DEBTOR' REVOLT - New stimulus plan! Keep the money for yourself - DON'T FEEL GUILTY

New stimulus plan! Keep the money for yourself.

Go ahead. Break the chains. Stop paying on your mortgage if you owe more than the house is worth. And most important: Don't feel guilty about it. Don't think you're doing something morally wrong.
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Also: Don't pay credit cards 'til banks return our tax dollars - VIDEO
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That's the incendiary core message of a new academic paper by Brent T. White, a University of Arizona law school professor, titled "Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis."

White argues that far more of the estimated 15 million American homeowners who are underwater on their mortgages should stiff their lenders and take a hike.

Doing so, he suggests, could save some of them hundreds of thousands of dollars that they "have no reasonable prospect of recouping" in the years ahead. Plus the penalties are nowhere near as painful or long-lasting as they might assume.

"Homeowners should be walking away in droves," according to White. "But they aren't. And it's not because the financial costs of foreclosure outweigh the benefits." Sure, credit scores get whacked when you walk away, he acknowledges. But as long as you stay current with other creditors, "one can have a good credit rating again - meaning above 660 - within two years after a foreclosure."

Better yet, you can default "strategically": buy all the major items you'll need for the next couple of years - a new car, even a new house - just before you pull the plug on your current mortgage lender.

"Most individuals should be able to plan in advance for a few years of limited credit," says White, with minimal disruptions to their lifestyles.

What kind of law school professorial advice is this? Aren't mortgages legal contracts? In an interview, White said that in so-called anti-deficiency states such as Arizona and California, mortgage lenders have limited or no legal rights to pursue defaulting homeowners' assets beyond the house itself. In other states, lenders may decide it is not worth the legal expense to pursue walkaways, or consumers may be able to find flaws in the mortgage documents, disclosures or underwriting to challenge the original contract.

The main point, he says, is that too often people's "emotions" get in the way of clear financial thinking about mortgages, turning them into what he calls "woodheads" - "individuals who choose not to act in their own self-interest." Most owners are too worried about feelings of shame and embarrassment following a foreclosure, and ignore the powerful financial reasons for doing so.

Buttressing these emotions is a system that White labels "the social control of the housing crisis" - pressures and messages continually sent to consumers by the "social control agents," namely banks, government and the media. The mantra these agents - all the way up to President Obama - pound into owners' heads, says White, is that "voluntarily defaulting on a mortgage is immoral."

Yet there is an inherent imbalance in the borrower-lender relationship which makes this morality message unfair to consumers: Banks set the rules during the housing boom, handing out home loans with no down payments, no income checks, and inflated appraisals. Now that property values have dropped 20 percent to 50 percent in many areas, banks have been slow to modify troubled mortgages and reluctant to reduce principal debts.

Only when homeowners cut through the emotional fog and default strategically in large numbers, White argues, will this inequitable situation be seriously addressed.

How does White's 52-page manifesto go over with mortgage lenders? Predictably, not well. Officials at Fannie Mae and Freddie Mac - investors who fund the bulk of all new mortgages in the country - disputed White's characterization of how quickly after foreclosure a walkaway borrower can obtain a new loan. It's not three years, they said, it's a minimum of five years, absent extenuating circumstances such as medical or employment problems that caused the foreclosure.

"Borrowers who walk away from their mortgage obligations face serious consequences" including severely depressed credit scores for extended periods, said Brian Faith of Fannie Mae. In addition, he said, "there's a moral dimension to this as homeowners who simply abandon their homes contribute to the destabilization of their neighborhood and community."

Lewis Ranieri, CEO of several major mortgage-related companies and one of the pioneers of the mortgage securities industry, called White's entire argument "incredibly irresponsible and misinformed." Not only is the professor urging consumers to break legally binding contracts, said Ranieri, but if large numbers of them did so it would send home mortgage rates soaring and "tear apart the very basis" upon which mortgage lending rests - the understanding that borrowers will honor their commitments and pay back the money they borrowed.

E-mail Kenneth Harney at kenharney@earthlink.net.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/11/29/REG81AP4K1.DTL&tsp=1#ixzz0YH2QP6Nw
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Aristotle the Hun's post from Wednesday, March 4, 2009

Don't pay money to banks - They owe you!

The politicians and the bankers ganged up on the people.
We are mostly powerless when it comes to politicians because no matter who we vote for they do what they please once elected.

"Meet the new boss
Same as the old boss
I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around me
Pick up my guitar and play
Just like yesterday
Then I'll get on my knees and pray
We don't get fooled again
Don't get fooled again
No, no!"
The Who

The banks are vulnerable to the power of the people. Just stop paying off your credit cards. If it makes financial sense to stop paying your mortgage, do it!

None of us has an ethical obligation to pay one cent to banks.

The banks are the reason you are having trouble paying your credit cards in the first place so why would you pay money to the people who ripped you off and lowered your income?

New stimulus plan! Keep the money for yourself.

What about the credit rating boogeyman? Your credit will be ruined anyway. Don't pay off banks until banks reform and pay off what they owe us.

Two really important links - Breaking news Obama BC

PS My personal suspicion / speculation: They issued a COLB based solely on the Grandmother’s Affidavit that she has a new Grandson. Beyond that, they’ve got squat as supporting evidence. He could have been born ANYWHERE to ANYBODY. Hence, “Filed” instead of “Accepted”.
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http://freerepublic.com/focus/f-chat/2395708/posts
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http://thepostnemail.wordpress.com/2009/11/28/hi-dept-of-health-admits-obamas-colb-is-faked/
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What does Pelosi know about Obama's eligibility?
"We are talking about the top-down leadership of the ruling political party knowingly and wantonly defrauding voters by way of playing monkey business with fraudulent election documents." --JB Williams
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*Like Aristotle the Hun has been saying all along. "The Democratic leadership and AKA Obama have committed election fraud in all 50 states!"
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Wednesday, October 14, 2009Barack Obama and State of Hawaii on the ropes
http://thesteadydrip.blogspot.com/2009/10/barack-obama-and-state-of-hawaii-on.html
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If you are not suspicious of a man who hides his history I have a bridge in the desert I want to sell you.

If you are unwilling to call for an investigation of a man who attempts to sell you a bridge in the desert I have some beach front property in Florida at the intersection of I75 and Florida # 29 that I want you to buy.

If you place a down payment on a contract for the bridge in the desert and the beach front property in the swamp I would conclude that you voted for Obama.

Can you pass the: Obama Eligibility Logic Test? http://thesteadydrip.blogspot.com/2009/09/obama-eligibility-logic-test.htm

Or get educated and read:

Somehow, you know its coming. That OMG moment is just around the corner. You can feel the inescapable reality creeping up on you. Something will leak. Someone will spill the beans. “For nothing is hid that shall not be made manifest, nor anything secret that shall not be known and come to light.” Luke 8:17 Obama “I have nothing to hide but I’m hiding it.” http://thesteadydrip.blogspot.com/2009/04/aka-obama-fans-all-together-now-say-omg.html

AL! AL Gore! take it back and give it back or go to jail.

I am not a vindictive person. I believe grace can bless even the most evil people. I believe in redemption. If one wants redemption one must confess sins, try to right the wrongs they have caused and change future behavior. So, I don't really want Al Gore to go to jail.

I want All Gore to take back his mistatements in "An Inconvenient Truth" and give back his Academy Award and his Nobel Peace Prize and all monetary rewards associated with his fraudulent claims.

If Al can see his way clear to take the above action I will not support criminal charges against Al Gore. However if he remains unrepentant I am sure he will reap what he has sown. ATH

Climategate Criminals, and Getting Our Money Back

By Jim O'Neill Friday, November 27, 2009

“They are not merely bad scientists — they are crooks. And crooks who have perpetrated their crimes at the expense of British and U.S. taxpayers. I am angry, and so should you be.”
Lord Christopher Monckton November 23, 2009

In a recent article, Lord Monckton pointed out that, far from suffering from global warming, the planet has experienced “rapid and significant cooling” over the past nine years.

That bears repeating. Over the past nine years the world has experienced “rapid and significant cooling.” There has been no global warming—it is a Big Lie.

The whole “global warming” myth is a scam, a fraud, and most significantly, a crime.
We need to start throwing some of the people responsible for this outrage into jail. And we need to start suing to get our money back, and stop this swindle by corrupt politicians, Marxist ideologues, and their dupes.

I say “Marxist ideologues” because behind the veneer of Progressivism, Communitarianism, Statism, Global Collectivism, et al., is an agenda that is rooted in Marxist/Communism.

When the Cold War ended, the old bugaboo of Communism didn’t just go away—it hid for awhile, and then reemerged in new clothes. People wearing those “new clothes” are now running the U.S. government, and “we the people” are increasingly waking up to that fact.

In the “boiled frog” scenario, a frog in a pot of water is cooked to death if the temperature is slowly increased by small increments, but jumps out of the pot, if the temperature is abruptly increased.

America was being “boiled alive” quite nicely, thank you, until the Obama Administration came along and cranked up the heat. Now the “frog’s” awake—and wants to get the heck out of the pot. Our lives depend on it.

These wolves in sheep’s clothing are hell-bent on “social justice,” “sustainable development,” and “redistributing wealth.” They are dedicated to wiping out America’s middle-class, destroying America as a world power, and installing a repressive planetary regime that will quash individual liberty, and freedom of expression.

One of the chief ways that they are going about doing this, is through crippling America’s production capacity, by making it exorbitantly expensive, illegal, or impossible, to produce food and goods.

Agenda 21, Carbon Credits, Global Warming Scam

The Cap and Trade bill is designed to put the finishing touches on a process already well underway, via the UN’s Agenda 21, and laws enacted because of the “global warming” scam.
Corporation shareholders should be insisting that their CEOs instigate lawsuits to recover funds paid for “carbon credits” and other expensive nonsense.

Taxpayers should be instigating class-action lawsuits to reclaim the money that has been misspent in various bogus “global warming” agendas.

And yes, people who were instrumental in propagating the “global warming” fraud, should be sent to jail.

The “global warming” lie, is the largest rip-off in history. It is nothing less than the criminal attempt (largely successful) to defraud the public, and bilk us out of billions, possibly trillions, of dollars.

The LSM (Lame Stream Media) is doing their best to sweep Climategate under the rug—hoping that by ignoring it, it’ll just go away. “We the people” must insure that it is put on the front burner, and stays there.

Let’s get out of the pot, and put them in it.
Laus Deo.

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Jim O'Neill Most recent columns
Born in June of 1951 in Philadelphia, Pennsylvania, Jim O’Neill proudly served in the U.S. Navy from 1970-1974 in both UDT-21 (Underwater Demolition Team) and SEAL Team Two. A member of MENSA, he worked as a commercial diver in the waters off Scotland, India, and the United States. In 1998 while attending the University of South Florida as a journalism student, O’Neill won “First Place” in the “Carol Burnett/University of Hawaii AEJMC Research in Journalism Ethics Award.” The annual contest was set up by Carol Burnett with the money she won from successfully suing the National Enquirer for libel.
Jim can be reached at: Letters@canadafreepress.com

I'm from the government and I'm here to help.

"The nine most terrifying words in the English language are: 'I'm from the government and I'm here to help.'" - Ronald Reagan

Twelve Step Program for Obots - Step One

Little Barry AKA Obama (the Kenyan-Indonesian-African-American lad ) Goes to School

Little Barry Goes to School
By John Armor Published Today From Our Writers Unrated
John Armor
John Armor practiced law in the U.S. Supreme Court for 33 years, and is currently the counsel for the American Civil Rights Union, whose website is at: www.theacru.org. He lives now in Highlands, N. Carolina, and is working on a book about Thomas Paine. View all articles by John Armor
From Our Writers:
It has been almost a year that little Barry What’s-His-Name, the Kenyan-Indonesian-African-American lad has been going to school as President of the United States. This is an interim Report Card to his political parents, the voters of the United States.
English Comprehension: Barry has the more extraordinary ability to speak in English than all but a small handful of students who have ever attended this school. However, this ability to speak in complete sentences, using words that seem appropriate to the subject at hand, is coupled with a near total lack of content in those speeches. A+ for delivery, F for content. As Benjamin Franklin observed, "Here comes the Orator! With his flood of words, and his drop of reason."
Social Studies: With Barry’s approval, one of his confederates, Little Harry Reid, spent $300 million to purchase the one-time services of Little Mary Landrieu to vote yes to put the Health Care Bill on the floor in the Senate. But, it turned out that Little Mary thought it was only $100 million. They paid 200% more than Little Mary was willing to go for. ''C'' for sizing up the situation. ''F'' for acting appropriately. As Oscar Wilde said, "A cynic is a man who knows the price of everything but the value of nothing."
Science: The very week that internal documents in a British university surface, showing that the scientists who most support global warming have falsified their data, Little Barry decides to take part in a meeting that assumes that those false data are true. Barry and his selected playmates persist in the view that science is decided by the number of scientists who hold a particular view, rather than which scientist has a theory which best fits the observed facts. ''F'' for comprehension of what science consists of. ''F'' for application of science in the real world. When Galileo was challenged on his theory that the Earth revolved around the Sun rather than the Sun around the Earth (the common belief of the day) he is reported to have said, "Eppur Si Muove"--"And Yet It Moves."
Economics: Little Barry has shown a distressing tendency to equate borrowed money with earned money, that either can be spent for "investment" with equal effect. Even if there were no waste in the spending, and no fraud in the counting of the results, the radical difference between borrowing which must be repaid, and spending of present, real money, would remain. ''F'' for understanding the basics. ''F'' for application in the real world. Milton Friedman from ''Free to Choose'': "You can be sure that we'll all be able to find very good reasons why we should be the ones to spend somebody else's money." Ben Franklin from Poor Richard’s Almanack: "A penny saved is a penny earned."
History: Little Barry has given several speeches in class about the conduct of warfare and the manner of ending a war successfully. Apparently, he has
been neglecting his homework assignments. ''F'' for comprehension. ''F'' for application. As Vince Lombardi observed, and Winston Churchill also did before him, "Winning isn’t everything, it’s the only thing." Actually, that precise quote came from a John Wayne movie and was attributed to Lombardi.
There is no doubt, however, about Churchill’s position. Spoken in Commons, "You ask, what is our policy? I will say: It is to wage war, by sea, land, and air, with all our might and with all the strength that God can give us; to wage war against a monstrous tyranny, never surpassed in the dark, lamentable catalogue of human crime. That is our policy. You ask, what is our aim? I can answer in one word: Victory--victory at all costs, victory in spite of all terror, victory, however long and hard the road may be; for without victory there is no survival."
Conclusion: Little Barry is not doing well here at the school. Not only do I fear that he will not be promoted at the end of this session, without serious private tutoring to fill in the gaps in his current knowledge, I do not think he can successfully complete the current year. The voters should come and see me, at their earliest opportunity.
Signed:Miss Irmingard Sweeney, Sixth Grade, Unified School District of the United States of America

Little Barry AKA Obama (the Kenyan-Indonesian-African-American lad ) Goes to School

Little Barry Goes to School
By John Armor Published Today From Our Writers Unrated
John Armor
John Armor practiced law in the U.S. Supreme Court for 33 years, and is currently the counsel for the American Civil Rights Union, whose website is at: www.theacru.org. He lives now in Highlands, N. Carolina, and is working on a book about Thomas Paine. View all articles by John Armor
From Our Writers:
It has been almost a year that little Barry What’s-His-Name, the Kenyan-Indonesian-African-American lad has been going to school as President of the United States. This is an interim Report Card to his political parents, the voters of the United States.
English Comprehension: Barry has the more extraordinary ability to speak in English than all but a small handful of students who have ever attended this school. However, this ability to speak in complete sentences, using words that seem appropriate to the subject at hand, is coupled with a near total lack of content in those speeches. A+ for delivery, F for content. As Benjamin Franklin observed, "Here comes the Orator! With his flood of words, and his drop of reason."
Social Studies: With Barry’s approval, one of his confederates, Little Harry Reid, spent $300 million to purchase the one-time services of Little Mary Landrieu to vote yes to put the Health Care Bill on the floor in the Senate. But, it turned out that Little Mary thought it was only $100 million. They paid 200% more than Little Mary was willing to go for. ''C'' for sizing up the situation. ''F'' for acting appropriately. As Oscar Wilde said, "A cynic is a man who knows the price of everything but the value of nothing."
Science: The very week that internal documents in a British university surface, showing that the scientists who most support global warming have falsified their data, Little Barry decides to take part in a meeting that assumes that those false data are true. Barry and his selected playmates persist in the view that science is decided by the number of scientists who hold a particular view, rather than which scientist has a theory which best fits the observed facts. ''F'' for comprehension of what science consists of. ''F'' for application of science in the real world. When Galileo was challenged on his theory that the Earth revolved around the Sun rather than the Sun around the Earth (the common belief of the day) he is reported to have said, "Eppur Si Muove"--"And Yet It Moves."
Economics: Little Barry has shown a distressing tendency to equate borrowed money with earned money, that either can be spent for "investment" with equal effect. Even if there were no waste in the spending, and no fraud in the counting of the results, the radical difference between borrowing which must be repaid, and spending of present, real money, would remain. ''F'' for understanding the basics. ''F'' for application in the real world. Milton Friedman from ''Free to Choose'': "You can be sure that we'll all be able to find very good reasons why we should be the ones to spend somebody else's money." Ben Franklin from Poor Richard’s Almanack: "A penny saved is a penny earned."
History: Little Barry has given several speeches in class about the conduct of warfare and the manner of ending a war successfully. Apparently, he has
been neglecting his homework assignments. ''F'' for comprehension. ''F'' for application. As Vince Lombardi observed, and Winston Churchill also did before him, "Winning isn’t everything, it’s the only thing." Actually, that precise quote came from a John Wayne movie and was attributed to Lombardi.
There is no doubt, however, about Churchill’s position. Spoken in Commons, "You ask, what is our policy? I will say: It is to wage war, by sea, land, and air, with all our might and with all the strength that God can give us; to wage war against a monstrous tyranny, never surpassed in the dark, lamentable catalogue of human crime. That is our policy. You ask, what is our aim? I can answer in one word: Victory--victory at all costs, victory in spite of all terror, victory, however long and hard the road may be; for without victory there is no survival."
Conclusion: Little Barry is not doing well here at the school. Not only do I fear that he will not be promoted at the end of this session, without serious private tutoring to fill in the gaps in his current knowledge, I do not think he can successfully complete the current year. The voters should come and see me, at their earliest opportunity.
Signed:Miss Irmingard Sweeney, Sixth Grade, Unified School District of the United States of America