The Foreclosure-to-Rental Screwjob
by MIKE WHITNEYhttp://www.counterpunch.org/2012/01/13/ ... -screwjob/
So, Wall Street’s financial geniuses got back into the MBS-biz (for a second time) and got whacked again? That’s right; and now they want John Q. Public to pay for it with another bailout.
And, there’s more to this story, too. European banks own roughly $100 billion of these mortgage-backed turkeys which they’re presently shedding like crazy in order to meet new capital requirements. That means US bank balance sheets are dripping red as the value of their financial asset-stockpile continues to plunge. That’s why Sugar Daddy Bernanke has stepped in, because it’s time for another multi-billion dollar bank rescue.
Look, the Fed has already purchased over $1.25 trillion of these toxic MBS which represents humongous long-term losses for the taxpayer. Do we really need more of this sludge?
Bingo. The banks are not only sitting on 1.7 million shadow inventory of homes they’ve stockpiled to keep prices artificially high. They also have millions more in the pipeline when a settlement is finally reached on the robo-signing scandal. So, what are they going to do with all that backlog?
That’s easy. They’ll schluff it off on the taxpayer by creating a foreclosure-to-rental swindle where the government provides lavish incentives for banks and private equity scavengers to buy the homes (in bulk) for pennies on the dollar with loans provided by–you guessed it–Uncle Sam.
Bilderberg Trilateralists Seize Power In Greece and Italy
November 15, 2011 · 12:50 am
Culture of Life Newshttp://emsnews.wordpress.com/2011/11/15 ... and-italy/
I wrote about this two years ago: the banks would be saved but the nations would be destroyed. Instead of trying to understand that nations are far more important than banks, the reverse was imposed on us. So, the banks are going great, the rich gnomes which run them are richer than ever before. They have lots and lots of power and are insuring that they, at least, survive. But they are sacrificing the rest of us.
This is a very bad thing. History is extremely clear about this
As I predicted several years ago, when economic depressive forces emerge in global economies, all nations MUST go into protection mode or die. We see, instead, more pushes for more trade even though this is destroying major populations in the first world. This will continue until people demand a stop to free trade.
Woodrow Wilson wrote:
I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.
every little helps .. lmfao