -- dollar stores, off-price shops and clothing and footwear chains favored by shoppers looking for deals. The index is up 149 percent since February 2009, which marked the lowest month-end closing value for the S&P 500 during the recession.

Desperation stocks continue to be lifted by a drumbeat of bad news. Consumer spending, adjusted for inflation, has fallen for two months in a row -- the first back-to-back fall since November 2009. On Friday, the government reported the unemployment rate rose to 9.2 percent in June, sending stocks in tailspin. On top of that, one in seven Americans now live below the poverty line, a 17-year high.

"It's been a good year," says John Coffey Jr., a Sterne Agee analyst, referring to the companies he follows, not the economy. Coffey created a stir late last month when he issued a report arguing shares of Ezcorp (EZPW), which also makes payday loans, were worth a third more than their price and urged investors to buy. The stock rose 7 percent in just a few hours.

The next day a widely followed survey showed consumer confidence at a seven month low.

"Here we are celebrating the second year of recovery and confidence is at levels consistent with a recession," says David Rosenberg, an economist at money manager Gluskin Sheff. "The folks in the survey are probably not the same folks shopping at Tiffany's." (That company's stock is also up nearly 50 percent since March, to about $82.)

But they probably are shopping at Dollar General Corp. Stock in the discount retailer recently hit $34.13, up 50 percent from its IPO in late 2009. And it may be worth about a third more, at least according Avondale's Montagna.

"People are broke. They're all chasing value. It's a seismic shift in mindset," he says.

Some experts think these down-and-out stocks are just as likely to fall now instead of rise. It's not that they think the recovery will turn brisk and people will get jobs and shop elsewhere. It's that things could get worse -- making customers too poor to borrow or buy even from these outfits. Rent-A-Center, the furniture store, is already suffering. Some of its core low-income shoppers have seen money they would have spent leasing a couch or cocktail table eaten up by rising food and fuel bills.

But not to despair. According to Nick Mitchell, an analyst at Northcoast Research, wealthier customers, say those making $45,000, are feeling so strapped lately that they're starting to rent furniture, too.

Montagna, the Dollar General bull, says he's seeing people earning $70,000 or more at that chain, too. Even he shops there now.

"If I'm driving past one, I stop in," he says, adding triumphantly, "I just bought toothpaste -- Crest -- two tubes for $4
 
Can ANYONE but the

CRAZED

NIGGER PROTECTORS

Like CRAZY POON, UD, LAWN JOCKEY, DUMB DAILY, LOOKY PEE et al

Believe this shit?????????????

Meet The Press’ David Gregory Hits Treasury Secretary Geithner With Economic Numbers, Geithner Blames the Weather


NB — Last month, David Gregory tripped up new DNC Chair Debbie Wasserman Schultz up with a chart detailing President Obama’s economic record. It showed unemployment up 25 percent since Obama was inaugurated, debt up 35 percent, and gas up more than 100 percent. Wasserman Schultz lamely tried to argue that the economy was getting better, to which Gregory replied: “Americans don’t believe that’s the case.”

This Sunday was Treasury Secretary Tim Geithner’s turn and he fared no better. At one point he even blamed the weather for Obama’s terrible economic record.

Democrats need a better answer to Gregory’s chart. They can’t wish the data away.

As Bill Parcells liked to say: “You are what your record says you are.”
 
If they blame the weather, perhaps it shifts attention from all the idiotic new regulations being imposed by this administration. Its all smoke and mirrors, while all the libtards crow about "the evil rich' and "the Republicans", their heroes are destroying the economy!
 
Frisco_Slug_Esq said:
I'm sorry, but my sources cite the same sources you do, I just include the original wrapping while you try to make you analysis look like it's all of your own research.
Click to expand...

So when I link sources and attribute quotes as a segment of my argument that means I'm trying to make it look like it's "my own research"? You're making even less sense than usual today. Maybe you want to rephrase this? :rolleyes:

You're spinning again - or just plain confused. Your admittedly biased, extraordinarily partisan sources may glean data from the bureau of labor statistics now and again, but they cherry pick. They pull the bits of data that support their argument and then leave the inconvenient data alone, never mentioning it. Compare this to objective analysis from say, Macroeconomic Advisors, whose mission is to provide the business community with accurate data about the larger economy. Macro takes the good and the bad data into consideration in order to paint as accurate of a picture as possible. Your NRO and Thinker seek only to paint a picture that appeals as much as possible to conservatives.

Just look at the business model of your sources. They seek to get as many hits and subscriptions as possible from people like you. Doesn't that make you pause... just a little bit?


Frisco_Slug_Esq said:
I have reality and you have models.
Click to expand...

No you have right wing blogs.


Frisco_Slug_Esq said:
You could care less about Obama's Economic Team?
Click to expand...


Correct, the team that comes up with PR material for any administration is something to be wary of.
 
This was a good one. Think I'll pon de replay it for BusyShit to dance to.

buc-oven.gif


Wheeeee racism is so cool! LOL
 
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the NIGGER is destroying your community

and you are enslaved to him

LOSER

--------------------------------------------------------------------------------

BUT BLACK VOTERS STILL HEART OBAMA:

After decades of hard-fought progress, black economic gains were reversed in Great Recession. “Since the end of the recession, the overall unemployment rate has fallen from 9.4 to 9.1 percent, while the black unemployment rate has risen from 14.7 to 16.2 percent, according to the Department of Labor.” And yet:


Some see a bitter irony in soaring black unemployment and the decline of the black middle class on the watch of the first black president.

“I thought Barack Obama could have provided some way out. But he lacks backbone,” Princeton professor Cornel West told truthdig.com recently.

He said Obama had sold out the poor and become “a black mascot of Wall Street oligarchs and a black puppet of corporate plutocrats … I don’t think in good conscience I could tell anybody to vote for Obama.”

Yet many jobless blacks do not blame their plight on the president.
 
Clown POON

and

Lawn Jockey

are proud

of NIGGER HO!​

Some might say $7 million per home seems a bit pricey, but to those cynics we say money is no object when it comes to bringing high speed porn to rural areas of this fine nation.


Cletus and Clem, the Editor's redneck relatives in rural Montana, will love President Obama's high speed internet as soon as they get electricity
Forbes.com has the disturbing details:

Eisenach and Caves looked at three areas that received stimulus funds, in the form of loans and direct grants, to expand broadband access in Southwestern Montana, Northwestern Kansas, and Northeastern Minnesota. The median household income in these areas is between $40,100 and $50,900. The median home prices are between $94,400 and $189,000.

$94,000 for a house? Hell, that may be the real story in this story. $94K isn’t even a down payment here in California.

So how much did it cost per unserved household to get them broadband access? A whopping $349,234, or many multiples of household income, and significantly more than the cost of a home itself.

Sadly, it’s actually worse than that. Take the Montana project. The area is not in any meaningful sense unserved or even underserved. As many as seven broadband providers, including wireless, operate in the area. Only 1.5% of all households in the region had no wireline access. And if you include 3G wireless, there were only seven households in the Montana region that could be considered without access. So the cost of extending access in the Montana case comes to about $7 million for each additional household served.

Of course, the Obama administration was terribly disappointed by the $7 million figure. They were confident the number would come in much, much higher.
 
"Government debt will be in the vicinity of $1.5 trillion this year. Ever since May 16th short-term debt has been frozen at about $14.3 trillion. Up until May 16th the year-to-debt fiscal debt was $783.135 billion. That means if no August 2nd agreement is reach, $275 billion will be needed up to August 2nd, a total of about $700 billion will be needed by 9/30/11, the end of the fiscal year. Those funds are to come from federal pensions, Social Security and Medicare. How will these funds be paid back? We do not know, but we would guess there could be legislation to commandeer private pensions, 401Ks and IRAs. On the other hand an alternative is for the Fed to create $700 billion and buy the Treasury debt. That alone, with normal funding, could reach over $2 trillion. That means they would have to create another additional $850 billion to keep the economy from slipping into a great dark pit. That means additional net funds that would have to be created out of thin air of close to $3 trillion. That means mega inflation 2 to 3 years down the line. In addition the US debt to GDP should be more than 100% by the end of the fiscal year 9/30/11."

"The world’s problem is debt – too much of it. Corporate America, particularly Wall Street, thinks debt creation can go on indefinitely as they continue to loot America. The US economy is doing a slow motion swan dive and the corporatists do not care because they believe they’ll become part of this new World Order. What they do not understand is they are stuck in neutral, as they proceed with their looting operations. Worse yet all, or almost alll of the gold belonging to America citizens is gone. The US dollar is like so many other fiat currencies. People often ask, what currency should be in and the simple answer is none, except to function from month-to-month. The record is there one for all to see, all currencies have on average lost value versus gold and silver for 11 straight years. What more can be expected as deficits for all countries mount year after year? This is why almost all governments are trapped. They have to continue to create money and credit or their economies will collapse. The problems are still all there. Greece and the other five lame ducks, the euro and the EU. The European banking system is still staring over the abyss. We have no debt extension. 4% of the SPR has been sold with no net effect on the oil price or availability. To refill the salt domes will be very costly, while in the meantime government has more money to waste. While all this transpires the military industrial complex is laughing all the way to the bank."

If you have the nerve to look squarely into the financial calamity that now stares us in the face, go here to read the rest:

Watching A Flatlining Economy

An excerpt from Bob Chapman's weekly publication.

http://theinternationalforecaster.com/International_Forecaster_Weekly/Watching_A_Flatlining_Economy
 
WASHINGTON (AP) — Treasury Secretary Timothy Geithner (GYT'-nur) says many Americans will face hard times for a long time to come.

He says President Barack Obama rescued the United States from a second Great Depression and will keep working to strengthen the economy. But Geithner says will be some time before many people feel like the country is recovering.

Geithner tells NBC's "Meet the Press" that it's a very tough economy. He says that for a lot of people "it's going to feel very hard, harder than anything they've experienced in their lifetime now, for a long time to come."


Its not our fault...and we have saved you from worse. Re-elect us and then we'll really fix it good!
 
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