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Black Congress, Critical of Obama, to Convene in D.C. to Set Black Agenda Tue, 06/22/2010 - 11:52
The Black political party that confronted then-candidate Barack Obama on the campaign trail in August, 2008 with the simple question, “What about the Black community, Mr. Obama?” holds its annual Congress in Washington, next month. African People’s Socialist Party chairman Omali Yeshitela says there is an historic opportunity “for black people everywhere to take back the power to control our own destiny as a people.”
“The APSP will unveil its program to address the current crises facing black communities across the U.S.”
As criticisms of President Obama’s war and economic policies mount, the group that first questioned his intentions regarding the concerns of the black community is holding a national Congress to define a black agenda to serve the interests of black people.
From July 10–14, community activists from throughout the U.S. will converge on Washington, D.C. for the 5th Congress of the African People’s Socialist Party (APSP). An organization with philosophical roots in the teachings of Marcus Garvey and Malcolm X, the APSP will unveil its program to address the current crises facing black communities across the U.S., including the unprecedented loss of homes through the subprime fraud, skyrocketing unemployment reaching 50% in some urban areas, increasingly widespread accounts of police brutality and discriminatory incarceration in private for-profit prisons.
Under the banner of “One People! One Party! One Destiny!” the Congress will be convened by African Socialist International Chairman Omali Yeshitela, a veteran of the African liberation struggle. Yeshitela issues a call to black communities to get organized. “The worldwide economic and political crises we are witnessing today present a great opportunity for black people everywhere to take back the power to control our own destiny as a people. African workers must organize ourselves into our own independent organization and prepare to govern.”
Also present will be APSP-USA member Diop Olugbala who got worldwide media coverage when he represented the Party in publicly challenging Barack Obama during a campaign event in St. Petersburg, FL in 2008. Olugbala demanded to know why the then-presidential candidate would not denounce police violence and economic exploitation in African communities of the U.S., leading a chant, “what about the black community, Obama?”
“African workers must organize ourselves into our own independent organization and prepare to govern.”
A broad spectrum of black leaders will address the Congress, including Malik Zulu Shabazz, Founder of Black Lawyers for Justice and Chairman of the New Black Panther Party; Jackson, Mississippi City Councilperson Chokwe Lumumba, Chairman of the New Afrikan People’s Organization; Glen Ford, Executive Editor of Black Agenda Report, which has published scathing critiques of Obama’s policies; Efia Nwangaza, veteran of SNCC’s Atlanta Project, broadcaster, leader of the Malcolm X Grassroots Center for Self-Determination in South Carolina, and member of the Black is Back Coalition that held the first black-led protest in D.C. opposing the Obama regime’s war policies; Alex Morley, attorney and workers’ rights expert from the Bahamas; Nellie Bailey, leader of the Harlem Tenant’s Council; MOVE Family member Pam Africa, leader of the campaign to free Mumia Abu Jamal; Lawrence Hamm, Chairman of New Jersey’s People’s Organization for Progress; and Queen Mother Dorothy Lewis, a lifelong fighter for reparations to African people.
International allies of the black freedom struggle will also be present at the Congress, including Marcos Garcia, the Labor Attaché of the Venezuelan Embassy; Ernesto Bustillos of Union del Barrio, a Chicano-Mexicano rights organization in southern California; and a representative of the Nicaraguan Embassy.
The Congress will take place at the Kellogg Center, located at 800 Florida Ave. NE on the Gallaudet University Campus in Washington, D.C. and is open to the public. For more information or to register, visit apspcongress.org or call 727-821-6620.
Barack Obama and the Future of American PoliticsLong time activist, researcher and scholar Paul Street offers perhaps the most clear-heded and meticulously researched dissection yet of the career of the current president, along with a frank assessment of the possibilites, good and not so good, in an Obama administration.
Color Blind by Tim Wise
The election of a black president has given the fashionable fantasy of North American color blindness body and wings. Ostensibly colorblind policies, argues Tim Wise, actually work to widen the persistent gaps between black and white America. You can't pursue racial justice without confronting the everyday reality of race. Since race and racism are constructs imposed by whites on the rest of humanity, only privileged whites can afford the pretense of colorblindness. Solving the nation's persistent problems will mean giving up this pretense.
African scholar Mahmood Mamdani challenges the fabricatedSaviors and Survivors by Mahmood Mamdani stats and fraudelent history popularized by the Save Darfur Coalition and the advocates of robust U.S. military intervention in Sudan. The Save Darfur Coalition, he argues is not a peace movement but a war dance, blocking a peaceful settlement by spreading falsified casualty figures, groundless charges of genocide, and offering the U.S. public an appealing but misleading case for military intervention.
Waiting For Lightning To StrikeThe year that saw an African American run for the presidency as a viable contender also witnessed a truly remarkable silence. While millions of words written about the political ascent of one black man, there was virtually nothing about the descent of black leadership into well-nigh total ineffectiveness. Barack Obama’s personal itinerary was mapped in the minutest detail. The larger itinerary of African Americans was mostly ignored.
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I think that you have sold out to the white man MK.
-------------------- "Not everything that counts can be counted, and not everything that can be counted counts." (Sign hanging in Einstein's office at Princeton) Leap and the Net will Appear. Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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-------------------- "Not everything that counts can be counted, and not everything that can be counted counts." (Sign hanging in Einstein's office at Princeton) Leap and the Net will Appear. Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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It means that you are condemning another for something that you are doing because you feel that he is doing it on a larger scale.
-------------------- "Not everything that counts can be counted, and not everything that can be counted counts." (Sign hanging in Einstein's office at Princeton) Leap and the Net will Appear. Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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LOL, larger scales count much more than small scale. What I do only affects me and mine. What Obama does affects the whole world. Everything is relative, is it not?
It's a matter of principle. When you condemn another for what you hold as your fundamental truth then your behavior should reflect your principles. The rule that you hold to should govern your personal behavior. If it doesn't then you my friend are a hypocrite in the very truest sense of the word.
hypocrite; a person who indulges in hypocrisy.
hypocrisy; the practice of claiming to have moral standards or beliefs to which one's own behavior does not conform; pretense .
Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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Hahahaha, not at all the same. Obama is a career politician. Before that, he was a lawyer. Both are scum of the earth and can be trusted as far as one can throw an elephant.
What is in fact Hypocritical are all these white people lying to themselves that they are colorblind, yet screaming at Obama that he is racist against whites, while he hasn't done crap for anyone else but whites. LOL, and whites still wish to kill him. Obama is the real hypocrite, but that's the way white America likes their leaders. A direct reflection of themselves.
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You are justifying your behavior because you feel you are not as bad as another. This is like a man who killed someone in cold blood and points to another saying he is the bad one because he killed 3.
There are those who don't sell out who point to you as a black man and say that you have sold out to the white man.... and your response to them... "not as much as he does"
...be a man.
-------------------- "Not everything that counts can be counted, and not everything that can be counted counts." (Sign hanging in Einstein's office at Princeton) Leap and the Net will Appear. Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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Is Jeffrey Demer less a mass murder than the Catholic Church because he killed 12 while the church killed millions? You damn right the church is the worst of the two. That's simple common sense.
Likewise, me as an INDIVIDUAL will ALWAYS be less a sell out than someone like Obama or Clarence Thomas, simply because of the numbers affected.
LOL, nobody cares about the old white man who refuses to hire blacks at his 2 man auto repair shop. But put that same racist in as CEO or VP of HR at Ford or the Federal Government and we have a real problem. To believe otherwise is just foolish.
Don't think that I failed to note how you completely avoided the topic of the thread and accompanying article.
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Gold, You cannot win an argument or have a conversation with this moron. He is a flamer and just wants to shout at anyone who will listen.
Posts: 2036 | From: Texas | Registered: Sep 2009
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Here is another genius checking in(anguishofbeing). It is no small wonder that all of the long time regulars on this board have either left or seldom check in. Djehuti was Einstein compared to these loons.
-------------------- The tree of liberty is watered by the blood of tyrants. Posts: 2036 | From: Texas | Registered: Sep 2009
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your little girlfriend mary. you like her because she liked to play with you old man. lol
Posts: 4254 | From: dasein | Registered: Jun 2009
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quote:Originally posted by Hammer: Here is another genius checking in(anguishofbeing). It is no small wonder that all of the long time regulars on this board have either left or seldom check in. Djehuti was Einstein compared to these loons.
LOL, it looks like Benedict Arnold, The British Traitor code named, Hammer has returned to snitch again.
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MK, Nobody cares about the rant of some bitter nigger. Scream and yell all you want. Posts: 2036 | From: Texas | Registered: Sep 2009
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quote:Originally posted by MelaninKing: 3 versus 1? Yeah, it's all relative.
Is Jeffrey Demer less a mass murder than the Catholic Church because he killed 12 while the church killed millions? You damn right the church is the worst of the two. That's simple common sense.
Likewise, me as an INDIVIDUAL will ALWAYS be less a sell out than someone like Obama or Clarence Thomas, simply because of the numbers affected.
LOL, nobody cares about the old white man who refuses to hire blacks at his 2 man auto repair shop. But put that same racist in as CEO or VP of HR at Ford or the Federal Government and we have a real problem. To believe otherwise is just foolish.
Don't think that I failed to note how you completely avoided the topic of the thread and accompanying article.
Congrats on being "less of a sell out" ....
Yo Hammer.... I did win. Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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quote:Originally posted by Hammer: MK, Nobody cares about the rant of some bitter nigger. Scream and yell all you want.
STFU pink arse, and go babysit your mixed up mixed up half and half mechicanos grand childrens.. LoL...how old are they now? Do they bite, yet?? LoL...
Posts: 7419 | From: North America | Registered: Mar 2009
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quote:Originally posted by MelaninKing: 3 versus 1? Yeah, it's all relative.
Is Jeffrey Demer less a mass murder than the Catholic Church because he killed 12 while the church killed millions? You damn right the church is the worst of the two. That's simple common sense.
Likewise, me as an INDIVIDUAL will ALWAYS be less a sell out than someone like Obama or Clarence Thomas, simply because of the numbers affected.
LOL, nobody cares about the old white man who refuses to hire blacks at his 2 man auto repair shop. But put that same racist in as CEO or VP of HR at Ford or the Federal Government and we have a real problem. To believe otherwise is just foolish.
Don't think that I failed to note how you completely avoided the topic of the thread and accompanying article.
Congrats on being "less of a sell out" ....
Yo Hammer.... I did win.
Sorry Gold, sometimes "winning" is not the goal in a debate. In fact, there is no debate here. There are no winners in this thread, just unconscious slaves being dumped mindshare.
Posts: 2403 | Registered: Feb 2010
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quote:Originally posted by MelaninKing: 3 versus 1? Yeah, it's all relative.
Is Jeffrey Demer less a mass murder than the Catholic Church because he killed 12 while the church killed millions? You damn right the church is the worst of the two. That's simple common sense.
Likewise, me as an INDIVIDUAL will ALWAYS be less a sell out than someone like Obama or Clarence Thomas, simply because of the numbers affected.
LOL, nobody cares about the old white man who refuses to hire blacks at his 2 man auto repair shop. But put that same racist in as CEO or VP of HR at Ford or the Federal Government and we have a real problem. To believe otherwise is just foolish.
Don't think that I failed to note how you completely avoided the topic of the thread and accompanying article.
Congrats on being "less of a sell out" ....
Yo Hammer.... I did win.
Sorry Gold, sometimes "winning" is not the goal in a debate. In fact, there is no debate here. There are no winners in this thread, just unconscious slaves being dumped mindshare.
What ever you have to say to yourself to justify your behavior and make you feel good about yourself. Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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^ I ALWAYS feel good about myself. I've been extremely BLESSED, and those around me get to FEEL it too and feel good also. If I weren't so humble, I'd insist people like you call me Jesus.
Of_Gold it's all relative to the level of consciousness you exist in and how you perceive reality and accept responsibility for the various ramifications of your actions. No doubt the era we live in today is the era of irresponsibility and land of unaccountability.
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...but don't your blessing come at a price? The price of compromising your convictions to sell out to the white man.
People who feel good about themselves generally have a positive attitude.
Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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^ Little sweet Of_Gold Every choice in life has an attached trade-off whether you acknowledge and plan for it or not the ramifications of your choices will occur in a classic action/reaction interchange state.
Positive attitude is obtained when choices you make are carefully evaluated and chosen for the best effect with less negative impact.
Positive and negative are relative terms indicating in which direction primary flow will occur.
As the famous poet, James Brown wrote; I feel good.. Like I knew that I would I feel nice. Like Sugar and spice. So good, so nice Cause I got you..Yeah
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Maybe a trade-off, I'm not sure that every choice has a trade-off. Sell out is another thing.
The way I see it is that you hold others to principles or convictions that you have and don't follow yourself.
Your nice life comes from basically selling out to the white man. You speak the whites man's language, get a white man's education, live in a traditional white man's house, wear the white man's clothing, and use the white man's currency, Pretty much a complete sell out.
-------------------- "Not everything that counts can be counted, and not everything that can be counted counts." (Sign hanging in Einstein's office at Princeton) Leap and the Net will Appear. Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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^ Hahahaha, nice try sweetness, but NO cigar.
Believe me; Every choice, no matter how large or small has a trade-off. Every single one.
As to the "white" man's language, clothes, education, etc. The white man has NEVER invented anything. It's all an illusion. LOL, can you imagine someone like Hammer actually responsible for an significant invention? Naw, but you can clearly envision him stealing one or more. ROFLMBAO
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...nor can I imagine you responsible for a single invention.
Nice try to you MK. You have sold out and you know it. Yet you justify yourself and condemn Obama.
-------------------- "Not everything that counts can be counted, and not everything that can be counted counts." (Sign hanging in Einstein's office at Princeton) Leap and the Net will Appear. Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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Me, an inventor? How intuitive and perceptive of you. I can see from your posts that you are not simply another pretty face although I won't chance your comprehension of the nature of these inventions.
From my imagination to your living room, although most of my inventions went to the corporations I worked for. Today, I am referred to as, a futurist. Conceiving and defining salient features of future electronics. LOL, I get paid to think about the future. What a hobby!
Obama is a different beast than your average brother on the street. Like Condellezza Rice, they were brought, paid for, and groomed at the high school level. Don't be offended. They are all only working against black people, and towards your behalf. That is what mealy-mouthed lawyers and politicians do. They shuck responsibility and accountability for the adverse trade-offs on the positions and choices they make. Look around the world and you'll realize the impact of this negative trade-offs.
Posts: 2403 | Registered: Feb 2010
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^ These boys are INSANE! They have reverted fully back to their wickedly destructive Feudalistic natures from Old England when ALL English Peasants (Villains) were slaves to a few nobles and of course, the crown.
These Jews below work for the same Jewish criminals who were in charge of Old England (and the Crown) and Europe even before they invaded America and murdered the Natives. They make their money by creating Paper money based Ponzi systems, financing wars and weapons of war, World wide drug trade, and their number 1 skill, bribing government officials and stealing from the Government coffers. These Jews have manipulated their Gentile inferior counterparts into a trick bag they can never escape!
TWO OF THE WORLD'S BIGGEST THIEVING JEWS. THEIR HANDS ARE IN THE WORLD'S POCKETS!
When Obama failed to fire these two crooks everyone should have deduced his powerlessness against the FED and that he would only be a pawn used by those who are really in charge.
Federal Reserve Chairman Ben S. Bernanke and then-New York Fed President Timothy Geithner told senators on April 3, 2008, that the tens of billions of dollars in “assets” the government agreed to purchase in the rescue of Bear Stearns Cos. were “investment-grade.” They didn’t share everything the Fed knew about the money. The so-called assets included collateralized debt obligations and mortgage-backed bonds with names like HG-Coll Ltd. 2007-1A that were so distressed, more than $40 million already had been reduced to less than investment-grade by the time the central bankers testified. The government also became the owner of $16 billion of credit-default swaps, and taxpayers wound up guaranteeing high-yield, high-risk junk bonds. By using its balance sheet to protect an investment bank against failure, the Fed took on the most credit risk in its 96- year history and increased the chance that Americans would be on the hook for billions of dollars as the central bank began insuring Wall Street firms against collapse. The Fed’s secrecy spurred legislation that will require government audits of the Fed bailouts and force the central bank to reveal recipients of emergency credit. “Either the Fed did not understand the distressed state of some of the assets that it was purchasing from banks and is only now discovering their true value, or it understood that it was buying weak assets and attempted to obscure that fact,” Senator Sherrod Brown, an Ohio Democrat and member of the Senate Banking Committee, said in an e-mail when informed about the credit quality of holdings in the Maiden Lane LLC portfolio. The committee held the April 3 hearing. Bear Stearns Purchase Maiden Lane, named for a street bordering the New York Fed’s Manhattan headquarters, was created to hold the assets the central bank acquired to facilitate JPMorgan Chase & Co.’s purchase of Bear Stearns. The Fed disclosed the Maiden Lane holdings in March after Bloomberg News went to court using the Freedom of Information Act, and the U.S. District Court in New York held that the Fed should release documents related to Bloomberg’s request.
“The Federal Reserve was not straightforward with the American people regarding the risks they were taking with taxpayer money, despite my efforts to obtain such clarity at the time,” U.S. Senator Richard Shelby of Alabama, the Senate Banking Committee’s top Republican, told Bloomberg News. “It is apparent that the Fed withheld from the Congress and the public material information about the condition of these securities.”
Downgraded to Junk When Bernanke and Geithner testified in April 2008, $42 million of the CDO securities the Fed would eventually buy had been downgraded to junk, data compiled by Bloomberg show. By the time the central bank funded its $28.8 billion loan to Maiden Lane 12 weeks later, about $172 million of such securities the Fed purchased were rated below investment grade, according to data compiled for Bloomberg by Red Pine Advisors LLC, a New York firm specializing in the valuation of complex, illiquid securities. CDOs bundle assets ranging from mortgage bonds to high- yield loans and divide them into new slices, or tranches, of varying risks. High-yield, or junk, bonds are those rated below Baa3 by Moody’s Investors Service and lower than BBB- by Standard & Poor’s. “As was noted in testimony, all of the cash securities in the Maiden Lane portfolio were investment grade on March 14, 2008, when the deal was agreed to in order to facilitate the acquisition of Bear Stearns and to prevent the systemic consequences of its sudden and disorderly failure,” Michelle Smith, a spokeswoman for the Fed’s Board of Governors, said in an e-mail. Recover Principal “The Federal Reserve considered not just credit-rating valuations, which have varied some over time based on economic conditions, but also relied on a separate assessment from an independent investment firm, which advised us that over time, we would likely fully recover our principal and interest,” Smith said. “We continue to expect the loan to Maiden Lane to be fully repaid.” The Fed valued the loan at $27 billion as of the end of last year, $1.8 billion below the amount that was funded in 2008, according to financial statements audited by Deloitte & Touche LLP. More than 88 percent of Maiden Lane’s CDO bonds and 78 percent of its non-agency residential mortgage-backed debt are now speculative grade, according to data compiled by Bloomberg based on holdings as of Jan. 29. Securities, Derivatives The nonagency home-loan bonds and CDO securities made up about 44 percent of the $74.9 billion in face amount of Maiden Lane’s assets, Fed data show. Maiden Lane also contains commercial real-estate loans and other mortgage debt. The central bank hasn’t released how or at what prices it has valued the securities and derivatives, which are contracts whose values are tied to assets, including stocks, bonds, commodities and currencies, or events such as changes in interest rates or the weather. Being “investment grade” was a requirement for Maiden Lane’s bonds even after Bernanke and Geithner publicly criticized inflated ratings for helping to cause the financial crisis. “The complexity of structured credit products, as well as the difficulty of determining the values of some of the underlying assets, led many investors to rely heavily on the evaluations of these products by credit-rating agencies,” Bernanke said in a January 10, 2008, speech in Washington. “However, as subprime-mortgage losses rose to levels that threatened even highly rated tranches, investors began to question the reliability of the credit ratings and became increasingly unwilling to hold these products.” Princeton, Dartmouth Members of Congress pressed Bernanke, who received a doctorate in economics from the Massachusetts Institute of Technology and served as chairman of Princeton University’s economics department, and Geithner, a Dartmouth College graduate who earned a master’s degree in economics and East Asian studies from Johns Hopkins University, about the quality of the assets during the April Bear Stearns hearings. “You’ve got about $30 billion of collateral. And some comments have been made that you feel comfortable because it’s highly rated,” Senator Jack Reed, a Rhode Island Democrat, told Bernanke, according to a transcript. “But a lot of highly rated collateral these days is being subject to questions.” “Senator, as was mentioned, it is all investment-grade or current performing assets,” Bernanke responded. “We do not know for sure what will transpire,” he said. “But we have engaged an independent investment-advisory firm who gives us reasonable comfort that if we can sell these assets over a period of time that we will recover principal and interest for the American taxpayer.” Chances for Loss When asked by Shelby during the hearing what the chances were for a loss, Robert Steel, then the U.S. Treasury undersecretary for domestic finance, said the transaction “was $30 billion, approximately, of collateral, all investment-grade securities, all of them current in interest and principal.” Steel, who was named deputy mayor for economic development last month by New York City Mayor Michael Bloomberg, declined to comment through Andrew Brent, a spokesman for the mayor’s office. The mayor is founder and majority owner of Bloomberg News parent Bloomberg LP. Bernanke and Geithner didn’t detail during the hearing that the Fed would expose itself to below-investment-grade assets through credit derivatives it was also acquiring. The $16 billion of credit-default swaps included bets protecting some junk-rated asset-backed securities against default, according to two people familiar with the agreement who declined to be identified because the terms weren’t made public. ‘Related Hedges’ The Fed hasn’t disclosed how much was tied to below- investment-grade debt. Geithner, who is now Treasury secretary, said in an addendum to the text of his remarks only that the Fed was assuming “related hedges,” without elaborating. Credit-default swaps are used to hedge against losses or to speculate on creditworthiness. The derivatives pay the buyer face value if a borrower fails to meet its obligations, less the value of the defaulted debt. “I strongly object to the mischaracterization of the portfolio,” Sylvain Raynes, a principal at R&R Consulting in New York, said in an interview. “The ratings that were purportedly investment-grade had long lost their utility” and to call several billion dollars of derivatives “related hedges” is “nonsense” and a “material omission.” So-called hedges aren’t without risk, said Raynes, who is also co-author of “Elements of Structured Finance,” which was published in May by Oxford University Press. “You can be on the wrong side of a hedge, by definition. Which side are they on?” Shrinking Holdings Maiden Lane has been unwinding its credit-default swaps, according to the people familiar with the agreement. The holdings shrank to a face amount of $11.8 billion in December 2008 and $7.3 billion at the end of last year, according to its financial statements. Of the $7.3 billion, $2.45 billion were contracts guaranteeing debt against default, including $2.1 billion of junk-rated securities. The bank valued the credit swaps it sold at a $1.8 billion loss, according to the 2009 statement. Overall, Maiden Lane assumed more bets against securities than for them, the people familiar with the agreement said. The market value of its entire swaps book, including more than $3 billion of interest-rate contracts, was $1.13 billion as of Dec. 31, 2009, according to year-end financial statements. The Senate Banking Committee also called JPMorgan Chief Executive Officer Jamie Dimon to testify on the Bear Stearns deal on April 3, 2008. Riskier, More Complex “The assets taken by the Fed consist entirely of loans that are current and rated investment grade,” Dimon said, according to a transcript. “We kept the riskier and more complex securities in the Bear Stearns portfolio for our own account. We did not cherry-pick the assets in the collateral pool.” If the Fed hadn’t engineered the takeover, “the consequences could have been disastrous,” Dimon said. JPMorgan didn’t pick the individual securities for Maiden Lane, Geithner said in an annex to his April 2008 testimony. Instead, it selected groups of assets that met criteria set by the central bank, and the Fed and its adviser, New York-based BlackRock Inc., reviewed those assets, according to one of the people familiar with the agreement. As part of the bailout, JPMorgan agreed to absorb the first $1 billion in losses. Assets, Liabilities JPMorgan had to weigh how many real-estate assets it could absorb against its existing inventory, Dimon said, adding that the New York-based company acquired about $360 billion of Bear Stearns assets and liabilities in the transaction. JPMorgan spokesman Justin Perras declined to comment further on Maiden Lane. “We certainly had doubts at the time: Why wouldn’t JPMorgan want a bunch of AAA assets?” said Mark Calabria, a former Senate Banking Committee staff member who was present at the April 2008 hearings and is now director of financial- regulation studies at the Cato Institute in Washington. “The answer is it was all borderline junk.” The average CDO security was cut 7.6 grades by Moody’s and 7.3 levels by S&P in the 22 months between the time the Fed funded the loan and April 2010, according to Red Pine. “That is quite steep,” said Wade Vandegrift, a Red Pine partner. “The default rates and the delinquency rates of these deals were a significant multiple of even the worst-case projections that rating agencies and other people projected.”
Foreclosed Loans
WaMu Asset-Backed Certificates Series 2007-HE1 M2, a $4.1 million mortgage-bond position the Fed acquired, was backed by home loans originated by the subprime-lending unit of Washington Mutual Inc., the Seattle-based thrift that went bankrupt in September 2008. As of March 2008, the month Bear Stearns collapsed, more than 26 percent of the loans were at least 60 days late, in foreclosure or the properties had already been seized, according to data compiled by Bloomberg. Three weeks after the Fed agreed to the Bear Stearns rescue and four days after Bernanke’s April testimony, Moody’s cut the security to junk. S&P followed a month later and now rates it D. “It is hardly surprising or particularly newsworthy that the value of” the Maiden Lane “portfolio deteriorated in the midst of the worst financial crisis in generations, but it is unlikely that the taxpayers will lose a dime on the government’s loan,” Treasury spokesman Andrew Williams said in an e-mail. The Congressional Budget Office estimates the Fed will make $200 million on Maiden Lane from inception through 2020. Demanding Accountability Billions of dollars in Fed loans -- some possibly involving subsidies for the biggest banks and corporations -- remain secret, and Congress is demanding more accountability from the Fed than at any time in its history.
House and Senate negotiators agreed on the sweeping Dodd- Frank Wall Street Reform and Consumer Protection Act last week, which requires the Government Accountability Office to audit the Fed’s emergency loans and forces the Fed to reveal recipients of such credit by Dec. 1. The House approved the measure 237-192 yesterday. It awaits approval by the Senate and will then go to President Barack Obama for his signature. Vermont Senator Bernard Sanders wrote the legislation requiring an audit of Maiden Lane and other credit facilities. The act also would make it more difficult for the Fed to provide emergency loans in the future. “We need to lift the veil of secrecy at the Federal Reserve,” Sanders, an independent, told Bloomberg News when informed about the credit quality of Maiden Lane’s holdings. “We need a complete and independent audit. The American people have a right to know what the Fed is doing with trillions of their taxpayer dollars.” Posts: 2403 | Registered: Feb 2010
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quote:Originally posted by MelaninKing: Me, an inventor? How intuitive and perceptive of you. I can see from your posts that you are not simply another pretty face although I won't chance your comprehension of the nature of these inventions.
From my imagination to your living room, although most of my inventions went to the corporations I worked for. Today, I am referred to as, a futurist. Conceiving and defining salient features of future electronics. LOL, I get paid to think about the future. What a hobby!
Obama is a different beast than your average brother on the street. Like Condellezza Rice, they were brought, paid for, and groomed at the high school level. Don't be offended. They are all only working against black people, and towards your behalf. That is what mealy-mouthed lawyers and politicians do. They shuck responsibility and accountability for the adverse trade-offs on the positions and choices they make. Look around the world and you'll realize the impact of this negative trade-offs.
Nice MK, I'm impressed... Congrats on being successful in the white mans world. How do they treat you? How do you treat them? By chance do you have any friends with white skin? Are you living in an african American neighborhood?
I have a hard time understanding why you harbor so much hate.
Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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quote:Originally posted by MelaninKing: Me, an inventor? How intuitive and perceptive of you. I can see from your posts that you are not simply another pretty face although I won't chance your comprehension of the nature of these inventions.
From my imagination to your living room, although most of my inventions went to the corporations I worked for. Today, I am referred to as, a futurist. Conceiving and defining salient features of future electronics. LOL, I get paid to think about the future. What a hobby!
Obama is a different beast than your average brother on the street. Like Condellezza Rice, they were brought, paid for, and groomed at the high school level. Don't be offended. They are all only working against black people, and towards your behalf. That is what mealy-mouthed lawyers and politicians do. They shuck responsibility and accountability for the adverse trade-offs on the positions and choices they make. Look around the world and you'll realize the impact of this negative trade-offs.
Nice MK, I'm impressed... Congrats on being successful in the white mans world. How do they treat you? How do you treat them? By chance do you have any friends with white skin? Are you living in an african American neighborhood?
I have a hard time understanding why you harbor so much hate.
Actually Of_Gold, I have my own company. True, I sell and bill whites for my goods and services, but if they don't mind paying 100% more than blacks, who am I to discourage them.
What you incorrectly perceive as HATE is in reality a pure LOVE for humanity which whites are not a part of. My LOVE forces me to stand while others like yourself kneel. My LOVE forces me to utilize the imagination God has blessed me with to comprehend that what should be, versus that which is, distinguishing right from wrong, good from evil, and intelligent from random programming. Of course those who are on the wrong side of life would see HATE where there is only, LOVE. If you've never known pure LOVE then it is extremely difficult to recognize, and may as well be invisible to the wavelength vision to Albino eyes.
Once again, I know thousands of white people. Most of the companies I sell to only hire whites and have no blacks on their staff. Many of them are CEOs, VPs, managers, etc. They pay extra when buying from my company! I hit em in the head hard every time. Since they represent upper middle class white America, They unknowingly assist me in my research of whites and Albinos.
Anyway, once again I point you to the thread's topic which has distressed you to the point of ignoring it entirely for the more mundane and predictable distraction of personal assault.
Posts: 2403 | Registered: Feb 2010
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I never assaulted you. In fact I give the white man far less power than you give him. I submit to you that you are not only a sell out but you are the one on your knees.
PS. You say that Ignore a thread yet you know that many of my political views align neck in neck with yours.
Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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LOL, still waiting for your comment on the thread's topic, yet you are stuck in assaulting me. Hammer, is that you?
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^ Of course you do. I have the same id that I have always had.
I know who you are too, I can always tell even though you have different aliases.
At least MK is up front and keeps his same id wether he is being his great guy self or his jerk self. You hide to hate on me. You do understand that he hates Arabs too, don't you?
Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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Why do you insist that I hate folk? I don't hate Arabs (Semite) or Jew (Slav). I HATE no man or animal. You remind me of the white folks who called Martin Luther King and Marcus Garvey Haters simply because they had the nerve to criticize whites for their evils. Whites and Jews share a denial defense mechanism that allows them to find it easier to proclaim HATE where it is unwarranted, versus looking inward at themselves to understand WHY all these people of color feel this way about them.
quote:Originally posted by of_gold: ^ Of course you do. I have the same id that I have always had.
I know who you are too, I can always tell even though you have different aliases.
At least MK is up front and keeps his same id wether he is being his great guy self or his jerk self. You hide to hate on me. You do understand that he hates Arabs too, don't you?
Elections are coming up. The Dems are fielding real donkeys this time, I suspect you are prepared to vote for them again. LOL
Posts: 4254 | From: dasein | Registered: Jun 2009
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quote:Originally posted by MelaninKing: ^ LOL Of_gold
Why do you insist that I hate folk? I don't hate Arabs (Semite) or Jew (Slav). I HATE no man or animal. You remind me of the white folks who called Martin Luther King and Marcus Garvey Haters simply because they had the nerve to criticize whites for their evils. Whites and Jews share a denial defense mechanism that allows them to find it easier to proclaim HATE where it is unwarranted, versus looking inward at themselves to understand WHY all these people of color feel this way about them.
LOL, Dude you just said Whites and Albinos were not Humans.
They have reverted fully back to their wickedly destructive Feudalistic natures from Old England when ALL English Peasants (Villains) were slaves to a few nobles and of course, the crown. I have to agree with M.K, Whites if left ot themselves will revert to killing and subjugating each other. White Europeans have done this for time memorial, the difference now is they have people of color to focus their destruction on. So in essence White racists NEED blacks and other minorities like a shark need a fish, as much as they claim White power.
Posts: 8804 | From: The fear of his majesty had entered their hearts, they were powerless | Registered: Nov 2007
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^ Of course Whites need Blacks as fundemental as their need for oxygen. When Garvey planned to move Blacks back to Africa, it got whites panties in such a bunch, they threatened to plant explosives and blow up the ships in the middle of the ocean. Whites were so afraid that Garvey would succeed, they used a Negro to set him up under false charges and deported him out of the country, pretty much like they railroaded Jack Johnson. Why? Because Whites understand damn well that an America without blacks is nothing special and certainly no super power. Without blacks it may as well be Russia or England. There would be no Ford Taurus, no Hip-Hop or Jazz, no Elvis Presley and no Mick Jagger & The Rolling Stones. There would be no Rock And Roll and Whites would still be listening to Hee-Haw banjo music and Polkas. And that's not even addressing their hopes for remedies to their very terrible physical ailments as we see their ideal solution manifested in Obama.
Yes, tis true. Whites need blacks much more than blacks need whites.
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quote:Originally posted by MelaninKing: ^ Of course Whites need Blacks as fundemental as their need for oxygen. When Garvey planned to move Blacks back to Africa, it got whites panties in such a bunch, they threatened to plant explosives and blow up the ships in the middle of the ocean. Whites were so afraid that Garvey would succeed, they used a Negro to set him up under false charges and deported him out of the country, pretty much like they railroaded Jack Johnson. Why? Because Whites understand damn well that an America without blacks is nothing special and certainly no super power. Without blacks it may as well be Russia or England. There would be no Ford Taurus, no Hip-Hop or Jazz, no Elvis Presley and no Mick Jagger & The Rolling Stones. There would be no Rock And Roll and Whites would still be listening to Hee-Haw banjo music and Polkas. And that's not even addressing their hopes for remedies to their very terrible physical ailments as we see their ideal solution manifested in Obama.
Yes, tis true. Whites need blacks much more than blacks need whites.
I agree 100%, Now I don't think Whites are inferior per say, but white people need blacks and people of color, If we were gone White people would focus their destruction on earch other. For example look at the History of Europe. The Brits starved nearly a Million Irish peasants and others fled to America. The Catholics and Protestants were murdring each other in blood baths. I can go on but the fact is that Europeans are pretty much predatory as a people.
Did you know that when the KKK was formed blacks tried to leave and form All black Communities. We tried to leave white in peace, but guess what the KKK threatened that they would Kill any blacks who tried to leave the South.
If black people knew this fact we could stop worring about Hate the White man non-sense. In reality we should pity them, save them from theirselves.
See they have conditioned blacks and people of color to worship and seek them as authority and Gods chosen people. They preach that God rewards people with wealth, and Jesus came to make everyone Rich. However we know that Christ came for the POOR...Why is this, you might ask, well becaause Christ also said in the last Days his people will be the Poor of the Earth, sold into captivity, without a Heritage.
Again not all whites are destructive, most are productive, I mean at least they have civilizations like Greece and Rome, The least productive barbaric people I can name are Arabs. Id rather live in Greece than in Sand dunes. If Northern Whites learned a thing or two from the Greeks maybe things might have been different. For example the Greeks did not believe in excess and Greed.
Posts: 8804 | From: The fear of his majesty had entered their hearts, they were powerless | Registered: Nov 2007
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quote:Originally posted by of_gold: ^ Of course you do. I have the same id that I have always had.
I know who you are too, I can always tell even though you have different aliases.
At least MK is up front and keeps his same id wether he is being his great guy self or his jerk self. You hide to hate on me. You do understand that he hates Arabs too, don't you?
Elections are coming up. The Dems are fielding real donkeys this time, I suspect you are prepared to vote for them again. LOL
It's not like there is much of a choice. If you want to vote you have to pick someone who is actually running to vote for. Who are you suggesting?
You just like insulting me. I don't see you saying anything to MK when he says hateful things about Arabs.
Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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^ Hey, Hey, Hey! LOL, why you trying to direct HATE my way?
Sure, I can take it but, this particular part of the conversion is between you (A) and AOB (B). So, why you trying to put me (C) in your A+B dispute?
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quote:Originally posted by of_gold: ^ Of course you do. I have the same id that I have always had.
I know who you are too, I can always tell even though you have different aliases.
At least MK is up front and keeps his same id wether he is being his great guy self or his jerk self. You hide to hate on me. You do understand that he hates Arabs too, don't you?
Elections are coming up. The Dems are fielding real donkeys this time, I suspect you are prepared to vote for them again. LOL
It's not like there is much of a choice. If you want to vote you have to pick someone who is actually running to vote for. Who are you suggesting?
You just like insulting me. I don't see you saying anything to MK when he says hateful things about Arabs.
Then why vote at all, why complain. All politicians are liars. Obama is no different than Bush. To me there is no point in voting, plus you end up on Jury Duty..
Posts: 8804 | From: The fear of his majesty had entered their hearts, they were powerless | Registered: Nov 2007
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quote:Originally posted by of_gold: ^ Of course you do. I have the same id that I have always had.
I know who you are too, I can always tell even though you have different aliases.
At least MK is up front and keeps his same id wether he is being his great guy self or his jerk self. You hide to hate on me. You do understand that he hates Arabs too, don't you?
Elections are coming up. The Dems are fielding real donkeys this time, I suspect you are prepared to vote for them again. LOL
It's not like there is much of a choice. If you want to vote you have to pick someone who is actually running to vote for. Who are you suggesting?
You just like insulting me. I don't see you saying anything to MK when he says hateful things about Arabs.
Then why vote at all, why complain. All politicians are liars. Obama is no different than Bush. To me there is no point in voting, plus you end up on Jury Duty..
Because I would rather have a small voice than no voice at all. Posts: 3891 | From: No good deed goes unpunished. | Registered: May 2007
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with this moron. He is a flamer and just wants to shout at anyone who will listen.
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