'The Bank Owns My Town!' 900 foreclosures, out of 9,000 homes Plainfield, N.J

Discussion in 'Economy' started by hvactec, Aug 20, 2011.

  1. hvactec
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    hvactec VIP Member

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    [ame=http://www.youtube.com/watch?v=Q1m2vVwo2j0&feature=related]'The Bank Owns My Town!' - YouTube[/ame]
     
  2. sparky
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    sparky VIP Member

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    [ame=http://www.youtube.com/watch?v=CqgZnvfJ9Jg&feature=player_detailpage]Mel Brooks´ Spanish Inquisition - YouTube[/ame]

    fast forward 700 years......
     
  3. Avorysuds
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    Avorysuds Gold Member

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    Stimulus you can believe in!

    Give the banks money so that they don't have to restructure costs for homes and make them affordable!

    Obama: Keeping the Rich, Richer than fuck!
     
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  4. uscitizen
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    uscitizen Senior Member

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    Apparently the banks already owned the town pretty much.
    The debt was owed.

    No one really owns anything until it is paid for.

    There are very few true home owners in this country.
     
  5. editec
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    editec Mr. Forgot-it-All

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    Only NOW, the banks own it lock stock and barrel.

    Something they'd rather NOT do.
     
  6. Truthmatters
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    Truthmatters BANNED

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    Nobody expects the Spanish Inqusition
     
  7. Truthmatters
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    Bush gave the banks money
     
  8. dilloduck
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    dilloduck Diamond Member

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    no-the Fed did. They gathered politicians together including president elect Obama and told them what they were going to do.
     
  9. sparky
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    sparky VIP Member

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    the metaphor would be the house never looses TM, i'm just a fan of Mel's take on that

    so, for you supply siders who think likewise, i find RR's rather simplistic take in step>



    Stock Tip: Be Worried. Workers are Consumers. Friday, August 19, 2011
    Repeat after me: Workers are consumers. Consumers are workers.

    We’re slouching toward a double dip, and the stock market is imploding, because consumers – whose spending is 70 percent of the economy – have reached their limit.

    It’s not just the jobless who can’t spend. It’s mainly people with jobs. Median wages continue to fall. Weekly wages in July for Americans with jobs were 1.3 percent lower than eight months before.

    America’s median earners are now earning less (adjusted for inflation) than they earned ten years ago.

    Every CEO of every company that continues to squeeze payrolls (Verizon, are you listening? Ford?) needs to understand they’re shooting themselves in the feet. Where do they expect demand for their products and services to come from?

    They’re doing the reverse of what Henry Ford did back in 1914 – paying his workers three times what the typical factory employee earned at the time. The Wall Street Journal called his action “an economic crime” but Ford knew it was a cunning business move. With higher wages, his workers became his customers, snapping up Model-Ts and generating huge profits.

    Many on Wall Street are scratching their heads, trying to understand why the stock market is plummeting. After all, they tell themselves, corporate earnings are still near record highs.

    But it’s becoming clear those earnings can’t be sustained. Corporate earnings are the highest they’ve been relative to worker wages and benefits since just before the Great Depression. And the richest 1 percent of Americans are getting a higher percent of total income since just before the Great Depression.

    Get it? It was only a matter of time before the boom on Wall Street turned into a bust. Economic booms cannot continue without American workers participating in them.

    .


    Robert Reich (Stock Tip: Be Worried. Workers are Consumers.)
     
  10. sparky
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    sparky VIP Member

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    The problem with today’s system is that the world is run by monetary systems, not by national credit systems. . . . [Y]ou don’t want a monetary system to run the world. You want sovereign nation-states to have their own credit systems, which is the system of their currency. . . . [T]he possibility of productive, non-inflationary credit creation by the state, which is firmly stated in the US Constitution, was excluded by Maastricht [the Treaty of the European Union] as a method of determining economic and financial policy.


    The world company acquires assets by preventing governments from issuing their own currencies and credit. Money is created instead by banks as loans at interest. The debts inexorably grow, since more is always owed back than was created in the original loans. (For more on this, see here.) If currencies are not allowed to expand to meet increased costs and growth, the inevitable result is a wave of bankruptcies, foreclosures, and sales of assets at firesale prices. Sales to whom? To the “world company.”



    Titanic Battle or Insider Trading? The S&P Downgrade and the Bilderbergers: All Part of the Plan?
     

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