printThe government has plunged the entire country into a depression because of a relatively small number of affirmative action loan recipients. A CNN point man was completely straight faced as he showed the viewers what regions were dragging the entire country into the economic abyss. The CNN segment was bereft of analysis. “The best team in town” was silent.
The lion’s share of foreclosures is concentrated in California and Florida. Next come Texas, Georgia, and Michigan. That’s pretty much it, folks. The rest of us are paying our bills–and theirs. Pitchforks anyone?
Map of US foreclosures by state:
Yes, Pedro the housepainter signed a piece of paper in return for a house he couldn’t afford … but Pedro is a low IQ flunky in the pyramid of fraud. But if you want to get mad at some minorities, get mad at Stanley O’Neal who wrecked Merrill Lynch and Franklin Delano (!) Raines of Fannie Mae. They and the Robert Rubins, George Herbert Walker IV (Bush’s Cousin) and the other banksters should have their ill gotten gains (>> $millions) confiscated and be spending their lives cleaning toilets and filling in potholes to pay off their fraudulent debts . Besides, these were the criminals who “leveraged” and “packaged” Pedro’s mortgage fifty-fold into
“Collateralized Debt Obligations” and “Mortgage-based Securities” and other shams – all AAA rated hype.
And with the ex-CEO’s and corporate board members mowing lawns and washing dishes, we won’t need so many illegals coming North anymore.
[You haven’t been reading this site; forced were the banks by government legislation, going back decades, to offer loans to communities that could not afford them.–IM]
The hyped up phony economy (and now we have a worldwide depression with 500,000 layoffs in India last month) is about $ 10 trillion. Two million deadbeat home “owners” and “refinancers” who went and bought plasma TV’s with zero payment ARM’s did not inflate their greed to the tune of $ 5 million of “bad money” per bad loan. Listen to Thomas Woods’ address at the Liberty Forum: http://www.youtube.com/watch?v=5lRpJ1GLm5Q. Federal Reserve counterfeiting of pseudomoney x Fannie/Freddie-Guarantees x Wall Street Bankster multiplicative marginal “leveraging” (CDO’s…) x Political pressures (Community Investment Act & American Dream Downpayment Act) were able to catalyze a small number of deadbeats and collapse the financial system to the tune of trillions. Still, the loan agents (Countryside, Washington Mutual) could have just been more stringent with white people to get “racial equity” – these loan agents and appraisers were eager and willing bloodsucking collaborators in the financial collapse. Plenty of blame for the debacle. We can start with tar and feathers for Alan Greenspan.
[That’s obvious. This column has spoken up plenty about the Fed. Don’t filibuster. You keep reverting to the blame-the-industrialist-only position. Your last comment makes no mention of the state’s laws, cooptation of industry, etc.–IM]
Most bankers and mortgage brokers are low-IQ flunkies, too. They played the game by the rules the best they knew how. There was a market churning away, and you got in or you watched everyone else eat steak while you ate hamburger. (Those who ate hamburger didn’t get burned as badly.)
Fannie and Freddie were created for the sole purpose of creating a market for the paper that eventually exploded; the government used lending policy for social engineering, and didn’t argue too loudly about the derivatives market because those derivatives swallowed up the resulting shaky loans.
What the central economic planners didn’t count on was the mechanism turning into an end run around fractional reserve requirements and spreading across the globe. The players in that market didn’t have the slightest clue what they were involved in. It seems obvious that if they did, they’d have known to sell out at the first sign of trouble.
There’s an article linked to on Drudge today, saying $50 Trillion in wealth disappeared over the last year. I think that’s still just a fraction of the inflated fake wealth that’s got the worldwide banking community in walking-dead status. It could get worse, a lot worse.
Before y’all declare war on Florida let me point out that most of us folks down here are still making our house payments.
Can’t speak for California though.
Asset-backed fiat (Fractional Reserve Banking)
Asset-backed fiat:
To “make” money,
make money
and loan for a fee.
Asset-backed fiat:
Use inflation to “grow”
and (except for Zimbabwe?)
deflation to pay.
Asset-backed fiat:
“We can make it work.
It steals, we admit,
but gives everyone work.”
Asset-backed fiat:
A “loan” from
future savings
in this “real” economy?
Asset-backed fiat:
Booms-busts,
build new factories;
then watch them rust.
Asset-backed fiat,
in a monopoly money,
“borrow” from everyone;
repay with poverty.