July 16, 2009: Desensitization

As Peacenik walked to the bus this morning Peacenik noticed swarms of little red ants on the sidewalk. They seemed aimless. Peacenik wondered if these were the new European fire ants. What did they know?

Then on University Avenue Peacenik saw swarms of people, also seemingly aimless. What did they know? World leaders, and the leaders of Wall Street look at people the way Peacenik looked at those ants. 500,000 more unemployed people in the U.S. this week. 500,000 more people who won't be buying new cars or new tv's this week. The leaders don't care. Is society, and peoples' economic well being, and peoples' health as fragile as the ants Peacenik saw this morning? Everyday people choose which information to act on or to ignore. Why did Peacenik notice the ants this morning. Were they a sign? Is a storm coming? Were the ants a warning? People ants. Ants people. Have a good weekend.

by Ilargi

Unknown Hit me baby February 13, 1922
Washington, D.C. Ingenious Prohibition-era fashion accessory, the cane-flask.
Foreclosures. I’ve never been foreclosed on. I can only imagine what it must feel like, be like. Having to tell your little children that they will never see their home again. That they will now live with grandma, or in a smaller place, or a tent.

"More than 1.5 million properties received a default or auction notice or were seized by banks in the six months through June, the Irvine, California-based seller of default data said today in a statement. That’s a 15 percent increase from the year earlier. One in 84 received a filing."

Annualized, that's 3 million homes, or one in 42 U.S. households, which directly affects some 10 million people, and indirectly perhaps as much as a third of the population, with neighbors, suppliers, family etc etc. tossed in.

We’re threatening to become blind and immune to numbers. "Trillion" is a household term, where it never was until 2 years ago, like almost no-one would have known what a tsunami was until one happened, and now everybody thinks they do. The effect of billion and trillion becoming so normal in our daily language, what does it mean to those of us not directly impacted that 10 million of our fellow citizens are under threat of losing their homes?

Read on...

Foreclosure Prevention? BS! More Fraud Coverup!

Karl Denninger

So Obama comes out with his "plan" to try to halt foreclosures.

It won't do it, but it sure sounds good.

I will give him an "F" for substance but an "A" for effort.

Why an "F" for substance? Because what he's trying to do fundamentally cannot be done.

Here's the outline, in condensed form from Bloomberg:

Feb. 18 (Bloomberg) -- U.S. President Barack Obama pledged $275 billion to a program that will cut mortgage payments for as many as 9 million struggling homeowners and expand the role of Fannie Mae and Freddie Mac in curbing record foreclosures.

The plan also will help as many as 5 million homeowners refinance loans owned or guaranteed by Fannie and Freddie, according to a White House fact sheet. Treasury will buy as much as $200 billion of preferred stock in the two mortgage companies, twice as much as previously promised, the announcement said.

Read on...

Another Obama attempt at a solution and another thumbs down from the pundits. Peacenik is losing track of all of Obama's initiatives. Lets see. Continue Bush DOJ policies. Escalate in Afghanistan. Give zillions of dollars to the bankers and banks. Waiver on torture policy. Waiver on investigating the Bush years. Give billions of dollars to the automotive industry that is dead as a dodo bird. Cave in to wingnuts at every opportunity. Yes Obama is in an impossible position. But continuing with Bush policies, and turning his back on the progressive movemnent is not the way forward. And now Obama is visiting Canada and talking up the tar sands. As if there is a solution to the environmental problems of the tar sands. Oh yeah. Obama is still talking about a growth economy. This, as another 600,000 Americans lost there jobs last month. Can someone remind Peacenik of one slam dunk good thing Obama has done?