Supporting, Informing & Connecting People in Foreclosure

Connection Between Mortgage Fraud and Underfunded Public Pensions?

I have a question… How many public pension programs have been “investors” in the securitized mortages that are at the base of this fraud? Phrased another way, If this whole house of cards comes tumbling down, how many of the bureaucrats who are depending on their pension funds solvency will end up persnonally “paying the piper” for simultaneously lobbying for “cadillac pensions” and not doing their jobs relative to regulating the actions of the culpits?

Is this all intentional? Is it a calculated effort to turn the public employees of every city, state, and federal institution against the “land owners” of our nation…. Do they not see, that they will finally be the “victims” of this fraud?

For those of you who own real estated and vote in Florida, this information was just e-mailed to me:

Top GOP Leader Signals New Taxpayer Bailout of States
Enter Congressman John Mica (R-FL) to the rescue of overpaid, under-worked government employees! The incoming chairman of the House Transportation Committee, Mica is a powerful backer of continuing the Obama Administration’s backdoor bailout of bankrupt state governments.
This state debt nationalization scam is officially known as Build America Bonds (BABs). Its insidious effect is to enable financially reckless states to borrow even more from bond markets rather than be forced to address their bloated budgets.
Insolvent states such as California are enabled to pawn off their reckless decisions on American taxpayers through new markets created by these federally-backed bonds (taxpayers are on the hook for 35% of the lifetime interest payments). BABs implicit guarantee from Uncle Sam enables state governments to build their $2.8 trillion debt pyramid even higher – in concert with another $2 trillion in unfunded worker pension and health-care liabilities.
In December, Mica told The Wall Street Journal that “I can almost guarantee” that the program for subsidized bonds will be funded next year. So the federally-guaranteed muni bond market is set to expand, big time.
Of course, when it comes to future state government financial difficulties, many Republicans are likely to support back-door bailouts because the GOP has captured huge numbers of seats and majority control of many state legislatures (as well as governorships).
Bottom line: There will be massive pressure for the GOP to help their newly-won states avoid the messy accountability of bankruptcy, no matter the cost. This has massive implications for hard money investments since this new debt will ultimately need to be monetized through new money printing.

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Permalink Reply by Phred Maldonaldo on January 2, 2011 at 11:27pm

It is far better to take a stand on behalf of liberty than to continue to extend and proliferate the debt and deficit which are producing certain economic slavery by way of indentured servitude for future generations.

America's Founders knew that, because they were learned persons who were passionate about individual liberty and how to preserve it.

"To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39

"I deem [this one of] the essential principles of our government and consequently [one] which ought to shape its administration:... The honest payment of our debts and sacred
preservation of the public faith." --Thomas Jefferson: 1st Inaugural, 1801. ME 3:322

"I sincerely believe... that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." --Thomas Jefferson to John Taylor, 1816. ME 15:23

"[With the decline of society] begins, indeed, the bellum omnium in omnia [war of all against all], which some philosophers observing to be so general in this world, have mistaken it for the natural, instead of the abusive state of man. And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and
oppression." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:40

That the Obama Administration can view those who might take a stand on stopping the madness of debt and deficit as "playing chicken" reveals the shallowness of their intellect and their total disregard of human liberty. Their counterfeit vision of a Marxian Utopia is the same claim to "doing good" that all tyrants have utilized to enslave citizens. Hear John Adams on that subject:

John Adams to Thomas Jefferson, February 2, 1816:

"Power always thinks it has a great soul, and vast views, beyond the comprehension of the weak; and that it is doing God service, when it is violating all His laws. Our passions, ambition, avarice, love, resentment, etc., possess so much metaphysical subtlety,
and so much overpowering eloquence, that they insinuate themselves into the understanding and the conscience, and convert both to their party."

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Permalink Reply by Phred Maldonaldo on January 2, 2011 at 11:36pm

The current National Debt increases by $1 billion every 6 hours. Every man, woman, child, and illegal alien in America owes over $35,000 to pay off the National Debt.

Best poster I ever saw was held up by a young girl and it read "I'm not even old enough to vote and I owe $27,000!"