Today’s Housing Bubble Post: Who Could Have Known?

People are writing about the just-released transcripts for Federal Reserve deliberations during the 2008 financial crash, and who knew what and when. No one at the Fed knew, didn’t get it even after it started, and still say no one could have known.

The first “Today’s Housing Bubble Post” on this blog appeared on April 5, 2005. Yes, I was already writing about the housing bubble and its dangers so often that I started giving the post a “Here we go, again” title…

I was not alone. Bloggers all across the country were screaming that a crash had to come from this.

Reading this one dated April, 2005 today was heartbreaking because it links to this post,

The warning signs are everywhere that a mortgage/housing fiasco is unfolding and the silence is deafening. Except for newcomers like Cramer, the media isn’t covering this debacle or the Doral matter. The home builders having their head handed to them after record existing and new sales, plus record earnings, should put the media on notice that we have a problem.

Perhaps asking the media to quit cheerleading and look at the housing crisis objectively is too much. What of our representatives in Washington? The congress had better be meeting to figure out what the heck they are going to do instead of debating who is more responsible for Fannie.

It was heartbreaking because I happened to see this comment today, which is dated 2005 – 9 years ago:

Our economy is awash with problems right now:
– inflation
– lack of jobs
– manufacturing moved offshore
– pending health care crisis
– pending social security crisis
– housing bubble
– foreign investors fleeing the dollar.

Do you hear the media or government discussing any of this in great detail ? Instead they focus the publics attention on trivia personal interest stories.

… If the media started focussing on the real above mentioned issues, maybe the general public would start making better life decisions…

The post I linked to is titled, “Media, Congress Need To Wake Up.” Inflation is not a problem today, potential deflation is. (In fact inflation hurts bankers but helps working people…) The health care crisis will be helped a lot by Obamacare. There is and was no “pending social security crisis.” Foreign investors are fleein to the dollar. But “lack of jobs” and “manufacturing moved offshore” are worse, and the housing bubble is back in some areas.

Yeah, well, fat chance with that, it’s much worse 9 years later. The media and Congress have their heads even further up their asses.

Meet the Billionaires Using Their Immense Wealth to Make Life Miserable for Ordinary Americans

I wrote this for AlterNet: Meet the Billionaires Using Their Immense Wealth to Make Life Miserable for Ordinary Americans: 5 examples of billionaires pushing a right-wing economic agenda.

Here is how it works these days: You start hearing about a big, national problem and then it becomes a drumbeat. First there are a few articles and columns mentioning that such-and-such is a problem. Then a number of articles appear, then a “study” from a “think tank” confirms the problem and sounds the alarm about how terrible it is, and then just as the issue seems to be the only thing you are hearing about a solution is presented. Of course, the solution always involves taking something away from you and giving it to some company or industry standing in front of a billionaire or three. The right question to start asking when you hear about these “problems” is which billionaire is driving this.

Here are five-plus examples of billionaires who use their money to try to get us to think what they want us to think in order to enact a right-wing economic agenda.

Go read the rest at AlterNet!

No Fast Track To TPP: Fix NAFTA First

The big corporations and the Obama administration are trying to push through a giant new trade treaty that gives corporations even more power, and which will send even more jobs, factories, industries and money out of the country. This is the Trans-Pacific Partnership (TPP) and they are pushing something called “fast track” in Congress to help push it through.

We have to stop this, and we should take the momentum we have generated in our push-back on this to demand Congress and President Obama instead fix NAFTA first. Then fix all of our trade relationships to help working people on all sides of our borders.

TPP, Fast Track And NAFTA

There has been a lot of news about the upcoming TPP trade agreement. The agreement is being negotiated in extreme secrecy in a corporate-dominated process that appears to be leading to an agreement that would give corporations even more power than they already have. Now there is a push to pass a process called fast track through Congress in order to enable the large corporations to strong-arm TPP into law mobilized organizations around the country to sound the alarm.

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National Media Blackout Of Saturday’s Huge Moral March In Raleigh

A crowd declared by organizers to exceed 80,000 showed up to march to protest Republican policies in Raleigh, N.C. Saturday. But you wouldn’t know it if you live outside the area.

Saturday’s big march, organized by the North Carolina NAACP along with more than 160 partner organizations, was called “the Historic Thousands on Jones Street (HKonJ) People’s Coalition.” Rev. Dr. William J. Barber II, president of the N.C. NAACP and convener of HKonJ, said at the march,

“We are black, white, Latino, Native American. We are Democrat, Republican, independent. We are people of all faiths, and people not of faith but who believe in a moral universe. We are natives and immigrants, business leaders and workers and unemployed, doctors and the uninsured, gay and straight, students and parents and retirees. We stand here – a quilt of many colors, faiths, and creeds.”

Local News Reports

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Today’s False-Equivalence Award

Today’s false-equivalence award goes to the New York Times for Fight Over Minimum Wage Illustrates Web of Industry Ties.

After exposing how a supposed “think tank” set up by a PR firm working for the restaurant industry puts out dishonest “reports” claiming that raising the minimum wage is bad policy, the Times writes this:

The campaign illustrates how groups — conservative and liberal — are again working in opaque ways to shape hot-button political debates, like the one surrounding minimum wage, through organizations with benign-sounding names that can mask the intentions of their deep-pocketed patrons.

Because “liberal” groups take in millions of corporate cash and set up phony “think tanks” to spread propaganda about how we should pay people less to enrich the billionaires and their giant corporations, too. Right?

New Budget CUTS Tax Collection

You’ve heard about that new budget Congress passed that cuts Food Stamps another $8 billion? Here’s another brilliant cut Democrats agreed to: cutting funding for tax collection.

Citizens for Tax Justice: The Dumbest Spending Cut in the New Budget Deal,

The newly passed $1.1 trillion bipartisan budget appropriations bill includes myriad spending cuts, but the $526 million cut to the Internal Revenue Service (IRS) has to be the most foolish. Under the new budget, the IRS’s 2014 budget will be $11.3 billion, which is $1.7 billion less than the administration requested and about $2.5 billion higher than the radical 25 percent cut proposed by some House Republicans earlier this year.

… The newly passed $1.1 trillion bipartisan budget appropriations bill includes myriad spending cuts, but the $526 million cut to the Internal Revenue Service (IRS) has to be the most foolish. Under the new budget, the IRS’s 2014 budget will be $11.3 billion, which is $1.7 billion less than the administration requested and about $2.5 billion higher than the radical 25 percent cut proposed by some House Republicans earlier this year.

Thaysay they are worried about “deficits?” Bullshit. That’s not what the austerity is about at all.

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