HAPPY MAY DAY!

WHEN DID THIS COUNTRY START CELEBRATING MAY DAY??!!

ANSWER: SINCE THE UNCHECKED INFLUX OF FUREINGNERS INTO THE COUNTRY.

Repost: America's Fictive Mortgage Crisis

30 November 2007

The So-called Mortgage Crisis: Rogue Lenders and Scheming Borrowers Gaming the System

By Bian-lian Huang

Democracy in America is two wolves and a sheep voting on what to have for dinner. For many years in the United States, welfare recipients have voted themselves pay increases at the ballot box. Now the nanny state is at it again. The putative mortgage crisis currently facing the country has many politicians talking about bailing out both rogue lenders and scheming borrowers. We have been reporting for years here at the Fairbank Report that many people have been playing with OPM (other people’s money) when it came to easy mortgage financing.

No income verification. No money down. In fact, why not borrow up to 125% of the value of the property? People making minimum wages were buying million-dollar homes. Both lenders and borrowers knew what they were doing. They were gaming the system and more significantly getting away with it.

Now the wolves are voting themselves, at the expense of the sheep, a federal bailout. It only goes to show that if bad behaviour occurs in a large enough number, there won't be any consequences. What about the people who forwent vacations and fancy restaurant meals in order to scrimp and save for the 20% down payment? They are, in a phrase, royally screwed!

I oppose any government – federal or state – bailout of this mortgage debacle. I even object to the Bush Administration’s proposal, currently being circulated among lenders, to artificially freeze mortgage rates at an “affordable level.”

These rogue lenders and scheming borrowers knew precisely what they were getting into when they executed these exotic loans. Now a few crocodile tears down their fat cheeks are leading the weak-knee politicians to propose a taxpayer bailout and other counter-market measures. There must be severe consequences to bad behaviour, or else, there won’t be anything but bad behaviour.
# posted by The FAIRBANK REPORT @ 11/30/2007 09:23:00 PM 0 comments

RICE RIOT IN LOS ANGELES!

What's going on? The price of rice has doubled in a matter of weeks. In the last three weeks, there wasn't a massive catastrophe which wiped out the planetary supply of rice, and certainly the rice supply in the USA is as robust today as it was three weeks, heck three years, ago!

The herd mentality of the Asian immigrant population in Los Angeles has led to a fictive rice shortage and thus the subsequent run on rice. The scenes of aged, copper-faced orientals fighting over bags of rice are quite pathetic and lead one to conclude that, despite their inexplicable ability to memorize useless facts and numbers, the Asian immigrants are quite prosaic. They along with their browner (distant) Mexican cousins are turning L.A. into the poop town it is.

Ah, the glorious days of yore when blond-haired and blue-eyed rational men ruled Los Angeles...

Hott Chinese Chicks (in honour of the Beijing Games)

"Evelyn"

"Precious Dawn"

"Apple Dumpling"

In honour of the Beijing Games, we are presenting hott Chinese Chicks Day. Which is the hottest?

United States Code 1325

ENFORCE THE LAW, DAMN IT!

(a) Improper time or place; avoidance of examination or inspection;
     misrepresentation and concealment of facts

     Any alien who (1) enters or attempts to enter the United States
   at any time or place other than as designated by immigration
   officers, or (2) eludes examination or inspection by immigration
   officers, or (3) attempts to enter or obtains entry to the United
   States by a willfully false or misleading representation or the
   willful concealment of a material fact, shall, for the first
   commission of any such offense, be fined under title 18 or
   imprisoned not more than 6 months, or both, and, for a subsequent
   commission of any such offense, be fined under title 18, or
   imprisoned not more than 2 years, or both.
   (b) Improper time or place; civil penalties
     Any alien who is apprehended while entering (or attempting to
   enter) the United States at a time or place other than as
   designated by immigration officers shall be subject to a civil
   penalty of -
       (1) at least $50 and not more than $250 for each such entry (or
     attempted entry); or
       (2) twice the amount specified in paragraph (1) in the case of
     an alien who has been previously subject to a civil penalty under
     this subsection.

   Civil penalties under this subsection are in addition to, and not
   in lieu of, any criminal or other civil penalties that may be
   imposed.
   (c) Marriage fraud
     Any individual who knowingly enters into a marriage for the
   purpose of evading any provision of the immigration laws shall be
   imprisoned for not more than 5 years, or fined not more than
   $250,000, or both.
   (d) Immigration-related entrepreneurship fraud
     Any individual who knowingly establishes a commercial enterprise
   for the purpose of evading any provision of the immigration laws
   shall be imprisoned for not more than 5 years, fined in accordance
   with title 18, or both.