Tuesday, March 18, 2008

spitzer...from a different perspective...this time using the brain!

this info was shared with me. i thought i would share it with you.

Greg Palast is a journalist that grew up in the san fernando valley. after he reported a story that angered the gov't he had to leave this country. he does a program in england on the bbc similar to nightline here.. truth telling means you have to move; in order to keep freely telling it! freedom of speech my...
i salute his courage and support him in his efforts.

so...let's stop focusing on the ho/whore/prostitute/hofessional/hooker/call girl/escort/pretty woman. please.
it is smart to practice using the whole brain. or at the very least substantially more than average.

let's dig in and focus on what makes the most sense with which to be concerned. more black men, women, and children are headed into poverty and homelessness. i have met, personally, quite a few hispanics and whites as well; fighting desperately to keep their homes. this is serious business and we need to get serious about handling business. these are hard working people that are diligently trying to succeed within the system. think. focus. purpose. action=civic duty.

the blue in the article is me talking. thought i would point that out; don't want anyone to be confused:-)

read. dig deeper. think. share your thoughts if you feel inclined. they are always welcome.


The $200 billion bail-out for predator banks and Spitzer charges are intimately linked

By Greg Palast Reporting for Air America Radio’s Clout

March 14th, 2008

[To hear it, click on the link below…]

While New York Governor Eliot Spitzer was paying an ‘escort’ $4,300 in a hotel room in Washington, just down the road, George Bush’s new Federal Reserve Board Chairman, Ben Bernanke, was secretly handing over $200 billion in a tryst with mortgage bank industry speculators.

Both acts were wanton, wicked and lewd. But there’s a BIG difference. The Governor was using his own checkbook. Bush’s man Bernanke was using ours.

This week, Bernanke’s Fed, for the first time in its history, loaned a selected coterie of banks one-fifth of a trillion dollars to guarantee these banks’ mortgage-backed junk bonds. The deluge of public loot was an eye-popping windfall to the very banking predators who have brought two million families to the brink of foreclosure.

Up until Wednesday, there was one single, lonely politician who stood in the way of this creepy little assignation at the bankers’ bordello: Eliot Spitzer. coincidence? try no!

Who are they kidding? Spitzer’s lynching and the bankers’ enriching are intimately tied.
How? Follow the money. always a good practice. practice it. especially in politics...

The press has swallowed Wall Street’s line that millions of US families are about to lose their homes because they bought homes they couldn’t afford or took loans too big for their wallets. Ba-LON-ey. That’s blaming the victim.

Here’s what happened. Since the Bush regime came to power, a new species of loan became the norm, the ‘sub-prime’ mortgage and its variants including loans with teeny “introductory” interest rates. From out of nowhere, a company called ‘Countrywide’ became America’s top mortgage lender, accounting for one in five home loans, a large chunk of these ‘sub-prime.’

Here’s how it worked: The Grinning Family, with US average household income, gets a $200,000 mortgage at 4% for two years. Their $955 monthly payment is 25% of their income. No problem. Their banker promises them a new mortgage, again at the cheap rate, in two years. But in two years, the promise ain’t worth a can of spam and the Grinnings are told to scram - because their house is now worth less than the mortgage. Now, the mortgage hits 9% or $1,609 plus fees to recover the “discount” they had for two years. Suddenly, payments equal 42% to 50% of pre-tax income. The Grinnings move into their Toyota.

Now, what kind of American is ‘sub-prime.’ Guess. No peeking.

Here’s a hint: 73% of HIGH INCOME Black and Hispanic borrowers were given sub-prime loans versus 17% of similar-income Whites. Dark-skinned borrowers aren’t stupid – they had no choice. They were ‘steered’ as it’s Continue reading ‘Eliot’s Mess’ Tag:

Listen Now:
Elliot Spizter Gets Nailed Pt 1: Hide Player Play in Popup Download

Elliot Spizter Gets Nailed Pt 2: Play Now Play in Popup Download

so please---no! i am not colorblind and i will say as well that no one else is either!

americans need to stop lying and tell the truth. starting with ourselves first. it is the only way we have a snowball's chance in hell. think about it.


Khadija said...

Hmmm....Greg Palast...another great media source that I've found out about through you. Thanks!

Mr. Palast having to leave the US of A kind of reminds me of how the journalist who broke the CIA/Contra/Cocaine story "committed suicide." If I remember the incident correctly. No wonder there's been verrrry little investigative reporting for the past 15 or so years.


focusedpurpose said...


you are welcome. this information was shared with me. i have to pay it forward...

we are distracted and focused on all the wrong things. meanwhile, we are slowly--in the best case scenarios---being cooked. those of our brothers, sisters, and children that are in the urban inner cities are dealing on the front lines with straight guerrilla war. it is not making the news. it is happening right here. we are dying in large numbers. right now. everyday.

we have got to start telling the truth and refusing to accept lies.