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Subprime crisis

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This blog has chronicled the dirty dealings of California Dem Rep. Laura Richardson since May 2008, when she bailed on her half-million-dollar-plus, second-home mortgage. She was also a tax-dodger and utility bill welcher. A few weeks later, it turned out that she had defaulted on three home loans while lending her campaign $77,500. A few... Read More
Photoshop credit: Commenter jeffjackie Your guide to sleazy Democratic Party-backed banks by Michelle Malkin Creators Syndicate Copyright 2012 Obama campaign adviser David Axelrod and his hatchet people are still yammering about GOP presidential rival Mitt Romney's overseas investments. It's time for the Romney campaign to educate voters about all the shady financial institutions embraced by... Read More
Ugh. We're back to this again. Yes, President Obama's re-inflating the housing bubble to pander in an election year. Foreclosure avoidance is now a civil right. Long-term consequences be damned. His first mortgage-mod program was fraud-ridden and failed. So, of course, he's doubling down. Obama has also promised today to send a homeowner "bill of... Read More
Old logo: New logo: Photoshop credit: Commenter jeffjackie The Bank of (Democratic Party) America by Michelle Malkin Creators Syndicate Copyright 2012 Well, isn't this rich? And I do mean rich. President Obama, man of the people, will deliver his presidential nomination acceptance speech at the Bank of America Stadium in Charlotte, N.C. -- so that... Read More
It's a start. Sorry I can't get more enthusiastic than that. But knowing the long history of Fannie/Freddie execs escaping accountability, expectations must be managed. The Securities and Exchange Commission (SEC) is suing a half-dozen Fannie Mae/Freddie Mac officials for fraud and deception. "All individuals" will be held accountable for the Enron-style financial mess they... Read More
Fire up the Mother of All Credit Cards! Fresh off the news that the Federal Reserve doled out $1.2 trillion in previously undisclosed loans to banks (story here) in 2008 comes today's news of the Fed's latest Bailout of the World -- euphemistically known as a global "coordinated action:" Central banks from developed nations Wednesday... Read More
Buh-bye. The news just broke over Twitter via WBZ Radio. All together now: DLTDHYOTWO! The original Tweet: Here. Press conference at 1pm Eastern: Related redistricting developments that may have influenced Frank's decision: Walpole will move from U.S. Rep. Stephen Lynch’s district to U.S. Rep. Barney Frank’s if a redistricting proposal released on Monday sticks. A... Read More
Looks like every last Obama administration official is dressing up as an Occupier for Halloween -- no matter how ridiculous the costume looks. Chicago corruptocrat, former JPMorgan Chase banker, and Fannie Mae crony William Daley is the latest to step out in drag. They'll do anything, say anything, wear anything. Trick or treat! Funny, I... Read More
While the Kamp Alinsky Kids were taunting police officers across the country on Friday night, the Obama-Biden 2012 campaign quietly released its list of the elite deep-pocketed donors who bundled at least $20 million for the White House. I'm publishing the full list below. Some 41 bundlers bagged more than $500,000 each for Mr. Obama... Read More
1/5 update As anticipated, a WH announcement on Daley's chief-of-staff appointment is imminent, according to wire reports breaking this morning. On Fox & Friends, I discussed my column on Daley -- and reacted to Karl Rove's assertion that Daley is a "centrist" here. Update II: White House just announced that they'll formally unveil Daley Machine... Read More
With Charlie Rangel's ethics trial out of the way, it's one wrist-slap down, one to go, for the Dems. But it looks like fellow Congressional Black Caucus member and entrenched race hustler Maxine Waters will have a little more time to wait. The House Ethics panel says in a statement released this afternoon that new... Read More
As you all know, President George W. Bush is on his book/rehabilitation tour -- hitting every MSM and cable news show from the Today Show to Hannity, plus Oprah, Rush Limbaugh, and beyond. His candor, decency, self-effacement, and clear love of country stand in stark contrast to the current antagonist-in-chief at the White House, so... Read More
Blink and you probably missed it. In yet another classic Friday news dump, Countrywide junk mortgage mogul and Democrat crony Angelo Mozilo copped a $67.5 million plea to avert a high-stakes public trial in the heat of the midterm election season. He and his henchmen admitted no wrongdoing: Just days before the start of his... Read More
Scroll for updates... Both the left and right sides of the blogosphere are buzzing about a bipartisan TARP-style banking bailout bill that somehow reached President Obama's desk in the legislative rush before Congress adjourned for the midterm election break. The sordid episode underscores everything I've spotlighted about the culture of corruption over the last two... Read More
Photoshop credit: Leo Alberti My reporting on ACORN's housing counseling grant rip-offs go back to April 2008, when I spotlighted the left-wing mortgage counseling racket. As bad as the ACORN/Obama alliance is, I've pointed out several times that this mess festered under the Bush administration and a GOP ruling majority. Now, GOP Rep. Daryl Issa... Read More
Making pledges is easy. Keeping them? Not so much. Just ask Mr. Hope and Change. The new GOP pledge is fine as far as it goes -- especially the upfront acknowledgment that government's powers derive from the consent of the governed, not from the penumbras emanating from the fingertips of all President Obama's czars. But... Read More
Bottoms up!
Bottoms up! According to the National Bureau of Economic Research this morning, the recession officially ended in June 2009. Waiting for the new White House "reeducation" campaign to school all of us ignoramuses. Cue "Happy Days are Here Again" and break out the Wagyu beef! Note well the NBER's caveats: *** Meanwhile in Nevada... Even... Read More
Automatic Data Processing is a payroll giant that cuts checks to employees. The company publishes a national employment report with Macroeconomic Advisers. Its latest stats show that the nation lost 10,000 private sector jobs last month. It's not what economists expected. Via the WSJ: The reasons for weak job growth? The WSJ cites "market volatility,... Read More
Taxpayer-supported mortgage behemoth Freddie Mac -- yes, the same government-sponsored entity that is sucking $64 billion of your money to stay afloat -- is proud to announce that it is squandering more of your bucks on a "diversity officer:" You can thank diversity-mongering Maxine Waters for stuffing the race preference mandates into the financial "reform"... Read More
Tick, tick, tick. I noted in an earlier post that President Obama's economic address in the Rose Garden had been scheduled for 12:30pm Eastern. It is now past 1:00pm Eastern. Wonder what kind of tension there must have been on his economic team phone conference this morning? Reader @nicklaus on Twitter quips that the recovery... Read More
Hmmm. Feds moved to shut down Obama crony bank ShoreBank today, but it's not really going away (refresher course here and here). Via Reuters: Who is "Urban Partnership Bank?"
Remember Peggy the Moocher, the Obama supporter who couldn't wait for her government savior to usher in the Age of Bottomless Household Entitlements? Now, imagine thousands of Peggys crowded together on the streets demanding their cash money. Via the AJC: The mob was waiting to collect on Section 8 vouchers. The program is a welfare-state... Read More
Scroll for update... I've been telling you about Maxine Waters' shady OneUnited meddling for the past year -- and most recently spotlighted the OneUnited/TARP hanky-panky and Waters' minority fat-cat banker pals last week. You'll recall that I linked to an analysis by Linus Wilson at Seeking Alpha that exposed how weak OneUnited was. Flashback: OneUnited... Read More
We continue to discover how much wider and deeper the tentacles of the Countrywide Financial Corporation VIP program reached. As was widely reported last month, some 153 Fannie Mae employees reaped Countrywide VIP benefits. That's in addition to the 30 VIP loans that went to other Senators and their employees besides corruptocrat Democrat Sen. Chris... Read More
Chicago birds of a feather No shady banking buddy left behind by Michelle Malkin Creators Syndicate Copyright 2010 First Lady Michelle Obama's latest overseas jaunt is getting all the headlines. But President Obama's money-grubbing junket to Chicago may cost taxpayers far more in the long run. With his Gaultier-clad wife sashaying around the Spanish seaside,... Read More
In May, I reported on the attempt by a coalition of government-corporate-left-wing advocacy interests to shore up the social justice banking poster child, Chicago-based Shorebank. Yesterday, I told you about Shorebank's latest dire financial reports, showing an even worsening capital deficiency than first thought. Today, Bloomberg reports that the bailout deal may crumble: ShoreBank Corp.,... Read More
My column today hits again on Maxine Waters' brewing ethics scandal. Her supporters are ratcheting up the victim-card rhetoric. She appeared on the race-hustling Reverend Al Sharpton's radio show yesterday to stoke the fires and re-cast the ethics probe as an attempt to squelch advocacy on behalf of all black businesses. Another guest bemoaned the... Read More
"Stay out of it."
Over the weekend, I gave you a refresher course on entrenched California Democrat Rep. Maxine Waters' OneUnited Bank ethics scandal. It's a textbook case of cronyism of color. Last night, the House Ethics Committee filed three charges against her related to those shady dealings -- specifically, her role in arranging a special meeting between then-Treasury... Read More
Well, this is quite a striking contrast to the Arizona ruling today protecting illegal aliens and the feds from "burdensome" ID checks. The government is creating a national registry/fingerprint database for mortgage brokers in the U.S. Priorities: Mortgage loan originators will have to be fingerprinted and sign up to a central registry to do business... Read More
As they say in the military: BOHICA. On ABC's This Week today, tax cheat Treasury Secretary Tim Geithner championed the expiration of the Bush tax cuts and pooh-poohed the economic impact of tax hikes on the highest earners in the country. It's "responsible" to punish the wealthy, he argued. Because after spending America into oblivion,... Read More
Corrupt and corrupter.
I'm the corruptocrat more responsible for creating the banking meltdown conditions. No, I am! As you all know, the Senate passed the Dodd-Frank financial "reform" sham last week (see my post on the GOP-enabled vote here). Today, President Obama will sign the 2,319-page monstrosity into law. The Associated Press calls it "sweeping." My adjectives are... Read More
Scroll for updates.. With GOP assistance on its drafting and three reported Republican votes all but guaranteeing its final passage in the Senate (Snowe, Collins, and Scott Brown), the Dodd-Frank monstrosity masquerading as "financial reform" is on its way. Read and weep: "Achievement?" How about a different a-word? I like "assault." That's how Heritage describes... Read More
The shady ShoreBank bailout by Michelle Malkin Creators Syndicate Copyright 2010 "No more bailouts, no more greed, how many profits do you need?" That's been a signature chant of community organizers and Big Labor thugs who have stormed bank offices and financial executives' private homes decrying corporate welfare over the past several months. But now... Read More
Chicago on the Potomac.
In Chicago politics, there's an old term for the publicly-subsidized pay-offs meted out to the corruptocrats' friends and special interests: Boodle. In the age of Obama, "reform" is all about the boodle. So it was with the stimulus. And the massive national service expansion. And the health care bill. And so it is with the... Read More
While the market melted down, Securities and Exchange Commission watchdogs were Terrific: The feckless SEC regulators are now trying to distract from their own naked incompetence by abetting Obama
Just wondering...
Hmmm... Reader Daryle wants to know. He e-mails: On Friday tens of millions of dollars, possibly hundreds of millions were made or lost on Goldman Sachs stock and options. Friday was option expiry which meant puts and calls, the right to sell or buy Goldman Sachs stocks at preset prices expired. Goldman Sachs puts -... Read More
Scroll for updates... My syndicated column today shines light on all the Goldman Sachs company men in the Obama administration's midst. The GOP wants SEC correspondence disclosed. Here's that story. In related news, Goldman Sachs cheerleader and beneficiary Rahm Emanuel met with NYC business elite about the financial reform plan. Listen up: Related must-read from... Read More
I've reported many times about the housing entitlement mob over the past several years. Boston has self-proclaimed bank terrorist and housing entitlement shakedown artist Bruce Marks of the Neighborhood Assistance Corporation of America (NACA). Baltimore had criminal home invaders masquerading as bogus foreclosure victims. In San Francisco, the housing entitlement mob is led by an... Read More
In January, I deconstructed the White House "Financial Crisis Responsibility Fee" fakery for you: My friends at the Heritage Foundation compiled a handy graphic that underscores chicanery.
In critiquing Glenn Beck's CPAC speech taking the Republican Party to task for failing to own up to its Big Government lapses, Bill Bennett cites various Republicans who have admitted the party's culpability. But see if you can spot the glaring problem with his defense of the GOP: If you didn't gag when you read... Read More
Scroll for updates... You've got to be freaking kidding me. I mean, really. Come on: Over the last year, John McCain supported everything that the grass-roots Tea Party movement has stood against: *The $700 billion all-purpose, earmark-stuffed TARP bailout; *The $25 billion auto bailout; *The $300 billion mortgage entitlement bailout; and *The
My column today looks at the phantom Porkulus II/Jobs Bill. I say "phantom" because there is no bill text I can actually point you to -- it's the same business-as-usual we've been subjected to since Porkulus I. GOP Senate Minority Leader Mitch McConnell was on the Senate floor yesterday pleading to see the legislation: "“My... Read More
Scroll for updates... The House is currently debating the federal debt ceiling increase to $14.3 trillion. (The Senate, with every single Democrat voting in favor, adopted the debt limit increase last week.) These measures are on top of two other debt limit increases over the last year (including one adopted in the dead of night... Read More
The final vote in the Senate on the Federal Reserve chairman's re-nomination this afternoon was 70-30. Among the Republicans supporting Ben Bernanke: Alexander, Barrasso, Coburn, Cochran, Collins, Enzi, Graham, Gregg, Hatch, Kyl, Lugar, McConnell, Murkowski, Voinovich, and Snowe. Seven Senators switched their votes after voting for cloture (the procedural vote was 77-23). Via The Hill's... Read More
Eeenteresting. About a week ago, the SEC agree to cover-up bailout documents for AIG until 2018. The documents relate to the backroom bank bailout payments at top dollar to AIG counterparties -- which know-nothing Tim Geithner was grilled about today on the Hill. The leak comes as Fed Chairman Ben Bernanke heads to the Hill... Read More
"You gave lame excuses then, you are giving lame excuses now."
Photoshop/CoC card set credit: Tennyson Hayes Complicit? Clueless? Incompetent? Corrupt? All of the above. Treasury Secretary Tim Geithner went before Congress today to answer (or not answer) questions about his role in the AIG bailout while he was chairman of the New York Federal Reserve. (See my backgrounder on the backdoor bailout payments to AIG's... Read More
Hard for me to suppress a snort. But here it is: John McCain -- who supported the $700 billion TARP bailout, the $25 billion auto bailout, a $300 billion mortgage bailout, and the first $85 billion AIG bailout -- has grandiosely announced that he will oppose Federal Reserve Chairman Ben Bernanke's second term: So, how... Read More
The question isn't why Sarah Palin is helping John McCain. The question is: What are you doing to stop him from cementing his Big Government Republican legacy? *** Conservatives: Beware of McCain Regression Syndrome by Michelle Malkin Creators Syndicate Copyright 2010 Pay attention: In the afterglow of the Massachusetts Miracle, there are flickers of peril... Read More
After engaging in mind-boggling acts of non-stop generational theft over the past year and blowing through the debt ceiling during the Christmas holiday, the White House and Democrat majority have unveiled a phony plan to "solve" the red-ink disaster they helped create by kicking the can to a toothless panel. GOP Sen. Judd Gregg calls... Read More
Phony fruits from a phony administration.
My column today uses the little Iron Chef-fuffle episode to examine the White House's much larger phony fruit basket. The seeds of Candidate Barack Obama's transparency pledges have instead yielded bottomless backroom deals. Here's the big lie about the Cadillac tax exemption for Big Labor. The Dems say the tax will take effect in 2018.... Read More
How America was neoconned into World War IV
The “war hero” candidate buried information about POWs left behind in Vietnam.
What Was John McCain's True Wartime Record in Vietnam?
The Shaping Event of Our Modern World
Analyzing the History of a Controversial Movement
The Surprising Elements of Talmudic Judaism