[CitizensTruth] Foreclosure filings spike 71%
Mike Kirk
mjkirk12 at yahoo.com
Thu Oct 23 16:38:16 EDT 2008
Given people's experience with other well-intentioned 'government programs', I can't see how the clueless politicians will convince their constituents to accept this new monetary utopia. Eventually the politicians (and lobbyists) will figure out how to work the system and start up the printing press again. Polls show that 54% of the "we the people" opposed the recent bank bailouts - but it was passed into law anyhow.
Let them issue debt free money, but also give 'we the people' the freedom to use hard (commodity) money or 'hour dollars" if we so desire. Eliminate the legal tender laws and stop fractional reserve banking as first steps.
As soon as the US finds another 'national emergency' or has to fight another war for 'democracy', they would finance it by turning on the money spigot. The US is not an exception, it applies to all governments around the globe with central banks and power hungry politicians.
As G. Edward Griffin ("Creature from Jekyll Island") points out (from a previous exchange on Zeitgeist): It never ceases to amaze me how people think
that the solution to money created out of nothing by those big, bad bankers is
to have money created out of nothing by those nice, trustworthy politicians.
Neither bankers nor politicians can be trusted with complete control of a monetary system. They can enforce regulations, yes, but the power of what is used for money has to be left to the people to decide - to reduce the opportunity for fiscal fraud.
Regards,
Mike
--- On Thu, 10/23/08, Geri Perry <geri at thetwofacesofmoney.com> wrote:
From: Geri Perry <geri at thetwofacesofmoney.com>
Subject: Re: [CitizensTruth] Foreclosure filings spike 71%
To: "Mike Kirk" <mjkirk12 at yahoo.com>
Cc: "Citizen's Truth" <CitizensTruth at six.pairlist.net>
Date: Thursday, October 23, 2008, 2:46 PM
Mike etal,
I hope and pray we are witnessing the end of the Fed, but we have to be
careful what it is we put in its place. For that we need to understand
the true function of money.
Money is a medium of exchange - nothing more nothing less. An item
becomes money when involved parties decide to accept the medium. So in
the past everything from beads and shells to wheat and cattle to iron
and gold to paper - and even, as in FRNs, "promises to pay" - have
been used as money. Today about 1900 communities world wide are
partially operating with a version of "hour dollars." So time is
money
in these communities, and barter is a method of exchange in various
parts of the world even today.
During the Depression scrip was issued - and used - by local communities
- and FDR made gold and silver ILLEGAL. So much for hard money - but
barter is and always has been an option because it only needs two people
to agree on the value of whatever is exchanged. Barter just happens to
be a much more cumbersome medium of exchange than "fiat" money which
has
a universallyrecognized value.
As to fiat money, this is simply something that is authorized or
sanctioned (by the state) to be money. Thus, cow dung and gold alike
could be money if the state declared it to be. You and I, operating
outside the state-sanctioned money system might prefer to barter, or use
"hour dollars" instead.
THE PROBLEM IS THE MONETARY SYSTEM WHICH CURRENTLY ALLOWS THE BANKING
SYSTEM TO CREATE MONEY OUT OF DEBT. This is why debt is exploding - both
public and private. It has NOTHING to do with WHAT is used as money,
EVERYTHING to do with how money is brought into circulation. Even worse
-derivatives have allowed an "off-balance sheet" money supply to be
created by a privileged few, and as the corresponding debt collapses you
and I are asked to rescue the system. (For more, check this series of
articles by yours truly explains what is occurring with derivatives:
http://onlinejournal.com/artman/publish/article_3802.shtml )
A monetary system is simply a method of keeping track of the flow in and
out of the system of the chosen medium of exchange. Our monetary
authority is the Federal Reserve System, which in turn is coordinated -
along with central banks around the world by the BIS.
Constitutionally the Congress is charged with the responsibility and
authority to act as the monetary authority through the phrase "The
Congress shall have the Power . . . To coin - as in create - money and
regulate the value thereof, and of foreign coin." Conversely, the states
are limited by the Constitution in terms of what they can use as money
by the phrase "No state shall MAKE any Thing but gold and silver Coin a
tender in Payments of debts." Thus the states are and always have been
free to use any money the Congress creates, although they can if they
like MAKE gold or silver coin as money (not a good thing when you
realize that precious metals are controlled by the globalists.
(See my website for lots of documentation on all of this, beginning with
this scholarly article on the Constitutionality of paper money:
http://www.umt.edu/law/faculty/natelson/articles/Coinage%20Clause.pdf
and this one on Inflation, especially paragraph 4 beginning with
"Numbers also tell the tale:
http://www.thetwofacesofmoney.com/index.php/Site/InflationHomePricesAndSpeculation
)
gerip
Mike Kirk wrote:
>
> I think we are witnessing the end of the Federal Reserve system and
> fiat money. Back to barter and 'hard' (commodity) money.
>
> Without good jobs, people cannot afford rising house payments (plus
> interest) and the mortgage/banking industry that supported it will
> have to collapse. Besides, it was all money created out of thin air
> anyhow.
>
> Government's solution: Keep the printing press running! That'll
fix
> it....
>
> Ron Paul (and others) told the truth - unfortunately nobody in charge
> is willing to listen.
>
> Regards,
>
> -Mike
>
> --- On *Thu, 10/23/08, Daniel Stafford /<aqmstaffo at mailbag.com>/*
wrote:
>
> From: Daniel Stafford <aqmstaffo at mailbag.com>
> Subject: [CitizensTruth] Foreclosure filings spike 71%
> To: "IL Progressive Dems"
<PDI at illinoisprogressives.org>,
> "AB_Progressives" <AB_Progressives at yahoogroups.com>,
"Progressive"
> <progressive at yahoogroups.com>, DiehardDems at yahoogroups.com,
> "Citizen's Truth" <CitizensTruth at six.pairlist.net>
> Date: Thursday, October 23, 2008, 11:15 AM
>
>
http://money.cnn.com/2008/10/23/real_estate/foreclosures/index.htm?postversion=2008102305
>
> Maybe we should all just move into tents and trailers and tell the
> banks to shove the houses sideways. - D.
>
>
>
> CNNmoney <http://www.cnnmoney.com>
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> Foreclosure filings spike 71%
>
>
> Third quarter numbers saw a sharp rise compared to last year;
> in September, 81,312 homes were repossessed by lenders.
>
> By Catherine Clifford, CNNMoney.com staff writer
> Last Updated: October 23, 2008: 11:32 AM ET
>
> NEW YORK (CNNMoney.com) -- The housing crisis still has a choke
> hold on America: In September, 81,312 homes were lost to
> foreclosure, according to a report released Thursday.
>
> RealtyTrac, an online marketer of foreclosed properties, said that
> 851,000 homes have been repossessed by lenders since August 2007.
>
> In September, 265,968 troubled borrowers received foreclosure
> filings - such as default notices, auction sale notices and bank
> repossessions. That's a decline of 12% from the record high number
> of filings in August
> <http://money.cnn.com/2008/09/12/real_estate/foreclosures/>, but
> 21% more than in September 2007.
>
> All told 765,558 foreclosure filings were made on U.S. properties
> in the third quarter of this year - up 3% from the second quarter
> and 71% from the same period last year.
>
> "We have never seen a foreclosure cycle like this one
before,"
> said Rick Sharga, Realty Trac senior vice president. Other periods
> of elevated foreclosure rates have been preceded by signs of
> economic weakness. However, "in this cycle, we have foreclosure
> problems that have caused an economic downturn."
>
> States step up
>
> The most recent monthly dip in foreclosure filings was caused
> largely by decisions by several states to relax housing laws.
>
> "Much of the 12% decrease in September can be attributed to
> changes in state laws that have at least temporarily slowed down
> the pace at which lenders are moving forward with foreclosures,"
> Realty Trac CEO James Saccacio said in a statement.
>
> For instance, California - one of the states hardest-hit states in
> the housing crisis - has a new law that requires banks to contact
> struggling homeowners at least 30 days before delivering a notice
> of default. That's helped to drastically slow the number of
> foreclosure filings in the state.
>
> "In September, we saw California [defaults] drop 51% from the
> previous month," said Saccacio. "That had a big impact on
the
> national numbers since California accounts for a third of the
> nation's foreclosure activity."
>
> North Carolina passed a similar law, and notices of default there
> fell by 66% in September.
>
> Unfortunately, even these extensions aren't saving most troubled
> borrowers. "The intention is very worthwhile, but I think the net
> result in most cases is simply delaying the inevitable," said
Sharga.
>
> "If a few homeowners are able to stay in their homes as a result
> of the legislation, then it had a positive effect," said Sharga.
> However, "the longer you are in foreclosure, the harder it
becomes
> to pay the debt you owe to get out of foreclosure," he added.
>
> Circumstances in Massachusetts illustrate his point. That state
> enacted a law back in May requiring lenders to give troubled
> homeowners 90 days notice before initiating foreclosure, which
> pushed the number of foreclosure filings it reported way down for
> several months. But in September, when the law expired, filings
> spiked.
>
> "Initial foreclosure filings in Massachusetts jumped 465% from
> August to September after being much lower than normal in June,
> July and August," said Saccacio.
>
> Nevada once again had the nation's highest foreclosure rate, with
> one out of ever 82 homes in foreclosure. Florida had the second
> highest rate in September, with one in every 178 homes in default.
> California came in third, with one in every 189 homes there
> receiving foreclosure filling last month.
>
> Waiting to see what's next
>
> As foreclosures continue to wreck havoc across the nation's
> housing market, the U.S. government has announced unprecedented
> efforts to absorb toxic debt and shore up investor confidence. The
> "Hope for Homeowners" rescue bill went into effect Oct. 1
>
<http://money.cnn.com/2008/10/22/real_estate/help_for_homewoners/index.htm?postversion=2008102216>
> and will allow some troubled borrowers to refinance into mortgages
> backed by the Federal Housing Authority. And more recently, a
> massive financial rescue plan calls for Treasury to buy up
> troubled assets, mostly backed by bad loans, to stabilize the
> financial system
>
<http://money.cnn.com/2008/10/21/news/economy/paulson_poll/index.htm?postversion=2008102206>.
>
> However, as home buyers and lenders wait to see the effects of the
> plans, "there is a lot of uncertainty in the market right
now,"
> said Sharga.
>
> Still, he thinks that the market could be nearing a bottom, even
> as uncertainty remains high.
>
> "If everything goes right, we will be done with almost all the
> subprime loans by sometime in the first quarter of 2009," said
> Sharga. "The market could start to stabilize at that point."
>
> The bad news: The housing market will be flooded with bank-owned
> homes. "We are estimating that by the end of this year, between
> one quarter and one third of all homes for sale will be bank owned
> properties," he said.
>
> That could push down prices even more, perpetuating a vicious
> cycle, but it might also start to attract bargain hunters who may
> absorb some of the massive housing inventory. To top of page
>
<http://cnnmoney.printthis.clickability.com/pt/cpt?action=cpt&title=Foreclosure+filings+spike+71%25+in+3rd+quarter+-+Oct.+23%2C+2008&expire=-1&urlID=31895100&fb=Y&url=http%3A%2F%2Fmoney.cnn.com%2F2008%2F10%2F23%2Freal_estate%2Fforeclosures%2Findex.htm%3Fpostversion%3D2008102305&partnerID=2200#TOP>
>
> First Published: October 23, 2008: 5:01 AM ET
> Find mortgage rates in your area
<http://money.cnn.com/pf/rates/>
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http://money.cnn.com/2008/10/23/real_estate/foreclosures/index.htm?postversion=2008102305
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