Compelled under the despotic power of a local government in Virginia, one business owner is losing his property under the government’s alleged authority of eminent domain. And it’s not because officials in Norfolk plan to build a new road or a public park; it’s so they can clear the area for new “retail space.”
Another pressing eminent domain debacle has sprouted in San Bernardino County, California, where the local government is seeking to seize and restructure “underwater” residential mortgages — those whose owners owe more than their mortgages' worth — by forcibly purchasing them from mortgage-backed securities (MBS) investors at low rates and reselling them with lower balances to other investors.
Farmers are celebrating the defeat of a proposed federal law that would have barred children from operating power equipment on private land, which would have barred kids from helping with milking cows and feeding animals, amongst other restrictions.
“The largest transfer of wealth from the public to private sector is about to begin. The federal government will be bulk-selling the massive portfolio of foreclosed homes now owned by HUD, Fannie Mae and Freddie Mac to private investors — vulture funds.”
So warned Roger Arnold, chief economist for ALM Advisors of Pasadena, California, in a column for RealMoney on August 11, 2011, that first lifted the lid on this latest colossal scandal to come out of the 2008-2009 financial crisis.
The real unemployment rate is remarkably stable and it hovers around 41 percent. Demographically, about 80,000,000 Americans are minors and about 40,000,000 are age 65 or older. That leaves approximately 190,000,000 Americans who are adults of working age. About half of those do not have a fulltime job.
In a landmark step with global implications, the Federal Reserve — despite national security concerns — approved the first communist Chinese takeover of a U.S. bank: New York's Bank of East Asia.
Agriculture Secretary Tom Vilsack says spending cuts proposed by House Republicans are creating an obstacle for passage of a new farm bill.
Solar Trust of America, an energy firm based in Oakland, California, declared bankruptcy on April 2, fewer than 10 months after breaking ground on a project near Blythe, California, that was to be the world’s largest solar power energy project built on public lands. In its bankruptcy filing, the company claims to have assets of up to $10 million. Those assets, however, are dubious, consisting primarily of the Blythe project and another project in Riverside County, California, neither of which has gotten off the ground. Meanwhile, its liabilities may run as high as $100 million.
The Housing and Urban Development Department (HUD) is doling out $42 million in federal funding for housing counseling grants to 468 local, regional, and national organizations. Intended to prevent foreclosures and assist new home buyers, the grants will offer free assistance on foreclosure avoidance as well as educate buyers on how to rent or purchase a home. HUD alleges that beneficiaries of these services will help combat predatory lending practices, because buyers will be equipped with information to help them evade mortgage scams, high interest rates, and unreasonably high appraisals.
Goldman Sachs Corporation is facing a new wave of charges of not looking out for the interests of its clients this week, as one corporate vice president published a resignation March 14 letter in the New York Times and the company agreed March 13 to pay a $7 million fine to the Commodity Futures Trading Commission. Goldman Sachs stock took a hit on the two-pronged attack March 14, losing $2.2 billion in stock value with a three-percent plunge, though the stock recovered significantly the next day.
As part of its Tribal Energy Program, the U.S. Department of Energy is providing $6.5 million to various American Indian tribes for “clean energy” projects — everything from solar and wind power to fireplaces and wood-burning stoves. This being government, however, the majority of the money will not be spent on actual projects but on studies to determine if projects are even feasible.