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When Barry told Benjamin to go back to the 1967 Borders, Bibi agreed with the U.S. Farmer and said THIS...
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
We all know the answer. Corruption. "Friends". Influence.
The better question is, how long will the American people continue to allow this blatant corruption to occur? I would say just elect better people, but the fact is that is a near impossible task now - with all the corporate money behind the "hand picked" guys they want to win, it's impossible to find a genuinely honest, loyal and non-corrupt politician and then succeed at getting him elected.
So then the better task falls on education. Educating the American people about what is truly happening with their country. Most know "it's bad", but then they choose to watch American Idol instead of learning more about it. Until that changes, and the front page of all major news outlets are covering corruption instead of The Royal Wedding, things will continue as they are.
Agree. Although the Supreme Court ruled that Corporations have the same rights as people, I don't recall that ideology being stated in the Constitution anywhere. Must have been some "activist" judges...
As far as edumacation...the use of the media for that purpose was lost once they figured people could be slipped stories about Britney Spears or Charlie Sheen as substitutions for investigative journalism.
Actually, the FBI website lists the significant cases for Mortgage fraud for 2005 that they investigated, issued arrest warrants and the convictions and, penalties and fines. Those cases were not related to the recent melt down.
The FBI also state on their website that a large percentage of mortgage fraud is due to banks and mortgage companies depending on third party mortgage originators (mortgage brokers) to process mortgage applications for the financial institutions.
Who do you want to blame?
1. The mortgage brokers who falsified applications to get them approved so they could get paid?
2. The retail bank who ; didn't audit the applications the mortgage broker sent them, sold the loans to Wall Street to remove the liability from their balance sheet so, that they could meet the Federal reserve requirements and have additional money to make new loans with?
3. The Federal Government that for years threatened to prosecute banks for discrimination for not loaning to "red lined" areas and offered to guarantee the loans to entice the banks to voluntarily comply.
4. The Wall Street firms who created mortgage backed securities which for decades had been safe investment instruments ,and carried a bond rating from S&P or Moody's.
5. The Bond rating companies that gave the bonds high ratings not knowing that these new bonds contained a very different assortment of mortgages that would later turn toxic?
6. The Bond Department managers at international banks and pension funds who bought the bonds not knowing what was in them?
They all bear a responsibility for what happened. The problem is figuring what was stupidity and what was actually a crime.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
Well help me out then. When have your taxes been lower. Like I said I have only been alive since 1977 and working a "career" type job for a little over 7 years. I know mine personally are at the lowest or so close I cant tell if they arent. When was your's the lowest? If you dont mind sharing.
Rampant fraud in the mortgage industry has increased so sharply that the FBI warned Friday of an "epidemic" of financial crimes which, if not curtailed, could become "the next S&L crisis."
That article was posted Friday, September 17, 2004 - fully 4 years before the infamous TARP was passed.
Again, I go back to "follow the money". The source of "profits" for people in the chain has to trickle down from someone. If the crack dealer on the street is making a nice profit, that means that someone up the chain is living the high-life in (several) mansions.
The corruption doesn't start with some low-level guy saying "There's no money in doing this, but WTF, I'll do it at a loss."
However, irrespective of the chain of who did what to whom - once the FBI reported it had detected an "epidemic of mortgage fraud" - that is SUPPOSED to spawn an independent fork in the event chain that initiates an analysis and criminal investigations.
That the process of criminal investigation was cut-off (by whom?) is, at the least, disturbing.
Actually I predicted it before the FBI. I was in Miami on business and a guy told he he got a "NO DOC" mortgage and explained that meant he didn't have to furnish documentation on his income ... I remember thinking... this will not end well.
When I bought my first house, the bank went over my financials with a magnifying glass. I had to put 20% down in cash. Then I had to furnish paperwork to show that the cash had come from my bank account from money I had saved and not a gift. Your relatives couldn't pay it for you. The bank wanted to ensure that I had "skin" in the game. They contacted my employer who had to fill out paperwork stating I worked there AND the likelihood of me continuing to do so. Interest rates were over 12% .
Then somewhere along the line , interest rates went down to under 5% with 100% financing and stayed there. Once all the normal buyers had bought homes, the banks created exotic financing schemes to get "sub prime" mortgages for "high risk" buyers (people who would have been declined under the old rules).
For 8 years, the Federal Government instituted tax breaks and kept the interest rates low to spur the housing industry to keep the economy moving while the Government borrowed $ Trillions to fight wars all over the planet.
Then the chickens came home to roost ..... and the economy has been neck deep in ChickenShit ever since.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
