Banks and Republicans are blocking short-sales of homes

A middle-aged couple who bought a home in my neighborhood are in a terrible situation. They paid too much for their new house, which needed a lot of repairs, and they failed to aggressively work to sell their existing home. Therefore, they now have two houses. They continue to live in their original home while their new house (two houses away from where I live) has been vacant for three years and it is falling apart. I’m not talking about chipped paint. There are huge holes in the roof that are causing the house to rot out. Check out the garage roof too: Image by Erich Vieth[/caption] People who know a lot about rehabbing houses tell me that if this house and garage don’t get immediate attention, they will need to be completely torn down.

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Massively dysfunctional enforcement at the SEC and the Fed

TMP has presented a terrible, yet not surprising, description of the enforcement arm of the SEC. Based on this detailed description of this dyfunctional enforcement arm, no wonder securities fraud has been running rampant. Oh, and on a related note, Huffpo reports that:

The inspector general tasked with overseeing and auditing the Federal Reserve knows pretty much nothing about what the Fed is doing. . . . She did not know where the Fed has invested its $2 trillion on the liability side of the balance sheet. "I do not know. We have not looked at that specific area at this particular point on," she said.

Continue ReadingMassively dysfunctional enforcement at the SEC and the Fed

Obama to credit card companies: stop ripping off American consumers

Could you ever imagine George W. Bush scolding credit card companies for "ripping off" and "abusing" American consumers? Barack Obama is proposing to do away with the fine print and to do away with profits that depend on misleading hard-working families by hiding fees and penalties. He wants to sign a bill reforming the industry by Memorial Day.

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NYT says “It’s Torture!”

The NYT today published an obituary for a deceased American fighter pilot who was captured by the Chinese:

Harold E. Fischer Jr., an American Flier Tortured in a Chinese Prison, Dies at 83... From April 1953 through May 1955, Colonel Fischer — then an Air Force captain — was held at a prison outside Mukden, Manchuria. For most of that time, he was kept in a dark, damp cell with no bed and no opening except a slot in the door through which a bowl of food could be pushed. Much of the time he was handcuffed. Hour after hour, a high-frequency whistle pierced the air. [...] Under duress, Captain Fischer had falsely confessed to participating in germ warfare.
So - when the Chinese do it it's torture. When the US do it it's "harsh interrogation". We expect more consistency of our major news organizations. We expect more of our own government. It's time to call for a special prosecutor, Mr. Attorney General. [via Glenn Greenwald, and Andrew Sullivan]

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Civilised Debate!

I'd forgotten how refreshingly loud British government debates could be. Prime Minister's Question Time is a classic opportunity for any MP to question and challenge the Prime Minister directly. I wonder how the US congress or senate would handle such a debate. If CSpan was this much fun, it would be prime time TV. [viaAndrew Sullivan at The Daily Dish]

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