AIG, Bailout, BankofAmerica, BearStearns, Citigroup, Congress, Credit Default Swaps, Derivatives, EMC, FannieMae, Federal Reserve, Foreclosure Crisis, Fraud, Freddie Mac, JP Morgan Chase, MERS, MERS Fannie Mae, RESPA, Securitization, TILA, WellsFargo
– Neil Garfield, HOW CAN A MAN OF SUPERIOR INTELLECT GET IT SO WRONG? How can a really popular President become a one-term president? It’s easy. Just side with fat-cat bankers who have raped and pillaged the country. The administration is taking its message from “Government Sachs.” Hardly a day goes by without another economist, government analyst, or investigative reporter showing all roads of the recession, unemployment and financial meltdown lead to the mortgage mess, the foreclosure mess and the inability of the system to deal with it.
Yet the administration and the leaders of congress continue to step around the problem like they are either in favor of the foreclosures, the bad mortgages, the title problems, the outright theft, or they are willing to allow it because of monetary contributions to their campaigns and however that money gets into their personal pockets. The people have already decided: the government is not doing anything right with the economy. And now the experts agree. What more do you need to change course?
We now know without any doubt that 90% of excess unemployment — 10-12% of the workforce unemployed and another 10% underemployed, is directly tied to the mortgage meltdown.
We now know without any doubt that the recession will continue as long as Wall Street gets to keep what it sucked out of the pockets of consumers and businesses. Allowing it to suck still more out through bad foreclosures obviously SUCKS.
We now know without any doubt that the foreclosures and sales conducted to date — millions of them — are fatally flawed and are either void or voidable, thus creating a mountainous title problem that will haunt us for decades, removing the one thing that all commerce depends upon: confidence that when you buy something, you get to own it.
Promoting more of the same is insane. It can ONLY be coming from Government Sachs and other members of the club who just don’t care what happens to the country or our future.