The Alonya Show with Richard Eskow on the foreclosure fraud deal

Two thousand bucks for having your home illegally foreclosed on is an insult. But two billion dollars' worth of lawyers suing bankers on behalf of wronged homeowners could change everything. And a real investigation into bank crime could make a real difference.

Will we get those things? Maybe - but only if we fight for them.

There are still opportunities to take action. (There's even a loophole in the deal that could still leave banks on the hook for robo-signing crimes.) So rather than attacking one another - something progressives are very good at - why don't we build pressure for the best outcome we can get?

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I have to admit, for a progressive being at CPAC can feel like being a "stranger in a strange land." For a black, gay progressive it's a bit like being dropped on another planet, with almost no breathable atmosphere; a very lonely, claustrophobic place. It's hard to feel otherwise, when you're surrounded by people extolling a vision of American with no place for you in it. (I never thought I'd say this, but I actually miss GOProud. On the plus side, I got a party invite from gay, Republican presidential candidate Fred Karger.) The lack of oxygen makes you lightheaded. The isolation, in the midst of the crowd, plays tricks with the mind.

Maybe that's why, before I left for lunch, I thought Rick Santorum was CPAC's rock star this year. Obviously I need air. I returned from lunch with a clear head. As I fought my way to the media room, through the capacity-crowd lined up for Romney's speech, past those being directed to the overflow rooms, to watch Romney speak via closed-circuit-television, I realized who the CPAC 2012 rock star really is. The fresh air not only cleared my head, but reminded me of what I already knew about conservatives and the Republican party.

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This week a $25 billion settlement was announced in which big banks pay up for a portion of their bad deeds in the home foreclosure crisis. Everyone is trying to determine whether this is a good deal or a bad deal.

Here is how I score it. This deal represents small progress on a small problem. Now it's time to make big progress on the big problem.

Don't count on finding many good points in the deal itself, because there aren't a lot. In fact, the main win can be found in what's NOT in the deal.

A truly horrible deal would have let the banks write a small check and then seal the door on all further investigations and pursuits of accountability. This deal does NOT do that. Because this settlement limits legal immunity for banks, this deal does not automatically let the banks off the hook for all of their wrong-doing. Except for a few issues like robo-signing, state attorneys general can still fight for more compensation and relief for the banks' victims. Government officials can proceed with investigating and prosecuting banks for their role in crashing the economy and the housing market. In other words, the door is still open to solve the much bigger problems we face. Our fight for justice can, and will, continue.

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Rick Santorum arrived at CPAC today, but he was everywhere at CPAC yesterday. As David Frum noted, there were no Romney stickers to be seen at CPAC yesterday, but Santorum stickers were everywhere. (With Gingrich stickers running a close second.) As he walked onto the stage, it was evident that he has a lot of support here. This is a religious, conservative crowd, and they loved him.

Santorum walked onto the stage with most of his family in tow, and was received with enthusiastic applause. As his family formed a tableau behind him, Santorum joked. "This is not the Von Trapp family," he said. "We are not going to sing," he added a beat later after waiting for the laughter to die down. That was a relief. But then, Rick Santorum started talking.

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President Obama is preparing to roll out his 2013 budget. If he wants a budget that gets rid of the deficit, meets human needs and does the things that polls show the public overwhelmingly wants done, The People's Budget Is The Template! This is the budget proposal from the Congressional Progressive Caucus.

The following is directly from the post, The People's Budget Is The Template:

The People's Budget

The Progressive Caucus -- a group of progressives in the Congress -- have put together a budget that fixes the deficit and grows the economy, providing jobs. It is called The PEOPLE'S Budget Plan.

Read the plan at: Congressional Progressive Caucus : FY2012 Progressive Budget,

The CPC proposal:

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OK. I'll admit it. Newt Gingrich got me on this one. I walked into the CPAC conference this morning with my guard down (first mistake), and picked up what I thought was up updated schedule of events for the main ballroom.

Then I read it.

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• MORNING MESSAGE: Romney, Lead Your Party. Fight For Payroll Tax Cut.
• GOP Threatening Tax Cut Extension
• Mixed Reaction To Foreclosure Fraud Settlement
• WH Reportedly Will Adjust Contraception Rule
• House, Senate Diverge On Transportation Bill
• Breakfast Sides

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They’re at it again. The same congressional Republicans who find any excuse to cut taxes for multimillionaires are blocking renewal of tax cuts to help the middle class stay afloat in this struggling economy.

Just when the economy seems to be gaining momentum, congressional Republicans seem intent on sabotaging it.

Instead of simply renewing the vital payroll tax cut – and extending unemployment insurance – they are piling on irrelevant demands, arguing with each other, and forcing yet another unnecessary crisis.

Extending the payroll tax cut for the full year will give the average American an additional $1,000, a $40 boost in each paycheck. This will help sustain the demand vital to creating jobs.

Republican antics make no sense. The sabotage must stop.

The question for Mitt Romney is: You claim to lead this party, are you willing to stand up for common sense?

Click here to tell Mitt Romney: Speak out for the payroll tax cut. Demand your fellow Republicans in Congress stop obstructing it.

Mitt Romney says he’s for helping the middle class (though he never mentions the working poor.)

Mitt Romney says he’s for an extension of the payroll tax cut (though in October he derided it as a “temporary little Band-Aid.”)

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I caught most of Sen. Marco Rubio's speech at CPAC this morning, and it was very well received. Based on that alone, I'd be tempted to agree with his categorization as a "CPAC darling." He's rumored to be on the short list for VP, though he says he's not interested. Of course, it probably didn't hurt that Rubio appeared at CPAC the same day he introduced legislation that could cut off contraceptive coverage for millions. That seemed to the issue that roused conservatives the most at CPAC. (I actually, I heard more about contraception from speakers than I did about gay marriage — or job creation.)

But apparently Rubio's contraceptive bill wasn't enough to endear him to everyone at CPAC.

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Michele Bachmann's speech at CPAC 2012 wasn't quite the start turn that her appearance in 2011 — when Americas Bachmannia infection started spreading. I guess that's the difference between being a newly-announced presidential candidate and being a newly-dropped-out presidential candidate. (She was asked to leave. Twice. So, did she drop out or was she dismissed? A little from Column A, and a little from Column B?)

Bachman scored some laughs about the three things she learned as a presidential candidate

Rep. Michele Bachmann (R-Minn.), free from the constraints of running for president, opened her speech at the 2012 Conservative Political Action Conference with a joke.

"Running for President of the United States is really one series of humiliations after another, but it's also a very educational experience," she said.

"I know where John Wayne was born."

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"Producers" and "parasites." Cruel language justifying extreme greed seems to be mainstream now. Even Presidential candidates feel free to disparage 99% of us! In today's right-wing folklore government by We, the People is an evil thing that takes from "producers" and gives to "moochers," "freeloaders," and "losers." Government and taxes "take money out of the economy." Decision-making by We, the People is "collectivism" and "mob rule." And those of us who think the insanely wealthy should pay fair taxes suffer from "envy."

In today's discourse wealthy elites receiving $20 million a year in “capital gains” while paying almost no taxes are “producers,” while janitors or nursing home workers, working two jobs and not making enough to pay rent and feed themselves, are “moochers” and “freeloaders.” Right.

This email came in to CAF yesterday, (see also Richard Eskow's take on it, John Galt Is A Crybaby And So Are You)

I am really curios to know what motivates the mind of a socialist. Why do you think its fair to penalize those of us who produce while rewarding those who do not? If healthcare should be a right then where does it stop?

Could one not use the same argument that everyone has a right to free housing? A free car? Perhaps free air travel? Who will pay for all this?

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I knew it was going to be a good day when the first thing I saw at CPAC was Herman Cain's bus.

I'm going to give Herman the benefit of the doubt that he sat in the front of the bus this time.

I got my laptop open just in time to catch the "It's the Spending, Stupid! Why Is It So Hard To Cut a Trillion Dollars," and Sen. Mike Lee (UT) was trotting out that hoary adage about digging a hole: "The first law of holes is: if you are in one, stop digging." Lee pointed to our national debt to make the point that America is in a hole, and — naturally — accused President Obama and the Democratic party of digging the hole, and refusing to allow or help Republicans to fill it.

*Sigh*. Not that the CPAC audience would notice, but Lee was digging himself into a hole with that argument. They don't see the hole any more than Lee does. I see it, and I've got some "shovel-ready" facts. So I'm going to fill it.

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The Federal government and the Attorneys General from 49 states have signed a deal with five major banks over charges of fraud, including reported acts of widespread perjury and forgery, in the so-called “robo-signing” scandal.

A few days ago we suggested that any deal be scored against five basic principles: openness, justice, restitution, deterrence, and reconciliation. It's clear that this deal falls short in every category. The best thing that can be said about it is that, thanks to a few tough holdouts led by New York AG Eric Schneiderman, it now allows additional civil and criminal investigations to proceed.

That's far from nothing, and it could be a big deal. But it will only be a big deal if the Administration stops coddling banks and devotes a lot more resources to helping homeowners and upholding justice.

Up to now, the fight has been to prevent the Administration from doing another cushy bank deal. Now that the door's been left open to further action, there's a new fight: to demand that they devote the Federal government's resources to investigating Wall Street crime.

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The bank settlement of $25 billion over three years from five major banks for robo-signing forgeries is being hailed in Washington and scoured by leading bank critics.

It is hard not to be suspicious of any settlement that the banks would agree to. I’m reminded of Groucho Marx who said upon being invited to join a country club: “I wouldn’t want to belong to any club that would have me.”

But the deal should be seen for what it is – a relatively small ante by the banks handed out before the real cards are seen.

What’s clear is that the banks trampled the law in their wilding while blowing up the housing bubble. They abused homeowners, committed routine forgery and perjury before the courts, and defrauded investors. When the bubble burst and the housing market collapsed, homeowners were left about $700 billion underwater (owing that much more on their mortgages than their houses are worth).

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Christina D. Romer, the former chairwoman of President Obama’s Council of Economic Advisers, took U.S. manufacturing to task recently in a New York Times op-ed.  Headlined “Do Manufacturers Need Special Treatment?” Romer suggests that support for manufacturing needs to “go beyond the feeling that it’s better to produce ‘real things’ than services.”

She’s asking the wrong question. Manufacturers don’t need special treatment. But what they do require is a level playing field. 

Romer is taking the academic view of manufacturing, and that’s a problem.  In the comfortable confines of a dusty textbook, her views may be fine.  But in a cutthroat real world filled with competition, cheating, and harsh mercantilism, the textbook view is very limiting.  Unfortunately, Romer sides with the safe, mathematical view, which means she’s added her name to the long list of economists who just don’t “get it.”

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