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A SOLUTION THAT COST NOTHING;IT MAKES A TAXPAYER PROFIT!

September 10, 2011

Score Card:
$8.5 Trillion the amount spent to save banks that put us in recession.
$447 Billion to be spent to pull us out of recession.

Them…..$8,500,000,000,000 ( Proof amount is correct read
“A Real Jaw Dropper at The Federal Reserve” US SENATOR SANDERS)

US……..$ 447,000,000,000

You need to get new advisers.

As Mohammed Yunus (Banker to the Poor) says,”As with all new ideas; correct,enhance,or endorse”

As always may God continue to bless America,

A Solution that cost Nothing:

Word of the lawsuits by the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, came as a surprise to the market and weighed on bank shares. The lawsuits could add billions of dollars to the banks’ potential legal costs at perhaps the worst possible time for the industry.
The FHFA plans to accuse major banks, including Bank of America Corp and JPMorgan Chase & Co, of selling bonds backed by mortgages that should have never been packaged into securities, said the sources, who are familiar with the matter. Neither source was authorized to speak on the record. A spokeswoman for the FHFA declined to comment.

FHFA and various investors have alleged that banks, while packaging residential home loans into securities sold to investors, failed to conduct adequate due diligence, and hid or misstated the quality of the underlying loans and underwriting as well as borrowers’ ability to make payments.
As more borrowers fell behind or went into foreclosure, the value of securities backed by their loans fell, causing losses for investors.
Losses stemming from the precipitous deterioration in subprime and other mortgages pushed the government to take over Fannie Mae and Freddie Mac on September 7, 2008. Since then, taxpayers have spent more than $140 billion to keep the firms afloat.
CAPITAL WEAKNESS
Major banks already face potential payouts of tens of billions of dollars to settle regulatory charges of abusive mortgage lending and foreclosure practices, and other investor lawsuits over mortgage debt losses.

THE “INVISIBLE HAND” can work a deal:All banks are to sell their mortgage assets to Bank of America so they can be “rescued as too big to fail” and Bank of America would be thrown into receivership by the FDIC.FDIC will sell all assets ( minus loans) and pay $7.00per share for all BAC shares thereby OWNING THE BANK and all its branches.The renamed bank will be called “THE FEDERAL BANK OF THE UNITED STATES OF AMERICA”. It will be funded by the US TREASURY with $51 Trillion dollars as allowed already by law.
(read the US Mint to deposit 51 newly minted Platinum $1 trillion coins which by law they would have to turn over the profits from such coins to the US TREASURY).And just like the State Bank of North Dakota,we the people may just have solved “the housing crises.
SOLUTION TO HOUSING CRISIS AND CREATION OF MILLIONS OF JOBS IMMEDIATELY AT NO COST to the taxpayers with long term lower cost mortgages made by our own bank (read Federal Bank of the USA) at a term of 36 yrs @ 4%(read low payments).EVEN THOSE UNDERWATER,EVEN THOSE LIVING IN THAT HOME WHO ARE TAXPAYERS THAT WISH TO REMAIN!!!;.Create 2 million jobs with commercial loans to business at terms of first year payments interest only then at 6% for 36 years.You get the loan based on job creation and asset value of the construction.Create another million jobs with new home loans.Terms 5% down,then 4% for 36 years. We saved the auto industry,why not save the housing industry? Let S&P save their rating for the banks.Let the taxpayers get loans because they paid taxes ,therefore;they are credit worthy. TAXPAYERS paying interest for TAXPAYERS.The $51 trillion will not be spent!!IT WILL BE  A  ZERO BALANCE AS ONLY THAT PORTION USED WILL BE AN ASSET.AN ASSET THEY WILL BE BASED ON THE FULL CREDIT AND TRUST OF THE AMERICAN TAXPAYER. It will be on the balance sheet as $51 trillion mortgage assets.This asset will double every 18 years….1 X 18 = 102 trillion,2 X 18 =204 trillion..good-bye taxes.
And as for Freddie and Fannie as a reward for finally stepping up and doing the right thing,their shares will be sold as a new issue for $15 a share.They will SERVICE FOR THE LOANS and being paid 1% that comes to $510 billion over 18 years.
May God continue to bless America
justaluckyfool.blogspot.com

JIM LEHRER: …” a lot of people who believe… the key to this from the very beginning was not the financial system… it was the housing problem.
JIM LEHRER: … until that is fixed, can the rest be fixed?
HENRY PAULSON:… when you look at how long it’s taken for these excesses to build up and for these home prices to appreciate to suddenly say, “Maybe government could push some button and make it all go away and solve the problem.”…
HENRY PAULSON:… Well, I have always said that at the heart of the problem is the housing correction. And until the biggest part of the price decline in houses is behind us, we will have stresses in the financial markets and in the economy.” (excerpt from FOX interview.2009.)
The government should step up to help the taxpayers and EVERY HOMEOWNER..Fix the housing market ; jobs will be created; deficits will be reduced.The problem is that the banks have to get the loans to real value,but they cannot do it.Millions of loans need fixing and the amount of money needed is astronomical!Bank of America alone has 4 million of them.
TARP AND TALP were for more than $8 trillion dollars and the banks used that as chump change from their own personal cookie gar.
A Real Jaw Dropper at the Federal Reserve a blog by US SENATOR BERNIE SANDERS.
The Fed was forced to divulge … emergency loans that until now were totally kept from public to make our financial institutions more responsive to the needs of ordinary Americans and small businesses.
What have we learned so far from the disclosure of more than 21,000 transactions? We have learned that the $700 billion Wall Street bailout signed into law by President George W. Bush turned out to be pocket change compared to the trillions and trillions of dollars in near-zero interest loans and other financial arrangements the Federal Reserve doled out to every major financial institution in this country
The Fed said that this bailout was necessary to prevent the world economy from going over a cliff. But three years after the start of the recession, millions of Americans remain unemployed and have lost their homes, life savings and ability to send their kids to college. Meanwhile, big banks and corporations have returned to making huge profits and paying their executives record-breaking compensation packages as if the financial crisis (I read criminal fraud) they started never happened.
What this disclosure tells us, among many other things, is that despite this huge taxpayer bailout, the Fed did not make the appropriate demands on these institutions necessary to rebuild our economy and protect the needs of ordinary Americans.
The four largest banks in this country (Bank of America, JP Morgan Chase, Wells Fargo, and Citigroup) issue half of all mortgages in this country. We now know that these banks received hundreds of billions from the Fed. How many Americans could have remained in their homes, if the Fed required these bailed-out banks to reduce mortgage payments as a condition of receiving these secret loans?
We have begun to lift the veil of secrecy at one of most important agencies in our government. What we are seeing is the incredible power of a small number of people who have incredible conflicts of interest getting incredible help from the taxpayers of this country while ignoring the needs of the people.
What have we learned so far from the disclosure of more than 21,000 transactions? We have learned that the $700 billion Wall Street bailout signed into law by President George W. Bush turned out to be pocket change compared to the trillions and trillions of dollars in near-zero interest loans and other financial arrangements the Federal Reserve doled out to every major financial institution in this country. Among those are Goldman Sachs, which received nearly $600 billion; Morgan Stanley, which received nearly $2 trillion; Citigroup, which received $1.8 trillion; Bear Stearns, which received nearly $1 trillion, and Merrill Lynch, which received some $1.5 trillion in short term loans from the Fed.
Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations including two European megabanks — Deutsche Bank and Credit Suisse — which were the largest beneficiaries of the Fed’s purchase of mortgage-backed securities.
Deutsche Bank, a German lender, sold the Fed more than $290 billion worth of mortgage securities. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.”
ADD IT UP:OVER $8 TRILLION !
CALL IT QE3. OR CALL IT PROVIDENCE,We can solve the problem..
Money lent to the auto industry paid off;NOW DO IT FOR HOUSING.Jobs were created and GDP was increased,this was a real win/win.So where does that differ from the $8 trillions plus given to the banks?This money is not to be given to the foxes that are in the hen house.The banks have proven their greed and have proven to be untrustworthy.
THE SOLUTION:
THE FEDERAL BANK OF THE UNITED STATES OF AMERICA .
Federal Bank USA will purchase ALL residential and commercial loans.The American people will be the lenders and no longer will they be the victims of greed.No longer will they allow the banks that they have entrusted with their money to use that money to make profits for themselves .Profits will be made by the people,of the people, for the people.
Taxpayers bailout for Taxpayers by Taxpayers paying compounded interest to Taxpayers.
These loans would provide trillions of dollars as TAXPAYER PROFIT! Bye-bye NATIONAL DEBT.
State Banks are taxpayer owned and are for taxpayers to make and retain any profit.The Federal Reserve Bank as it stands now is a bank that is owned (shareholders) by other banks.This is the greatest banker fraud of all,and we know how Freddie and Fannie turned out.(We will get to them later).And because the Federal Reserve Bank is the bankers bank,they are using taxpayers dollars to HELP THEIR BANKS more than to help people.When the banks made federal guaranteed loans,the FEDS guaranteed the loans with taxpayer dollars.
You have to read “North Dakota’s economic “miracle” blog by Ellen Brown
State Bank of NDhad a  ROE to taxpayers was 19% this year.

May God continue to bless America,so that one Nation can continue to insure the general welfare.

justaluckyfool.wordpress.com

PLEASE CORRECT,ENHANCE,EDIT,OR ENDORSE

AFTER READING :

 

War–The Fiscal Stimulus of Last Resort Ellen Brown

 Please note my changes.

Of $60 billion waste on defense spending…. 

There are some other calculations in the same study . . . . If we had spent that $60 billion  (Change to Federal Bank USA loan )on clean energy, we would have created (directly or indirectly) 330,000 more jobs. If we’d spent it on healthcare, we’d have created 480,000 more jobs. And if we’d spent it on education, we’d have created 1.05 million more jobs.

 

Let’s say we want to create 29 million jobs in 10 years. That’s 2.9 million each year. Here’s one way to do it. Take $100 billion from the Department of Defense and move it into education (change to loans from Federal Bank of USA). That creates 1.75 million jobs per year. Take another $50 billion and move it into healthcare spending. There’s an additional 400,000 jobs. Take another $100 billion and move it into clean energy. There’s another 550,000 jobs. (change to that’s all from loans)”And take another $62 billion and turn it into tax cuts, generating an additional 200,000 jobs.(This change would be stated as ,No tax cuts needed as INCOME TAX WOULD BE SIMPLIFIED AS 10% of income over $100,000 up to $250,000,and the 15% up to $1,500,000 and 20% thereafter.No income tax for taxpayers earning $100,000 or less per year because THE  FEDERAL BANK OF USA is earning trillions for the taxpayers FOR THE GENERAL WELFARE !

justaluckyfool.wordpress.com

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