Gross Mismanagement; Kill the banks!

Discussion in 'Economy' started by loosecannon, Oct 13, 2010.

  1. loosecannon
    Offline

    loosecannon Senior Member

    Joined:
    May 7, 2007
    Messages:
    4,888
    Thanks Received:
    263
    Trophy Points:
    48
    Ratings:
    +264
    Send Lawyers, Guns and Money; the shit has hit the fan!

    When you consider the gravity of what is at stake, the certainty that your home, that you pay for, is your home, and so too for all 300 million of your fellow Americans...This saga of gross mismanagement and negligence has to be one for the ages:

    http://www.nytimes.com/2010/10/14/business/14mortgage.html?src=busln

    Fuck the idiotic mantra that saving the banks saved us all from catastrophe. The Banks ARE the catastrophe!

    Just kill the banks and start over. You will thank me, be certain of that.

    Kill the banks before they destroy us all!
     
    Last edited: Oct 13, 2010
  2. william the wie
    Offline

    william the wie Gold Member

    Joined:
    Nov 18, 2009
    Messages:
    7,322
    Thanks Received:
    677
    Trophy Points:
    175
    Ratings:
    +1,626
    Naw, just kill the Fed. Once clawbacks and criminal indictments start being issued most everybody will rollover on the Fed and the GSEs. With 51 AGs forming their own taskforce there is about a 1% probability that a literal rolling of heads will be proposed, a microscopic probability that such a proposal will be passed and no probability of the courts letting such a remedy be put into effect but this is likely to be the biggest internal US crisis since the end of reconstruction even so.
     
  3. KissMy
    Offline

    KissMy Free Breast Exam

    Joined:
    Oct 10, 2009
    Messages:
    12,074
    Thanks Received:
    2,144
    Trophy Points:
    255
    Location:
    In your head
    Ratings:
    +2,925
    I am hearing the owners name space on titles/deeds were left blank by banks because they did not know who would end up owning the note or properties. This means the original owner who sold the home to the borrower may still own the home even though they have been paying on this worthless loan for years. This is a huge cluster fuck.

    This means many mortgage notes are completely worthless. This will cause inflation & home prices to rise because of fewer foreclosures. It will also mean many people will not have to continue to pay their mortgage & will have a lot of discretionary money to spend. Many main-street businesses & employment will be left hurting badly because of slumping home sales, but big box retail, utilities, & durable goods will rise driving their stocks. Stay away from bank stocks.
     
    Last edited: Oct 13, 2010
  4. loosecannon
    Offline

    loosecannon Senior Member

    Joined:
    May 7, 2007
    Messages:
    4,888
    Thanks Received:
    263
    Trophy Points:
    48
    Ratings:
    +264
    Biggest FUBAR in American history. That Wall Street engineered this demands only one response:

    LINE THEM ALL UP AGAINST THE WALL!
     
  5. MikeK
    Offline

    MikeK Gold Member

    Joined:
    Jun 11, 2010
    Messages:
    13,190
    Thanks Received:
    1,985
    Trophy Points:
    255
    Location:
    Brick, New Jersey
    Ratings:
    +3,727
    Banks and predatory corporations are a worse threat to the security of this Nation than any of our actual or potential military enemies are or have been. So it logically and reasonably follows that they be dealt with appropriately.

    Government should seize control of the banks and convert them to credit unions and all corporations with more than 20 employees should be converted to profit-sharing enterprises with percentage limits imposed on their executive salaries and bonuses.

    Those who regard such proposals as extreme should understand that they are not nearly as extreme as the inevitable consequences of allowing the exploitative and ruinous nature of the existing system to continue without constraint. The banks, the finance industry and monopolistic, predatory corporations are clearly the most insidiously dangerous enemies of America.
     
  6. Tom Clancy
    Offline

    Tom Clancy Clancy for Ron Paul

    Joined:
    May 23, 2009
    Messages:
    3,222
    Thanks Received:
    585
    Trophy Points:
    48
    Location:
    North Carolina.
    Ratings:
    +585
    Are you actually implying the Government should own Corporations that have more than 20 employees?

    Yeah because GM is doing just that well. While on the other hand, Ford is doing better than GM and Chrysler, perhaps combined?
     
    • Thank You! Thank You! x 1
  7. KissMy
    Offline

    KissMy Free Breast Exam

    Joined:
    Oct 10, 2009
    Messages:
    12,074
    Thanks Received:
    2,144
    Trophy Points:
    255
    Location:
    In your head
    Ratings:
    +2,925
    [ame="http://www.youtube.com/watch?v=k5GZcVGWc8o"]FORECLOSUREGATE REMIC and MERS[/ame]
     
  8. william the wie
    Offline

    william the wie Gold Member

    Joined:
    Nov 18, 2009
    Messages:
    7,322
    Thanks Received:
    677
    Trophy Points:
    175
    Ratings:
    +1,626
    This story keeps getting bigger and bigger.
     
  9. CrusaderFrank
    Offline

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,269
    Thanks Received:
    14,920
    Trophy Points:
    2,210
    Ratings:
    +37,076
    Whats the fucking difference? They had a willing patsy to who pre-ordered all the loans in Fannie and Freddie, a monkey could have filled out the papers
     
  10. loosecannon
    Offline

    loosecannon Senior Member

    Joined:
    May 7, 2007
    Messages:
    4,888
    Thanks Received:
    263
    Trophy Points:
    48
    Ratings:
    +264
    democracy now covered this a few days ago:

    Why Are Bailed-Out Banks Breaking into Struggling Borrowers' Homes?

    They have extended video and a whole lot more info.

    I wasn't impressed because it was a single event, but I was a little taken back by the fact that while several months behind on payments she wasn't yet in default.

    And the fact that it was actual GS employees who tried to change her locks in the middle of the night was special!

    This kind of story doesn't matter unless it represents a trend.

    Speaking of trends, Sept broke the record for US foreclosures as a month with over 100,000! Or nearly .1% of all homes in the nation! In a month and growing....
     

Share This Page