Walk away from your Mortgage

Image by tristam sparks via Flickr

Instead of Bush and co. giving the bankers $700BILLION, they COULD have Given EVERY homeowner (mortgage or not) about $9400 !

Then instead of the crappy stimulus Obama and the dems came up with, they could have used that $787 BILLION to do the same thing.....
at $10,500 EACH!

You have to wonder how many homeowners would be underwater if they had put $20,000 on their principals.

or how much the economy would be "stimulated" with that $20K being spent, for those that had no mortgages.


Anyone have a university computer that runs economic simulations?

I would enjoy seeing the outcome.

Greed and corruption

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We see big corporations and we see corrupt politicians all over the world that by all counts should be held accountable for their actions, but alas no one is being arrested or even investigated. In fact no one is being held accountable for any criminal behavior.
We have reached a point in our history where the crooks fear no law enforcement action or any prosecution.  We are seeing the global gangsters come into view and if we didn't already have so many problems with our own corrupt criminal class of politicians that we now also have to keep an eye on the other international gangsters that have ideas of ruling the world.
We must end corruption in government and in private sector corporations, but we must also return our judicial system to pursuing real criminals that are right before our eyes.

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If you read between the lines of my previous two posts, you will easily detect a person who believes that the only way to prevent abuse is the rule of law.

In finance, we need to re-enact old laws (Glass Steagal, etc) and outlaw again behavior that was illegal up to 2000. We need to pass new laws to deal with the modern reality of world financial markets.

All of our laws should be aimed at protecting the common good. The common good is not being served by a financial industry that is, right now, totally out of control and being run by what are really sociopaths.

Our financial systems work. They are, however, delicate and full of nuance. We lack restraints with teeth to keep the systems upon which we all depend from being abused by a few.

When I say a few, let's be very clear about this. We now know that the catastrophe in CDS was caused by less than 20 people. If you gather all top executives of all major financial institutions in the U.S., you would have less than 10,000 people. There are a little over 300 million people in the U.S.

Whose interests should be served?

We need tough laws and even tougher enforcement.

Lastly, it is widely known that the favorite expression at Bear Sterns was "F...k you!" yelled as loudly as possible even to customers.

People playing with big amounts of OPM cannot be trusted.

Read more at: http://www.huffingtonpost.com/2009/10/20/wall-street-bonuses-vs-no_n_324281.html

Image by Thomas Hawk via Flickr

Americans, more than almost any other people, are historically pretty tolerant of the rich and the privileged. We hold no rancor or jealousy for their wealth, even when it is gained merely by inheritance and not through labor.

But Americans are now viewing the looting of the Middle Class by the people who occupy the top one percent of the American pyramid. People who number but a few hundred thousand, at most, who have gotten a strangle hold on most of the prosperity and income growth of the nation for the past ten years.

Americans will celebrate those who create and profit from their creations, but they have less and less tolerance for having their own families and small businesses looted by banks and financial institutions that are manipulating the government with their highly-paid lobbyists (many of whom are former elected officials.)

Destroy the American Middle Class at your own risk.

Read more at: http://www.huffingtonpost.com/2009/10/20/wall-street-bonuses-vs-no_n_324281.html

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Six pages of home foreclosures in Sundays newspaper, another four full pages today, more business closings, more lay offs, several local banks are in serous trouble, commercial real estate is collapsing, unfunded pensions, unfunded food stamps, unfunded housing, and what is happening to our municipal and state finances in addition other economic disaster coming to the fore....and the fact that the stimulus and the bailouts have not had any impact on Main Street and our citizens....why bother to print anything about the economy because very few citizens believe what they the media, the government of Wall Street is saying...just as what I have been posting means very little...but I will say it again because it's the truth...our economy has been looted and scammed, our industries and jobs deliberately off-shored and out-sourced and further there will be no improvement possible without the return of those industries and jobs along with the wealth looted and scammed by Wall Street with the help of their cadre of career politicians...and another truth, unless citizens become more active and dutiful, take back control of their government and economy nothing will change but get worse....our Republic and the value of citizenship has been under attack by interests who are creating a global empire for themselves to replace or Republic and citizens...what is happening cannot be denied any longer because most of us are experiencing it first hand now...the evidence is overwhelming...them or us and not to act is unthinkable.