OT - How things really work in the USA - Page 7

RatpackKing...Youre blaming the victim.

This had very little to nothing to do with borrowers buying too much home. They were TOLD by Fed Rerserve Chairman, Alan Greenspan TO Take an ARM Mortgages.  And this when Rates were near all time lows.

This was another swindle.  Engineered, to make way for their new currency, the Amero,  for our World Government, New World Order, they have planned.  Just have to collapse the currency first.   

 The Fed Created a Bubble & now burst it, same as 1929 when they bought companies for pennies on the dollar or Weimar Germany, same thing.   282 National & Regionnal US  Mortgage Banks are imploded. Go to ML IMPLODE Website for the entire list, which includes Fannie/Freddie.   Fed & "The Bankers'  transfer the wealth with this swindle. They will double tax the public,  for the interest in this bailout. 

Its not about the 'Left'.  Hell the' Right' was responsible for most of the deregulation. Reagan & then Bush. But they are puppets.  Those in control work in the shadows.

“The Great Depression was Not accidental, it was a carefully contrived occurrence. The International Bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all.” - Congressman Louis McFadden

US Treasury Chief wants to include foreign banks in their unconstitutional bailout of private banking corporations.  What this bailout in actuality is payoffs for their willingness to accept grossly deflated dollars and to play along with the hyperinflation of US dollars (ie deflation of true monetary value) sold to banks around the world which accepted these deflated, debased dollars. Why is this a big deal?  Because all of this massive bailout will have to be paid for by American taxpayers.

http://www.politico.com/news/stories/0908/13690.html

It is the ultimate irony that the party which espouses free market principles, deregulation,  government staying out of business ownership, the federal government paying its way and not run deficits will have gone against all of those rules in a huge way before Bush leaves office. Huge deficits, free market economics gone to pot, the feds owning 80% of a major insurance company, deregulation run amok, etc.

What we have now is a TRILLION dollar bail-out to rescue companies that were totally mismanaged and run into the ground and it will all be at tax-payers expense. This even includes foreign companies!  We hear endless complaints by Republicans about wasteful spending and we are about to increase the national debt by a trillion dollars in an instant - all to be spent bailing out these companies.

The national debt when Bush came to power was $5.7 trillion - after this bail-out it will be at least $11.3 trillion. The Republican party under Bush - the party that claims it is the party of fiscal responsibility will have doubled the national debt in a span of 8 years! It took over 200 years for the nationa debt to reach $5.7 trillion and 8 years for Bush to double that debt!!

I am all for people who made unwise financial decisons and bought homes that they could not afford, having to face the consequences of their actions - that is personal responsibility which I am all in favor of - but it sickens me that corporations which do the same thing will be rescued because not to do so would result in a financial melt-down.

This problem has been brewing for a while and now when the shit hits the fan, the adminstration wants the bail-out to be passed by Congress post-haste without the time for thoughtful consideration of alternatives and ramifications of doing so - and all actions taken by the Treasury should be exempt from any legal challenge for any reason.

www.bloomberg.com/apps/news

very good point keepthefaith.  Strange how the party in power has gone against everything it used to stand for except for de-regulation of finance, banking and interesty (no usury protection laws anymore--it used to be a crime if over a low percentage).  And now these folks have flipped 180 degrees and are instituting a complete societal lockdown consisting of getting rid of the possee commitatus act, bringing US Army troops home from Irag to patrol our streets, enacting the completely unconstitutional patriot act, instituting illegal FISA and warrantless illegal "sneak and peek" home and business searches with no probable cause or even the unconstitutional reasonable suspicion, etc., etc.   Now this party of de-regulation is enacting the most regulated complete fascist lockdown in history and mandating an obscene worldwide corporate banking financial bailout of those holding debased US dollars which will have to be paid for in future years by all Americans through their taxes.  This could bankrupt the USA and the whole world in the next few years.  This bailout is just another insult to the average American taxpayer and does nothing to help those who have lost their jobs get new jobs and will not prop up any who are close to losing their homes.

I saw a home solar kit for $25,000 a while back. 700,000,000,000 @ 25,000 = 28,000,000

That's 28 million homes having no power bill what so ever. Can you imagine our lives without the Federal Reserve ?

 WTF???  If I'm not mistaken, you people keep implying the "party in power", has changed overnight from the Democrats, who control both houses of our Congress, to the Republicans.

You people lose all credibility whatsoever.  Oh, and by the way, if the Democrats hadn't been insisting for years that mortage lending be "fair", and open to all, we wouldn't be in this sorry mess in the first place.

From the Village Voice:

There are as many starting points for the mortgage meltdown as there are fears about how far it has yet to go, but one decisive point of departure is the final years of the Clinton administration, when a kid from Queens without any real banking or real-estate experience was the only man in Washington with the power to regulate the giants of home finance, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), better known as Fannie Mae and Freddie Mac.

Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country's current crisis. He took actions that—in combination with many other factors—helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded "kickbacks" to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why.

What he did is important—not just because of what it tells us about how we got in this hole, but because of what it says about New York's attorney general, who has been trying for months to don a white hat in the subprime scandal, pursuing cases against banks, appraisers, brokers, rating agencies, and multitrillion-dollar, quasi-public Fannie and Freddie.

It all starts, as the headlines of recent weeks do, with these two giant banks. But in the hubbub about their bailout, few have noticed that the only federal agency with the power to regulate what Cuomo has called "the gods of Washington" was HUD. Congress granted that power in 1992, so there were only four pre-crisis secretaries at the notoriously political agency that had the ability to rein in Fannie and Freddie: ex–Texas mayor Henry Cisneros and Bush confidante Alfonso Jackson, who were driven from office by criminal investigations; Mel Martinez, who left to chase a U.S. Senate seat in Florida; and Cuomo, who used the agency as a launching pad for his disastrous 2002 gubernatorial candidacy.

With that many pols at the helm, it's no wonder that most analysts have portrayed Fannie and Freddie as if they were unregulated renegades, and rarely mentioned HUD in the ongoing finger-pointing exercise that has ranged, appropriately enough, from Wall Street to Alan Greenspan. But the near-collapse of these dual pillars in recent weeks is rooted in the HUD junkyard, where every Cuomo decision discussed here was later ratified by his Bush successors.

Republicans have their share of blame, but quit trying to paint this screwed up mess like your precious Donkeys are pure as the driven snow.

Well I have to agree with the latest theory in Shock Doctrine, the bush admin let the collapse happen, so they can assume debt, so gain public support for privatization of Social Security, and lots of other government programs.  Got to go I hear black helicopters overhead.

good post Micky D.  Yes, the demoncrats have been at the beltway trough too.  Klinton was one of the worst presidents ever and committed mass murder at waco againts innocent women and their children who harmed no-one, and they illegally killed many other innocent American citizens such as Randy Weaver's wife and 37 "friends" and associates close to them.  Both parties have been thoroughly comprimised except for a few in each party and these folks have been marginalized and are basically "lone wolfs".  Klinton worked for the boosch machine anyway (according to nsa operative terry reed) who said boosch 1 was his case officer.  The klintons were the worst of the worst and had an arranged company marriage by guess who, their case officer.  Billiary was considered completely unelectable by most experts due to her past associations. 

The current administration is not conservative, is not republican like the party used to be traditionally, and is acting like the craziest demoncrats we ever had, only worse.  They have started useless wars without constitutional authority (undeclared) based on false premises, they are spending like drunken sailors and mortgaging the tax payers futures so far that there is no chance of ever catching up. Their true task has been to usher in the fourth reich (of the rich), ie a fascist american system exportable and expansionable as a world gov't federation run out iof brussel belgium.  Fascism according to mussolini was the melding of the corporation with the state, wherein the corporations actually took over and ran the state through the gov't.  That is what we now have in the USA.  We have been corporatized and this has for all intents and purposes killed the Republic our founding fathers fought and died for.  

Here is the truth of what is now going on, but few who read it know enough about the secet history of the US to be able to grasp it's true meaning.

http://watch.pair.com/reich.html

Fury expressed about 2.5 billion dollar Lehman slush fund to pay off the big wigs who trashed the company (they will get super large "golden parachutes").

http://www.independent.co.uk/news/business/news/fury-at-25bn-bonus-for-lehmans-new-york-staff-937560.html

Top 25 censored stories (not allowed in the controlled press and major mass media):

http://www.projectcensored.org/top-stories/category/y-2009/

#26:

http://www.rense.com/general83/sir.htm