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MORTGAGE CRISIS SHOWDOWN ON TUESDAY
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tuesday the senate will certify on legislation passed by the house to ameliorate the mortgage crisis. the bill passed with overwhelming bipartisan support in the house and there is a veto-proof majority. bush has vowed to use his puppets in the senate, mcconnell and mccain, to filibuster the legislation, which would forestall foreclosures for millions of families, and kill it there. democratic senate majority leader harry reid believes he can overcome the mccain/mcconnell obstructionist portray on tuesday because there are enough frightened republicans who know that a vote to filibuster the universal bill would help make sure their defeats in november.there is no scepticism that reflexive rubber stamps susan collins (r-me), norm coleman (r-mn), john sununu (r-nh), gordon smith (r-or), perhaps even lily-livered reactionaries elizabeth largesse (r-nc) and ted stevens (r-ak), currently down in the polls and losing to progressive democrat grade begich, are unhappy to support their reactionary party. reid feels that the pressure from their constituents– while having no effect on disdainful and crazed red state extremists kidney james inhofe (r-ok), pat roberts (r-ks), john cornyn (r-tx), lindsey graham (r-sc), the two nutcases from wyoming, the two nutcases from mississippi, lamar alexander (r-tn), jeff sessions (r-al), saxby chambliss (r-ga) and, of path, miss mcconnell (r-ky)– will force enough was kostet cialis republicans to combination strike out the aisle and vote with the democrats to bowled over the filibuster and present bush with stop-lean majorities in both houses of congress. governors from both parties have endorsed the bill and drink told republicaan senators that it is urgent.today’s washington post reports that there is a cascading effect of problems up and down the banking foodchain thanks to a infrequent bigtime, unregulated, sleazy operators in the subprime market world: the speculators the bush regime has taken such virtuous care of. late payments on home-equity loans are at a report high, according to fresh data from the federal lodge insurance corp. the delinquency rates on loans suited for cars, small businesses and construction are spiking to levels not seen in a decade or more.unlike last year, when soaring mortgage defaults sparked a catastrophe of confidence in the financial system, the root of these problems is the downturn in the broader economy. simply put, consumers and businesses are strapped for cash with job losses growing and retail sales falling, economists said….the institutions most at risk in this new step of the credit crisis are regional and shire banks, many of which stayed away from subprime mortgages. these firms are key drivers of cost-effective activity in communities across the country. without them, consumers would lose a source of personal loans. small businesses would struggle to stay afloat. construction companies usually can’t finance local projects without these banks.
in the backdrop of this were hundreds of arrests of wall street and mortgage intermediary criminals who manipulated the mortgage market-place for cut in on spell profits, causing it to implode. two ex-suffer stearns executives, ralph cioffi and matthew tannin, were dragged out of their offices by the fbi in handcuffs and indicted on securities charlatan charges in connection with the $1.4 billion collapse of two hedge funds. they were charged with deceiving investors– something made more prevelant in the last half dozen years just to dysfunctional, ideological bush regime policies geared nearing wrecking the federal regulatory agencies.so deteriorated “operation malicious mortgage” has led to arrests of more than 400 crooked real estate mortgage operators most of whom were charged with lending barracuda and foreclosure and bankruptcy scams. bush regime policies– and every single one of them was rubber stamped by john mccain without a peep or a question
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