this sums the current state of affairs up well
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I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)
3rd president of US (1743 - 1826)
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I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)
3rd president of US (1743 - 1826)
Well then maybe next time when the election comes around you will think for yourself and research before you just throw your vote away for the Dems. They are the one that pushed that shit past. Why why oh why do black America always vote for the libs and always complain with the results. Make the dems work for your vote and not be taken for granted.
You guys have been fooled for 40 years.
LOL There Ya go. Easy for someone from the african-american side to vote for. Why do all the blacks vote for all the libs. Yet the inner cities have been turning to shit for 40 years. Keep up the good work and every inner city will be in flames.
Libs = Hey vote for Us we will take care of you.
Libs = You deserve a "living wage" you don't have to earn it.
Libs = You also deserve a house too. No matter that you can't possibly pay for it.
Libs = Crime invested inner cities with massive problems.
Divide and conquer alive and well in 2008. Front side they appear not to be the same...backend, very much the same. You guys keep thinking these partys actually represent things that are important to you and are actually not the same.
These are Baraks top contributors. Below are McShames. The ones in red are on both lists. Notice what sectors these are in...
University of California $1,069,898
Goldman Sachs $884,907
Harvard University $732,150
Microsoft Corp $714,358
Google Inc $704,649
JPMorgan Chase & Co $600,210
Citigroup Inc $586,866
National Amusements Inc $566,409
Time Warner $517,748
Sidley Austin LLP $496,445
UBS AG $484,369
Stanford University $482,199
Skadden, Arps et al $473,424
Wilmerhale Llp $471,729
Columbia University $427,766
Morgan Stanley $425,502
Latham & Watkins $425,324
IBM Corp $416,946
University of Chicago $416,055
Lehman Brothers $410,974
Merrill Lynch $361,620
Citigroup Inc $304,051
Morgan Stanley $263,277
Goldman Sachs $229,695
JPMorgan Chase & Co $216,057
US Government $200,555
AT&T Inc $185,063
Credit Suisse Group $178,053
UBS AG $174,429
PricewaterhouseCoopers $166,970
Blank Rome LLP $161,826
US Army $161,570
Wachovia Corp $160,107
Bank of America $150,076
Greenberg Traurig LLP $143,637
Gibson, Dunn & Crutcher $139,146
US Dept of Defense $130,925
FedEx Corp $125,904
Lehman Brothers $122,057
Zurich Financial Services $114,250
These are Baraks top contributors. Below are McShames. The ones in red are on both lists. Notice what sectors these are in...
University of California $1,069,898
Goldman Sachs $884,907
Harvard University $732,150
Microsoft Corp $714,358
Google Inc $704,649
JPMorgan Chase & Co $600,210
Citigroup Inc $586,866
National Amusements Inc $566,409
Time Warner $517,748
Sidley Austin LLP $496,445
UBS AG $484,369
Stanford University $482,199
Skadden, Arps et al $473,424
Wilmerhale Llp $471,729
Columbia University $427,766
Morgan Stanley $425,502
Latham & Watkins $425,324
IBM Corp $416,946
University of Chicago $416,055
Lehman Brothers $410,974
Merrill Lynch $361,620
Citigroup Inc $304,051
Morgan Stanley $263,277
Goldman Sachs $229,695
JPMorgan Chase & Co $216,057
US Government $200,555
AT&T Inc $185,063
Credit Suisse Group $178,053
UBS AG $174,429
PricewaterhouseCoopers $166,970
Blank Rome LLP $161,826
US Army $161,570
Wachovia Corp $160,107
Bank of America $150,076
Greenberg Traurig LLP $143,637
Gibson, Dunn & Crutcher $139,146
US Dept of Defense $130,925
FedEx Corp $125,904
Lehman Brothers $122,057
Zurich Financial Services $114,250
WASHINGTON (AP) -- Rates on 30-year-fixed mortgages dropped this week to their lowest levels in at least 37 years, as the Federal Reserve pledged to pour money into the mortgage market in an effort to spur the moribund U.S. housing market.
Freddie Mac, the mortgage company, reported Thursday that average rates on 30-year fixed-rate mortgages dropped to 5.19 percent, down from the year's previous low of 5.47 percent, set last week.
The rate is the lowest since Freddie Mac's weekly mortgage rate survey began in April 1971.
Mortgage rates started falling after the Federal Reserve launched a sweeping new effort in late November to aid the U.S. housing market by purchasing up to $600 billion of mortgage-related securities and other debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
A daily survey found that the national average rate fell even lower Wednesday. Rates on 30-year, fixed mortgages was 5.06 percent, according to financial publisher HSH Associates, the lowest since the 1960s and down from 5.3 percent Tuesday.
It was the best news in months for anyone looking to lock in a 30-year, fixed-rate mortgage. But it was not expected to be a cure-all, and borrowers already in danger of foreclosure probably won't be able to take advantage because only borrowers with stellar credit can qualify.
"It's a call to action for homeowners looking to get out of adjustable-rate mortgages," said Greg McBride, senior financial analyst at Bankrate.com. "Unfortunately, it's not an equal-opportunity party."
Meanwhile, rates this week fell on 15-year fixed-rate mortgages to an average of 4.92 percent, down from 5.2 percent last week, Freddie Mac said.
Rates on five-year, adjustable-rate mortgages fell to 5.6 percent, compared with 5.82 percent last week. Rates on one-year, adjustable-rate mortgages dropped to 4.94 percent, from 5.09 percent last week.
The rates do not include add-on fees known as points. The nationwide fee for 30-year and 15-year mortgages averaged 0.7 point last week. The fee on five-year, adjustable-rate mortgages averaged 0.6 point, while the fee on one-year adjustable-rate mortgages averaged 0.5 point.
Mortgage application volume jumped last week, fueled by borrowers seizing on lower rates to refinance home loans, the Mortgage Bankers Association said Wednesday.
The trade group's seasonally adjusted application index rose 2.9 percent for the week ended Dec 12.
The Federal Reserve, aiming to free up lending and jolt the economy back to life, on Tuesday cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.
Mortgage brokers are already reporting a surge of calls from borrowers trying to take advantage of the Federal Reserve's extraordinary actions.
On Wednesday, some mortgage brokers were quoting interest rates of close to 4.5 percent for people with strong credit and hefty down payments.
Falling interest rates mean Americans could suddenly find billions of extra dollars in their pockets at a time when consumers have sharply cut back on spending in the face of rising unemployment and declining household wealth. But many experts believe that the interest rate cuts alone won't be enough to jump-start the economy.
Freddie Mac, the mortgage company, reported Thursday that average rates on 30-year fixed-rate mortgages dropped to 5.19 percent, down from the year's previous low of 5.47 percent, set last week.
The rate is the lowest since Freddie Mac's weekly mortgage rate survey began in April 1971.
Mortgage rates started falling after the Federal Reserve launched a sweeping new effort in late November to aid the U.S. housing market by purchasing up to $600 billion of mortgage-related securities and other debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
A daily survey found that the national average rate fell even lower Wednesday. Rates on 30-year, fixed mortgages was 5.06 percent, according to financial publisher HSH Associates, the lowest since the 1960s and down from 5.3 percent Tuesday.
It was the best news in months for anyone looking to lock in a 30-year, fixed-rate mortgage. But it was not expected to be a cure-all, and borrowers already in danger of foreclosure probably won't be able to take advantage because only borrowers with stellar credit can qualify.
"It's a call to action for homeowners looking to get out of adjustable-rate mortgages," said Greg McBride, senior financial analyst at Bankrate.com. "Unfortunately, it's not an equal-opportunity party."
Meanwhile, rates this week fell on 15-year fixed-rate mortgages to an average of 4.92 percent, down from 5.2 percent last week, Freddie Mac said.
Rates on five-year, adjustable-rate mortgages fell to 5.6 percent, compared with 5.82 percent last week. Rates on one-year, adjustable-rate mortgages dropped to 4.94 percent, from 5.09 percent last week.
The rates do not include add-on fees known as points. The nationwide fee for 30-year and 15-year mortgages averaged 0.7 point last week. The fee on five-year, adjustable-rate mortgages averaged 0.6 point, while the fee on one-year adjustable-rate mortgages averaged 0.5 point.
Mortgage application volume jumped last week, fueled by borrowers seizing on lower rates to refinance home loans, the Mortgage Bankers Association said Wednesday.
The trade group's seasonally adjusted application index rose 2.9 percent for the week ended Dec 12.
The Federal Reserve, aiming to free up lending and jolt the economy back to life, on Tuesday cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.
Mortgage brokers are already reporting a surge of calls from borrowers trying to take advantage of the Federal Reserve's extraordinary actions.
On Wednesday, some mortgage brokers were quoting interest rates of close to 4.5 percent for people with strong credit and hefty down payments.
Falling interest rates mean Americans could suddenly find billions of extra dollars in their pockets at a time when consumers have sharply cut back on spending in the face of rising unemployment and declining household wealth. But many experts believe that the interest rate cuts alone won't be enough to jump-start the economy.
I think the government driving interest rates down is a good move. If the average american who can afford a house, (not the group who had poor credit and no money into the game) is allowed to refinance their debt at a lower interest rate and now have an extras $100 a month and they save some of it and spend some it. The spending part will help drive the economy.
This is a much better plan than the stimulus package where we basically took $800 out of one pocket and put it in the other pocket.
The one thing they need to do is make rate an term refinances available with no appraisals. Plus we can't waste money trying to keep people in homes they cant afford....sorry those need to just get foreclosed on and work through the system
This is a much better plan than the stimulus package where we basically took $800 out of one pocket and put it in the other pocket.
The one thing they need to do is make rate an term refinances available with no appraisals. Plus we can't waste money trying to keep people in homes they cant afford....sorry those need to just get foreclosed on and work through the system
