Ten executive targets Wall Street protesters could march to

Photo: US GovernmentI don’t like protesters going into neighborhoods and I really don’t like them going to homes. However, the Wall Street protesters have decided to target some executives’ homes and I came up with a list of potential “corruptees.”

Here are my ten suggestions for the Wall Street protesters and my reasons each target is on the list:

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Geithner suggests more multiplexes, admits GSE role in meltdown

Secretary of the US Treasury Tim Geithner testified before the House of Representatives Committee on Financial Services on Tuesday. Geithner’s remarks suggest the government will get behind the idea of increasing multiplex housing units. What’s even more interesting, however, is that a top ranking Democrat finally admitted the significant role of Fannie Mae and Freddie Mac in the financial crisis.

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Economic warfare report explains what shariah finance really means

The report ‘Economic Warfare: Risks and Responses’ examines the possibility that financial terrorism and/or economic warfare played a part in the economic meltdown in 2008. The Washington Times and other media outlets have focused on findings in the 2009 report written by Kevin D. Freeman, CFA, of Cross Consulting and Services LLC.

Considering current unrest in the Middle East, it’s wise to pay particular attention to a section on Shariah finance.

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GOP to hold hearings on GSE reforms—Fannie and Freddie included

Republicans plan to hold hearings in February in hopes of reforming GSEs—government sponsored enterprises like Fannie Mae and Freddie Mac. GSEs are the socialist-progressive model of these times; they’re popular at all levels of government. Bureaucrats and progressive (prog for short) politicians often allude to “public-private partnerships.” That term can easily be interchanged with “crony deals.”

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GOP must fix Fannie, Freddie ignored by Dems

Fannie Mae and Freddie Mac now guarantee all but a small percentage of home mortgages in the U.S.—Reuters said ‘more than 80 percent’ and Citizens Against Government Waste said ‘more than 90 percent.’

These two government-sponsored enterprises (GSEs) are (pardon the rhetoric) ticking time bombs for the US taxpayer. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act touted by Democrats as landmark reform does nothing whatsoever to halt the flow of taxpayer money into the GSEs. As a matter of fact, The New York Times disclosed (according to Money News at Newsmax) taxpayers have funded $160 million in legal fees.

Money News said, “The bulk of the money — $132 million — went to defend Fannie Mae in securities suits and government probes into accounting irregularities allegedly occurring before the subprime meltdown sparked the housing crisis.”

Yet the significance of these GSEs in the housing meltdown is downplayed. No big media outlet will remind the American people some progressive Democrats in Congress blocked action on Fannie or Freddie every time reform was attempted.

The GSE train wreck has been ignored by big media and many in Congress.

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Democrat aim to increase debt limit is wakeup call to U.S. taxpayer

Commentary by Kay B. Day

Had it not been for Republican Scott Brown’s historic victory in Massachusetts, the Democrat Party’s aim to increase the U.S. debt limit might take the top spot in the blogosphere right now. The Associated Press said on Wednesday the government needs “an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.”

If the country had a platform for a national town crier, that $1.9 trillion figure would be shouted at the top of his lungs. [Article continues below graphic.]

The US Treasury provides the public with information about US debit and who holds it.
The truly disturbing element in this request is a complete lack of attention to downsizing the federal government. The only way to avoid continuing to raise the debt limit is to do what the private sector does in hard times—reduce expenses. There are exceptions, of course. Crony corporations get bailouts. Taxpayers fund those too, and we hear politicians tell us we’ll get our money back. How?

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Rape of the American taxpayer: rampant mortgage fraud under our noses

Updated on Wednesday, September 24, 2008 at 1:12PM by Kay B. Day, Editor

Public documents available at the FBI website paint a picture in dollars of the figurative rape of the American people, with mortgage fraud robbing the U.S. economy of millions. The Associated Press said on Tuesday, “The FBI is investigating 4 major financial institutions whose collapse helped trigger a $700 billion bailout plan…” In a column here at The US Report on July 17, I asked, “How much fraud figures into mortgage disaster…?” In that column I referenced Kimberly M. Davis, 43, of Lee’s Summit (Mo.) who was sentenced to four years in federal prison without parole. Davis tied up more than $1,000,000 in mortgage loans. She used stolen identities, social security numbers and birth dates for fraudulent loans. The woman actually worked as a mortgage broker.

In press release files at just a few FBI field offices, I found hundreds of millions of dollars tied up in fraud cases. How every government official managed to ignore this is impossible to understand. It took me an hour to find information pointing to fraudulent loans totaling millions.  I also found a rather incredulous letter from an FBI assistant director who defended his agency after a critical story appeared in the L.A. Times.

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