Category Archives: U.S.

Wells Fargo Making Profits, How? Magic?

Another big bank involved in foreclosing on homeowners, is reporting record profits.

OAKLAND, CA - JULY 22:  A customer uses an ATM at a Wells Fargo Bank office July 22, 2009 in Oakland, California. Wells Fargo reported an 81 percent increase in second quarter profits with earnings of $2.58 billion, or 57 cents per share compared to $1.75 billion, or 53 cents per share one year ago.  (Photo by Justin Sullivan/Getty Images)

According to the Mercury News, Wells Fargo posted a $3.3 billion profit for the 3rd quarter.  That’s 3.1% higher than last year, and yet, the bank’s actual revenues were down from the previous year, by 7.1%.  How do you get profits that are up from the previous year, when your revenues are down from the previous year?

Time for some math.  The formula for figuring profits is:

Profit = Revenue – Costs, or, Revenue – Costs = Profit

However you look at it, basically you can not have an increase in profits with  decreased revenue.  Unless you’ve somehow come up with a way of eliminating your costs, or some other accounting Magic?  (take some economics or accounting courses and you will find lots of Magic being used)

As far as foreclosures go; John Stumpf, Wells Fargo’s chairman and chief executive, says they are following the rules.

SAN FRANCISCO - APRIL 27: A Wells Fargo security guard attempts to move a protestor from the front of the building during a demonstration outside of the Wells Fargo Bank shareholders meeting April 27, 2010 in San Francisco, California. Hundreds of people held a demonstration outside of the Wells Fargo Bank shareholders meeting to protest Wells Fargo's alleged involvement in the financial collapse and excessive CEO and executive bonuses. (Photo by Justin Sullivan/Getty Images)

In a CNN/Fortune article Wells Fargo tries to make themselves look like the lesser evil in the housing foreclosure conspiracy.   Wells Fargo claims they are foreclosing only 1 in 12 mortgages (oh that’s not a lot?), compared to Bank of America with 1 in 7 mortgages being foreclosed.

CHICAGO - APRIL 09:  A Wells Fargo sign hangs on the door of a Wells Fargo home mortgage office on April 9, 2009 in Chicago, Illinois. Wells Fargo & Co said it expects to post a record $3 billion first-quarter profit exceeding analysts� expectations. (Photo by Scott Olson/Getty Images)

Housing Start Numbers BS say Contractors

According to a CNN report, despite housing construction start numbers being up, contractors says actual construction is flat.

The official Federal government housing start numbers only indicate the number of construction permits approved by local governments.  Contractors say that banks are refusing to finance most new construction.

NORTH LAUDERDALE, FL - AUGUST 11: A building permit is seen on the wall as workers refurbish a home that Habitat for Humanity bought in a foreclosure sale on August 11, 2010 in North Lauderdale, Florida. In the nationwide program the organization purchases bank-owned homes and turns them into safe, decent, affordable place to live. (Photo by Joe Raedle/Getty Images)

“Remember a couple of weeks ago when they came out and said guess what the recession was over? That rumble you heard was the construction industry laughing their ‘friggin’ brains out,” says contractor Paul Kinney, owner of a top 500 home building company in the United States.  Another problem is that some U.S. banks agree to fund a project, then, as the project is about to start, they cancel the funding.

Contractors are saying that most big construction projects that do get built, are being built with foreign money.

U.S. Youths Apathetic, the True End of the United States

I was talking with my adult kids, and my 14 year old, about what was going on in France.  They didn’t care.  I tried to relate the basic issues of the people feeling ripped off by their government, and corporations, to what is happening here in the United States.  They didn’t care.  I asked my 14 year old what her fellow high school students think.  They don’t care.  What the hell?

She explained that most high school students, at least in East Idaho, feel powerless and are blaming everything on anybody that looks different (most people in Idaho are non-Hispanic whites).  That includes blaming President Obama.

My adult kids backed up that explanation, with the addition that most youths feel that even violence wont change things.  Their co-workers feel powerless and would rather get away from the U.S., than waste any effort to try and change it for the better.  Part of that attitude comes from seeing what their parents have, and are, dealing with.  Hearing from their parents how nothing changes no matter who gets elected, or how many people protest.  Seeing that everything their parents worked for has been lost, or could be lost so easily.

A demonstrator and his daughter march through the streets to protest the French government's attempt to raise the minimum retirement age in Paris on October 19, 2010. Trade unions and students have staged nationwide street marches and disruptive strikes throughout France over the last few weeks.  UPI/David Silpa Photo via Newscom

In other words, the future generations of the United States believe they have no say in how the U.S. is governed.  No say in the direction of corporations.  They feel that, essentially, they have no say in their own lives, as long as they stay in the U.S.  This is the true end of the United States.

It’s obvious the French youth still believe in their future, a future in France, because they are fighting for it.

A demonstrator marches through the streets to protest the French government's attempt to raise the minimum retirement age in Paris on October 19, 2010. Trade unions and students have staged nationwide street marches and disruptive strikes throughout France over the last few weeks.  UPI/David Silpa Photo via Newscom

Bank of America in the Hole, Because of Debit Cards?

Today Bank of America, one of the big banks behind the housing foreclosure fiasco, announced a $7.3 billion dollar loss for the 3rd quarter.

Was it due to the foreclosure mess?  B of A is blaming the loss on the new limits on debit card fees.  Debit cards?  Are they sure limits on debit card fees caused them a $7.3 billion loss?

A customer stands at a Bank of America ATM machine in downtown Los Angeles October 8, 2010. Bank of America Corp expanded on Friday its suspension of foreclosures to include all 50 U.S. states as anger grows at how lenders have prepared documents to support evictions. The U.S. Senate Banking Committee will hold hearings after next month's elections to look into allegations that the nation's largest lenders have improperly foreclosed on struggling borrowers. REUTERS/Fred Prouser (UNITED STATES - Tags: BUSINESS)

According to a CNN article, if B of A throws out the loss from limited debit card fees, they would have made a $3.1 billion profit.   Bank of America says most of the money it made came from credit cards and, no surprise, mortgages.  And what about those foreclosures?  Bank of America says it will restart the process, after an internal review found no issues.

WEST PALM BEACH, FL - AUGUST 27: Francois Cenadi (R) sits with a Bank of America negotiator as she tries to restructure her mortgage loan during a Neighborhood Assistance Corporation of America's 'Save the Dream' tour stop at the Palm Beach Convention Center on August 27, 2010 in Palm Beach, Florida. The tour, which makes stops around the United States, has on hand hundreds of mortgage counselors from various mortgage companies. (Photo by Joe Raedle/Getty Images)

French Strikers Kickin’ Ass, viva Nouvelle Révolution Française!

French strikes continue, should we dare call it Nouvelle Révolution Française?  Even French high school students are going head to head with riot police!  Today, the students have blockaded schools and set fire to cars.  Strikes actually started more than a month ago, and have only gotten bigger, viva les Français!

ATTENTION EDITORS - FRENCH LAW REQUIRES THAT THE FACES OF MINORS ARE MASKED IN PUBLICATIONS WITHIN FRANCE.  High school students shout slogans as they block the entrance of the Thiers high school to demonstrate over pension reform in Marseille October 18, 2010. The banner reads High school students on strike .  REUTERS/Jean-Paul Pelissier (FRANCE - Tags: EMPLOYMENT BUSINESS EDUCATION CIVIL UNREST)

According to the French news agency, AFP, around 1500 gas stations have run out of fuel.  Workers at 11 of France’s 12 oil refineries have joined the country wide strike, protesting a two year raise in retirement.

French striking workers block the entrance of the oil refinery of Grandpuits, east of Paris, October 18 , 2010. France started to tap its industry strategic reserves as a growing number of pumps in French petrol stations were drying up on Monday at the start of a second week of action by refinery and port strikers to block fuel supplies over an unpopular pension reform bill.  REUTERS/Benoit Tessier (FRANCE - Tags: CIVIL UNREST EMPLOYMENT BUSINESS ENERGY)

On Sunday French truck drivers joined the strike, blocking the country’s major highways.  Half of all airline flights in and out of France have been canceled.

French striking truck drivers demonstrate over pension reform on a motorway near Fresnes-les-Montauban, northern France, October 18, 2010. French truck drivers staged go-slow operations on highways, rail strikes intensified and petrol stations ran out of fuel on Monday as protests gathered pace ahead of a Senate vote on an unpopular pension overhaul. REUTERS/Pascal Rossignol (FRANCE - Tags: CIVIL UNREST EMPLOYMENT BUSINESS TRANSPORT)

This is a major event taking place in Europe, with implications for the United States, yet, the U.S. Media is barely covering it.  Why?  Maybe it’s because the Corporate Controlled U.S. Media, and our Government, doesn’t want us getting any ideas?

The amazing thing is that the French are striking over a proposed two year increase to their retirement age, it hasn’t even become law.  Actually the retirement age issue is the final straw for most French.  They’re tired of constantly getting screwed over by their leaders.  Which brings me to my point, again, what’s up America?  We’ve endured so much more hyperbole here in the United States, yet where is the public outrage?

Maybe Americans are waiting for November elections to see change.  Idiots!  How many generations of Americans have played that losing game?  History shows that we the People have only gotten screwed over and over by our so called leaders!

Thomas Jefferson, a founder of the United States, and our 3rd President, warned:  “Single acts of tyranny may be ascribed to the accidental opinion of a day; but a series of oppressions, begun at a distinguished period and pursued unalterably through every change of ministers, too plainly prove a deliberate, systematic plan of reducing [a people] to slavery.” —Thomas Jefferson: Rights of British America, 1774. (*) ME 1:193, Papers 1:125

Wake Up America!

Citi Makes Billions in Profits, Says Forclosure Process “Sound”.

Citigroup, one of the big banks involved in home foreclosures,  is reporting a $2.2 billion profit for the 3rd quarter.

In a Wall Street Journal article, Citigroup officials continue to claim they have done nothing wrong in the country’s foreclosure fiasco, and therefore will not stop seizing homes.   However, in a recent Bloomberg article, it was revealed that Citigroup has suspended dealings with a Florida law firm that was handling its foreclosures in that state.

Citigroup’s profits may be due, in part, to the sale of its stake of student loans, to Discover, and the sale of other assets.

Millions of French Continue Strike Against Government. Wake Up America!

For the forth day millions of French people are continuing a country wide strike against their own government.  Why?  Because their government wants to raise the retirement age from 60, to 62.

Private and public sector workers demonstrate over pension reforms in Marseille October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60. REUTERS/Jean-Paul Pelissier (FRANCE - Tags: EMPLOYMENT BUSINESS POLITICS CIVIL UNREST)

Millions of French workers striking over a two year increase in retirement, while Americans continue to take it in the rear with taxpayer bailouts of banks that screwed over the financial industry, banks that are screwing over homeowners with a foreclosure fiasco, a Federal government that is screwing over its citizens in favor of corporations, and state governments that are cutting budgets to the bone because no one seemed to see the coming economic collapse.  Hello!

A man holds a placard which shows a caricature of French President Nicolas Sarkozy and reads Urgent, retired, quickly ! during a demonstration over pension reforms with private and public sector workers in Lyon October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60. REUTERS/Robert Pratta (FRANCE - Tags: POLITICS EMPLOYMENT BUSINESS CIVIL UNREST EDUCATION)

People, the United States of America was founded by Revolution.  That Revolution inspired other famous revolutions, like the French Revolution.  The French obviously have no problem continuing that tradition.  But what happened to the birth place of modern citizen revolt, called, the United States?  Many of the founders of the United States stressed the importance of periodic Revolution by the people in order to keep government in check.  Yet, it is considered un-American to talk about Revolution.  That is a sure sign that our country has been high jacked, and is being run by people who have no intentions of doing what is right by the People.

Firemen demonstrate over pension reforms in Nice, southeastern France, October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60.  REUTERS/Eric Gaillard  (FRANCE - Tags: CIVIL UNREST POLITICS EMPLOYMENT BUSINESS)

Maybe it’s because the People have become too dependent on their governments to solve everything. The proof of that is the election of Barak Obama, because the People hoped he would bring change from the top down.  But here’s what Obama said, several different times: In 2008 “Real change comes from the bottom up, not the top down.” (goqnotes.com), and again in 2010, “Real change comes from the bottom up, and that is why we are here.” (c4ss.org).  Comedian Jay Leno has even questioned Obama’s running for President because of these statements.  After all, if real change comes from the bottom, why did Obama run on the Hope of bringing Change to the United States?  Because the People are lazy, or fearful, and Hope that the government will do it for them. Another way to take Obama’s ‘change comes from the bottom’ statements, is that he is subtly telling us that we, the People, are the ones who need to take action, to Revolution.

French students shout slogans during a demonstration over pension reforms with private and public sector workers in Lyon October 12, 2010. French trade unions began a fresh wave of strikes against pension reform on Tuesday, testing the resolve of French government as the unpopular bill edges closer to becoming law. Rail services, flights and sea ports ran below capacity as the unions kept up their battle against a plan to make people work longer for their pensions, including raising the minimum retirement age to 62 from 60. REUTERS/Robert Pratta (FRANCE - Tags: CIVIL UNREST POLITICS EDUCATION EMPLOYMENT BUSINESS)

Or maybe it’s because, despite increasing school budgets year after year, since I finished high school in 1982, the quality of our grade school education has dropped like a rock. Americans are dumbed down. A prime example of our failing education system, both public and private, is the wacko political candidate named Christine O’Donnell.  In a recent debate she stated that we were in Afghanistan to “…finish the job…” against the Soviet Union (www.youtube.com).  What?  I thought it was to get Osama bin Laden because of September 11th, 2001?  She also said we were in Afghanistan in the “…80s and 90s…”.  Nooo, I don’t think so, not officially anyway.  We supported Afghans (Afghans that we are now fighting) in their fight against the Soviets, which ended in 1989.  Also, the Soviet Union ceased to exist in 1991.  There is an old saying: Stupid is as stupid does. (Maybe she really is a witch because her supporters seem to be under a spell)

A small group of police stand on alert during a march through the streets protesting the French government's attempt to raise the minimum retirement age in Paris on October 19, 2010. Trade unions and students have staged nationwide street marches and disruptive strikes throughout France over the last few weeks.  UPI/David Silpa Photo via Newscom

Or maybe it’s because our government is actually spending our taxpayer dollars to spy on those of us who do stand up and challenge the system. Yes, the state of Pennsylvania revealed that they hired a company, co-owned by Israelis, to spy on activists.  They spent 103,000 taxpayer dollars to do so.  It was part of a Homeland Security operation.  The result?  Pennsylvania Bureau of Criminal Investigations chief, George Bivens, said the Israeli-American company’s spy report on the activists “…is unsubstantiated gossip.” (english.aljazeera.net).  So they just took the taxpayer money and ran?

A demonstrator wearing a mask of French President Nicolas Sarkozy marches through the streets to protest the French government's attempt to raise the minimum retirement age in Paris on October 19, 2010. Trade unions and students have staged nationwide street marches and disruptive strikes throughout France over the last few weeks.  UPI/David Silpa Photo via Newscom

People of the United States, we can not afford to act like the proverbial frog in a pot of water, that is slowly heated until it’s too late to escape, and we are boiled alive.  Wake up!

Idaho in Top 5 for Foreclosures, Right Behind California

The latest Realty Trac survey puts Idaho in the top five states for home foreclosures.  Idaho is ranked number 5, right behind California at number 4.

Realty Trac says Idaho saw a 13.67% increase over the same time last year, and a 19.74% increase since the 2nd quarter of this year. For the 3rd quarter of 2010, one out of 86 homes in Idaho are in some stage of foreclosure.  California, while seeing a drop in foreclosures, still has one out of 70 homes in foreclosure.

LOS ANGELES, CA - AUGUST 12: A 'bank foreclosure sale' sign is posted in front of townhomes on August 12, 2010 in Los Angeles, California. U.S. banks repossessed homes at a near record pace to drive up July foreclosures. (Photo by Kevork Djansezian/Getty Images)

The top 5 states, Nevada, Arizona, Florida, California and Idaho, make up 50% of foreclosures in the United States.

This news comes as the big banks involved in the foreclosure fiasco are reporting big profits for the same quarter.

Idaho Investigating Foreclosure Fiasco

Officials from 50 states, including Idaho, along with the District of Columbia, announced they were launching investigations into possible foreclosure abuses.  Today, one of the biggest banks involved announced a $4.4 billion profit in the 3rd quarter.

There is growing evidence that bank employees falsified information on foreclosure paperwork.  RealityTrack says more than 2.7 million homes have been lost to foreclosure since 2007.

CHICAGO - JULY 15: A demonstrator protests outside the offices of JPMorgan Chase July 15, 2010 in Chicago, Illinois. He was demonstrating in support of families being evicted from an apartment building because the building has been deemed uninhabitable by the city. Residents claim the building was not maintained after the bank took over the building following a 2008 foreclosure. Residents are required to be out of the building by Saturday. (Photo by Scott Olson/Getty Images)

JP Morgan Chase, Bank of America and Ally Financial/GMAC  have admitted that their paperwork has errors.  Citigroup and Wells Fargo deny they have done anything wrong (www.detnews.com).

On Friday, Bank of America halted foreclosure processes in all 50 states.

Idaho Deputy Attorney General Brett DeLange stated on Tuesday that, “We currently know about this at the national level and we have received complaints, some recent, of specific defects under Idaho law.” (www.idahopress.com).

Staples Office Supply Going Russian

The worlds largest office supply store, Staples, has joined up with a Russian company, Pragmatic Express.

The two companies will work jointly to serve international customers in Russia.

The deal allows U.S. based Staples to continue its worldwide expansion.  It also allows Staples to take advantage of Russia’s growing economy, while the U.S. economy falters.

Recently the IMF predicted 4.3% economic growth for Russia in 2011.  Compare that to the forecast of 2.3% growth for the United States.  Also, Russia’s unemployment rate is expected to drop to 7.3%, while unemployment in the U.S. is expected stay around 9.6% (www.imf.org).

Pocatello, Idaho.