Posts tagged ‘Banks’

02/23/2012

Republican Debate in Arizona (2-22-12)

WAR: Paul correctly said a “pre-emptive war” is a “war of aggression.” We have been fighting offensive, not defensive wars. If we go to war against Iran, Paul said, it should be done properly, by first asking Congress for a Declaration of War. Gingrich foolishly said there are moments when you engage in pre-emptive war (also known as illegal aggression under international law).

DEFENSE: Paul predicted the Draft would be brought back, because we are in way over our heads. He said foreign aid ends up helping our enemies. Santorum thinks Defense Spending takes a smaller portion of the budget than in the past, and he would not cut it. Romney accused Obama of shrinking the Navy, Air Force, and active-duty personnel by 50,000 to 100,000. He would instead add ships, planes, and personnel by 100,000. He responded to Santorum’s problem with women in the military, saying they have the capacity to serve in responsible positions.

MIDEAST/SYRIA/PAKISTAN: Paul said Al Qaida is bankrupting us as they bogged us down in the Mideast, where we have spent 4 trillion in the last 10 years. We don’t have money for another war in Syria, he said. Santorum thinks Syria is a puppet of Iran. Romney said Syria shadows Lebanon, and threatens Israel. He wants the Alawites in Syria to abandon Assad. He is also concerned with Pakistan’s nuclear weapons.

IRAN: Paul said we don’t know if Iran has a nuclear weapon, but they cannot possibly attack anyone, because we have 45 bases, plus submarines, all around their country. All we are doing is making them feel threatened, and encouraging them to get a bomb. Sanctions are already backfiring, he said, because they cause Iranians to rally behind their leaders. We don’t have money for another war in Iran, Paul said. Gingrich accused Ahmadinejad of being a dictator, of denying the Holocaust, of wanting to push the U.S. out of the Mideast, and eliminate Israel from the face of the map. Romney wants crippling sanctions against Iran. He actually believes if Iran obtains fissile material, they will give it to Hezbollah and Hamas, who will take it into Latin America, where they will “potentially” bring it across the U.S. border, and then detonate “dirty bombs.” He thinks Obama told Israel not to take any action.

LATIN AMERICA: Romney thinks Hezbollah is operating in Latin America. He noted Northern Mexico is a problem.

IMMIGRATION: Paul wants us to forget about the Pakistan-Afghanistan border, and deal with our own. We need to reward legal immigration, he said. He thinks the welfare state causes immigrants to cross over for benefits. Romney enabled his state police to take them out by enforcing illegal immigration laws. He fought for English emersion classes in schools. He said since e-verify allows employers to know who is here legally, illegals have dropped by 14%. Santorum would create a loophole in e-verify, by not requiring homeowners to use it. Gingrich said the failure to control our border is a failure of will. He wants a President who works with governors, not sues them. He said the fence between San Diego and Tijuana worked, even though it is in a densely-populated area. The further the fence was extended, the fewer crossed into California. He would move half the Dept of Homeland Security to border states to get the fencing done. He voted for a employer-sanction law in 1986, signed by Reagan, which was to have solved the immigration problem. He said people who do business in Mexico, do not want the border closed.

ENERGY: Gingrich does not want American Presidents to have to bow to Saudi Kings over energy. He believes Iran is partly responsible for what is going on at the gas pump, as one of every five barrels of oil goes through the Straits of Hormuz. We should get into the position where we could say we do not care what the Mideast does. If we opened up federal lands and offshore areas for development, Gingrich said, and replaced the EPA, the government would realize 16 to 18 trillion in royalties, and gas prices would drop to $2.50 per gallon.

BANKS: Romney said: “I didn’t want to save Wall Street banks.” He was worried the entire currency system would go down.

AUTO: Paul said the government should not be in the business of supporting auto labor contracts. He reminded the audience Santorum opposed the auto bailout. Santorum said he helped the airline industry after 911, because the government shut them down. He said Romney is not principled, as he was for the Wall Street bailout, but against helping Detroit auto workers. Romney admitted he wanted the auto companies to go through a “managed” bankruptcy, like the airlines did, to shed excessive costs imposed by the UAW. He took a contradictory position however saying: “No way would we allow the auto industry in America to totally implode and disappear.” Gingrich agreed a managed bankruptcy would have been best for the auto industry.

HOUSING: Paul said the government should not bail out housing.

HEALTH: Gingrich said when the government becomes the central provider of services, they inevitably move towards tyranny, as they force people to do things. Santorum promised to target Medicare for budget cuts. He pledged to repeal Obamacare. He said he always opposed Title X funds, but pushed abstinence-based program spending under Title XX. He accused the Mass health law of being the model for Obamacare. Romney said states have the right under the 10th Amendment to do what he did in Mass. He would repeal Obamacare, because he doesn’t think the federal government should cut Medicare by 500 billion.

EDUCATION: Paul said the Constitution gives the federal government no power in education. He said Santorum is a fake, because he votes for No Child Left Behind, but now he wants to get rid of it. Santorum said he is a home schooling father of seven children. When he voted for No Child Left Behind, it was a mistake, and he now thinks the federal government should get out of education. Romney agreed children should be tested in math and English before they graduate. Gingrich would shrink the federal Dept of Education down to nothing but research. He thinks teachers unions only care about protecting bad teachers.

SOCIAL SECURITY: Santorum said we need to “deal with” Social Security. He said “all” the seniors in Pennsylvania rely on it, because the rich ones moved to Florida and Arizona.

WELFARE: Santorum said poverty in single-parent households is five times greater than two-parent homes. His solution is to go after food stamps (to make sure hungry people go without). Romney would block grant Medicare, housing vouchers, and food stamps to the states.

GOVERNMENT: Romney would link government pay to private sector pay. Gingrich would repeal 130-year-old civil service laws.

BUDGET/DEBT/TAXES: Santorum said he was rated most fiscally conservative in his 12 years in the Senate. He explained earmarking is abused, and would oppose their use as President. We cannot default on the Debt Ceiling, he added. He said Romney is now suggesting raising taxes on the top 1 percent. Romney said the earmark process is broken, and he would ban it, because it opens the door to excessive spending. He supports a line-item veto to deal with earmarks. He would ask if a program justifies borrowing from China to pay for it. He claimed he balanced his state budget all four years. Santorum said the only reason Romney balanced his budget was his state constitution required it. Gingrich wants a balanced budget. He would eliminate capital gains taxes on more than just those earning less than $200,000. Paul said he never voted for a budget deficit, or an increase the National Debt. He said we pay gas taxes into a trust fund, and should get our fair share, but they spend it overseas.

CONSTITUTION: Paul said he is the defender of the Constitution and liberty, and his platform is the road to peace and prosperity. The Constitution does not provide “women’s rights or men’s rights,” There are no group rights. He said we take an oath to our office, not to a political party to vote the way they want.

RELIGION: Romney alleged we have never seen attacks like these against religious conscience, freedom, and tolerance.

ABORTION/CONTRACEPTION: Paul said the government should not spend money on abstinence. Pills don’t cause immorality, people do. Romney alleged Obama was trying to require Catholics to provide birth control, sterilization, and morning-after pills. He said he stood on the side of life, when his legislature refused to define it as starting at conception. He vetoed a bill regarding embryo farming and cloning. He said liberals go crazy over teaching abstinence. He denied requiring Catholic hospitals to provide morning after pills. He said the Mass. health law did not require contraceptive coverage. He said Santorum opposed contraceptives, but voted for Title X. Gingrich claimed state senator Obama voted to protect doctors who killed babies who survived abortions. He wants Planned Parenthood to get nothing. Santorum said, if elected, he would talk about the “dangers of contraception.” He illogically added we have a problem of children born out of wedlock. He said this doesn’t mean he wants a government program to fix it.

ADOPTION: Romney sided with Catholic adoption agencies regarding their preference for placement in homes with a man and a woman. He wanted the Catholic Church to stay in the adoption business, as they were responsible for half of them in Mass.

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01/17/2012

Republican Debate: New Hamp (1-8-12)

FOREIGN POLICY: Paul said we need someone to challenge our huge empire overseas and the amount we spend on it. Elections are held overseas, he said, but we refuse to accept results. We can no longer have 900 bases in 130 countries, he said. Santorum argued the problem with Paul is all the things Republicans like about him, he cannot accomplish, and all the things they worry about, he can do on day one. As commander-in-chief, on day one, Paul could pull all our troops back from overseas. We would no longer have the 5th Fleet in the Persian Gulf. Perry also disagreed with Paul, saying overseas spending is not our biggest problem.

DEFENSE SPENDING: Huntsman said Defense should not be a sacred cow. If we cannot find cuts in the Defense, we are nuts.

IRAN: Santorum argued Iran has a theocracy which believes the afterlife is better than this one. They are different than the Soviets, China, or North Korea, as they would actually use nuclear weapons, since they value martyrdom and would die for Allah.

PAKISTAN: Even though Pakistan already has nuclear weapons, Santorum said they are a secular state, and not theocratic.

SOCIALISM: Perry believes Obama is a socialist. Paul said there is a socialism for the rich. The banks, and military industrial complex run the entitlement system, and benefit from it.

CAPITALISM: Gingrich referred to a NY Times report that said Romney’s Bain Capital engaged in behavior which looted a company and left 1,700 unemployed.

RECESSION: Romney does not blame Obama for the recession, but claims he is responsible for getting us deeper into it and causing it to go on longer.

BANKS: Romney argues the Dodd-Frank Bill made it harder for community banks to make loans.

LABOR: Perry thinks there is a federal law that forces states to enact right-to-work laws. He claims he is not anti-union, but instead pro-jobs. Santorum would sign a national right-to-work law. Romney said the anti-union right-to-work laws make sense for the entire nation. He also claims Obama stacked the National Labor Relations Board with “labor stooges.”

ENERGY: In response to a question regarding home heating oil prices rising in NH to $4 gallon, because Obama cut the program that helps low income people, Huntsman said we need to disrupt the oil monopoly. Paul wants energy deregulated. He said subsidizing it is not the way to do it. Gingrich wants federal lands and offshore areas opened for oil and gas development. Romney said air pollution is a reason to switch to natural gas, located in the Dakotas, Penn and Texas, which costs only a fraction of oil.

ENVIRONMENT: Romney said we are responsible for clean air and cannot allow pollution from one state to flow to another state.

HEALTH CARE: Huntsman agrees with the Ryan plan which would remove 6.2 trillion from the budget over 10 years. Medicare should not be a sacred cow, he said. He would impose means testing. Gingrich called the new Ryan-Wyden bill more sensible. Paul explained medical care is not a right, like liberty, but rather an entitlement. He explained federal employees have a choice of plans. If they opt for a more expensive one, their co-insurance costs are higher. Romney would cut Obamacare and save 95 billion a year. Santorum opposes subsidizing high income seniors and supports anti-socialist approaches like Medical Savings Accounts, Medicare Advantage, based on premiums, and Medicare Part D.

SOCIAL SECURITY: Romney does not want to change Medicare or Social Security for current retirees.

POVERTY: Romney said federal poverty programs need to be sent back to the states. Given the bureaucracy, he thinks very little actually reaches those who need it. Santorum would block grant food stamps and housing and send them back to the states.

AGENCIES: Perry would eliminate the Energy, Commerce, and Education Depts. Romney would cut a whole series of programs.

TERM LIMITS: Huntsman said, as a candidate for governor, he talked about term limits and campaign finance reform.

BUDGET: The only people who would be in pain through budget cuts are crooks, Gingrich said. Romney said we need to stop the extraordinary spending going on for the past 20, 30 to 40 years.  Paul said his 1 trillion dollar proposal to cut spending would not begin with Social Security, but rather overseas spending. He would return to the 2006 budget. Perry said spending is the biggest problem and wants a balanced budget amendment.

TAXES: The right course, Romney said, is not to raise taxes. Huntsman said loopholes and deductions weigh down our tax code by 1 trillion dollars, and give rise to lobbying on Capitol Hill. We must say good-bye to corporate welfare and subsidies.

FAMILY: Santorum believes the breakdown of the American family is undermining America, as he pointed out the rate of poverty in single-parent families is five times higher.

GAYS: Romney would not discriminate against gays. He appointed people to the bench regardless of sexual orientation, but does not favor same-sex marriage. Santorum said every person should be treated with respect and dignity and should have equal opportunity, but he opposes adoption by gay couples.

ELECTABILITY: Romney will have a very hard time getting elected, Gingrich argued. Romney called himself a conservative, who balanced the Mass budget 4 years straight, and cut taxes 19 times. Santorum pointed out that if Romney was such a great Mass. Gov, why didn’t he run for re-election? He said Romney lost a race to Sen. Kennedy in 1994 by 20 points. When Romney claimed politics is not a career for him, Gingrich told him to drop the “pious baloney.” He said Romney has been running for office since the 1990s.  Paul doesn’t think the Republicans will do well with a candidate who endorsed the single-payer system and TARP bailouts. Paul sponsored 620 measures, but just 4 made it to the floor, and only 1 became law.

01/13/2012

Huntsman: Why New Hampshire Surge?

Former Rep. Utah Gov. John Huntsman, who lived overseas four times while serving Presidents Reagan, Bush Sr., Bush Jr., and most recently Obama, as U.S. Ambassador to China, finished third in the New Hampshire Republican primary, and is now a serious contender, primarily because of his foreign policy.

FOREIGN POLICY: Huntsman said we need to leave lingering Cold War thinking behind. While some UN members are anti-American, he said, the organization serves a useful peacekeeping and humanitarian purpose. We should not use water-boarding, as he labeled it torture. He said it diminishes our standing in the world as to human rights. We must balance individual liberties and security, and project America’s goodness.

AFGHANISTAN: Huntsman said we need an honest conversation about our sacrifices in Afghanistan the past 10 years. We listened to the generals in 1967, but that didn’t serve our interests. At the end of the day, he said, the President, not the generals, must decide as Commander-in-Chief. He made clear it’s time to leave Afghanistan, as only the Afghans can save their own country. While security is still lacking, it is time to come home, he said, since we achieved our objectives. We drove the Taliban out of Kabul, dismantled al-Qaeda, held elections in 2004, and killed Osama bin Laden. We should not do nation-building with 100,000 troops, as 10,000 to 15,000 troops, with Special Forces and drones can gather the intelligence we need.

IRAN: Huntsman predicted sanctions will not stop Iran from developing a nuclear weapon, because Russia and China are not going to play ball. In a contradictory way, he said our foreign policy in the Mideast is to insure Iran does not go nuclear.

PAKISTAN: Huntsman said only Pakistan can save Pakistan. His concern is they have 160 million people and 100 nuclear weapons. They have troubles along their border, and risk becoming a failed state, due to the Midrasha Movement. Expanded drones over Pakistan would serve our interests, he said.

ARAB SPRING—SYRIA—BAHRAIN–LIBYA: He said the American interest in Syria is called Israel. He would remind the world what it means to be our ally. He accused President Obama of missing the Persian Spring in Bahrain, saying he failed on that front. On the other hand, he felt we had no interest in Libya.

TRADE: If we apply trade sanctions against China, Huntsman worried, we will get the same in return, because we also manipulate our currency, and a trade war will only hurt our exports. He said we cannot sue China in the WTO over currency issues. He warned Europe is second only to Canada as a U.S. export market, and if they go down, the problem will spread to us.

BANKS/ANTITRUST: Huntsman appeared to be concerned about “too big to fail” and wants a proper size for banks. We must address the problem of banks being too big to fail, because they are setting us up for a long-term disaster. He said six institutions have 9.4 trillion or 60 to 65% of our GDP, with unfair implied taxpayer guarantees of protection. They need to be “right-sized,” he said. The banks must pay to take the risk away from taxpayers.

CORPORATE WELFARE: Huntsman said we should not bail out corporations, because we spent trillions with nothing to show for it. He would also phase out corporate welfare and subsidies. As to those protesting against Wall Street, he wants to be the President of the 99%, as well as the 1%, but disagreed with anti-capitalism messages made by some in the crowd.

JOBS: Huntsman thinks we can create jobs for the 15 million who are unemployed through regulatory reform, repealing Obamacare, tax changes, energy independence, and ending corporate welfare.

IMMIGRATION: Huntsman reminded listeners legal immigration is a growth engine. Two of his seven children, from India and China, help him see the issue through their eyes. He said the number of illegal aliens in the U.S. is down due to the economy. While Utah governor, he gave Drivers Licenses to illegal aliens.

AUTO INDUSTRY: Huntsman thinks we can regain our industrial base by lowering taxes and lessening regulations. He did not think the 68 billion dollar auto bailout was a good use of taxpayer money. Americans are sick and tired of bailouts, he said.

ENERGY/ENVIRONMENT: He wants energy independence, but thinks we can’t use wind or sun right now. He would develop natural gas to get rid of our heroin-like addiction to imported oil. The true cost of oil and gas, he said, includes federal spending to keep the Persian Gulf sea lanes open. He accused the EPA of running a “reign of terror.”

BUDGET/DEBT: Huntsman would never let the U.S. default on our debt, which he labeled a cancer, but we have to have an honest conversation about our sacred cows, as everything has to be on the table, including the 650 billion dollar Defense Budget. If we do not, he warned, we will soon look like Europe. He explained: Greece has a 170% debt to GDP; Italy: 120% to GDP; Japan: 100% to GDP; and ours is 70% debt to GDP, and it is moving up. A 70% debt-to-GDP ratio is a national security problem, which will cause us to stop growing, as it gets too high.

TAXES: Huntsman said this is the worst time to raise taxes. He would lower tax brackets to 8%, 14%, and 22%. He would phase out loopholes and deductions for individuals, as recommended by the Simpson-Bowles Commission. He would also phase out corporate welfare and subsidies. As Utah governor, he delivered on a flat-tax. He refused to sign a no-tax-hike pledge.

HEALTH: Huntsman said the government’s health care approach is wrong, because it contains a costly individual mandate. He warned the IRS is gearing up with 19,500 employees to administer the mandate. He delivered on health care reform in his state, he said, without a mandate. We need truly affordable insurance by addressing health care cost containment. We have to get costs out of the system. Half of health care spending is nonsense, he said. He wants a health care solution that works in the market. We need affordable health insurance to reduce the number of uninsured. Patients need to be empowered. The Ryan plan puts everything on the table, he said. He would send Medicaid back to the states. He would let the states experiment.

EDUCATION: He thinks early childhood literacy is important, but wants education local, and he would send it back to the states, with no unfunded mandates.

EQUALITY: Huntsman does not bash gays, and accepts civil unions. He asked fellow Republicans to do better on equality.

JUSTICE: Huntsman limited his approval of Supreme Court Justices to just Roberts and Alito.

11/18/2011

Republican Debate: Michigan (11-9-11)

The Republicans debated in Michigan on Nov. 9, 2011:

CHINA TRADE: Romney would sue China in the WTO, because he said they are unfairly cheating, and not playing by the rules, as they engage in predatory manipulations of their currency, and make Chinese goods artificially low-priced. Huntsman warned randomly slapping tariffs on Chinese goods would trigger a trade war, which is not a good idea, since China would do the same to our exports. Santorum called tariffs a tax on “you.”

EURO CRISIS: As to Europe, Romney said they should take care of their own problems. What is happening in Italy and Greece, he said, is where we are headed if we don’t change. When asked about U.S. contributions to the IMF used to help the Euro Zone, he said the U.S. must focus of our own deficits. Huntsman warned if we do not get on top of our debt, we will soon look like Europe. Cain said there was not a lot we could do about Italy, because they were already beyond the point of return.

OCCUPY WALL STREET: Huntsman wants to be the President of the 99% as well as the 1%. He agreed we should not bail out corporations, because we spent trillions with nothing to show for it. He disagreed with the anti-capitalism message some made.

BANKS: Huntsman is concerned about “too big to fail” and wants a proper size for banks. We must address the problem of banks too big to fail, because they are setting us up long-term disaster. He said six institutions have 9.4 trillion or 60 to 65% of our GDP with implied taxpayer guarantees of protection, which is unfair to taxpayers. They need to be “right-sized.” The banks need to pay to take the risk away from taxpayers. Cain wants to get regulators off the backs of the banks.

FEDERAL RESERVE: Gingrich would fire the Fed Chair Ben Bernanke, and would audit the Fed with a complete disclosure so we know who was bailed out and why. Paul said the Fed is engaged in price-fixing by setting interest rates well below market levels. We are cheating the elderly of interest income they could earn on their CDs, as banks get loans at zero percent.

HOUSING: What about the 25% who owe more to the bank than their house is worth? Gingrich said “short sales” need to be easier. He thinks the banks profit more from foreclosing than by doing “short sales.” He thinks unemployment is keeping housing from coming back. Romney said holding off the foreclosure process, like the president has done, won’t work. The government cannot buy up all the homes in America. Fannie Mae and Freddie Mac gave loans to people who could not afford to pay them back. We won’t see home prices return, unless we let the market work. Bachmann said at the time of the meltdown, 50% of homes were financed by Freddie and Fannie, and now its 90%, and yet they want another 7 billion. Cain would make Freddie and Fannie private entities. Paul said the housing debt has to be liquidated, as we are just prolonging the housing bubble agony. Fannie Mae and Freddie Mac just keep demanding more money, Paul said.

CORPORATIONS: Romney said it is not a choice between job creation and maximizing profits. Profits help expand businesses and cause them to hire people, he said. Profitable enterprises hire people. He accused the Democrats of not liking business. Perry wants the market and private sector to make decisions. He would let consumers choose winners and losers. He said if a company is too big to fail, it is too big.

LABOR: Cain said the NLRB should not be telling Boeing what to do in South Carolina.

REGULATIONS: Perry said regulations are killing America, and we need to pull back on them. If it kills jobs, do away with it, he said. He would eliminate three agencies, Commerce, Education, but he could not remember the third, until someone prompted him to say EPA. But then he recanted, and said not the EPA. He later said he was trying to remember the Energy Dept.

AUTO BAILOUT: Romney said the auto bailout was wrong, adding they should have gone through a managed bankruptcy. He opposed giving GM to the UAW, and Chrysler to Fiat. Huntsman did not think the 68 billion dollar auto bailout was a good use of taxpayer money. He said Americans are sick and tired of bailouts.

ENERGY: Huntsman wants energy independence. Bachmann said we need to legalize American energy. Santorum wants to produce energy in this country. He wants to cut all the subsidies, and let the market work. He does not favor incentives to get energy businesses going.

HEALTH: Huntsman said we need to address health care cost containment with the 50 governors. He would not have a costly mandate. Half of health care spending is nonsense, he said. We have to get cost out of the system. Patients need to be empowered. We need truly affordable insurance. Paul supports medical savings accounts and would allow opt-outs from Obamacare. We need market forces in medicine, he said. Perry said if Medicare were run by the states, it would save a ton of money. Romney would let the states do their own programs, but thinks individuals must have insurance. Health care has to work more like a market, where people have a stake cost. The malpractice system is nuts, he said, and should be taken over by the federal government. He said government is playing too heavy a role, and patients need to have a stake in cost. He was asked about providing subsidies for those who cannot afford health insurance. Gingrich would turn health care over to the states for experimentation. Bachmann said health care is too expensive. She said Obama promised we would save $2,500 per year in premiums. We need to end the insurance monopoly in every state and allow a free market. Santorum wants the government out of the health care business, and replace it with a consumer driven market.

SOCIAL SECURITY: Gingrich said President Johnson put Social Security into the general budget, and politicians now hide behind it. The money is there and available and the country ought to pay the debt it owes to those who put it there. Bachmann opposes an extension of the payroll tax cut, because it is blowing a hole in the Trust Fund. Perry talked about going to some kind of vague blended price and wage program.

EDUCATION: Paul said there is no authority in the Constitution for the federal government to be involved in education. He would get rid of student loans. Gingrich was asked about student loans and the fact they cannot be wiped out in bankruptcy. Perry said we have to control college Boards of Regents.

SPENDING AND DEBT: Romney said we cannot continue to pass massive debts to the next generation. Romney wants to cut spending. Paul said spending is taxing. He would cut 1 trillion from five departments in his first year. Bachmann said Washington receives 2.2 trillion but spends 3.7 trillion.

TAXES: Bachmann believes taxes cause jobs to leave the U.S. We have the 2nd highest corporate tax rate in the world, she said. If state and federal rates are combined, she claimed we have a 40% corporate rate. Capital went to places where rates were falling. We have to lower our rates. Santorum was asked if his proposed zero tax on manufacturing would be flatter, simpler, or fairer. He said he was not picking winners and losers. He said the government made us uncompetitive, and we need to compete on taxes. Perry proposed a 20% flat tax on personal and corporate incomes. Cain would throw out the current tax code. We need something simple, since complexity is costing 430 billion a year. He wants all treated the same, without winners or losers. Romney was asked why he was holding on to the progressive income tax. He said he wanted flatter rates.  He wants special breaks removed. He would reduce the corporate rate from 35% to 25%. Bachman said there is something wrong with the income tax when only 53% pay it, and 47% do not. She wants everyone to pay something. Huntsman wants to phase out loopholes, deductions, corporate welfare, and subsidies. He would lower rates.

HARASSMENT: Cain said he was being tried in the court of public opinion based on unfounded sexual harassment accusations. Voters don’t care about the character assassination, he said. Romney would not say if a CEO like Cain could be kept.

10/10/2011

Banks: Why We Hate Them

I want to tell you true story about the Sun Trust Bank, the 8th largest in America, which led me to believe the errors they make as to bank fees cannot be excused as mere negligence, but are, at least in my case, the result of a willful disregard of the truth.

Let me start by saying, I am one of those people who always pays his bills the day they are received. I have never allowed the accumulation of unpaid balances, or interest expenses. When I moved to Florida on Jan. 2, 2009, I opened a checking account at Sun Trust, and used it for the next 2½ years. I always maintained the minimum balances required, and no bank fees of any kind were ever assessed against me, that is, until I closed my account.

As I was planning to move back to Wisconsin in June 2011, I decided to wind down my account, and stopped writing checks. After all outstanding drafts cleared, I went to a Sun Trust in Tampa on June 27, 2011 to close my account. I sat down with a bank officer and had a polite conversation, while she calculated my balance to be $2,433.12, and handed me the cash. I was given a Closing Withdrawal Ticket, which terminated my account.

The problem started a month later, when Sun Trust sent me a postcard claiming an alleged item of .01 cent had been presented, but denied, due to non-sufficient funds. Since I knew my account was closed, and I owed nothing, and the card itself said the 1 cent item along with a $36.00 penalty was waived, I did nothing.

I then started receiving annoying and harassing phone calls from Sun Trust. When their representatives would call, I would remind them my account was closed, and would ask why they were calling. Instead of answering, they said they had to ask me questions first, but I refused, saying I was not interested in participating in what I assumed was a survey. They kept calling.

I then received a libelous dunning letter in which they demanded $102.00, almost every penny of which was from bank fees levied upon penalties. I responded by letter on Sept. 5, enclosing a photocopy of the Closing Withdrawal Ticket, completed by a bank officer on June 27, showing my account had been closed.

I also demanded that they correct my former account, and stop all collection activity, since I was never overdrawn, and owed nothing. I warned them if I received another letter or call, I would pursue legal action, including costs, fees, and punitive damages.

But the bank ignored my letter, and their own Closing Withdrawal Ticket, and instead sent me another libelous letter on Sept 26, in which they continued to demand $102.00. They also made an extortionist threat to negatively report me to a credit agency.

While it would be easy to call these people idiots, I am sure loan officers and tellers are not totally stupid, and have some level of education. Since I also know they are not illiterate, I can only conclude the Closing Withdrawal Ticket was not reviewed.

My guess is problems like mine are caused by cheap bankers, who refuse to hire sufficient manpower to read letters from former customers, correct obvious errors, or respond intelligently. They certainly hire no one to apologize to victims like me.

I can only conclude Sun Trust willfully disregards truth by programming computers to generate collection letters, regardless of the facts. They engage in an illegal extortion, by threatening to report people to credit agencies, until victims finally give in. The conduct is not funny and is not excused as mere negligence.

Since another letter to Sun Trust would obviously do no good, and calls to the Republicans who run Florida, or the House in Washington, would fall on deaf ears, the only solution is to go public and to ask responsible newspapers like the St. Petersburg Times to do an expose on why people like me now hate the banks.

06/09/2011

Foreclosures Should Be Simple

A headline in the St. Petersburg Times asked: “What should foreclosure help cost?” While most foreclosure cases are simple and routine and should not cost very much, it is impossible to categorically determine the amount of attorney’s fees in every case, since some present unique issues that require more work than others. What can be said is the first hour or so of advice in nearly all cases is perhaps the most useful and worthwhile.

Defendants in foreclosures need some legal advice, so they can understand the process and intelligently decide what to do next. At a minimum, they should understand they gave the lender a note and mortgage, in consideration for a loan. A note is a contract in which they agreed to repay the lender, and a mortgage is an instrument that created a lien to secure the amounts due.

If a borrower fails to pay as agreed, they are deemed in default and the lender proceeds with a foreclosure. The case starts with a complaint, which alleges a breach of the note. A summons is also served with the complaint, commanding an answer.

In the vast majority of cases, the defendant does not bother to file an answer, because there is nothing to deny, and the bank takes a default judgment. If the defendant files an answer, denying some or all of the allegations, the case slows down, but not by much.

In most foreclosure cases, there is generally no need for a trial, because the facts are truly not in dispute. The bank seeks what is known as a Summary Judgment. Without a factual dispute, the court simply decides which side is correct, based on the law of the case. For example, a banker may swear in an affidavit $100,000 was loaned and the borrower failed to make payments as agreed. If the defendant files no counter-affidavit, because the banker is correct, there is no factual dispute, and no reason for a trial. The court simply enters a Summary Judgment for the bank.

In the Judgment of Foreclosure, the court sets a period of redemption, and orders the land sold, if the defendant fails to redeem by paying the entire judgment plus costs, within the time allotted. At a sheriff’s sale, the bank bids what they are owed. If someone outbids the bank, the bank is paid from the proceeds. If no one outbids them, the bank receives a sheriff’s deed. The sale process must then be confirmed by the court.

Many banks are now slow to complete the foreclosure process, because they do not wish to end up owning real estate they cannot resell. They do not want to be stuck owing real estate taxes, insurance, dues, upkeep, and other expenses on the property. Judges should force the banks to complete their foreclosure cases, or suffer a dismissal with prejudice, for a want of prosecution. The country needs to move all of the foreclosed properties through the system, so the nation can get on with a recovery in the housing market.