Fri 2010-10-08 21:34 EDT

Improper GMAC Affidavits Leading to Charges of Document Fabrication to Change Title >> naked capitalism

Yves Smith

...the web emanating from the GMAC affidavit improprieties extend much further than most may realize. Although GMAC continues to maintain that having its ``robot signor'' officers like Jeffrey Stephan provide affidavits on matters they know nothing about is a mere technical problem that they can remedy. In fact, an affidavit is a statement of someone with personal knowledge of a matter. Stephan signed as many as 10,000 documents a month and clearly could not have personal knowledge of the underlying situations. Deliberately preparing and submitting inaccurate documents in a legal proceeding is a fraud on the court...So as much as GMAC and its fellow servicers no doubt hope there little document mess will fade from public view, attorneys are using it as a new weapon to fight questionable foreclosures or force servicers to negotiate principal mods...

CHANGING TITLES; charges; Document Fabrication; Improper GMAC Affidavits Leading; naked capitalism.

The Wall Street Examiner Sun 2010-05-09 09:55 EDT

Taking a Minsky Cruise on the Flow of Funds Datastream (part 1)

...Banks (who are, of course, owned by people, equity liabilities are not included in that data set) have always had a big lien on the country, but that lien has doubled (relative to GDP) since 1980. Households used to be a major source of finance in the country but as their distaste for debt faded along with memories of the depression they started to borrow more than they leant. Then, as restrictions to foreign capital inflows fell (how else to maintain a trade deficit without settling in specie) the Rest of the World became a significant source of funds. In 2001, The RoW overtook US Households as a source of funding and this trend has accelerated. Warren Buffett was wrong, we weren't going to become a sharecropper society, we already were one...

flowing; Funds Datastream; Minsky Cruise; Part 1; take; Wall Street Examiner.

Ambrose Evans-Pritchard - Finance and business comments Thu 2010-01-07 19:00 EST

Global bear rally of 2009 will end as Japan's hyperinflation rips economy to pieces

The contraction of M3 money in the US and Europe over the last six months will slowly puncture economic recovery as 2010 unfolds, with the time-honoured lag of a year or so. Ben Bernanke will be caught off guard, just as he was in mid-2008 when the Fed drove straight through a red warning light with talk of imminent rate rises -- the final error that triggered the implosion of Lehman, AIG, and the Western banking system. As the great bear rally of 2009 runs into the greater Chinese Wall of excess global capacity, it will become clear that we are in the grip of a 21st Century Depression -- more akin to Japan's Lost Decade than the 1840s or 1930s, but nothing like the normal cycles of the post-War era. The surplus regions (China, Japan, Germania, Gulf ) have not increased demand enough to compensate for belt-tightening in the deficit bloc (Anglo-sphere, Club Med, East Europe), and fiscal adrenalin is already fading in Europe. The vast East-West imbalances that caused the credit crisis are no better a year later, and perhaps worse. Household debt as a share of GDP sits near record levels in two-fifths of the world economy. Our long purge has barely begun.

2009; Ambrose Evans Pritchard; Business Comment; ending; finance; Global Bear Rally; Japan's hyperinflation rips economy; pieces.

naked capitalism Tue 2009-10-13 19:53 EDT

Central Banks Diversifying Away from Greenback

Sentiment on the dollar is very bearish, and its long-term outlook is not promising at all. But this could point to either another leg down (the beginning of a disorderly slide that many observers worry about) or could also produce a snapback rally if an unexpected rise led to short covering (particularly if equities markets rallies were to fade and lead investors to seek cover until the dust settled in Treasuries). [dollar losing reserve currency status]

Central Banks Diversifying; greenback; naked capitalism.

Satyajit Das's Blog - Fear & Loathing in Financial Products Sun 2009-08-30 12:20 EDT

El-dollardo Economics

In the 1980s, the Japanese were taking over the world. In the 1990s, it was going to be an ?Asian? century. These days the pundits are betting on the ?Chinese Age?. Like all such glib predictions, despite their superficial appeal, they mask complex undercurrents and issues that require careful study. Business journalist Michael Schuman's The Miracle: The Epic Story of Asia's Quest for Wealth. Paul Midler's Poorly Made in China; quality fade. Underlying both `The Miracle' and `Poorly Made in China' is a view of the emerging world best captured by the term `Orientalism', associated with Edward Said...the West's view of the East was shaped by political power and unequal commercial exchange. Said's work built on George Orwell's criticism of colonialism. Former Chinese premier Zhao Ziyang's secret journal `Prisoner of the State' provides antidote to a Western view of East Asia.

El-dollardo Economics; fears; financial products; loath; Satyajit Das's Blog.

Thu 2006-06-29 00:00 EDT

The Fading Global Distinction Between the Good U.S. People and the Bad U.S. Government | Z

(Paul Street)

Bad U.S. Government; Fading Global Distinction; Good U.S. People; Z.

Wed 2006-03-22 00:00 EST

TomDispatch - Tomdispatch Interview: Chalmers Johnson on Our Fading Republic

(2/2)

Chalmers Johnson; Fading Republic; tomdispatch; Tomdispatch Interview.