Bob Morris @ Apr 2nd 2007 22:44 - Category: Credit crisis ;
Why can New Century Financial, poster child for subslime mortgage exploitation, file for bankruptcy and thus have its assets protected and maybe not have to pay back all the money while homeowners who are getting foreclosed can’t do the same thing? Just wondering…
(Due to the the recent bankruptcy laws, foreclosed homeowners may well not not be able walk away from it, they may still owe the money.)
Bob Morris @ Apr 2nd 2007 22:35 - Category: Climate change ;
By a 5-4 vote, the Court said that EPA “has offered no reasoned explanation” for its refusal to regulate carbon dioxide and other emissions from new cars and trucks that contribute to climate change.
This is a huge defeat for the Bush administration, which had argued that it lacked the power to regulate such emissions, and it is expected to have far-reaching implications for regulating greenhouse gases in the United States.
Finally, a bit of sanity. The Flat Earth Society in the White House suffers a major defeat, as the light of science and logic begins to shine in.
Bob Morris @ Apr 2nd 2007 08:26 - Category: Credit crisis ;
What were seeing in the subprime mortgage implosion is a deliberate transfer of money from the poor and middle class to the wealthy.
[Wall Street] “encouraged it; it funded it,” says Guy Cecala, publisher of the Inside Mortgage Finance newsletter. “Since the mid-90s, warehouse lending by Wall Street firms is what’s kept companies like New Century in business.”
But it won’t be Wall Streeters who go to prison but rather the proxies who ran the subslime companies for them. They all made gobs of money the past few years gouging and exploiting the unwary. Now many subslime companies are cratering and soon enough, some of those very same vultures will be swooping in to buy up foreclosed property on the cheap. Congress and regulatory agencies of course were asleep at the wheel and did nothing to prevent this debacle from happening. They know who their masters are. And where the cushy jobs are once they leave government.
All of which reminds of “I’ve Been Working for the Landlord” by The Fugs, off their recent “The Fugs Final CD (Part 1)”
Someone’s in the kitchen with Congress
And someone’s getting fucked I know-o-o-o
The landlord and the boss
They fuck the working closs
from New York to San Diego
Bob Morris @ Apr 2nd 2007 00:15 - Category: Unfiled ;
Castro correctly argues that the cost for producing biofuel from food will be paid by the poor people of the world as the third world countries that form the majority of agricultural producers will sell their food crops as fuel. What this implies is, in simple terms, a competition for food between the people of the third world and… cars.
Capitalist repsonse to this was predictable, most spun the story as showing that Castro’s health must be improving without responding to what he said - except to bash him for being a communist, of course. However, he’s right. Growing crops to be used to as fuel cars means others may not have food to eat.
We need cars that get vastly better mileage. That’s the best way to go. Yes, a Hummer can probably run on biofuel, but it will still be a bloated, highly inefficient pig of a car, one that’ll be burning up someone else’s potential meal.
Bob Morris @ Apr 2nd 2007 00:08 - Category: Unfiled ;
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