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About Me

Missouri, United States
I consider myself the "black sheep" of the family. I moved away from home when I was 19 and a year ago I decided it was time I moved back home....so glad to be among family and friends. I grew up playing the piano but haven't played in years. I have always thought outside the box, wanting to move to Boquete Panama, I am a tea party participant. I am a reiki master and I have 2 good guard dogs....a dachshund and Jack Russell terrorist. I go to alternative news websites daily for news (don't trust MSM to tell the truth). Operation mockingbird is a CIA operation that began in the '40's to control the media both foreign and domestic. This is why I go to alternative news websites. For an excellent article to read on the subject I suggest http://www.prisonplanet.com/analysis_louise_01_03_03_mockingbird.html

I WANT YOUR MONEY TRAILER

Thursday, August 26, 2010

CGI's Jordon: Treasury Makes Shocking Admission: Program for Struggling Homeowners Just a Ploy to Enrich Big Banks

FROM RMN
Posted By: CGI_admin
Date: Thursday, 26-Aug-2010 17:34:09
The Treasury Department's plan to help struggling homeowners has been failing miserably for months. The program is poorly designed, has been poorly implemented and only a tiny percentage of borrowers eligible for help have actually received any meaningful assistance.
The initiative lowers monthly payments for borrowers, but fails to reduce their overall debt burden, often increasing that burden, funneling money to banks that borrowers could have saved by simply renting a different home. But according to recent startling admissions from top Treasury officials, the mortgage plan was actually not really about helping borrowers at all.
Instead, it was simply one element of a broader effort to pump money into big banks and shield them from losses on bad loans. That's right: Treasury openly admitted that its only serious program purporting to help ordinary citizens was actually a cynical move to help Wall Street megabanks.
Treasury Secretary Timothy Geithner has long made it clear his financial repair plan was based on allowing large banks to "earn" their way back to health. By creating conditions where banks could make easy profits, Getithner and top officials at the Federal Reserve hoped to limit the amount of money taxpayers would have to directly inject into the banks.
This was never the best strategy for fixing the financial sector, but it wasn't outright predation, either. But now the Treasury Department is making explicit that it was—and remains—willing to let those so-called "earnings" come directly at the expense of people hit hardest by the recession: struggling borrowers trying to stay in their homes.
Read more: http://www.alternet.org/economy/147955/treasury_makes_shocking_admission%3A_program_for_struggling_homeowners_just_a_ploy_to_enrich_big_banks/

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