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May 7th, 2010 | Author: joszkyxaqwa

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Crocodile Tears on Wall Streetaf Bill Moyer and Michael WinshipMed all due respect, we can only wish them Tea Party activists gathered in Washington and other cities this week were not so single-minded about who is responsible for all their troubles, real and imagined . They are up in arms, so to speak against Big Government, especially Obama administration.Hvis they thought this through, they would be joining forces with other grassroots Americans who in the coming weeks will demonstrate in Washington and other cities against the High Finance, taking on Wall Street and the country's largest banker.Den original Tea Party, remember, was not directed only against the British Redcoats. Colonial patriots also took aim at the East India Company. It was limited company company originally founded by the first Queen Elizabeth. Over the years, given the government their special rights and privileges which the owners turned into a monopoly on trade, including te.Det may seem a bit of a stretch from tea to credit default swaps, but the principle remains the same: When the huge private wealth goes unchecked, get regular people hurt – badly. That is what happened in 2008 when monied interests led us up the garden path to the big sammenbrud.Så Tea Party crowd should be demanding accountability from Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells Fargo, and dozens of hedge funds and private equity firms, which constitute what we loosely call the Wall Street.Men are the perpetrators to take responsibility for damaging the lives of millions of ordinary Americans? Do not kid yourself. If you have been to see them appear before Congressional committees and the financial crisis Inquiry Commission – the independent investigation that is supposed to find out what really happened – you've undoubtedly been to reach Pepto-Bismol.Her is Robert Rubin, former Treasury Secretary and director of Citigroup, testified last week. "Almost all of us involved in the financial system, including financial firms, regulators, rating agencies, analysts and commentators missed the powerful combination of forces at work and the serious possibility of a massive crisis," he said. "We all bear responsibility for not recognizing this and I deeply regret it." Okay, maybe you do not have a crystal ball. But what about good old-fashioned business acumen? How could you make so much money and not know the score? "You talk about a degree of accuracy, no board will ever have," Rubin claimed. Citi paid you $ 120,000,000 as a senior advisor and Rainmaker and you are responsible for knowing what is happening beneath you? You did not bother to evaluate the risks you were peddling to customers? Committee heard a similar excuse from Chuck Prince, which served as CEO of Citigroup during his meltdown: "Let me start by saying I am sorry. I am sorry that the financial crisis has had such a devastating effect on our country … And I am sorry that our management team, starting with me, like so many others could not see the unprecedented market collapse that lay ahead. "Commission Chairman Phil Angelides, former state treasurer of California, was not buying it. "The two of you in charge of this organization appears to have no control over what happened," he said, and Rubin, "I do not think you can have it in two ways: they were either dragging the handles or asleep at the switch. "Nevertheless, financiers moan, it was all a huge accident, once in a century accident, an act of God. But of course it is not true. Lots of people saw it coming and made a bundle that takes away with the spoils at the expense of the millions who lost their jobs, homes and savings. There is no longer any doubt that many bankers continued to play the system after the collapse – still pay exorbitant salaries and bonuses while hitting ordinary people with usurious same day paycheck loans, credit cards and other fees – and refuses to help small and medium sized enterprises that could create beskæftigelse.The Tea Party gang really should have fallen with those Senate hearings this week to look at the failure of Washington Mutual, the bank that went belly up in meltdown in September 2008 – the largest f. eg failure in U.S. historie.Som a 18-month Senate investigation revealed that WaMu made subprime loans that its leaders knew was rotten, so packaged them as mortgage securities and pawned them off on unsuspecting investors. Loan officers were paid by the number of mortgages they sold, and ran up the tracks by lying to customers and falsification of data so that they could make bigger bucks and win trips to Maui and the Caribbean. At a Washington Mutual office in Montebello, California, 83 percent of the housing loans contained false oplysninger.Så is Lehman Brothers. Their accident, except for some harassment only now come to light, was small enough to fail. During the Black September day two years ago, the Feds were sacrificed and let it go flying to the USA's biggest bankruptcy ever. In an admirable job in journalism this week, reported The New York Times that Lehman secretly controlled a company called Hudson Castle. Critics say it was used by Lehman to borrow money and to hide bad investments in commercial properties and subprimelån.Men week's price for sheer gall yesterday to a Chicago-area hedge fund called Magnetar, named after a kind of neutron star that spews deadly radiation in entire galaxies. Thanks to the teamwork of investigative reporting site ProPublica and public radio's Planet Money Project and "This American Life," we learned that Magnetar worked with Citigroup, JPMorgan Chase, Merrill Lynch and other investment banks to create toxic CDOs – secured debt – securities backed by subprime mortgages that management knew was bad. So Magnetar took that knowledge and action on that same investment, they had recommended to buyers, selling short and making a formue.Blot call all this "creative accounting" is to make it an injustice. This is corruption, cynicism and greed on a scale that would make the Roman emperor Caligula creep. Or rather, the Emperor Nero. He has not only poison the citizens of Rome, legend says that he burned the place down, tinker around in the ashes like our Wall Street tycoons.Men since we know all this, why is it so hard to hold Wall Street accountable? Which brings us to what the Tea Party and people have been complaints about this week. The banking sector and corporate America is fighting against the proposed financial reform with all the money and influence at their disposal to try to preserve a system that enables them to loot the country again . Look at Eric Lichtblau report this week, also in The New York Times, entitled: "Legislators Regulate Banks, then flock to them." The financial sector has hired more than 125 former members of Congress and congressional staff from both parties to help them fight off ansvarlighed.Ikke wonder that this headline appeared in the Times this week: "GOP Considers Measure on Plans to Curb Finance Industry". It is not surprising. Earlier this year Republican politicians told Wall Street: Give us the bottom and we will scrap reform.Den GOP's SWAT team – also known as the U.S. Chamber of Commerce – has already spent three million U.S. dollars to try to kill or maim a key part of reform – the proposed new Financial Protection Agency. With the Department as their front companies have bankrolled ads that make it seem as if the Red Army is on our dørtrin.Fortalere for reform has countered with ads of their own, but the Democrats are deeply in hock to Wall Street, too. Remember Magnetar hedge fund that bet against his own products? The owners cover their bets with ample campaign contributions to Rahm Emanuel. Yep, the same – President Obama's White House chief of staff. At that time he was an Illinois congressman and chairman of the Democratic Congressional Campaign Committee, which collected millions of dollars from the financial tjenesteydelser.Faktisk site Politico.com reports that "the nation's ten richest hedge fund managers have dumped nearly one million U.S. dollars in the campaign as measured over the past several years … Consumer advocates and critics from other financial sectors say hedge funds would get quite easily "under the Senate reform regningen.Bundlinjen:" The Wall Street banks are the new American oligarchy – a group that wins the political power because of its economic power and then uses that political power to his advantage. "Then write Simon Johnson, former chief economist at the International Monetary Fund, the Fund and James Kwak, a former management consultant and software entrepreneur, in their important new book, 13 Bankers: The Wall Street Takeover and the next financial nedsmeltning.Deres word warning and the past year and half make you aware that, as usual, had Thomas Jefferson, whose birthday we celebrate this week it right. Back in 1816, he wrote: "I sincerely believe … that banking institutions are more dangerous than standing armies. "Bill Moyer is managing editor and Michael Winship is senior writer of the weekly public affairs program Bill Moyer Journal, which airs Friday night on PBS. Check local airtime or comment at The Moyer Blog at www.pbs.org / Moyer.

photo: Kelly Sims "Stop throwing your money away on rent." You see the phrase in Real junk mail and hear from new homebuyers who are immersed in the nightmare of paperwork, the points of pudsning.Logikken is simple: hire is just rinse money down the toilet, buy a house gives you a piece of something to call your own. You earn home equity and end up with something concrete to pass down to your heirs or sell or refinance when you go on pension.Der is a kernel of truth to all this. But it is most crap. I've been a tenant all my adult life and I have lots of home equity. My home equity is called "cash" and it is the accumulated difference between what I pay in rent and what a similar homeowner pays for their mortgage, upkeep, property taxes and utilities. (Sure, Ipay all these things indirectly, but this is the point: they are rolled into my rent and they are not rolled into your mortgage.) Unlike a homeowner, I can choose to invest my share in something other than real estate. I can use my equity without taking out a line of credit. I can squander my own, but I will never be "underwater" because of the whims of the market. And I gather home equity faster than the average boligejer.Ja, thirty years from now when your mortgage is paid off, you own a home free and clear. You know what I want to own? Enough money to pay cash for your hjem.Sure, I make a big assumption: I assume the value of your house will not increase much faster than inflation (or at least not much faster than the performance of my investments). Harvard professor Ed Glaeser, writing in The New York Times's Economix blog, believes this is an excellent assumption: Houses are assets, too, but it is a mistake to expect to offer a regular increase in the price. Houses pay hefty dividends to their shareholders in the form of living space, this is the real return on investment in housing and basic economics of housing not point to eternal prisstigningen.Faktisk Case-Shiller index, the most respected measure of house prices shows that they hardly have outpaced inflation since 1890.Jeg is also assumed that I have discipline to keep saving the money. So far so good. Homebuying is often praised as a "compulsory savings scheme." I think it's true: it is a system that forces you to invest a large portion of your money in real estate. How is this better than simply increasing your 401 (k) contributions? Two kinds lejereVi is not so different, Joe Homeowner and me. I rent a property from a landlord. He rents money from a bank.Hver month I write my landlord a check. The money spent on orthodontia for the owner's children, and I will never see it igen.Hver months, Joe writes his banker a check. The interest portion of the payment-by Joe, it is well over half of the payment, more than I spend on renting a comparable home will be spent on polishing the bank's yacht, and Joe will never see it igen.For this analogy, I am indebted to David Crook of The Wall Street Journal, who wrote a seminal 2007 column on the topic: Mortgage interest rent you pay to your lender for use of his money instead of a landlord for use of his house … most of your monthly payment is not based equity is not tax deductible. It just goes down the same black hole that sucks up other tenants' money. And it takes 20 years before a typical borrower pays more principal each month than interesse.Åh, but what about the mortgage interest deduction? It's not for Joe. It is my own and Joe's banker. Only half of homeowners take it-the rest are better off with the standard deduction and the average tax savings for those $ 2,000, according to Roger Lowenstein of the New York Times. (The big winners in the mortgage interest deduction game are homeowners who make over $ 250,000 a year, but not so much that they can afford to buy a home with cash.) Trapped in the closet Home ownership has long been said, leads to financial and community stability. The last three years should have taught everyone that "own" (ie funding) a shelter is no protection against financial uro.Med terms of community stability, be careful what you wish. If you lose your job, the worst place to find yourself trapped in an underwater house. I could move with two weeks notice and get my security deposit tilbage.Det is not just anecdote. As Tim Harford reported in Slate: English economist Andrew Oswald has shown that in European countries and across U.S. states, high housing is correlated with high unemployment …. Renting your home and staying flexible do wonders for your chances of always finding an interesting job to gøre.Hvad for a high degree of their own house to create community, I'm not sure how you would measure it. All I know is that my family lives in one of the safest and most desirable census tracts in Seattle, as in the 2000 census, it consisted of 85% lejere.Hvorfor buy? I say no one should buy a house? Of course not. There are plenty of situations where you want to do it: * You live in a place where the total monthly cost of renting equivalent to borrowing. This is true in a lot of non-residential bubbly places outside the big cities and coasts. In that case, sure why not? * You really want to be able to renovate. Yes, it takes ownership. But beware: the cost of renovation is almost never recouped when a house is sold. Also people talk about the ability to adapt as if it would be important to everyone. I just do not care to get my hands dirty .* This kind of house you want in the neighborhood you want is not available for rental. (This is unlikely to be the case in the current market situation, however) .* There is a special house you want, and you can afford to buy it with a big payout and a boring 15 – or 30-year fixed-rate realkreditlån.Bare because a house is not a good investment, in most cases does not mean you should not buy one. A steak is not a good investment either. The problem is that houses cost more than steaks and a lot of people are convinced that everyone should own one if they can afford it or not. If you can not afford to purchase real estate, or just do not like, do not. It's okay. You are still a voksen.Mig? There is not anything I want to get out of my economic, social or family life that require me to own real estate. So I leje.-Hungry Monkey out now: http://hungrymonkeybook.com/

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