Banksters Get Bailouts From American Citizens. Then Use Bailouts To Sue American Citizens Who Didn't Get Bailouts. Nationalize Mortgages Now.
Any legitimate home buyer during this housing bubble was defrauded by our banking system. Because housing prices were aberrated by Wall Street's securitization con job. There may have been fraud up and down the line but it was the Wall Street con job which enabled it and actually encouraged it. If a homeowner is substantially upside down on their mortgage, it was because of Wall Street's con. Homeowner contracts were fraudulent even if the specific bank and homeowner were both acting in good faith. Wall Street's con has decimated many honest bankers as well as homeowners.
I have a friend who is likely to end up in foreclosure unless his economic fortunes miraculously turn around. But his business has been decimated by Wall Street's con. I know from his experience that our government has no plan to help homeowners or ameliorate the fraud that has turned so many innocent parties, including many community and regional banks, upside down. Their primary mode of operation is to enable the continuation of the con. Does our government have a specific plan for anything other than taking more and more money from Wall Street and mega corporation lobbyists to perpetuate a Humpty-Dumpty economy?
There are countless solutions to help ameliorate the housing crisis. Or, for that matter the commercial mortgage crisis. Instead government bailed out their corporate masters on Wall Street. The government could nationalize, either temporarily or permanently, the banking system and write off all bad real estate loans. It would be a journal entry. It doesn't require printing any money nor would it result in inflation. Or, the government could nationalize only mortgages or bad mortgages. And adjust any loan that was more than ten percent below market value so that the loan approximated the property's market value. And write off the delta. If housing prices dropped again, they could have a second or third round of write-offs. Or, if you really want a democratic solution, add in making all home loans at zero interest. Forever. Including future loans. With a public banking system, why would you charge interest on a home? Is not the American dream that of property rights? Our government should enable those rights as the will of the people. How much in interest payments would this free up for annual investment in our economy? A trillion dollars? More? Mortgages could also have flexible terms so that when someone loses their job, their mortgage temporarily is suspended or has flexible terms to help ameliorate the situation. (An idea from the brilliant economist Robert Schiller.) Finally, re-instate the millions of homeowners who have lost their home to reduce the population of 19 million empty homes that now exist under the same framework. People are so beholden to the status quo and inside the box thinking that they don't realize what a democratic and public banking is capable of.
Some people will call any such efforts socialist or communist or other idiotic and mindless terms perpetuated by people who really have no clue what they are talking about. Or really care nothing about democracy but instead are driven by ego or brainwashed ideology. As I wrote on here a long time ago, Thomas Jefferson wanted the government to give everyone their own property. (That's an option as well.) Jefferson was leery of private banking and incorporated interests as entities that threatened the sovereignty of the people. Corporations are necessary and beneficial to our economy but they must be regulated in such a way that they exist for the betterment of democracy, not to dismantle democracy and society. Instead, just as our government endorsed the criminal, unconstitutional, treasonous and often murderous act of slavery for the first century of its existence, it now supports the criminal and unconstitutional act of economic slavery to the benefit of its corporate masters and elitist crooks. The outcome is no different. The rule of law has been subverted to protect the morally reprehensible, if not criminal and treasonous, status quo. There's so much misinformation and bulloney out there. Much of it perpetuated by the status quo and believed by ideologically-driven thoughtless automatons.
By the way, if the government would have nationalized the mortgage business in the first place, even if it was through a HOLC-type program that we wrote constructively of on here but was rejected by our government's corporate masters, we wouldn't have a massive future tax burden we inherited by bailing out the banksters. We never would have had to bail them out in the first place. Instead of helping We the People, our corporate masters used our government to steal from us and line their pockets with our money.
Washington hasn't done anything to help homeowners. Instead it is watching them be kicked to the curb at record rates because our federal government is not doing the will of We the People but instead is corrupted by special interests and a private banking system.
It's apparent Washington is playing Whac-A-Mole with everything and have been for decades. All in the name of raising political money, greed, self-interest and special favors.
I have a friend who is likely to end up in foreclosure unless his economic fortunes miraculously turn around. But his business has been decimated by Wall Street's con. I know from his experience that our government has no plan to help homeowners or ameliorate the fraud that has turned so many innocent parties, including many community and regional banks, upside down. Their primary mode of operation is to enable the continuation of the con. Does our government have a specific plan for anything other than taking more and more money from Wall Street and mega corporation lobbyists to perpetuate a Humpty-Dumpty economy?
There are countless solutions to help ameliorate the housing crisis. Or, for that matter the commercial mortgage crisis. Instead government bailed out their corporate masters on Wall Street. The government could nationalize, either temporarily or permanently, the banking system and write off all bad real estate loans. It would be a journal entry. It doesn't require printing any money nor would it result in inflation. Or, the government could nationalize only mortgages or bad mortgages. And adjust any loan that was more than ten percent below market value so that the loan approximated the property's market value. And write off the delta. If housing prices dropped again, they could have a second or third round of write-offs. Or, if you really want a democratic solution, add in making all home loans at zero interest. Forever. Including future loans. With a public banking system, why would you charge interest on a home? Is not the American dream that of property rights? Our government should enable those rights as the will of the people. How much in interest payments would this free up for annual investment in our economy? A trillion dollars? More? Mortgages could also have flexible terms so that when someone loses their job, their mortgage temporarily is suspended or has flexible terms to help ameliorate the situation. (An idea from the brilliant economist Robert Schiller.) Finally, re-instate the millions of homeowners who have lost their home to reduce the population of 19 million empty homes that now exist under the same framework. People are so beholden to the status quo and inside the box thinking that they don't realize what a democratic and public banking is capable of.
Some people will call any such efforts socialist or communist or other idiotic and mindless terms perpetuated by people who really have no clue what they are talking about. Or really care nothing about democracy but instead are driven by ego or brainwashed ideology. As I wrote on here a long time ago, Thomas Jefferson wanted the government to give everyone their own property. (That's an option as well.) Jefferson was leery of private banking and incorporated interests as entities that threatened the sovereignty of the people. Corporations are necessary and beneficial to our economy but they must be regulated in such a way that they exist for the betterment of democracy, not to dismantle democracy and society. Instead, just as our government endorsed the criminal, unconstitutional, treasonous and often murderous act of slavery for the first century of its existence, it now supports the criminal and unconstitutional act of economic slavery to the benefit of its corporate masters and elitist crooks. The outcome is no different. The rule of law has been subverted to protect the morally reprehensible, if not criminal and treasonous, status quo. There's so much misinformation and bulloney out there. Much of it perpetuated by the status quo and believed by ideologically-driven thoughtless automatons.
By the way, if the government would have nationalized the mortgage business in the first place, even if it was through a HOLC-type program that we wrote constructively of on here but was rejected by our government's corporate masters, we wouldn't have a massive future tax burden we inherited by bailing out the banksters. We never would have had to bail them out in the first place. Instead of helping We the People, our corporate masters used our government to steal from us and line their pockets with our money.
Washington hasn't done anything to help homeowners. Instead it is watching them be kicked to the curb at record rates because our federal government is not doing the will of We the People but instead is corrupted by special interests and a private banking system.
It's apparent Washington is playing Whac-A-Mole with everything and have been for decades. All in the name of raising political money, greed, self-interest and special favors.
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