Here’s an opportunity for the Tea Party: fighting foreclosure fraud by banks!

Summary:   The long recession has brought forth episodes of oppression and lawlessness that cry out for citizen activism.  Another Tea Party.  But we snooze on.  Here's one such, and reports of the some embers of the Republic which still burn brightly.  At the end are conclusions and links (for those who would like to know … Continue reading Here’s an opportunity for the Tea Party: fighting foreclosure fraud by banks!

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Rumors of the coming “Slam Dunk” economic stimulus

Summary:  Having missed the last opportunity for legislation to avert the possible double-dip in late 2010 or early 2011, rumors fly that Team Obama plans a massive unconventional stimulus.  I suspect these rumors represent the flotsam and jetsam from serious discussions held in secret. After the global economy crashed in late 2008, mainstream economists (e.g., Krugman, Delong, … Continue reading Rumors of the coming “Slam Dunk” economic stimulus

Housing Update – dynamite to blast us out of our lethargy?

Summary:  Housing statistics are often misrepresented.  Much of the analysis comes from industry shills, and the data during this downturn challenges the long-standing American love of real estate.  Today the Census provides a powerful follow-up to Cutting through the fog to clearly understand the housing crisis. Today's bleak news from the Census Department: a stunning and record-high 19 … Continue reading Housing Update – dynamite to blast us out of our lethargy?

Cutting through the fog to clearly understand the housing crisis

Summary:  the housing crisis can only dimly be seen through the fog of disinformation.  Much of which comes from the desperate real estate industry.  Their heavily spun news gets eagerly accepted because we love housing -- and want to believe the happy days will soon return. Sales of existing housing measure turnover.  Up or down … Continue reading Cutting through the fog to clearly understand the housing crisis

Who should we blame for the mortgage crisis?

Here are questions asked on the FM website this week (some of these were assertions, which I've rephrased at questions).  Click on the question to go directly to the answer. Did FNMA and the other Government Sponsored Enterprises cause the sub-prime mortgage crisis? Did the Community Reinvestment Act cause the housing crisis? (1) Did FNMA and the … Continue reading Who should we blame for the mortgage crisis?

Updates to posts past on the FM website

Some articles you might find of interest, updates about matters discussed on the FM website. Contents About government efforts to control the news At last, sensible action to mitigate the housing crisis News about the financial crisis About the US dollar (1)  About government efforts to control the news "Media Criticism, Chicago-Style", Glenn Reynolds, op-ed … Continue reading Updates to posts past on the FM website

Has the US financial system been nationalized?

No, but we've taken big steps in that direction.  For example, the government owns a large insurance company (AIG).  More importantly, it has nationalized 95% of the single largest component of the financial sector:  home mortgages. From "Recent Developments in Mortgage Finance", John Krainer, Federal Reserve Bank of San Francisco Economic Letter, 26 October 2009.  Federal Housing Administration … Continue reading Has the US financial system been nationalized?