60 Minutes On The Jackboot Of Predatory Lending
You will never read on here that the cause of the mortgage fiasco is that foolish homeowners are to blame. Never, ever, ever. There were speculators in all aspects of the housing crisis and many who made very poor decisions but the schemes of today must have a root cause which is national in reach. It lies within a predatory business community enabled by and often created by politicians. To ridicule buyers as foolish or uninformed or intellectually incapable is exactly what many want society to believe. Blame-shifting is a scheme unto itself. Blame-shifting is a necessary scheme to mentally prepare the American citizens for the risk shifting-scheme. In other words, for citizens to bear the financial burden of systemic fraud. Were this environment to be blamed exclusively on its creators, no Americans would ever agree to bear any burden. Given most Americans have either lost their job or their home or know someone who has lost their job or their home, it becomes easier to place the bailout burden on the people. In other words, building empathy or fear, two easily manipulated emotions, is necessary for risk-shifting. This compares to a completely defiant populace that would develop were the root cause of business and politicians to be clearly understood by everyone.
I saw an interview with a famous bank CEO a few days ago where the interviewer asked him about people walking away from their mortgages. His response was that we needed to teach people to be responsible. What? Who are you to teach anything? Not only might you consider that you should be taught a lesson but do you have some eminently unique position to tell anyone in society what to do? Since when have we elected bankers as kings? So, if I purchase something, anything, and later lose a substantial sum of money on that purchase and find out there was widespread fraud involved, and there is no recourse or assistance in the resolution of my situation, maybe I need to teach you a lesson - that I seek legal counsel to void the purchase, remove myself from the transaction or have my money returned. Well Mr banker, what legal obligation do I have to remain in a mortgage that might be hundreds of thousands of dollars upside down if this environment was perpetuated by fraud? Speak of fraud, I think society might like its money back to the Wall Street Ponzi scheme called the Internet bubble or any of the other scams we see before us. I don't think we need any banker teaching us lessons. How many people have lost their life savings on at least a dozen bank schemes in the last ten years? So, I guess the new rule of law in America is that if I play a game and the opponent breaks the rules, I am responsible for the consequences of losing? Cheaters always win and playing by the rules are only for those without the intellectual wherewithal to game the system?
We are supposed to live in a society of equality. Where the least among us, by any measure, should be granted equal opportunity and equal protection. Some of us will be janitors and some of us will be CEOs. All of us deserve dignity and protection from predation be it from the state or business or in this case both. A point I have written on here before and want to stress is that consumer protection laws exist for a reason. There are few people that have the intellectual or financial resources to match wits with a bureaucracy employing millions or billions of dollars and thousands of marketing, legal and sale professionals attempting to bilk money and savings out of society. When we go to buy a home, people should not have to prepare for a battle of wits under some premise that it is our responsibility to outmaneuver predation. Blaming those who were swindled infuriates me. It is an elitist perspective that, at its core, has a very dark motive of implying only a certain class of people are worthy of rights and prosperity under the law. And, it is no coincidence many of those who profited from this environment are some of the most vocal to point a finger at the general populace as foolish or responsible. It's also the same perspective that has led to CEOs making a king's ransom while those not deemed to be worthy fight for their daily pittance of gruel.
I see the victims of the dozens of frauds before us and it outrages me. Children living in their parent's cars, people at food pantries and even people who may have put their live savings into a home or investment only to have been swindled with the jackboot of tyranny on their neck. Elderly and the working poor were often easy prey for many of these schemes as is typically the case with swindlers. Mind you, I'm not just talking about equity investments or housing, I am talking about how people have been bilked of economic opportunity while elitists line their pockets with the sweat of society. And, now government is on the verge of bailing out the finance industry without any investigation as to whether there was overt fraud? Maybe the taxpayers should demand an investigation of government before the sovereign bail them out.
I wonder if or when we shall see the wheels of justice start to grind. When will government peel back the layers of every major financial organization as was done with Enron and other Ponzi schemes. No firm on Wall Street should be spared the oversight and watchful eye of the American people. Ever. In this case, especially the tentacles of investment banks. Where is our elected leadership? Where is our government? Who will stand witness for the American people? For those who are struggling to maintain some semblance of dignity? Who? Will it be you?
60 Minutes is one such organization that is starting to hit its stride. 60 Minutes will stand witness.
I saw an interview with a famous bank CEO a few days ago where the interviewer asked him about people walking away from their mortgages. His response was that we needed to teach people to be responsible. What? Who are you to teach anything? Not only might you consider that you should be taught a lesson but do you have some eminently unique position to tell anyone in society what to do? Since when have we elected bankers as kings? So, if I purchase something, anything, and later lose a substantial sum of money on that purchase and find out there was widespread fraud involved, and there is no recourse or assistance in the resolution of my situation, maybe I need to teach you a lesson - that I seek legal counsel to void the purchase, remove myself from the transaction or have my money returned. Well Mr banker, what legal obligation do I have to remain in a mortgage that might be hundreds of thousands of dollars upside down if this environment was perpetuated by fraud? Speak of fraud, I think society might like its money back to the Wall Street Ponzi scheme called the Internet bubble or any of the other scams we see before us. I don't think we need any banker teaching us lessons. How many people have lost their life savings on at least a dozen bank schemes in the last ten years? So, I guess the new rule of law in America is that if I play a game and the opponent breaks the rules, I am responsible for the consequences of losing? Cheaters always win and playing by the rules are only for those without the intellectual wherewithal to game the system?
We are supposed to live in a society of equality. Where the least among us, by any measure, should be granted equal opportunity and equal protection. Some of us will be janitors and some of us will be CEOs. All of us deserve dignity and protection from predation be it from the state or business or in this case both. A point I have written on here before and want to stress is that consumer protection laws exist for a reason. There are few people that have the intellectual or financial resources to match wits with a bureaucracy employing millions or billions of dollars and thousands of marketing, legal and sale professionals attempting to bilk money and savings out of society. When we go to buy a home, people should not have to prepare for a battle of wits under some premise that it is our responsibility to outmaneuver predation. Blaming those who were swindled infuriates me. It is an elitist perspective that, at its core, has a very dark motive of implying only a certain class of people are worthy of rights and prosperity under the law. And, it is no coincidence many of those who profited from this environment are some of the most vocal to point a finger at the general populace as foolish or responsible. It's also the same perspective that has led to CEOs making a king's ransom while those not deemed to be worthy fight for their daily pittance of gruel.
I see the victims of the dozens of frauds before us and it outrages me. Children living in their parent's cars, people at food pantries and even people who may have put their live savings into a home or investment only to have been swindled with the jackboot of tyranny on their neck. Elderly and the working poor were often easy prey for many of these schemes as is typically the case with swindlers. Mind you, I'm not just talking about equity investments or housing, I am talking about how people have been bilked of economic opportunity while elitists line their pockets with the sweat of society. And, now government is on the verge of bailing out the finance industry without any investigation as to whether there was overt fraud? Maybe the taxpayers should demand an investigation of government before the sovereign bail them out.
I wonder if or when we shall see the wheels of justice start to grind. When will government peel back the layers of every major financial organization as was done with Enron and other Ponzi schemes. No firm on Wall Street should be spared the oversight and watchful eye of the American people. Ever. In this case, especially the tentacles of investment banks. Where is our elected leadership? Where is our government? Who will stand witness for the American people? For those who are struggling to maintain some semblance of dignity? Who? Will it be you?
60 Minutes is one such organization that is starting to hit its stride. 60 Minutes will stand witness.
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