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bradbard
MemberCongratulations! There is a dearth of attorneys
bradbard
MemberOver 2,000,000 citizens in US jail
US citizen held without trial in solitary confinement for five years, prevented from seeing his attorneys, imprisoned and tortured
“There are more than 45 million U.S. citizens without health insurance, and even more with health coverage that they consider inadequate.” http://www.forbes.com/business/2006/10/25/health-medical-tourism-biz-cx_1026oxford.html
The President of the USA condones the rendering and torture of other people after promising to help eliminate torture
“One in six children lives in poverty in America.” http://www.savethechildren.org/programs/us-literacy-and-nutrition/
The President of the USA has shredded our Constitution, authorized mass murder of US troops & Iraqi, men, women & children by means of both conventional weapons and nuclear weapons (depleted uranium) AKA weapons of mass destruction, he is destroying the US economy, the US middle class and helping to dismantle the US manufacturing sector plus, he and his cohorts have been a part of the most hideous crime ever committed on US soil – 9/11
“The number of antidepressants prescribed annually for children under aged 19: 11,000,000 http://www.chaada.org/Page3.html
I know where I would prefer to live…
bradbard
MemberBut if there was oil in Nicaragua, no doubt we would be in there like a flash spreading freedom and democracy all over the place.
bradbard
MemberMK Ultra and their mind control experiments is not something that he has made up. The US government spent billions of dollars trying to wipe clean, control and reprogram the minds of thousands of US citizens, most of them without their knowledge.
I’m assuming that at one point in time, Jesus Christ was considered “off the wall” by many people.
Consider the source yes! But consider what’s in it for him by saying this? Nothing …
What’s in it for the pharmaceutical companies? Hundreds of billions of dollars.
Are MK Ultra and the pharmaceutical companies connected? You betcha.
bradbard
MemberMaybe they have all found Jesus and from this day forward will only work for the benefit of mankind?
bradbard
Member1. Partners are part of a ‘partnership’ – this company was a publicly traded company which means he – along with tens of thousands of other people from all over the world – was a ‘shareholder’ or a ‘stockholder’, he was not a ‘partner.’
I am not sure if it’s defamation, slander or both but would caution you (for your sake) not to call a London Stock Exchange company an “illegal gambling operation.”
2. From AmCostaRica.com this morning: “Immigration and labor raid causes fear at gaming firms. Foreign employees and managers in sportsbooks and other gambling Web sites are on edge today because immigration and labor ministry investigators staged a raid Friday morning.
The raid, which has not been confirmed by any official agency, took place at a gambling operation in Oficentro La Sabana. The news of the raid sent ripples through other Internet gambling operations.”
Workers said they thought that someone had tipped sportsbook executives because many of them did not show up for work Friday.
In the case of the Oficentro la Sabana operation, several persons were taken into custody, unofficial sources said, adding that officials also visited an operation in Rohrmoser and another in San Pedro.”
I wonder who tipped them off….?
bradbard
MemberAgreed 100% Marcia who said “If gambling is legal in CR, and it is, then the only people that should be involved are the US citizens who are not paying taxes on their winnings.”
Here is another analogy for you:
An American company with sales of over one billion dollars for 2006 listed on the New York Stock Exchange is operating in Costa Rica involved in the production of wines and also whisky.
This business is 100% legal in Costa Rica and also in America but, 80% of their whisky customers were in Great Britain where the sale of wine by direct mail is legal but, where the sale of whisky is not legal.
One day when the American Chief Executive Officer of this New York Stock Exchange company is flying into London, he is arrested and charged with a variety of very serious offences which forces the company to stop all operations and lay off more than two thousand staff in Costa Rica and because the company was forced to stop doing business with 80% of their customers, the company is then delisted from the New York Stock Exchange.
Then to add insult to injury, after the CEO was arrested doing his job, the company “terminated the contract” of “its chief executive due to his continued detention by US officials.”
This is what happened to David Carruthers, the CEO of BetOnSports – a London Stock Exchange company.
BetOnSports one of the largest sports betting companies in the world and certainly the largest in Costa Rica (owned 36 online gaming sites) was effectively shut down by the US actions.
On the 18th January the company listing on the London FTSE was cancelled.
According to “Some officials say it’s against the law to wager over the Internet or telephone. Others say the illegal part is the gambling operation itself, if it’s set up on U.S. soil — which is why Web sites operate offshore in places such as the Caribbean, Latin America and Australia.”
According to: “The simple answer is there is an explicit law against online betting in only three states – Nevada, California, and Louisiana. Even so, NO American citizen has ever been arrested for betting on the internet.”
According to “The Wire Act explicitly forbids businesses from using a wire communication facility to assist in placing bets on “any sporting event or contest.” But the wire law doesn’t cover other types of casino betting, a federal appeals court in New Orleans has ruled, leaving some doubt whether prosecutors can shut down Internet poker and other casino games.”
bradbard
MemberNot a brilliant analogy is it VegasSnot?
Dealing in hard drugs is illegal in both Costa Rica and the USA.
Sportsbooks that take online bets from US citizens are NOT breaking any Costa Rican laws and online gaming in the USA is legal.
“In spite of relentless controversy concerning the legality of online gambling within its borders, the United States leads the world in the number of online players, represent more than half of the overall market. According to Christiansen Capital Advisors LLC, 51% of the $8.5 billion in online gambling revenues are generated from within the United States.”
http://www.gamblingplanet.org/history_main.phpSo online gaming is legal in the US and it is legal in Costa Rica but since the US cannot get it’s dirty hands on it’s fair share, it is has been made illegal to do it in Costa Rica from the US.
As for taxes… Why don’t you take a look at our Department of Justice website before you embarass yourself more?
http://www.usdoj.gov/opa/pr/2006/July/06_crm_443.html which says “The indictment also alleges that Kaplan failed to pay federal wagering excise taxes on more than $3.3 billion in wagers taken from the United States and seeks forfeiture of $4.5 billion from Kaplan and his co-defendants, as well as various properties.”
And you are wrong! When the US arrests David Carruthers, a British citizen and the CEO of BetOnSports, a London Stock Exchange company which then shuts down operations in Costa Rica, then the US is most definitely responsible for the loss of jobs in Costa Rica.
The Economic Hit Man has become a national bestseller—landing on 20 national and regional bestseller lists, including: The New York Times, The Washington Post, The Wall Street Journal, USA Today, The Los Angeles Times, The San Francisco Chronicle and The Denver Post
Is the author John Perkins for real? See for yourself at http://www.economichitman.com/pages/backstorypages/veracity.html
And what part of my posting would you consider as “lies?”
bradbard
MemberVegaknite – You haven’t got a clue! Us influences and helps destroy entire economies in other countires not just a ‘business.’
Anybody read ‘Economic Hit Man’?
“In his book Confessions of an Economic Hit Man he describes how as a highly paid professional, he helped the U.S. cheat poor countries around the globe out of trillions of dollars by lending them more money than they could possibly repay and then take over their economies.”
bradbard
MemberFreudian slip perhaps saying that the US invests in dollars and not “colonies.”
The US has armed forces in over 100 countries and “protects” them too… Or would they prefer them to be “colonies?”
And the US government has proven to be so efficient and not corrupt in any way ???? And wasn’t Bill Clinton an attorney?
Anybody read ‘Economic Hit Man’?
“In his book Confessions of an Economic Hit Man he describes how as a highly paid professional, he helped the U.S. cheat poor countries around the globe out of trillions of dollars by lending them more money than they could possibly repay and then take over their economies.”
bradbard
MemberThat is a terrifying picture you are painting for us. The US is not interfering, it’s there because “the military is big business.”
And you found the answer to the $64,000 question!!!! Yessirreeebaby! Vegasknite hit the nail on the head …
“Police raid as many of the illegal bookmaker joints and arrest the people working in there and confiscate all the money they find.”
I hear there are already about 200 FBI agents in the country and Superbowl 2007 will not be a good time for Costa Rica sportsbooks.
Don’t worry all those Costa Rican college kids earning thousands of dollars per month will be delighted to know that MacDonalds will be happy to hire them for 10% of what they were earning before.
bradbard
Member“Interfering with another country’s affairs” is one of the things that America does best. That is why we have troops in over 100 countries.
If you think this s*** with the sportbooks has been bad, wait until you see what will happen in Costa Rica during Superbowl
bradbard
MemberAs a British citizen living and working in Costa Rica, I’m not sure Scott’s that interested in the 5th amendment and I have no clue how much time you have spent outside the good ole’ US of A there aguirrewar but our President has trashed the Constitution, made our country a laughing stock all over the world, made a mockery of ‘freedom of speech’ and given a whole new meaning to the words lies, deceit, hypocrisy and genocide and as for ‘doomsday’ isn’t it our country that is threatening to use nuclear weapons against another country because we accuse them of wanting to have what we’ve already got? Nuclear weapons! Except we have ten thousand + nuclear weapons? I guess that’s not ‘doomsday’ enough for soem of us in this forum? Our country that has armed forces in over 100 countries?
So concerned are some of the world’s most brilliant minds that only two days ago “The Bulletin of the Atomic Scientists (BAS) is moving the minute hand of the Doomsday Clock two minutes closer to midnight. It is now 5 minutes to midnight. Reflecting global failures to solve the problems posed by nuclear weapons and the climate crisis…”
By moving the hand of the Clock closer to midnight — the figurative end of civilization — the BAS Board of Directors is drawing attention to the increasing dangers from the spread of nuclear weapons in a world of violent conflict, and to the catastrophic harm from climate change that is unfolding. The BAS statement explains: “We stand at the brink of a Second Nuclear Age. Not since the first atomic bombs were dropped on Hiroshima and Nagasaki has the world faced such perilous choices. North Korea’s recent test of a nuclear weapon, Iran’s nuclear ambitions, a renewed emphasis on the military utility of nuclear weapons, the failure to adequately secure nuclear materials, and the continued presence of some 26,000 nuclear weapons in the United States and Russia are symptomatic of a failure to solve the problems posed by the most destructive technology on Earth.”
The Bulletin of the Atomic Scientists was founded in 1945 by University of Chicago scientists who had worked on the Manhattan Project and were deeply concerned about the use of nuclear weapons and nuclear war, but maybe dwayndixon knows more about nuclear weapons than they do?
bradbard
MemberYou might want to read Mike Whitney’s recent article entitled ‘Housing Bubble Bloodbath’ at: http://www.informationclearinghouse.info/article16164.htm
“The crash of the housing bubble will not be pretty. Millions of people stand to lose their homes and life savings. However, it was inevitable. The bubble created a fantasy world that could not continue. At the peak of the bubble, 160,000 people a week were buying a home, most at bubble inflated prices. The longer the bubble persists, the larger the group of people who paid way too much for their home. While it is not good that so many dreams had to be ruined, the number will be even larger if the bubble deflates slowly. So I make no apologies about hoping for the hasty demise of the bubble.” Dean Baker, “Slow Motion Train Wreck” The American Prospect, Aug 2, 2006
“No question about it, the housing downturn is here now, and it’s big.” Jim Hamilton “New Home Sales continue to Fall”, Econbrowser Aug 25, 2006
I wonder if Alan Greenspan takes a copy of the business page along with him on the chair-lift at the Aspen, so he can read about the plummeting housing market before swooshing down the well-groomed bunny-slopes at his favorite ski resort. After all, no one played a larger role in inflating (what the “Economist” called) the “biggest equity bubble in history” than the retired Fed-master. His low interest-rate bonanza triggered a stampede of speculation in the real estate market sending prices through the stratosphere and setting the stage for the biggest economic bust in American history.
The whole catastrophe was cooked up Sir Alan and his coterie of brandy-drooling elites at the Federal Reserve.
Thanks, guys.
Greenspan has undoubtedly taken note of the sudden spike in foreclosures which have set off alarm bells from Wall Street to the American heartland. The effects of his “cheap money” policies are finally sending tremors through America’s fragile economic landscape. In September, 2006 the US Foreclosure Market Report released a statement that over 112,000 homes had entered some stage of foreclosure “a 63% increase from September 2005!?! September was the second straight month in which more than 110,000 new foreclosure filings were reported nationwide, evidence that the spike in August was not just a one-month anomaly.”
No, it is not a “one-month anomaly” and it is bound to get considerably worse as $1 trillion of ARMs (Adjustable Rate Mortgages) reset in 2007. The rising foreclosure numbers are the result of rising monthly payments on the new-fangled loans which have low introductory interest rates, but can unexpectedly double after a two or three year period.
Imagine mortgage payments that suddenly jump from $1,300 per month to more than $2,000 on a $129,000 house. That’s what many people will be facing in 2007 when their loans reset and they are suddenly forced out of their homes and onto the streets.
The housing bubble is actually an extension of the stock market bubble; Greenspan’s earlier swindle which cost American investors $7 trillion in retirement and life-savings. Both equity balloons can be attributed to the shabby and exploitative monetary policies of the Federal Reserve. By expanding credit and money supply via low interest rates, the Fed has kept the economy whirring along creating the impression of prosperity when it’s all just smoke and mirrors. America’s opulence is built on a mountain of debt that’s piled a mile high. Regrettably, that mountain is about to cascade-down on the American people sometime in 2007-2008. There’ll be no escaping the fallout from the $4.5 trillion dollars of new mortgage debt that’s built up in the last 7 years. By the end of 2007 we should be able to identify many of the painful trends that accompany a deep recession; prices of homes will steeply decline, GDP will fall, and Greenspan’s mighty Temple of Debt will crash to earth.
Don’t believe me?
The New York Times reported last week that “about 2.2 million borrowers that took out sub-prime loans from 1998 to 2006 are likely to lose their homes”. That translates into about 10 million people! But that, of course, is just the beginning of the bloodbath. The real fun begins when the whole, ugly ball-o-corruption starts to unwind and we get an insider’s-view of a system that is rotten to the marrow. The housing industry is saturated with fraud; the banks, the mortgage lenders, the Fed and the homeowners themselves have all played a major role in this sordid confidence game.
Consider this, for example:
In 2006 the Mortgage Brokers Association for Responsible Lending (MBARL) said that “Liar’s Loans” (those based on what you TELL the bank you are earning, rather than what you are REALLY earning) “shot up to an estimated 62% of mortgage originations…A recent sampling of 100 stated income loans by an auditing firm in Virginia (based on IRS records) found that 90% of the income statements were exaggerated by 5% or more, WHILE ALMOST 60% OF THE STATED AMOUNTS WERE EXAGGERATED BY MORE THAN 50%”!?! (Dan Dorfman New York Sun)
Are you kidding me? A majority of loan applicants are grossly exaggerating their income and the banks are handing out hundreds of thousands of dollars WITHOUT EVEN CROSS-CHECKING IRS STATEMENTS?
It’s mind-boggling!
The question is, how many of these “liars” will be unable to meet their mortgage obligations when the bill comes due in 2007-2008? And, how will their (myriad) defaults affect housing prices for everyone else?
Another indication of hanky-panky appeared in the back-pages of the New York Times last week under the appropriate title “A Phantom Rebound in the Housing Market” by Daniel Gross. The article points out that while the Commerce Dept was celebrating the latest rise in new home sales (in Nov) the reality was quite different. In fact, the government is overstating sales “by up to 20%”. The Commerce Dept failed to subtract the thousands of people who signed contracts but “simply walked away from their deposits when they realized they couldn’t flip the houses for a quick profit.”
Ooops! So the government is falsifying the figures to make things look better than they really are?
You bet. And, most of the high-end home builders like Toll Bros are reporting cancellations in the neighborhood of 37%!
The Times adds that, “Mr. Zandi of Economy.com estimates that the differential is even greater. ‘Given the rise in cancellation rates, it suggests that between 150,000 and 200,000 home sales are being counted that actually did not occur.’”
“Did not occur”! So, the government is beefing up their stats with an extra 200,000 homes a month!?!
Gadzooks!
Okay, so the homeowners are lying on their loans, and the government is lying about the sales (and inventory) figures; is that it?
No. In an earlier article (The Fed’s role in the Housing Crash of ’07) we already covered how the banks are loaning out as much money as possible through all kinds of “untested” Mickey Mouse mortgages so that unqualified borrowers can get-on-board the housing gold rush. These are the ARMs; the “no-down payment, “interest-only” loans which Business Week magazine called “the riskiest and most complicated home loan product ever created”. Many of these ARMs are timed to explode sometime in the next 2 years and the aftershocks from the defaults are expected to be felt throughout the economy.
Of course, the banks never would have exposed themselves to such extraordinary risk if they weren’t able to bundle-up these dubious loans and ship them off to Wall Street. Fund managers have been more than eager to take this “collateralized debt” and use it in the booming hedge fund industry. No one really knows what will happen to the stock market when foreclosures begin to skyrocket and the banks and hedge funds are unable to recoup their losses. But a major “correction” (meltdown) is certainly not out of the question.
Once again, all of these problems originated at the Federal Reserve where interest rate manipulation and the loosey-goosey approach to money supply have created the potential for an economic firestorm.
Bubble, bubble; toil and trouble
So, what can we expect when interest rates tighten up and the market begins to slump.
Well, first off, according to the Wall Street Journal, lenders will get “more cautious in initiating new loans and have been setting aside more reserves for potential loan losses.” The banks are battening down the hatches and preparing for the worst. This just confirms that the real hurricane hasn’t even touched down yet and that America’s over-leveraged consumers should try to straighten out their financial affairs as swiftly as possible. (Get out of debt, pronto!)
A USB study indicates that a “high percentage of borrowers with delinquent, defaulted and foreclosed loans have second mortgages. These borrowers are so overburdened by the added debt that THEY HAVE TROUBLE MAKING THE PAYMENTS ON THEIR FIRST MORTGAGES. This is an ominous development since 34% of all mortgages in 2006 were second mortgages.”
In other words, it’s not simply people in the sub-prime market who are feeling the pinch. Millions of Americans either have loans that will reset at significantly higher monthly rates (which they won’t be able to pay) or they are completely maxxed-out financially after draining every last farthing out of their home equity. In fact, falling prices have decreased the amount of money that homeowners are able to take out of their home equity. (Equity withdrawals decreased by 70% in the last year alone!) That means that there is $525 billion less fueling the overall economy (GDP). As housing prices steadily decline, we can expect that America’s growth will shrink accordingly.
The American consumer is hobbled by debt and has no way to increase his revenue as long as wages remain stagnant. Additionally, US households are now showing negative savings. (minus .2%) When the home equity “punch bowl” dries up, it’ll be hard times for the average over-leveraged American consumer. He’ll have nothing left for his buying sprees but the plastic in his wallet. (Credit card debt is soaring)
It’ll be tough on the banks and Wall Street, too. After all, over 50% of all mortgages since 2003 have been these shaky, non-conventional loans which have ignored the standard criteria for loaning money (20% down payment, fixed interest rate, sufficient collateral and earnings) Now they’ll have to “pay the piper” and accept the dismal aftereffects of their profligate lending.
The banks should have spotted this disaster a mile away. Instead, they decided to improvise on mortgages so they could keep the money flowing and maximize profits. Now, there’s not a life boat big enough on Planet Earth to bail us out.
Glub, glub.
Once again, we need to remind ourselves that the housing boom was not created by market forces, but by cheap money pumped into the system (via the “creative financing” rip-off) by our friends at the Federal Reserve. They are responsible for this whole bloody boondoggle.
When the Fed cut short-term interest rates from 6.5% to 1% in 2001, they knew that they were simply leaping from one equity-bubble to another. In the next 5 years, total mortgage debt increased by a whopping 82% and total real estate value nearly doubled to $21 trillion dollars.
These are huge numbers and, of course, the Fed knew exactly where the money was going, just as they knew what the outcome would be in the long term. The effects of low interest rates and increases to the money supply are like the immutable laws of science. In this case, they act like gravity pulling the whole battered US economy into a bottomless black hole. It was entirely predictable.
So, what happens now?
What can we expect from the architects of this colossal rip-off in the next year or two?
Well, the Fed, the US Treasury and the Bush administration–the real axis of evil–would like to forestall the inevitable recession-depression until they carry out their forthcoming attack on Iran. That’s why Bush is sending another carrier group to the Gulf as well as a squadron of F-16s to Turkey. (It also explains why the US forces seized 5 Iranian hostages in Irbil, Iraq yesterday) The US is clamping down on transactions with Iran’s main banks (“unilateral sanctions”) and has coerced the Saudis into “discounting their top-line sweet crude by $1.75 to US customers” (Jim Willie “Golden Jackass.com”) to put additional pressure on Iranian oil exports. As Willie says, “This is the real story behind the falling (Gas) prices, not the silly (East Coast) weather”.
Uncle Sam is gearing up for another Middle East dust-up in Iran and the lower gas prices are (temporarily) averting a US recession.
The longer term prospects, however, are not so rosy. The “sunny Jim” reports in the media about a “soft landing” will have no affect on the impending housing collapse or on America’s downward economic spiral; the numbers are simply too enormous. By spring 2007, the Fed will have to lower rates to stop the hemorrhaging and to avoid a full-blown depression. When that happens, the last wobbly bit of scaffolding that’s propping up the greenback will be kicked-out and the dollar will slip into oblivion.
As long as the Fed keeps rates fixed, the pressure on housing will continue to intensify; pushing prices lower and inventories higher. GDP and home equity will continue to shrivel.
It’s all bleak, bleak, bleak.
I’ll leave you with a final comment from Michael Hudson’s “The New Road to Serfdom: an Illustrated Guide to the Coming Real Estate Collapse” (Harpers May 2006) Hudson, who may well be the foremost authority on the housing bubble says:
“Although home ownership may be a wise choice for many people, this particular real estate bubble has been carefully engineered to lure homebuyers into circumstances detrimental to their own best interests. The bait is easy money. The trap is a modern equivalent to peonage; a lifetime spent working to pay off debt on an asset of rapidly dwindling value. Most everyone involved in the real estate bubble thus far has made at least a few dollars. But that is about to change. The bubble will burst, and when it does, the people who thought they’d be living the easy life of a landlord will soon find that what they really signed up for was the hard servitude of debt serfdom…America holds record mortgage debt in a declining housing market. Even that might first seem okay—we can just whether the storm in our nice new houses. And in fact things will be okay for homeowners who bought long ago and have seen the price of their homes double and then double again. But for more recent homeowners, who bought at the top and now face decades of payments on houses that soon will be worth less than they paid for them, serious trouble is brewing. And they are not an insignificant bunch. The problem for recent homeowners is not just that prices are falling; it’s that prices are falling even as the buyer’s total mortgage remains the same or even increases. Eventually, the price of the house will fall below what the homeowners owe, a state that economists call negative equity. They can’t sell—the declining market price won’t cover what they owe the bank—but they still have to make those (often growing) monthly payments. Their only “choice” is to cut back spending in other areas or lose the house—and everything they paid for in it—in foreclosure. Free markets are based on choice. But more and more homeowners are discovering that what they got for their money is fewer and fewer choices. A real estate boom that began with the promise of “economic freedom” will almost certainly end with a growing number of workers locked into a lifetime of debt servitude that absorbs every spare penny.”
It can’t be stated more succinctly than that.
Thanks, Michael Hudson, for your insightful analysis, but it may be too late.”
bradbard
MemberYou are entitled to your opinion but we are not deceiving ourselves and you can not refer to the crime level of the capital city of a country San Jose and then project that level of crime out for the rest of the country, it is not accurate.
Are you saying that Costa Rica is more dangerous than “any place else”? Because that is not accurate either.
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