Today there were reports of an agreement between the nation's five biggest banks, a number of state Attorneys General, and several Federal agencies. The specifics weren't available, but the agreement appeared to settle a number of potential civil and criminal charges for an amount that ranges between $19 billion and $25 billion. By contrast, the total estimated mortgage loan amount being repaid to banks for housing value that no longer exists is $700 billion, and that figure hasn't been adjusted for further declines in the real estate market.

We spoke with Rick Smith about the deal this afternoon, shortly before new reports surfaced which suggested the deal may not close anytime soon. Whoever hyped the agreement apparently did so prematurely.

The settlement would allegedly allow one million homeowners to receive a principal reduction of $20,000 each. That's less than one in ten of the more than 11 million underwater homes. currently underwater. (That's a growing number too.) Another 750,000 would supposedly receive $1,800 each, an insulting figure for wrongful foreclosure.

The banks would be able to choose which mortgages to write down, which means they'll almost certainly pick mortgages they bundled and sold - often deceptively - to investors that include pension funds.

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The spiral-to-the-bottom and inequality we are suffering is not an inevitable result of globalization, it is what happens when we don't hold cheaters and exploiters accountable and stop them. This is not just about Wall Street, it is the story of what has happened to our wages and benefits, jobs, factories, companies, industries, economy and democracy in the last 30-or-so years.

Cheaters, Fraudsters and Exploiters

If cheaters and exploiters are not held accountable and fraudsters are not prosecuted, then the advantages this brings them forces honest players out. We're all waiting to see if there is a deal in the works that lets big banksters off the hook for mortgage fraud and other (uninvestigated) crimes, making their shareholders pay fines for them instead. But that story of the 1%'s fraud and cheating and the consequences to the 99% are not what I am writing about here. This post is about how letting 1%er cheaters, fraudsters and exploiters off the hook has hurt America's manufacturing and trade.

Apple Can't Make It Here

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Americans from across the political spectrum are angry that the Wall Street banks blew up the economy and got bailed out, while home owners and taxpayers were stuck with the bill. And now, with fresh reports today of a pending state attorneys general settlement with the big banks that would immunize them from prosecution and civil suits in exchange for $25 billion, largely for principal reduction for underwater homeowners, the Campaign For America’s Future has joined in a broad coalition to oppose any sweetheart deal.

We're asking you to send an email to President Obama right now: Reject the sweetheart bank settlement. Do not follow through with your plan to announce it in the State of the Union address Tuesday. Instead, investigate the banks that caused the housing crisis.

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The following was originally published by Politico

‘This is a defining time for America,” says Mitt Romney. President Barack Obama, he argues, wants to turn America into a “European-like entitlement society” in which “government provides every citizens with the same or similar rewards.” In contrast, Romney supports “an opportunity society, free people living under a limited government.”

After Newt Gingrich’s stunning victory Saturday in South Carolina, the former House speaker will likely dominate the headlines this week. But Romney, with his strong campaign team, deep pockets and overwhelming support from the Republican establishment, is still the odds-on favorite to win the GOP presidential nomination. So greater attention should be paid to the substance of his views, which — despite a book, a jobs plan, 17 debates and innumerable stump speeches — have received remarkably little attention.

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• MORNING MESSAGE: For SOTU, Stand Up For Social Security
• President's Election Year Agenda To Be Set in SOTU
• Foreclosure Fraud Settlement Meeting Today
• New "Gilded Age" Roils Globe

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With George Goehl

Rumor has it that on Monday, after months of negotiation with big banks, the White House may announce a settlement that would let the banks off the hook for their role in the foreclosure crisis—paying a tiny fraction of what's needed in exchange for blanket immunity from future lawsuits.

We hope these rumors are untrue.

President Obama has the ability to stop and change the direction of this sweetheart deal. He should reject any deal that benefits the one percent and lets the big banks get away with their crimes. Instead, the president should stand with the 99 percent and push for real accountability and a solution that will help millions of people in this country.

Here are the hard facts about the housing crisis we face:

• 3.5 million Americans are homeless.
• 18.5 million homes sit vacant.
• Since 2007, more than 7.5 million homes have been foreclosed.

Default and foreclosure rates are now several times higher than at any time since the Great Depression.

If President Obama is serious about solving this crisis, he must ensure three things:

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Changes in state tax laws now encourage America’s awesomely affluent to create “perpetual” trusts for their heirs. The combination of these new laws and new technology, legal scholars are warning, now allows the “dead hand” of the past to rule over the living. In essence, immortality for the rich.

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Like a lot of former Obama voters, I've had my issues with the President. Sure, it helped when he sang that Al Green song at the Apollo Theater last week. (Good job, Mr. President! Good pitch and an appropriately understated delivery.)

But in a time of uncertainty people are looking for certitude. In a time of great battles people are looking for strength. They don't just need to hear the words when they listen to their leaders. They need to feel the music.

The State of the Union Address is scheduled for this Tuesday night. The President can go a lot further toward winning over voters who are disappointed, doubtful, or just unenthusiastic, if he chooses an issue that's vitally important to them and offers a clear, strong and unequivocal defense.

Social Security is the ideal issue. It's one of many, according to polls, where both parties are out of step with voters. After seeing their savings, pension plans, and housing values destroyed, people are frightened about their retirement security. They don't hear anybody in Washington offering to protect their benefits.

And to borrow a phrase from Rev. Al, they're tired of being alone.

People's Choice

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There is breaking news from Capitol Hill, negotiators have dropped the anti-union language for votes to start a union. Republicans were insisting that no-shows be counted as "No" votes. Delta's check must have been mailed late.

AP: Compromise boosts prospects for FAA bill passage,

The compromise would let stand a 2010 National Mediation Board ruling allowing airline workers to form a union by a simple majority of those voting. Previously, workers who didn't vote were treated as "no" votes.
An FAA bill passed by the GOP-controlled House would have completely overturned the board's ruling. Senate Democrats opposed the provision.

Politico: Labor deal clears runway for FAA bill

Senate and House leaders reached a deal Friday on controversial labor language that has been hindering progress on a bill to keep the Federal Aviation Administration running, POLITICO has learned.
Republicans had been pushing to scrap 2010 language from the National Mediation Board that made it easier for unions to organize — but that will not be part of a new, four-year FAA bill. Under the old policy, no-shows at union votes were counted as “no” votes

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If you want to win a bet next Tuesday, wager your friends that President Obama will say “Made in America” in the State of the Union address. It’s the closest you’ll ever get to a sure thing.

“Made in America” is a wildly popular notion across the political spectrum. The President has uttered the phrase dozens of times over the past year. So, it shouldn’t be shocking for him to say it on January 24. But, what’s behind the rhetoric? Is there any “there” there? That’s what I’ll be looking for on Tuesday evening.  

It’s fair to say that this administration has showered more attention on American manufacturing than it has seen for a long time, and that our sector of the economy has stabilized somewhat after years of serious decay. But, treading water simply isn’t good enough while China passes us, and our high unemployment rate threatens to sink us.

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Originally posted at Capital Gains and Games.

Interesting column in yesterday's The New York Times by Jesse Eisinger of ProPublica about the budget strategy the U.S. might be following if it were a private equity firm, that is, if it were run as if it were Bain Capital, Mitt Romney's former employer.

Eisinger's conclusion: Given the current incredibly low interest rates, the management of a private equity firm would be rushing to borrow more to finance its activities rather than to be repeatedly demanding that it deleverage and do less.

In other words, running the U.S. as a business as Romney says if elected he could/would/will do, would actually get him to do the opposite of what he and others running for president and Congress are insisting needs to be done: They would be increasing the deficit and borrowing more rather than reducing it and shrinking federal activities.

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Saturday is the two-year anniversary of the infamous Citizens United ruling by the Supreme Court that allowed corporations to spend unlimited amounts of money on political campaigns.

Since then, our democracy has been drowning in a tsunami of corporate special interest money. Our government is under the thumb of the Koch brothers and other corporate moguls instead of the hands of the people.

And citizens are uniting in their disgust.

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Republican presidential candidate Mitt Romney, notorious for his flip-flops on a broad array of issues, seems to maintain this tendency when he's addressing policies governing education and public schools.

But it would be a big mistake to conclude that there is not at the heart of Romney's political views a core philosophy that would be deeply destructive to public education and harmful to the future well-being of the nation's children and youth.

Romney's Edu-Flip-Flops
First, Romney's edu-flip-flops are indeed numerous. All the way back to his previous run for the Presidency in 2008, Romney's adversaries have spotlighted inconsistencies with his pronouncements about education policy on the trail and his record as Massachusetts Governor.

As revealed this week in a leak to the internet of the opposition research conducted by staffers of his Republican Presidential nominee rival John McCain, Romney has historically had it both ways on education policy issues including school choice, abstinence-only sexual education, English only immersion vs. bilingual ed, and eliminating the Department of Education. (hat-tip: GottaLaff)

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• MORNING MESSAGE: Stop The Sweetheart Deal
• 360K Signatures Tell Obama To Scrap Bank Settlement
• Romney's Taxes Spotlight Unfair Code
• Protest Planned For Citizens United Anniversary
• President Announces Tourism Jobs Strategy

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So Perry is out of the race. What a coward. It's not as if it's just a matter of not throwing good money after bad. The election is in a couple of days. He obviously just couldn't face the humiliation of losing.

On paper he was the perfect anti-Romney and everyone expected him to make it a real race. But he was a flop from the very beginning, his poor showing in the debates and obvious lack of basic knowledge made him too much even for the neanderthals. Actually, I think that was his real problem —— on a subliminal level he just reminded everyone too much of George W. Bush and that particular personality type was just too uncomfortable even for the folks.

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