tag:blogger.com,1999:blog-53246864840716464.post2919352893300008387..comments2024-02-29T00:46:38.800-08:00Comments on Washingtons Blog: By Choosing The Big Banks Over The Little Guy, The Government Is Dooming BOTHUnknownnoreply@blogger.comBlogger5125tag:blogger.com,1999:blog-53246864840716464.post-9991344626393431582011-08-22T12:14:33.772-07:002011-08-22T12:14:33.772-07:00My solution in 2007-08: the blanket offer of a 3.5...My solution in 2007-08: the blanket offer of a 3.5% 5-6 year adjustable 30 year mortgage to EVERY homeowner. Resultant, no housing crash, foreclosure crisis, thus no serious accounting marks beyond the massive prepayment hit to bank earnings, although confined to their actual stolen gain.Inverseviewhttps://www.blogger.com/profile/05760715287265538187noreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-401853942193723932011-08-22T12:04:57.399-07:002011-08-22T12:04:57.399-07:00My solution in 2007-08: the blanket offer of a 3.5...My solution in 2007-08: the blanket offer of a 3.5% 5-6 year adjustable 30 year mortgage to EVERY homeowner. Resultant, no housing crash, foreclosure crisis, thus no serious accounting marks beyond the massive prepayment hit to bank earnings, although confined to their actual stolen gain.Inverseviewhttps://www.blogger.com/profile/05760715287265538187noreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-57735097767541626622011-08-22T12:03:50.179-07:002011-08-22T12:03:50.179-07:00My solution in 2007-08: the blanket offer of a 3.5...My solution in 2007-08: the blanket offer of a 3.5% 5-6 year adjustable 30-year mortgage to EVERY homeowner. Resultant, no housing crash, foreclosure crisis, thus no serious accounting marks beyond the massive prepayment hit to bank earnings, although confined to their actual stolen gain.Inverseviewhttps://www.blogger.com/profile/05760715287265538187noreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-84079946804627943142011-08-21T17:57:19.076-07:002011-08-21T17:57:19.076-07:00I lost all my property total of 8 homes and my lif...I lost all my property total of 8 homes and my life savings trying to keep them because the government stepped in and got involved where they should have let the financial markets take care of the problem not the government. If the government would have stayed out of the mortgage crisis the banks would have be more than willing to work with home owners to modify the loans.Sketshttps://www.blogger.com/profile/02227868815261240601noreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-68964112005634625532011-08-21T10:33:23.794-07:002011-08-21T10:33:23.794-07:00This confirms what I have been saying all along.
...This confirms what I have been saying all along.<br /><br />The mortgage-backed security fraud cost the United States $27 trillion, according to Dylan Ratigan. That works out to a bit over $80,000 for every living American, or a quarter million per family.<br /><br />Had the government moved that volume of cash in the other direction; had they given every American $80,000, nobody would have missed a mortgage payment. There would be no housing or mortgage crisis (other than the bankers going to jail, which is what Iceland did and we should have done). People would have kept up on the credit card payments. There would not have been a credit crisis and the USA would still have their AAA credit rating. Americans would have bought brand-new American cars. There would have been no need for the automotive bailouts. Americans would have gone down to the malls and bought lots of other stuff. There would be no retail crisis.<br /><br />That surge of spending might have even stimulated a resurgence of American-based manufacturing, or the creation of new technology leading to new industries.<br /><br />But the US Government did the absolute worst thing they could, which was to take (or indebt) every American for $80,000 and pour the proceeds all over Wall Street, so that money wound up as $100,000 French wristwatches on CEOs' wrists, or $200 hamburgers which frankly look just like the $1 special at burger world when it comes out the other end.<br /><br />The reason the US Government did this is that it has failed as a capitalist society and mutated into a fascist one, and the prime article of faith of fascism is that money is too valuable to allow ordinary people to have any! Politicians claim they are following "Keynesian economics" in runaway spending, but Keynes himself, in advocating that government spend when the private sector does not, intended that spending to insert money at the bottom of that economic pyramid to re-balance the economy after the "11th Marble" mechanics of the private central bank concentrated the wealth in too few hands at the very top and the system stated to stagnate. So while the politicians may cite Keynes as the authority behind their actions, in actual fact they have perverted his design intent to justify their own greed.<br /><br />You move an economy the way you move a building. You have to pick it up by the foundation. If you try to move the building by the roof, the building will shatter, just as the economy has done with this attempt to pick it up by Wall Street.Michael Riverohttps://www.blogger.com/profile/14928122964781193669noreply@blogger.com