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Alan Grayson Donating Member (111 posts) Send PM | Profile | Ignore Fri Dec-09-11 03:58 PM
Original message
A $200K Mortgage for $2 a Month
Edited on Fri Dec-09-11 04:01 PM by Alan Grayson
You saw that title, A $200K Mortgage for $2 a Month, and maybe you thought, that looks like spam.

No. Its real.

And then maybe you thought, a $200,000 mortgage? For only $2 each month? That sounds impossible.

Well, it is possible. Its just not possible for you.

For Bank of America, yes. For Citigroup, yes. For Wells Fargo, yes.

For you, no.

The GAOs main report on its audit of the Federal Reserve exposed who received the trillions and trillions of dollars in Fed bailouts. But the GAO report wasnt very specific about the terms of those bailouts. For that, we have the Freedom of Information Act records obtained by Bloomberg News, which Bloomberg wrote about last week. Among other things, Bloomberg reported that the Fed lent out this cash to Wall Street at rates as low as 0.01 percent.

To such worthy recipients as Bear Stearns, AIG, the Royal Bank of Scotland, etc., etc.

Well, it could have been worse. The Fed could have just dumped the money into a wood chipper.

If you do that math, youll see that when the Fed gave Citigroup the money for a $200,000 mortgage, at 0.01 percent, Citigroup had to pay less than $2 each month for that money. Citigroup then lent that money to you if it deigned to lend you anything for maybe $1,000 a month, maybe more.

And that $40,000 credit card balance? Citigroup paid the Fed less than a dollar a month for that money. And you paid $1,000.

Citigroup pays $1. You pay $1,000. You see how that works?

Citigroup fell into such a deep hole that it had to borrow a term-adjusted $58,000,000,000 from the Fed, according to Page 132 of the GAOs audit report.

And what would you get from the Fed, if you fell into a deep hole? Nothing. Nada. Zilch. Zip. Diddly-squat. Zero.

You wouldnt get jack.

If you lose your home, you can sleep in your car. If you lose your car, you can sleep under a bridge. Unless, of course, youre a Wall Street banker.

Two hundred and thirteen years ago, there was a Member of Congress who said: Millions for defense, but not one penny for tribute. Now we have a government that says: Trillions for Wall Street, but not one penny for you.

Thats our government. Unless we change it.

Courage,

Alan Grayson

Everybody knows that the dice are loaded Everybody rolls with their fingers crossed Everybody knows that the war is over Everybody knows the good guys lost Everybody knows the fight was fixed The poor stay poor, the rich get rich That's how it goes. Everybody knows.
- Leonard Cohen, Everybody Knows



https://secure.actblue.com/contribute/page/graysonforco... ">We need someone in Congress who is PAYING ATTENTION. And someone who is willing to FIGHT FOR US. Click here, and support Alan Graysons campaign TODAY.
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boston bean Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 04:01 PM
Response to Original message
1. Wow, that's a great way to look at it. Really puts it in perspective. Thanks!
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sabrina 1 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 04:09 PM
Response to Original message
2. How did they get away with it? Was no one overseeing any
of this?

Thank your for making it so easy to understand. I would like to know, do these people have any human emotions knowing how many millions of people who were devastated by the games they were playing?
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Gregorian Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 04:13 PM
Response to Original message
3. What do you think should be done?
I have posted my thoughts on the Fed, and it seems to be a pretty charged topic. But it also appears to be an issue that crosses party lines. That should make a solution far simpler than many others.

You're one of the few who is truly on our side. We may not speak up, but you can be sure you are appreciated, highly.

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russspeakeasy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 04:49 PM
Response to Reply #3
7. I'm not Sabrina1, but here is a hell of a good starting point:
Edited on Fri Dec-09-11 05:00 PM by russspeakeasy
GET MONEY OUT OF POLITICS ! CHECK WITH BERNIE SANDERS ON HOW TO DO IT.
DON'T HIRE LOBBYISTS TO BE ON YOUR STAFF !
INVESTIGATE WALL STREET !
I already ranted on another post, so now I need a nap.
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Gregorian Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 05:15 PM
Response to Reply #7
8. My question is with respect to the Federal Reserve. I'm curious what someone like Grayson thinks.
But I believe he's far too busy for us.

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russspeakeasy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 05:19 PM
Response to Reply #8
9. Sorry, I didn't mean to walk on your comment.
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KansDem Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 04:14 PM
Response to Original message
4. "If you lose your home, you can sleep in your car."
I was visiting a friend in Cotati, CA, last week and shopped at a little store downtown. It was called "Tama-Rama's"



I bought this bumper sticker:



But what are we to do? I recently took out a $2,400 loan at an unimpressive interest rate to replace our furnace. It's getting cold here in KC and my family needs to stay warm.

I wish I could have gotten one of these loans at 0.01%
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zeemike Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 10:03 AM
Response to Reply #4
27. I had to get a GE care credit loan some time back
Because Had some medical problems that could not wait and I did not have insurance that covered it.
It took me quite a while to pay it off but if finally got free of it
Just recently I got a state met from GE care credit and they told they had reduced my interest charges to 26.99% I am not sure what it was before because I never used it after I paid it off.
But years ago that is the kind of interest loan shakes charged and it was illigal...but now it is just good busness...
I find this disgusting and we need badly to change it...And it will take more like Mr Grayson to do it.
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 04:17 PM
Response to Original message
5. Well if the banking system collapses we can all live in our cars.
Our economy runs on debt. If that freezes up, it will not be pretty.
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 05:30 AM
Response to Reply #5
18. Why would we start living in our cars?
Your comment makes no sense to me.
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Tuesday Afternoon Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 07:54 AM
Response to Reply #5
21. the way I see it, possession is 9/10ths of the law. I possess the house
they possess a piece of paper. I win the house. They win a piece of paper and they can kiss my ass. FUCK 'EM!!!!!
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Hydra Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 12:10 PM
Response to Reply #5
31. The economy runs on products and services
But the bankers have sold us the idea that their loans are what make it all work.

Let them have their tantrums and let them all disappear. Our currency should never have been farmed out to private entities in the first place.
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Lorien Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 01:52 PM
Response to Reply #5
34. Always ready with the corporate talking points! nt
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Flatulo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 03:05 PM
Response to Reply #34
37. Banks are needed to lend money so that businesses can grow.
But it has recently dawned on my that there is no requirement for banks to be privately held, for-profit entities. I mean, the Federal government makes loans to companies (think GM, Chrysler); why couldn't they loan to small businesses?
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Ikonoklast Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 03:32 PM
Response to Reply #5
38. It DID collapse. You must have missed it.
You helped save them.

That is why we need to change the paradigm, there is no *next time*, because if there is, there will be no way to bail the thieves out.
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xiamiam Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 04:29 PM
Response to Original message
6. Why cant Alan Grayson just run for president..now..nt
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The Doctor. Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 10:49 PM
Response to Reply #6
13. Really?
Sure, I like the idea and believe he should in 2016. I don't know if he has the chops and/or acumen, but he has the fire for sure. I definitely like the guy, but I think a few more years of watching, learning, and strategic planning would make him a truly viable candidate.

Right now he'd only make a big mess.

Now if your point was to offer up shameless and abject adulation, I suppose I can support that.

;)
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xiamiam Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 07:10 AM
Response to Reply #13
20. we already have a big mess from people with acumen as you say..years of mess..nt
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Plucketeer Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 10:45 AM
Response to Reply #20
29. Do you mind if I say "AMEN!" ???
It's those years of immersion that infect some of the better minds before they get a chance to shine. Heh - the founding fathers envisioned something other than political hacks ascending to seats of power.

Grayson's already has the "training" he needs - that where he learns what money can do to the BEST of intentions.
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dotymed Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 09:33 AM
Response to Reply #13
24. I think that is a huge part of the problem.
The "years of watching,learning, and strategic planning." IMO, this allows TPTB time to buy our candidates. At the very least, they become enamored by the 1%, which propagates the status quo.

Our founders envisioned citizen representatives for our legislators. The salaries and perks of office alone, defeat that concept. Money and unrestrained capitalism are the monsters that keep the status quo humming along.

I would prefer a candidate that is truly "for the majority" over one who has learned to live with the existing political/financial constructs that keep us subservient.
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Lorien Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 01:51 PM
Response to Reply #24
33. Well said. nt
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The Doctor. Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-11-11 05:35 PM
Response to Reply #24
39. I give Alan more credit than that.

I think that it's not always so much 'enamored' as it is 'realized what they're up against'. I doubt he would become 'enamored'. Question is, how much could he reasonably expect to accomplish and by what means?
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Angry Dragon Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 05:34 PM
Response to Original message
10. Soon even the bridges will beout of the question because
they are all falling apart
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Pryderi Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 09:23 PM
Response to Original message
11. K&R!
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The Doctor. Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 10:42 PM
Response to Original message
12. That's the message to spread.
Edited on Fri Dec-09-11 10:43 PM by The Doctor.
You know where so much human mythology and lore came from?

Basic psychology.

People that were essentially bad, insecure, greedy, heartless, et cetera, were, like all the rest of us, not too keen on facing their flaws. It is painful to anyone (but not everyone) to be faced with the fact that they are racist, bigoted, greedy, selfish, rotten, pernicious, ignorant, deceitful, (I was married, I could go on for days) and have that (or those) trait(s) revealed to the scrutiny of the public.

In lore, there are monsters.

Vampires drink the blood of the 'regular' people. They have great strength and power, but have no reflection and cannot withstand the light of day.

Sound like a corporation?

We knew that there were 'monsters' among us millenia ago. We knew that people would shed their humanity for power, but those same people developed new and very serious vulnerabilities.

As we shine daylight on these practices as you have done and are doing, the people will see, the people will learn, and then we'll break out the stakes.

Keep it up. We're spreading the message.

And thanks.
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Bennyboy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 11:27 PM
Response to Original message
14. K and R'd
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midnight Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 11:37 PM
Response to Original message
15. K&R.
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tavalon Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 02:02 AM
Response to Original message
16. And people wonder why I would send money to this guys campaign
even though he is about as far away from me as can be in the Continental US. It's right there. He fights for all of us.
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w0nderer Donating Member (430 posts) Send PM | Profile | Ignore Sat Dec-10-11 05:13 AM
Response to Original message
17. that kind of access to money
no wonder they don't want 'small household customers' or making loans


borrow a few billion from the state and drop it into interest bearing papers
0.01 gets paid back to the gov
pocket the change, no customers in the way to service so fire all that staff
win new big bonus for having 'effectivized' the company

for bonus points do tbills at interest higher than loan

that way
borrow from the gov at 0.01
invest into tbills at say 0.07
have GOV pay you 0.06
pay back loan

run laughing at having fracked over tax payers...AGAIN

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Norrin Radd Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 06:15 AM
Response to Original message
19. kr
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Hanks Donating Member (29 posts) Send PM | Profile | Ignore Sat Dec-10-11 08:14 AM
Response to Original message
22. And this is news?
Why don't you tell us something we don't know. This 'news' has been out there for a year or more. Nothing new. So what are people going to do about it? Well? I've already done something about it - stopped paying ALL unsecured debt. That's it - gone. Now I sleep like a baby. Now it's your turn? What are you gonna do. Complain and moan or do something? Most over here seem to just rant and rave but where's the action behind the words? I've been an activist all of my life but I'm used to seeing the majority of people just sit back and bitch.
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Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 09:25 AM
Response to Original message
23. kr I sent Alan a donation.
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TBF Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 09:43 AM
Response to Original message
25. Excellent - K&R nt
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Fantastic Anarchist Donating Member (953 posts) Send PM | Profile | Ignore Sat Dec-10-11 09:49 AM
Response to Original message
26. Kick and Rec
... and the angrier I get.
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October Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 10:22 AM
Response to Original message
28. Link not working for me. /nt
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HCE SuiGeneris Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 11:06 AM
Response to Original message
30. K & R
:thumbsup:
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 12:24 PM
Response to Original message
32. Love the song lyrics...I've posted them up here myself a couple of times.
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JohnWxy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 02:41 PM
Response to Original message
35. RECOMMENDED. They used to say: "If you want to rob a bank, own one." now

you can take it a step further: "If you want to rob a nation, OWN A BANK!"

Great Post Mr. Grayson. Always good to hear from you!

Alan Grayson for President!

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sarchasm Donating Member (53 posts) Send PM | Profile | Ignore Sat Dec-10-11 03:04 PM
Response to Original message
36. K&R
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