Robert Oak's blog

Privatizer in Chief Obama Blames Reckless Homeowners

President Obama gave a speech on winding down Freddie Mac and Fannie Mae, the GSEs often blamed for the housing crisis and a darling of conservative ire.  Government sponsored enterprises, or GSEs buy up mortgages from private lenders and the theory is to loosen up funds to stir additional lending.

Outrageous Economic Shorts - The Great American Middle Class Wipe Out

Welcome to this week in economic outrage.  Every day there are thousands of economic horror stories where one just shakes their head in disbelief at the incessant injustice.  To combat the information overload, we give you a financial follies reader's digest and how those in power could care less about any of it.

Over 15% of America was on Food Stamps in April 2013

Food stamp usage has leveled off in growth yet is still alarmingly high.   As of April 2013, 47,548,694 people were on food stamps.  That is 1 out of every 6.64 persons in the United States.  This means that 15.05% of all people living in America are on food assistance.   The United States population in middle of April 2013 was 315,928,000 and this figure includes everyone, including Americans overseas.  Food stamp usage has increased 2.8% from April 2012.

There Goes Detroit!

Detroit just filed for bankruptcy.  This is the largest city bankruptcy in U.S. history and much of it has to do with the banks.

Legions have fled Detroit over the last decade.

Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle-class and scores of businesses also have fled Detroit, taking their tax dollars with them.

Friday Movie Night - Frontline: Two American Families

We fill our lives with media.  Day in and day out the screens and voices spin a tall fictional tale of Americans with good jobs, houses, cars, educational opportunities and money.  Frontline brings home the real America, the one we don't want to face.  Gone is the American Dream, replaced with foreclosures, food stamps and work that doesn't pay enough to even make the most modest rent.  The new America is a wasteland of broken dreams, broken promises and broken people working themselves into the ground and still not even getting by.

Time to Kill The Immigration Bill

As expected, the Senate betrayed workers everywhere and passed the corporate cheap labor laden immigration bill and now lobbyists are pushing it to pass the House before voters can react in 2014.  America's workers only hope now lies with Republicans, not exactly known for their labor friendly agenda.  The situation is bleak.  Even the AFL-CIO has sold out U.S. technical workers as well as low wage workers and endorsed the Senate bill.

Corzine Gets Sued!

Just when you think they all got completely away with it, along comes one government regulator, the CFTC.  The U.S. Commodity Futures Trading Commission issued a settlement with MF Global.   The firm settlement consisted of full restitution of the $1 billion customer money lost plus a $100 million fine.  Yet the CFTC also filed civil charges against former CEO Jon Corzine along with another MF Global executive, Edith O'Brien.

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