Category: Screwed by Congress

America – Screwed to Death?

Dateline: Washington DC – 3/21/2010

Murdered in plain site, in full view of the 300 million+ of its Citizens, the Republic, formerly known as the united States of America breathed its last breath.

Killed off by members of Congress who were sworn to uphold its Constitution, the Congress and their accomplice, Barak Hussein Obama conspired to rid its Citizens of their God given right to manage their private affairs such as medical health care.

As the reputed president of the former Republic, Barak Hussein Obama, in his own words did admit at George Mason University,  “And in just a few days, a century-long struggle will culminate in a historic vote“, the killing off of the former Republic was pre-meditated with a conspiracy lasting a hundred years.

The Democrats championing the health care bill, while the Republicans feigned an attack against it, proved much too strong for weary Republic that had been battling socialist tendencies for many years.

Socialism, like the cancer that it is, was hiding within the body of the Republic masquerading as other maladies, like “liberalism” and “progressive”, slowly tearing apart the very fabric of the American body.

The once proud American Republic, the shining light on the hill, the torch lighting the world to freedom, lives no more.

She is survived by formerly free Citizens who are to be cared for by the social utopia Congress from cradle to grave and all points in between.

No mention of a burial or funeral service.

Lady Liberty shines “freedom” no more to the world.  She will only mark the spot where the ghosts of liberty and justice  one lived.

May God have Mercy on us all!

Publius

Bank of America Gaming Government Loan Guarantees

This was emailed to me.  The full story is here.  http://www.zerohedge.com/article/bank-america-gaming-government-loan-guarantees

It appears Bank of America is intentionally failing to collect on the portion of its mortgage portfolio that is back by Uncle Sam.  Screwed again, America!

I have long suspected that it was only a matter of time before banks began to adjust their Collection efforts to reflect Government Guarantees on their loan portfolios.

Simply put, imagine you are a bank with $100 billion in loans. Of this, $20 Billion is guaranteed by the government, $80 billion is your own money. If you managed the collection organization responsible for servicing this debt wouldn’t you be just a wee bit tempted to make sure that your $80 billion was getting the priority?

The table below details the past 12 quarters of Total Loans for Bank of America along with the portion that is Noncurrent:

The Noncurrent percentage has jumped from 5.30% in Q3 to 6.75% in Q4. Quarter on Quarter there is another $12.44 Billion in Noncurrent loans.

The next table details the same 12 quarters and reviews what portion of the Noncurrent loans are guaranteed by the Government (er, you and me the taxpayer):

Bank of America has had a massive jump in the Noncurrent loans that are Government Guaranteed. The Quarter on Quarter jump is… wait for it… $11.40 Billion.

So, magically, the incremental $12.44 Billion that has become Noncurrent Quarter on Quarter at Bank of America has a guarantee on $11.40 Billion. Nearly 92% of the jump in their Noncurrent loans are covered by us, the taxpayer.

This is no conspiracy theory discussion – these are cold hard facts supporting what any reasonable actor would do in the situation. If the government is going to cover my losses on a portion of my loan portfolio I can damn well guarantee you I’d be moving my best collectors to the portfolio I’m responsible for. The government can have my new hires, my undesirables, my slow workers, etc…

I highly doubt that we’ll ever hear about this, but this is yet another massive shift from the taxpayer to the bank!

Screwed Again!

Publius

Uncle Sam Screws America with Accounting Tricks!

Should the United States ever adopt the same accounting standards for itself that it foists upon private enterprise, its financial reports would leave the majority of Americans in a state of shock. Americans would have tremendous difficulty recovering from the magnitude of misrepresentation that is going on now. Accounting isn’t just a game either; there are material, legal, and ethical consequences when it’s done wrong.

As an example of the accounting fictions used daily to dupe the public, consider the US dollars the United States claims to own in the Treasury "coffers." Now brace yourself, because this explanation is going to remind many readers of Alice tumbling down the rabbit hole.

All of the interests the United States has in US dollars are cancelled out by liabilities on the Federal Reserve Balance Sheet, so that they have no effect of ownership.

The United States owns no domestic money when its off-budget entities are incorporated into its balance sheet. The Treasury general fund is an accounting fantasy. So this begs the question; what happens to tax dollars?

Read more how the federal government does not account for its money as federal law says your businesses have to account their money.

Click this "The United States owns no domestic money." and be amazed.

 

Publius