The following includes editorial content which represents the opinion of the writer.
Those who do not learn from history are doomed to repeat it. Apparently, Bank of America has a very short memory.
In what can only be described as bizarre, Bank of America has announced they will offer zero-down, zero-closing cost mortgages, but only in certain communities.
Clearly, they didn’t learn their lesson (and America’s lesson for that matter) from the sub-prime mortgage bust that cratered the American economy some fifteen years ago.
For those with short memories, here is a quick refresher. In the late 1990s, then-President Bill Clinton and the Federal Reserve thought it a brilliant idea to offer mortgages to “high-risk” borrowers who had difficulty obtaining mortgages. That eventually led in part to rapidly increasing home prices.
After the regulations were relieved under Clinton, high-risk mortgages soon became available in the early 2000s. That increased demand and under the law of supply and demand, house prices were bid up primarily where houses were in short supply.
Long story short, the short-sighted decision first by Clinton and then by President George W. Bush eventually caused a number of subprime lenders to shutter their windows. Bond funding of subprime mortgages collapsed, demand for housing decreased, and housing prices, already dropping began a more precipitous drop.
The domino effect led to an increase in foreclosures and repossessions, flooding the number of homes being sold into a depressed housing market. A number of homeowners started selling their homes via “short sales” to avoid foreclosure. All of this led to the “great recession” which would lead to the election of Barack Obama.
Now, having apparently learned nothing from the debacle in the early 2000s, Bank of America is poised to do double down on stupid.
According to The Liberty Daily, the bank announced they will target “specific” communities (read BIPOC communities) in certain cities across the U.S. with the zero-down, zero closing cost mortgages. The move is being decried by a number of conservatives as being racist, which it certainly appears to be. And, as reported in an NBC News piece, it is easy to see exactly that, although for a different reason than it appears on first blush.
Bank of America said it is now offering first-time homebuyers in a select group of cities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities.
The option will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angles, and Miami. The new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home, the bank said.
Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said.
“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” AJ Barkley, head of neighborhood and community lending for Bank of America said in a release.
“Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve.”
The loans require no mortgage insurance—the additional fee typically charged to buyers who put down less than 20% of the purchase price—and no minimum credit score. Instead, eligibility will be based on factors like timely rent payments and on-time utility bill, phone and auto insurance payments. Prospective buyers must also complete a homebuyer certification course provided by Bank of America and federally approved housing counseling partners before they apply for the loan program, the bank said [emphasis added]
Initially, it was reported the program was only for black and Hispanics, however that isn’t correct. Whites, Asians, or anyone else living in specific black and Hispanic communities is eligible to apply.
Not to read too much into this, but it would appear that Bank of America, instead of working to relocate minority communities out of impoverished, crime ridden areas of these Democrat-run cities, is basically seeking to keep them right where they are.
As Liberty Daily notes, this isn’t a race-based program…it more appears to be about segregation. It’s convincing those who cannot otherwise qualify for a mortgage loan that in order to qualify for this special program, all they have to do is stay exactly where they are.
But hey, give Bank of America credit…at least they’re not trying to convince the minority community to stay in real hell holes such as Chicago, St. Louis, and Philadelphia, where they stand a better chance of getting shot to death than finding suitable housing.
The thing about racism is that often it’s hidden behind the curtains. All one has to do is listen to a few Joe Biden speeches and the racism shows itself loud and clear.
One example is the insinuation by some who claim that blacks and Hispanics are apparently too stupid to figure out how to obtain photo identification to vote. Oh, they don’t come out and call them stupid but it’s fairly easy to connect the dots.
That statement has been made by Biden, Kamala Harris, Stacey Abrams and others who repeatedly call out the “MAGA movement” for racism, when it is they who are the true racists. Biden just made that statement this past week.
Now, we’re not saying that Bank of America is a racist company. But their idea of segregating minorities and keeping them where they are sure seems to smack of something. Definitely memory loss.
For our prior piece about the economic disaster awaiting our country, we invite you to:
The following includes content which is editorial in nature and which reflects the opinion of the writer.
USA- If you’ve been to the gas station or the grocery store lately, what you’re about to read will come as no surprise. It is quite obvious to anyone who isn’t the most died in the wool Biden supporter that things are really, really bad right now. How bad? How about “economic collapse” bad?
According to a commentary in The Washington Standard, Michael Snyder, a graduate of the University of Florida Law School and publisher of The Economic Collapse Blog warns that he has never seen the level of “economic pessimism” that he is currently witnessing. And he notes, he isn’t the only one who feels that way, and senses even the public is aware that we are headed in a very bad direction.
As we are painfully aware, history often repeats itself, and what we are currently witnessing is the beginnings of an economic collapse which would eclipse the pain we experienced in the early 1980s coming out of the Carter presidency. Some, he notes, believe this go around is going to be even worse, with one Wall Street investor, Michael Novograts, predicting “the economy is going to collapse.”
“The economy is going to collapse,” he told MarketWatch. We are going to go into a really fast recession, and you can see that in lots of ways,” he added.
“Housing is starting to roll over,” he said. “Inventories have exploded. There are layoffs in multiple industries, and the Fed is stuck [with a position of having to] hike [interest rates] until inflation rolls over.”
Snyder, however, believes that “the economy is already starting to collapse,” and warns of 18 signs that the economic meltdown has indeed already begun.
- Stock prices- have taken a dive over the past few weeks, with some $3 trillion dollars in wealth evaporating from investments such as 401k’s. The selloff has not just hurt big investors—it’s slammed Americans’ retirement savings as well.
- The Dow Jones Industrial Average dropped below 30,000 for the first time in over a year. That level is a psychological bellwether and Snyder believes if it doesn’t recover above that level it will serve to further panic a lot of investors.
- The Dow is off 19% from its all-time high
- The S&P 500 is down 24 percent from its all-time high
- The Nasdaq is down 34 percent from its all-time high. That equates to one-third of the Nasdaq’s value being slashed.
- Crypto, long thought to be the savior of our monetary system has lost two-thirds of its value since the peak of its market. Where last November the value of all crypto had flown past the three-trillion dollar mark, it current sits at less than one trillion dollars.
- For those who are looking to buy a house, mortgage rates soared this past week to 35-year highs, which will eviscerate the housing market. According to Freddie Mac, the average rate on a 30-year loan soared from 5.23% to 5.78%. Just one year ago, the average rate was 2.93%.
- Where recently people were bidding up prices on homes well above asking price, the largest percentage ever recorded reduced the list price on their homes during the four-week period ending June 12th.
- In some parts of the U.S., home prices have already collapsed by as much as 20 percent.
- Compared to one year ago, the total number of mortgage applications was down 52.7 percent last week.
- Housing starts fell 14.4 percent in May.
- Permits for construction of new homes fell 7 percent in May.
- Wholesale prices continue to soar at “a very alarming pace…” The producer price index rose 0.8% for the month and 10.8% over the past year. That rise kept pace with Dow Jones estimates and doubled the 0.4% pace in April.
- According to the Atlanta Fed’s GDPNow tracker, it is projecting second quarter economic growth to be 0%…yes, that’s correct…zero.
- The Philadelphia Fed Business Index for June read -3.3, the first such contraction since the earliest days of the COVID-19 pandemic.
- Small business owners responded to a survey, saying they are “feeling their gloomiest in nearly five decades.”
- Nearly six out of ten manufacturers in the United States believe that a recession is coming.
- Bloomberg is projecting the likelihood of a recession during the next two years is 5 percent.
All of this of course runs completely contrary to what the administration and financial “experts” were talking about around a year or so ago. Remember when we were told that inflation was “transitory?”
Well as we’ve found out, you can only print so much money out of thin air before the laws of economics go into full force. You can only bid up real estate prices by $40-50k above asking price (or more) for a while before it bites you in the keester. Remember when Biden bragged about how wonderful the stock market was doing? Seems like a distant memory now.
As Snyder points out, for every time the “experts” “kicked the can down the road,” they only served to make things worse long term. Now, the chickens have come home to roost. The short-term outlook sucks and the long-term outlook isn’t much better.
Many of us remember the early 1980s and not fondly. Right now it seems like we took Marty McFly’s Delorean “back to the future” of 1981. And all we want is our 2019 back…”mean tweets” and $2.00/gallon gas.
For more on dementia Joe’s war on the American economy and our fossil fuel industry, we invite you to:
WASHINGTON, D.C.- On Monday, April 25th, the Biden administration reversed a Trump-era plan that would have allowed the federal government to lease more than two-thirds of the country’s largest acreage of public land to oil and gas drilling.
Oil and gas development in the NPR-A is broadly supported by hard-working Alaskans of all backgrounds—Republicans & Democrats, union workers, Alaska Natives.
Joe Biden has once again sold them all out, siding instead with the coastal, liberal elites. https://t.co/qnUojYStCw
— Sen. Dan Sullivan (@SenDanSullivan) April 26, 2022
According to reports, this decisions returns to an Obama-era administration plan that allows fossil fuel extraction in up to 25 percent of the reserve, compared to the Trump administration’s effort to open up 82 percent of the land to drilling.
The Bureau of Land Management’s (BLM) decision will shrink the amount of land available for lease in the National Petroleum Reserve in Alaska (NPR-A), which is a nearly 23 million acre region that is home to wildlife like caribou and polar bears.
In January, the BLM had announced its review of the 2020 Integrated Activity Plan (IAP) for the area and on Monday, April 25th, the Department of Interior signed a new Record of Decision (ROD) to guide the management of the National Petroleum Reserve in Alaska.
When the Biden administration first indicated that it was considering reversing the Trump-era policy, it sparked outrage from Alaska’s congressional delegation. Sen. Lisa Murkowski said in a news release back in January:
“Sweeping restrictions like this, which are being imposed even as the Biden administration implores OPEC+ to produce more oil – demonstrate everything that is wrong with its energy policies.”
The BLM says it's ditching a Trump administration plan for the National Petroleum Reserve-Alaska and will return to a 2013 plan that's more protective of Teshekpuk Lake, a large wetlands important to shorebirds, loons and caribou.https://t.co/3WNdYGdt39
— KTOO (@KTOOpubmedia) April 26, 2022
The move allegedly comes after the number of oil and gas permits approved by the BLM for drilling on public lands declined to its lowest number under the Biden administration. According to the BLM, the reserve generated more than $56 million in oil and gas lease revenue in 2019.
According to the U.S. Energy Information Administration, oil and gas production on the reserve also has the potential to release over 5 billion metric tons of carbon dioxide into the atmosphere, which is roughly equivalent to the amount of carbon released in the entire country in 2019.
The decision made on Monday, April 25th, ensures that the National Petroleum Reserve in Alaska will be managed consistent with the 2013 IAP, while adding more protective lease stipulations and operating procedures for threatened and endangered species.
Kristen Monsell, oceans legal director of the Center for Biological Diversity, said that the Biden administration’s reversal is not enough to address the climate crisis and end new fossil fuel extraction. She said in a statement:
“More Arctic drilling also means more oil spills, more polluted communities and more harm to polar bears and other vulnerable wildlife. Biden officials can and must use their power to help us avoid disastrous climate change and support the transition to a just, renewable economy.”
According to reports, the 2013 IPA that was crafted by the Obama administration, is especially protective of Teshekpuk Lake, which is home to important shorebird like loons and caribou.
For those of you blaming big oil here’s more proof it’s Biden
— jason eastlick (@EastlickJason) April 26, 2022
While the Trump administration’s plan called for allowing oil development in most of the NPR-A, it also had leasing restrictions aimed at, among other things, reducing the impact on the land surface and limiting activity during certain seasons.
The NPR-A is roughly the size of Indiana and is the country’s largest unit of public land. Several environmental groups prefer to call it the Western Arctic.
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Report: Biden administration opposes ban on Russian oil, but wants world to reduce its reliance on it
March 6th, 2022
WASHINGTON, DC — President Joe Biden wants the U.S. and other countries to reduce their consumption of oil and gas in order to “punish” Russian President Vladimir Putin.
However, Biden also does not want an outright ban of Russian oil and gas, despite calls from both Democrats and Republicans to do so.
Tomorrow I will introduce legislation in the Senate to reopen American energy production full throttle and reverse Joe Biden’s disastrous capitulation to our enemies https://t.co/xEBG5fabzf
— Josh Hawley (@HawleyMO) February 28, 2022
Breitbart News reported that several senators and even House Speaker Nancy Pelosi want a ban on Russian energy import:
“There is growing support from Congress in a ban on oil imports from Russia.
“Senators Joe Manchin (D-WV), Lisa Murkowski (R-AK), and Jon Tester (D-MT) announced legislation on Thursday that would ban Russian energy imports.
“House Speaker Nancy Pelosi also endorsed the idea during her press conference on Thursday.
‘‘I’m all for that — ban it,’ she said. ‘Ban the oil coming from Russia.’”
The same report also noted that White House Press Secretary Jen Psaki said that Biden and his administration were not interested in banning imports of oil from Russia because reducing the supply would only increase prices and enrich the Russians.
BREAKING: Jen Psaki just said that we need to reduce our reliance on foreign oil, but doesn’t want to increase American gas and oil production pic.twitter.com/QNXx2drbMy
— MAGA American Poso 🇺🇸 (@JackPosobiec) February 27, 2022
Psaki lectured reporters at her daily briefing, reminding everyone that Europe and the U.S. simply need to reduce their consumption of oil:
“What this is all a reminder of in the president’s view is our need to reduce our reliance on oil. The Europeans need to do that. We need to do that.”
When asked about how much Russian oil is imported, Psaki tried to downplay the amount, even though Breitbart News reported that imports of crude oil to the U.S. have doubled from a year ago.
Reporter to Psaki: "As long as we're buying Russian oil … aren't we financing the war?" pic.twitter.com/3sbKRRIfNk
— The Post Millennial (@TPostMillennial) March 3, 2022
“It’s only about ten percent of what we’re importing.”
She also said the White House was looking for actions that maximize the impact on President Putin, but minimize it for the American people.
Psaki ROASTED by Reporter Over Her ABSURD Claim on Russian Oil pic.twitter.com/V18atn6jVj
— Benny Johnson (@bennyjohnson) March 4, 2022
Psaki pointed out that there is no “strategic interest” in the reduction of Russian oil and gas:
“We don’t have a strategic interest in reducing the global supply of energy.”
Jen Psaki claimed we have no "strategic interest" in banning Russian oil imports.
American energy independence is in our nation's strategic interest.
— Lance Gooden (@Lancegooden) March 4, 2022
Secretary of State Antony Blinken on Sunday mimicked the same line of thinking during an interview with “Meet the Press” host Chuck Todd.
During the interview, Blinken said the U.S. is “looking” at banning Russian oil nearly two weeks after Putin invaded Ukraine.
Blinken suggested to Todd that the U.S. would not unilaterally make a decision to ban Russian oil. He told Todd:
“We are looking, uh, again as we speak, in coordination with allies and partners, at this prospect of banning [Russian] oil imports.”
When Todd pushed back and asked if a unilateral decision would be made by the U.S. to ban Russian oil and gas, Blinken responded vaguely, using the terms coordination and coordinating four times:
“A hallmark of everything we’ve done to date has been this coordination with allies and partners.
“We are much more effective across the board when we’re doing things together, uh, in as close to coordination as possible.
“There are instances where, uh, we each do something a little bit different, but it complements, uh, the whole.
“So, in the first instance, uh, we want to make sure that we’re acting in coordination.
“I’m not going to rule out taking action one way or another, uh, irrespective of what they do, but everything we’ve done — the approach starts with coordinating with allies and partners.”
Despite no ban on Russian oil and gas, the Biden administration and European governments are trying to impose sanctions on Russia to force it to end its attack against Ukraine.
So far, sanctions against Russia appear to be hurting innocent civilians instead of the Russian government.
New York Times reported:
“The harsh penalties — which have hammered the ruble, shut down Russia’s stock market and prompted bank runs — contradict previous declarations by U.S. officials that they would refrain from inflicting pain on ordinary Russians.
“‘We target them carefully to avoid even the appearance of targeting the average Russian civilian,’ Daleep Singh, the deputy national security adviser for international economics, said at a White House briefing last month.
“The escalation in sanctions this week has occurred much faster than many officials had anticipated, largely because European leaders have embraced the most aggressive measures proposed by Washington, U.S. officials said.
“The Biden administration said on Thursday that it would not offer sanctions relief amid Mr. Putin’s increasingly brutal offensive.”
The goal is to instigate anger amongst Russians and to foment street protests, New York Times reported:
“The thinking among some U.S. and European officials is that Mr. Putin might stop the war if enough streets and enough tycoons turn on him.
“Other U.S. officials emphasize the goals of punishment and future deterrence, saying that the carcass of the Russian economy will serve as a visible consequence of Mr. Putin’s actions and a warning for other aggressors.”
The Ukrainian leader advocated for banning Russian oil imports and suspending all commercial transactions, like Visa and Mastercard, a senator on the call told CNN.https://t.co/XhBvUmGDYO
— CNN (@CNN) March 5, 2022
New York Times further reported:
“But Russia’s $1.5 trillion economy is the world’s 11th largest. No countries have tried pushing an economy of that size to the brink of collapse, with unknown consequences for the world.
“And the actions of the United States and Europe could pave the way for a new type of great-power conflict in the future.
“The moves have also ignited questions in Washington and in European capitals over whether cascading events in Russia could lead to ‘regime change,’ or rulership collapse, which President Biden and European leaders are careful to avoid mentioning.
“‘This isn’t the Russian people’s war,’ Secretary of State Antony J. Blinken said in a news conference on Wednesday. But, he added, ‘the Russian people will suffer the consequences of their leaders’ choices.’
“‘The economic costs that we’ve been forced to impose on Russia are not aimed at you,’ he said. ‘They are aimed at compelling your government to stop its actions, to stop its aggression.’”
The sanctions are affecting the poorest to the richest. New York Times reported:
“The harshest sanctions by far are ones that prevent the Central Bank of Russia from tapping into much of its $643 billion in foreign currency reserves, which has led to a steep drop in the value of the ruble.
“Panic has set in across Russia. Citizens are scrambling to withdraw money from banks, preferably in dollars, and some are fleeing the country.
“The United States and Europe also announced new sanctions this week against oligarchs with close ties to Mr. Putin.
“Officials are moving to seize their houses, yachts and private jets around the world.
“French officials on Thursday snatched the superyacht of Igor Sechin, the chief executive of Rosneft, the Russian state oil giant.”
Earlier this week, global payment processors, such as PayPal, American Express, Visa and Mastercard, shut down their services in Russia after Ukrainian President Volodymyr Zelensky called on companies to halt all business in Russia during a video call with U.S. lawmakers.
This is such a shallow move and speaks volumes about how western companies are using the war tragedy more for PR stunts than actually thinking through the consequences of these changes.
This hurts more the Russian populace than the government that I'm fairly sure hardly uses PP.
— Eroth9 (@X4vi0uR) March 5, 2022
The fallout from companies suspending their services in Russia is that Russian citizens are now being financially impacted as they are expelled from the Western financial system.
Two of the biggest payment processing firms in the world announced they were suspending operations in #Russia.#Mastercard and #Visa said Russian banks would be cut off from their networks and their cards would not work at Russian merchants or ATMs.https://t.co/bdUOub8z9H
— NTD News (@news_ntd) March 6, 2022
The move has caused Russia to get closer to China, which has drawn mixed reviews.
Russian Banks Switch To Chinese Card System As AmEx Joins Visa & MasterCard In Suspending Russian Operations https://t.co/rft5YerQej
— zerohedge (@zerohedge) March 6, 2022
“Reuters has confirmed this development, writing that ‘several Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay card operator’s system coupled with Russia’s own Mir network, after Visa and MasterCard said they were suspending operations in Russia.’
“State-owned UnionPay is the provider of most card payments in China.
Guess what? After VISA and Mastercard pulled out of Russia, Russian banks will now start issuing cards using China's UnionPay, linking them with MIR.
The West is shooting itself in the foot. It's not punishing Russia; it's bringing Eurasia and Global South closer together.
— Richard Medhurst (@richimedhurst) March 6, 2022
“Announcements regarding the switch to UnionPay came on Sunday from Sberbank, Russia’s biggest lender, as well as Alfa Bank and Tinkoff.
“As Bloomberg adds, the move could allow Russians to make some payments overseas, with UnionPay operating in 180 countries and regions.
“Visa and Mastercard said that any transactions initiated with their cards issued in Russia will no longer work outside the country from March 10.
“The Bank of Russia is also temporarily reducing the amount of information commercial banks are required to publish in an effort to limit the risks from international sanctions.
Whatever you think of Russia, you cannot deny that the world is actually not in agreement on Ukraine. I know corporate media want you to think that the West = the whole world, but that's clearly not what's going on. There's a global realignment happening.
— Richard Medhurst (@richimedhurst) March 6, 2022
“Starting with statements for February, banks will no longer have to release accounts prepared to national standards or make any additional disclosures on their websites, the central bank said in a statement.
“The central bank of Russia advised its citizens to use cash abroad.
“It said Mir cards could also be used in Turkey, Vietnam, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and the breakaway territories of South Ossetia and Abkhazia.”
Senator Lindsey Graham (R-SC) recently appeared to suggest via his Twitter post on March 3 that Putin needs to be assassinated:
“Is there a Brutus in Russia? Is there a more successful Colonel Stauffenberg in the Russian military? The only way this ends is for somebody in Russia to take this guy out. You would be doing your country – and the world – a great service.
“The only people who can fix this are the Russian people.
“Easy to say, hard to do.
“Unless you want to live in darkness for the rest of your life, be isolated from the rest of the world in abject poverty, and live in darkness you need to step up to the plate.”
The only people who can fix this are the Russian people.
Easy to say, hard to do.
Unless you want to live in darkness for the rest of your life, be isolated from the rest of the world in abject poverty, and live in darkness you need to step up to the plate.
— Lindsey Graham (@LindseyGrahamSC) March 4, 2022
Graham also recently said on Fox News:
“The best way for this to end is having Eliot Ness or Wyatt Earp in Russia, the Russian Spring, so to speak, where people rise up and take him down.”
“So, I’m hoping somebody in Russia will understand that he’s destroying Russia, and you need to take this guy out by any means possible.”
Russia has helped MADURO weather US sanctions by continuing to facilitate the Venezuelan oil trade.
Now, with the US considering sanctions on Russian oil, there are increasing backchannel conversations about tapping Venezuelan oil as a substitute. https://t.co/LSu8eclb8M
— Kenneth P. Vogel (@kenvogel) March 5, 2022
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