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Financial Industry Has Not Learned From 2008

I purchased my current home in 2008, several months prior to the housing bubble bursting.  At the time, I had steady employment, had no credit issues and had no expectation that I would run into any situation where I would have issues with my purchase.  However, I found it weird that throughout the purchase process I was never asked to provide any definitive proof of my income.  I was asked what my income was and I replied truthfully to the question.  But at no time was I asked to provide copies of my W-2, copies of my bank statements, pay stubs, etc.  In a previous home purchase in 1998 I was asked for all of those, so as I said I found it quite weird.  In any event, my closing came and went and I’ve been happily living in my home with my family ever since.

The house bubble burst in late 2008, in large part leading to a commanding win by Barrack Obama.  There was much demagoguing, grand standing, finger pointing, back peddling, evasion, and a host of regulations and laws to address the many issues that lead to it.  However, one thing does not seem to have changed.  Something that was key to the bubble in the first place.  I recently refinanced my home and I did so without having to provide proof of my income.  Again.

Yes, I have very good credit.  No, I’ve never missed a mortgage payment.  My home is not encumbered by liens or secondary mortgages.  I have a good income to debt ratio, and I’m steadily employed.  But despite all that I find it outrageous that banks – MAJOR BANKS – are still not requiring borrowers to prove their income through W-2’s, pay stubs, and bank statements.  I mentioned several times during the Refi process that I have proof of my income and was ready to submit it and was told it wasn’t necessary.

That is, in part, what lead to the bubble in the first place.  Borrowers borrowing for homes they couldn’t truly afford, using gimmicks and ARMs to do so and without having to actually prove they could afford their perspective home.  When push came to shove and interest rates began to increase those risky borrowers were very quickly pushed out of their homes when they couldn’t afford their adjustable mortgages.  And we, the responsible tax payers were left with the bill.

How long again will it be before we’re right back where we found ourselves four years ago in order to acquiesce to Democrat demands that everyone afford a home?

Categories: Economy Tags:

IPCC AR5 Confirms and Denies At The Same Time

After the AR4 fiasco you’d think the UN’s IPCC would have learned their lesson.  But you’d be wrong.  Honestly, how can we expect Climate Activists (aka Scientists) to be anything than they actually are.  AR5 is again full of citations from activist groups like Green Peace, Sierra Group, and others that are not objective.  Yet AR5 is one thing, a wake up call.  AR5 proves that the UN and Climate Activists around the world do not understand the complexity of climate change (Global Warming) and their climate fear monger can not be trusted.  Subject to a myriad of factors, global climate has always, and will always change.  That is truly settled, but beyond that the so called “settled science” that climate activists are parroting is nothing more than marketing.  Climate alarmism is more religion than science.

The IPCC, and the networks of climate research institutions that support it, have for years been stating global temperatures would rise a certain amount due to human produced pollution and yet the recorded data indicates a global increase of only half as much.  An error of 50% from prediction would be enough to send any scientist or group packing, but such is not the case with a world wide network of climate activists.  To them It simply means we’re missing “the bigger picture“.  But even the IPCC can’t ignore the truth forever.  Buried within AR5 is the surprise admission that solar activity’s impact on climate has been significantly under represented.

2012 was the beginning of the end

I won’t lie, the November election was a stinging defeat for Republicans.  Only about 1 million more voters voted for Mitt Romney in 2012 than voted for John McCain in 2008, which is completely dumbfounding considering the polls leading up to the election and the state of the economy under Obama’s first term.  And that on top of the blow the Supreme Court gave to the American people which removed all pretense that government was the servant of the people.  Looking back over these last several months I’ve come to the realization that I simply do not recognize this country any longer.

We as a people are irredeemably envious of everyone around us, spoiled, materialistic, ignorant — of history, of principle, of human nature –, and simply deserve everything we get from this point forward.  We are all now slaves to government; a government that restricts and removes our rights and our privacy more and more each day.  A government that punishes success and rewards failure.  A government that divides us and sets one upon another.  And half of the country applauds and asks for more.  Our media lavishes praise on and proclaims the very cancer as the “second coming“.

Obama is no second coming, rather he’s the beginning of the end.  Obama’s ballyhooed change is all around us.  The economy hasn’t recovered from the recession and threat of a double dip is very real because those running the government today do not believe in the very economic forces that drive the economy.  Businesses all around the country have reacted and are cutting back the hours of their employees and converting full time jobs to part time jobs in order to skirt around Obamacare laws.  Action that will only exacerbate the economic troubles our country continues to face.  When combined with the reality of a dwindling workforce and its impact on entitlement spending and the national budget one can’t look at the state of our nation today and feel anything but a deep foreboding.

So about those peaceful Muslims

September 19, 2012 Leave a comment

I believe deeply in freedom of religion, and though I may be in the minority on this as a religious man myself, I have never felt the need or desire to proselytize.  I’ve always been happy to discuss religion with someone if they ask but other than that I feel its a private topic.  And I’ve never felt hatred or disappointment toward others who have different religious tendencies or affiliations than myself.  I particularly never understood the “troubles”, as they were euphemistically called in Ireland either, though I absolutely understood historically how they came about.  Those troubles might have started for purely religious reasons but by the 1970’s and 1980’s why in the world did anyone still care about what someone else, let alone an entire population believed?  Ignoring the fact that the “troubles” really weren’t about religion at that point.

Which brings me to the “peaceful” Muslims of the world.  While I’m certainly under no miscomprehension that other religions haven’t visited their own ills upon the world, of all of the worlds religions Islam is perhaps the one that most propagates violence by its adherents.  Though President Obama spares no effort to remind us of how peaceful the Muslim world is, the rest of the world knows better.   There may be few things in life that are certain, but it’s completely predictable that Islamic adherents the world over will erupt into frothing mayhem whenever someone disparages Islam.  Such has been the case recently when a privately produced filmed titled the innocence of Muslims was posted to YouTube.  The riots, murder and property destruction are still on going, but it’s about to erupt anew as a French Newspaper printed Muhammad cartoons this morning prompting France to close some 20 embassys until the violence subsides. 

President Obama’s reaction to the murder of the our Diplomat and personnel in Libya, and attacks on our embassies in Egypt and other countries was to condemn the free expression of thought here at home.  Instead of condemning the violence, and a religion and those that perpetrate it, President Obama instead blames the victims.  Does President Obama also blame rape victims as well?

Its long past time that a spade is called a spade.  Islam is a violent religion.  If all it takes is to post a cartoon of Muhammad to be published, or to talk about the violence perpetrated by Muslims around the world to cause a fresh wave of violence and murder then we need to seriously look at why that is.  There may be millions of peaceful Muslims, but that isn’t the issue at hand.  When there are millions of Muslims that are violent and when a majority of the world’s violence is occurring in and around those countries where Islam is most prevalent how can you look at that and not see the correlations?

Michelle Obama might believe the greatest threat to our national security is obesity but the more sane of us know it’s Islam and fanatical Muslims.

Categories: Religion Tags: , ,

All your moneyz are belong to us

September 19, 2012 Leave a comment

I’ll just leave this here.  Wouldn’t want anyone to mistake Obama’s true feelings on the subject going into this next election….

http://www.youtube.com/watch?v=ge3aGJfDSg4

We are all slaves now

Today’s SCOTUS ruling upholding Obamacare’s Constitutionality is not only an affront to the very principles this nation was founded upon, but also the end of any illusion of freedom we had left.  As of today non individual in this country has any real control over the limit government now has on them.  As of today, we are a nation of slaves beholden to government.  As of today government is no longer “of the people, by the people, for the people”.  Today, government is master and can now legitimately rule our lives like it has never been able to do before.

I won’t bother commenting on the ruling itself, other than to say I am ashamed of Justices Kennedy and Roberts.  They swore to uphold the Constitution and did exactly the opposite today.  Our forefathers — Madison the least of which — which weap in shame at what was committed today.  What I did want to comment on, and particularly for the scurrilous Americans that voted for Obama, are the very likely unintended consequences of today’s ruling.  That slippery slope is a bitch, and I hope every single individual that voted for Obama tumbles right over it.

Today the Supreme Court ruled that Government can control what you eat, and can punish you if you do not adhere to the inevitable dietary regulations that are coming.  Don’t believe that’s possible?  Go talk to New York City and Boston.  Today the Supreme Court rules that government can control how much energy you consume, and can punish you if you you do not adhere to the inevitable restrictions that are coming.  Don’t believe that’s possible?  Go talk to the U.N., and the passel of lawmakers in states and the federal level that are working hand in hand to enact carbon taxes.  Today the Supreme Court ruled that Government has ultimate say in your healthcare and can punish you if you don’t adhere to the regulations.  Many of which are already in place.  Don’t believe that?  Go talk to the 43 Catholic Denominations that are currently suing the Government for trampling religious freedom.  Wait and see that its inevitable that rationing will occur.  As has been the case of every single nation that has implemented a national healthcare system.

Today the Supreme Court ruled that we are no longer a single people.  As of today we are “us” and “them”.  As of today we are a nation of mob rule; a nation in which those who pay no income taxes — some 50% of all working adults — make the rules under which the other 50% of adults who do pay income taxes have to live.  Its the ultimate socialist society in which the productive half of the country has to support themselves, along with those who are not productive.  And have zero say about it.

I see little reason why those individuals who do not believe in our founding principles should enjoy the very system those principles created.  Tell me why we Conservatives should not, from this moment forth, use the very tactics of the left to defeat them.  If we are not a nation of principles and laws, why should we not also actively attack Democrats?  Why should we not intrude upon the homes and work places of Democrats?  Why should we not destroy the property of Democrats?  Why should we not perpetrate voting fraud to ensure our candidates win?  Why should we not practice intimidation?

Oh you fools, you know not what you did today.

Government Managed Healthcare Tantamount to Murder?

The stories regarding horrendous conditions within the British managed healthcare system are legion, and now comes the claim that the system is actually a pathway to death for the elderly.  The issue of course, is that in a health system funded solely through taxation services always have to be rationed.  So don’t take the article to mean that the British healthcare system is intentionally murdering people.  yet at the end of the day thats precisely what its doing.  When scarce resources have to be allocated, they’re more likely to be allocated to the young and that simply isn’t something we should contenence here in the United States.

While there are a litany of issues — severe and other wise — with the patch work of healthcare and insurance systems here in the U.S., I don’t want to see us march down the road of Britain like a bunch of lemmings either.  We can do much better, and without consigning our elderly to the deathchamber of centrally managed healthcare.  Foremost is controlling skyrocketing healthcare costs, which Obamacare doesn’t even begin to provide.  The issue of ever increasing cost is a complex one with no single solution, yet the first step should be to enact Tort reform enabling Doctors and Hospitals to control their insurance costs.  Those costs are passed along to each of us in turn, and doctors are forced to defensively order batteries of needless medical tests for no other reason than as insulation from possible future legal proceedings.  The costs of which are also passed along to us all.

Secondly, Congress should enact cross state insurance pools, and allow insurance companies to sell insurance across state lines as well.  Larger pools mean lower premiums, and that is never a bad thing.  Third, the States and Congress should enforce existing laws, or enact them as needed to better regulate the industry and vet premium increases.  There should be clear, convincing documentary evidence required for premium increases.  And that simply isn’t my impression now.  In most cases I’m a proponent of less regulation, but I believe the record is clear that in the healthcare insurance industry, the industry has failed to regulate itself.  And that lack of self regulation has caused great harm.

Beyond controlling cost, the States and Congress also need to address egrgious industry practices that directly harm consumers.  States and consumers need real teeth to combat those practices that can, and have lead to death or debilitation through lack of medical treatment.  Examples of which are the well documented policies of insurance agencies to intentionally deny claims for non-medical reasons, and the intentional cancellation of consumer policies when healthcare claims are made.  My sister-in-law is an example of this second practice.  She lost her healthcare three years ago when she was diagnosed with a chronic illness.  After nearly 20 years of maintaining healthcare insurance, and being in good health, the company refused to renew her insurance at the end of the term after submitting her claim.  She was unable to find comparable coverage afterward that would cover her (pre-existing condition), and couldn’t afford the one policy that would.  Practices such as these should come with very real consequences to the companies that practice them, and what’s more, can be done Constitutionally.

That Democrats have refused to discuss, let alone enact, many of the similar proposals Republicans have put forth over the last 20 years shows that the Obamacare is more about politics than it is about ensuring the health of American citizens.  Obamacare will eventually lead to single payer system, with its inevitible rationing and treadmill to the “death panels” which Britain itself is experiencing.

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