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New York and California Descend into the Financial Maelstrom. Raise Taxes!!

New York and California Descend into the Financial Maelstrom. Raise Taxes!!

 The suspicion that those ‘elected’ officials in our wonderful big states are much different from drug-crazed street hookers with sporadic and relatively severe mental afflictions is now confirmed. It is obvious that the only way these two states can operate like a ‘state’ is to hike taxes, give phony jobs to those who would walk the farms of the Golden State assessing the social treatment of kangaroo rats, birds and curious and novel bugs of the lice and sand flea set.  Both states are havens for illegal aliens, who are free to run wild, commit heinous crimes and peddle drugs openly on the street corners. They apparently have the vote and have the power of a splinter party in a close race. Both states are self-burdened from creating unlimited  positions’ in ‘education[1]’ and priests of  social justice’ along with socially-concerned social scientists [wardens] who moderate [and celebrate] the supply of drugs and play the comic theatre of drug rehab. The lawyers swarm like locusts eating up public funds in their pursuit of fat fees and the redistribution of wealth. The world’s oceans will boil from petroleum pollution.

 Their economic demise has been predicted by this author.[2] California has no future as an organized society.[3] California is a freak show. San Francisco is now the model for the Ultimate Utopia.[4]New York is a similar ugly sister at the dance, festooned with similar social warts and open sores.[5] California is merely a containment facility for perverts, losers, illegal aliens and those who must deal with the vermin in their midst or flee the state. To save the planet, both of these states have enlisted hoards of unwashed and screaming EcoNazis who ‘teach’ us all that we are going to fry in a sauna bath that is a result of anthropogenic CO2 in the atmosphere. Europe [6][7] is now a sticky cluster of drooling socialists who huddle in the shadow of the old Stalinist Empire, wallow in fear and now must grovel before Sharia Law and indecision. These citizens[8], who managed to truncate and confound their gene pool in two world wars by selecting the alphas and killing them off in the mud and trenches along with  a nifty extra 100,000,000 dead bodies from political cleansing, left the physically and mentally inept (along with low scoring deltas) to procreate losers to guide us toward oblivion.  The social flotsam now populates the government ministries and celebrates the wild screeds and foamy fears of the idiots who now dominate the Green Party. The best example of this kind of Reverse-Darwinist genetic mistake is the English Princeling of Wails, or Flop Ears the Dolt.[9] He knows how to lose. Today, their banks have collapsed. [10] The Islamo-Fascisti may take over for the simpering Brits who lost control of their senses.

 So, we are now entertained by the howls and sobs of the so-called governor of New York State:

 Mr. Paterson has culled a team of economic experts and sought advice from the likes of Joseph Stiglitz, the onetime chairman of the president's Council of Economic Advisers. The governor has emerged to warn -- in sharp terms -- that an already huge budget deficit is expected to grow significantly once the dust settles on Wall Street. "The impact of the unprecedented events that have occurred in the economy in recent weeks are worse than anyone imagined," Mr. Paterson said[11]More Budget Cuts for New York State by Dionne Searcey [Emphasis is mine in all quotes.]

 This parasite suborns around 3-5 million illegal aliens in his state, a flourishing drug problem, massive crime and corrosion in the cities along with  one of the world’s records for  mindless and irresponsible tax-whoring and spending  and this  budget ‘problem’ comes as a surprise?

 "We're just going to have to do more with less, which is difficult, but it's going to be necessary," said Mr. Paterson in a recent interview with The Wall Street Journal.

 Really? And what about the illegal aliens who flock to your hospitals for free medicine? How about tax evasion by aliens? How about the theft of Social Security numbers? How about the drug societies you have in Syracuse, Buffalo, Brooklyn and other garden spots in your state? Can we have an AIDs Celebration Day some time?

 The stinking California Corpse suffers from the same socialist disease.

 OAKLAND, Calif., Oct 07, 2008 /PRNewswire-USNewswire via COMTEX/ -- Gov. Schwarzenegger should make mortgage reform a key part of his efforts to address California's budget and financial woes, according to a coalition of consumer, research, and policy organizations. The groups maintain that the state's financial crisis will not abate until there is a real reduction in the number of mortgage foreclosures.”

 Now, we need to analyze the next part:

 "California is home to 1,300 foreclosures every business day, which are pushing housing prices down, eroding wealth from millions of homeowners and draining the state and local governments of critical revenue," said Norma Garcia, Senior Attorney for Consumers Union. "Something must be done to save our neighborhoods and stop the erosion of the economy. We urge Gov. Schwarzenegger to lead a bipartisan push to get foreclosures under control." The coalition proposes a comprehensive foreclosure and mortgage reform agenda including:

 180-Day Foreclosure Moratorium - We need to hit the pause button on

foreclosures until programs like FHA's new Hope for Homeowners refinancing initiative gets off the ground and the federal government's new $700 billion Wall Street bailout have had a chance to reinvigorate mortgage markets.

 Mandatory Affordability-Based Modifications - The governor should demand that all servicers implement affordability-based modifications such as the Federal Deposit Insurance Corporation (FDIC) is doing with the IndyMac portfolio, and as Bank of America will be doing beginning December 1, with some troubled Countrywide mortgages. These two models make clear that wide-scale modifications are possible, and should be mandatory to avoid more foreclosures and stabilize the economy.[12]

 Is anybody thinking about this? Does anybody know what this Leftist Parasite Garcia[13] is asking for?

 Here are the facts as I view them from my perch:

 

[1] This mess is a direct result of the ‘government’ forcing banks to give loans of all kinds to people with poor or very credit.[14]

 [2] The default on the loans broke the banks, Fannie Mae and is now forced upon the taxpayer to pay for.

 [3] Now, the phony California ‘government,’ besotted with socialists, illegal aliens, drug addicts and perverts calls for ‘modifications’ based on ‘affordability and a 180 day freeze on the debt liability.

 Have we gone insane? What this is all about is that your government has socialized housing for the ‘poor’ and they are going to continue on with this at the expense of tax payers.  Anybody who offers a loan to anybody for anything is now subject to having the details and agreements of the load adjudicated by some leftist who pretends to be working in the people’s best financial interests.

 FHA's new Hope for Homeowners [HoHo] is a joke and soaks both the lender and mortgage holder. Nobody seems any benefit in this wreckage including desperate home owners.

 An example:

 If you start with a $150,000 house with that level of mortgage with nothing down and the market value descends to $120,000 by market forces then what do you want the lenders to do? You want homeowners to refinance the mortgage at 90% of $120,000  or $108,000 with a 3% refinance charge[15] and other snarls as reported by mortgage broker Lou Barnes [16]from the LA area.  The lender takes a hit of about $30,000 on this as the first option. The homeowner has several nasty choices too. [17]

  The goal is to convince existing lien holders that they are better off accepting a short payoff rather than foreclosing on the home.[18]

[19]

 

That $30,000 hit would now be covered by the taxpayer!

 Then, we ask the ugly question:

 What happens when illegal aliens demand a house with a zero-down mortgage and immediately default on payments? Oh! They get 6 months rent free and then some liberal judge might ‘adjust’ the mortgage to suit their ‘affordability.’

 They get a free house, no rent and a chance to participate in the American Dream at your expense. What will they vote for? OH!  More of your money?

 How about them apples? Sour?

 You have seen nothing yet. What is happening is that Jeremiah Wright’s Chickens[20] are coming home to roost in your house and you will pay for the chicken feed. Socialism is upon us. Get your money to safety and buy some gold. The end is upon us.

 The Chicken Screed:

 In his first sermon after September 11th, 2001, Reverend Wright said the U.S. had brought on the attacks with its own terrorism.”[21]

 We bombed Hiroshima, we bombed Nagasaki, and we nuked far more than the thousands in New York and the Pentagon and we never batted an eye. We have supported state terrorism against the Palestinians and black South Africans, and now we are indignant?! Because the stuff we have done overseas is not brought back into our front yard? Americans chickens are coming home to roost.”[22] --Rev. Dr. Jeremiah A. Wright, Jr.

 All these racist parasites have in this world (except for hate and contempt for capitalism) is your money and now they have access to it. Have a nice day.

 Access to your money is now a ‘right’ for the ‘poor’ and illegal aliens

 Also, before they get everything you have, vote out every member of Congress that voted for the bailout. They are all parasites.

 rycK

 

Comments to: ryckki@gmail.com

 


[1] Obama: College for Everybody with No SATs?!

http://rycksrationalizations.blogtownhall.com/2008/05/30/obama_college_for_everybody_with_no_sats!.thtml

 [2] New York State is Going Bankrupt. California and New Jersey will Follow Soon.

 [5] The Leftists Have No ‘Solution’ to California’s Budget Problems: Raise Taxes!! Grab Power!  Novel!

http://rycksrationalizations.blogtownhall.com/2008/07/19/stupid,_more_stupid_and_the_idiot_europeans_investigated_and_explained.thtml

 [7] The Stupid Europeans Bawl and Moan for US Help with their Phony Socialism. Let us Rescue them with our Tax Money!

[9] Flop Ears the EcoNazi Prophet of Doom Raises the Spectre of Disaster from GM Food Production

http://rycksrationalizations.blogtownhall.com/2008/08/14/flop_ears_the_econazi_prophet_of_doom_raises_the_spectre_of_disaster_from_gm_food_production.thtml

 [10] Government to unveil bank rescue Chancellor Alistair Darling's brief statement following talks at Downing Street The UK government is poised to announce details of a £50bn rescue package for the banking system, the BBC's business editor has learned. http://news.bbc.co.uk/2/hi/business/7657422.stm

[11] More Budget Cuts for New York State by Dionne Searcey October 8, 2008 http://online.wsj.com/article/SB122342312392213285.html#articleTabs%3Darticle

 [12] Governor Should Add Housing Crisis to Budget Agenda in Special Session, Coalition Urges http://www.marketwatch.com/news/story/governor-should-add-housing-crisis/story.aspx?guid={5AAE5087-5255-4D26-BD9C-A575C366E28B}&dist=hppr

 [13]Norma P. Garcia is a Senior Attorney at the West Coast Regional Office of Consumers Union, nonprofit publisher of Consumer Reports magazine. Since joining Consumers Union’s staff in 1992, Garcia has concentrated on legislative and regulatory advocacy on behalf of consumers, especially in the areas of credit and finance. She is the author of several publications on topics including the usage of credit scores in insurance, reverse mortgages and predatory mortgage lending. She was Consumers Union’s principle lobbyist for the passage of SB 2045, and AB 489, making California the second state in the nation to adopt a statewide anti-predatory lending law. Ms. Garcia was honored as a 2000 National Trial Lawyer of the Year Finalist by the Trial Lawyers for Public Justice for her contribution to the public interest by serving as co-counsel on the litigation team which successfully defended Consumers Union in a multi-million dollar SLAPP suit brought by Isuzu Motors Ltd.” http://www.consumersunion.org/about/2006/10/norma_p_garcia.html

[14] The NYT Hopes for Hope to Stick Taxpayers with Bad Debt for Political Reasons.

http://rycksrationalizations.blogtownhall.com/2008/10/02/the_nyt_hopes_for_hope_to_stick_taxpayers_with_bad_debt_for_political_reasons.thtml

 [15]HoHo provides for a write-down of the mortgage to 90% of current market value, to $135,000, plus a 3% refinance fee to the FHA, $139,000 total. HoHo further provides a 1.5% annual surcharge; added to 6.50% current market equals 8%, amortized for 30 years is $1,020 per month. Better by a little, possibly affordable, equity negligible, pride failing. Then there’s HoHo’s anti-equity kicker: when the place appreciates in value (how many years ahead?), and she either refinances off the 8% or sells, HoHo will take half of any appreciation. I bet HoHo won’t split costs. http://calculatedrisk.blogspot.com/2008/08/what-isnt-wrong-with-hope-for.html

[21] Ref 15 Ibid.

[22] Ref 15 Ibid.

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