May 5, 2009

FLASH: Congress to establish an independent subpoena-powered commission to investigate the Great Housing Ponzi Scheme. Angelo Mozilo - they're coming

Finally. A start. But to get the full truth, including the massive REIC corruption of the House and Senate, Obama MUST NAME AN INDEPENDENT SPECIAL PROSECUTOR.

But this is a good move, for starters. They'll go after the obvious mortgage fraud kingpins. Frog marches are coming. The first thing they'll find is that all roads lead here.

Orange One - you're toast. Will you be taking the fifth?

Congress Poised To Launch 9/11-Styled Commission On Financial Crisis

The House of Representatives came to agreement on Monday afternoon on the establishment of a 9/11-styled commission that would be independent of Congress and granted the power of subpoena to investigate the origins of the financial crisis.

Aides on the Hill said that the House will likely vote on the measure Wednesday, adding that the chances of passage were high. The office of the bill's cosponsor, Congressman Darrell Issa, said the legislation would be similar to that recently passed by the Senate.

The concept of the commission is pegged to the investigative body that looked into the intelligence collapse precededing the terrorist attacks on 9/11.

The key, in this case, is that the body - eight or (likely) ten members, split evenly by party affiliation - would have the power of subpoena, compelling the key players to testify. "It is," said one staffer involved in the creating of this legislation, "essential."

18 comments:

DPW said...

Great. Just what we need, another phony "bi-partisan" white-wash commission like the one for 9-11. Covertly run by longtime Neocon hack Phil Zelikow, it's purpose was to make everyone feel good about how hard their government was working to get at the truth, when really they are the crisis management team hired to sweep the nasty under the rug, all the while wringing their empathetic little hands. In the end, no one is held accountable, and many of the culprits, like Richard Myers, are promoted!

When government fails the people, they go through a lot of pomp and circumstance with commissions and speeches and the sheep all say baaahhhhh, that was nice. Read The 9/11 Commission, Omissions and Distortions, by David Ray Griffin, and then tell me you look forward to another useless bloviating panel of elected criminals. Maybe we can bring back Hank Paulson to be the chair, if he is able to keep a straight face long enough.

Anonymous said...

My prediction is , this is merely a plan for politicians to cover their asses and make sure their financial supporters will NOT face prosecution.

You betcha, Angelo Mozilo will emerged untarnished, BTW how much did he contribute to the Messiah's campaign ?

edenz

50% Haircut said...

MSM finally gets it:

U.S. Home Prices May Be Lost for a Generation

" May 4 (Bloomberg) -- We might be looking at a lost generation for U.S. home values.

Far too many analysts are calling a bottom to the housing market after home prices in 20 metropolitan areas declined at a slower pace in February, according to the Standard & Poor’s/Case-Shiller Index.

Don’t be blinded by the glint of optimism in headlines about rising consumer confidence and slowing price declines. Demographic and market realities tell a more sobering story.

You won’t see a widespread housing rebound in an economy in which 600,000 jobs a month are lost and foreclosures ravage the most overleveraged areas. These are just the visible barriers to a recovery.

http://tinyurl.com/dn5ert

Bart said...

Keef,

Unless we break up the MLS cartel none of this matters

Anonymous said...

Ooooobaaaamy!

Gimme Cheese.

doppelzoo said...

http://www.google.com/hostednews/afp/article/ALeqM5i4estRSYeFBIII9kezxnP4jgoGZQ


http://tinyurl.com/cnb44y


China has 'canceled US credit card': lawmaker

4 days ago

WASHINGTON (AFP) — China, wary of the troubled US economy, has already "canceled America's credit card" by cutting down purchases of debt, a US congressman said Thursday.

China has the world's largest foreign reserves, believed to be mostly in dollars, along with around 800 billion dollars in US Treasury bonds, more than any other country.

But Treasury Department data shows that investors in China have sharply curtailed their purchases of bonds in January and February.

Representative Mark Kirk, a member of the House Appropriations Committee and co-chair of a group of lawmakers promoting relations with Beijing, said China had "very legitimate" concerns about its investments.

"It would appear, quietly and with deference and politeness, that China has canceled America's credit card," Kirk told the Committee of 100, a Chinese-American group.

"I'm not sure too many people on Capitol Hill realize that this is now happening," he said.

The Republican lawmaker said that China was justified in concerns about returns from finance giants Fannie Mae and Freddie Mac, which were bailed out by the US government due to the financial crisis.

Kirk said he was the first member of Congress to tour the Bureau of Public Debt, which trades bonds, and was alarmed at how much debt was being bought by the US Federal Reserve due to absence of foreign investors.

"There will come a time where the lack of Chinese participation may have a significant impact," Kirk said.

"We should track that, because up until last month they were the number one provider of currency to the United States and now they're gone."

With China's economy also hit by the global economic crisis, Premier Wen Jiabao has openly voiced concern about the status of his country's investments in the United States.

China has also floated replacing the dollar as the key international currency with a basket of units bringing in the euro, sterling and yen.

Anonymous said...

The 9-11 commission was a joke..I hope they do a better job. Building 7 was an obvious demolition and was not even part of the report.

casey said...

A waste of more taxpayer money.Simply arrest all the ring leaders at brokerage houses.

Anonymous said...

Is this the "2008 Congressional Hearings" you spoke of in 2005?

Better late than never I guess.

keith said...

In 2005 I said the hearings would be in 2008.

Guess the Dems didn't want to draw attention to their corruption before the election.

I wonder how both parties will conduct these hearings without them pointing right back at them.

I hope some of the bank execs, and even Hank Paulson, point out that Congress was the one who allowed 40 to 1 leverage, Congress was the one who used tax policy to incent home purchases, and Congress was the one bribed by the realtors and mortgage brokers to look the other way.

Anonymous said...

Dear Ange,

They're coming for you , Old Pal. I would seriously consider a good legal team work on your defense NOW.

The sheeple are pissed and poised to kill. You and your fellow travelers are in the guns sights.

Don't worry, the Friends of Angelo loan recipients in Congress you bribed will be meeting behing closed doors up in CT. to discuss ways we can help you live. After all, what are friends for?

Stay in touch, Ange. You may want to get some advice about surviving incarceration as it looks like you may be doing SOME time. If the dumbell public catches on to how you bribed many of us in Government, I'll be next to. Maybe we can serve out our sentences together?

That would be Fun! You with your orange skin and me with my white hair. What a pair we will make! We could play hide-the-soap and other fun games. In any event, get fitted for that butt-plug we talked about on the phone.

Stay in touch, Your Friend

Christopher

Anonymous said...

AP
Bernanke: Economy should grow again later in 2009 Ha Ha you and your website were wrong again.

Paige Turner said...

A powerful syndicate of international bankers is currently looting the US treasury, with the blessing of Congress, and the money is being transferred to offshore banks. Of course, the financial destruction of the US required the aid of high-ranking CEOs, crooked politicians and other powerful money men, such as Bernie Madoff.

These millionaire underlings were richly rewarded for their destructive services. Now that these scumbags have completed their assignments, they are no longer needed. Criminal indictments, trials and convictions will be used to strip these traitors of their wealth.

Some of these low-level criminals will receive out of court settlements in the form of unfortunate accidents, such as falling out of windows, stepping in front of busses, being shot in the back or hanging themselves in basements.

In the end, the international bankers will gain total global control.

Anonymous said...

Deficits don't matter.

because you'll be able to re-fi later, America.

RICO said...

'I wonder how both parties will conduct these hearings without them pointing right back at them...'


Excellent point.

Congress (past and present)is riddled with complicity and collusion.

Would love to see them drag in some congressional 'alumni' for questioning.

Phil Gramm comes to mind...

The swearing-in process is going to be magical - there may be sheet lightning and rolling thunder over DC when these scumbags recite the words: 'so help me god'.

It'll be great theater!

Anonymous said...

The investigation will be another phony dog and pony show to fool the sheeple.

Anonymous said...

Great, both Democrats AND Republicans.

The very people who brought us here.

Anonymous said...

Mozilla profiled in The Daily Beast:

http://www.thedailybeast.com/blogs-and-stories/2009-05-06/the-man-who-helped-wreck-b-of-a/