::More Bad News, More Corruption, More Hard Times | By Junious Ricardo Stanton::
“If you have not figured it out yet, a lot of people on this planet are owed a staggering amount of money. These people are divided basically into two classes. There are the bondholders (the rich) and the rest of humanity, who are owed pensions, health benefits, and governmental services including infrastructure investments as well as teachers for their children, librarians, fire, policemen, and judges to protect them from thieves. It is an illusion and a heartbreaking fantasy to expect that there will be money for any of these things, and that is what civilization collapse in our modern times is going to be all about. There will be a breakdown in currencies and the entire financial and money system because the system cannot hide forever from the massive lack of money (unless printed in stupendous amounts causing a hyperinflationary collapse).” Thievery 101-Banks Stealing pensions Worldwide? http://bit.ly/bMAHnK
While the politicians and corporate media tell us the economy is fine, the truth is we are at the precipice of a major economic catastrophe. The federal, state, county and local governments are virtually insolvent, the banks are too but the banksters duped their puppets in government into giving them our money to keep them afloat in the short term. The trillions the banks got from taxpayers is still not enough to stave off long term financial collapse. So the banksters and the government are scheming to steal our retirement savings (pensions, 401K IRAs etc) to keep Wall Street and the government’s Ponzi schemes from collapsing. The super rich and the government are in competition to get their hands on our money. “In the near future, the government may be planning to take over your 401(k) and Individual Retirement Accounts (IRA) and managing it on its own. Why, you ask? Well, mainly because there is an unprecedented trillion-dollar deficit that needs to be taken care of. So this is the deal: somewhere out there is a major deficit that is struggling to lower despite the government's efforts. However, there are tons of 401(k) and IRA accounts floating around with tons of money (well, at least what's left after the financial crisis). So now, according to BusinessWeek, the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individuals Retirement Accounts into annuities or other steady payment streams.” [The Government Has Plans For Your 401K and IRA/http://bit.ly/c7pNxm]
Now I know a lot of us don’t have huge amounts of money in our mutual funds, 401(K)s or IRAs but we need to know what the banksters, Congress critters and their minions in the various departments are plotting and planning. The US banking system for all intents and purposes is a huge criminal enterprise. Malfeasance and corruption on Wall Street and within the government have metastasized to the point they are endemic, that is to say they are the norm. “The FBI began warning of an ‘epidemic’ of mortgage fraud as early as 2004. We know that mortgage originators invented ‘low doc’ and ‘no doc’ loans, encouraged borrowers to take out ‘liar loans’, and promoted ‘NINJA loans’ (no income, no job, no assets, no problem!). All of these schemes were fraudulent from the get-go. Property appraisers were involved, paid to overvalue real estate. That is fraud. The securitizers packaged trash into bundles that ratings agencies blessed with the triple A seal of approval. By their own admission, raters worked with securitizers to provide the rating desired, never looking at the loan tapes to see what they were rating. Fraud. Venerable investment banks like Goldman Sachs packaged the trashiest securities into collateralized debt obligations at the behest of hedge fund managers–who were allowed to choose the most toxic of the toxic waste—then sold the CDOs on to their own customers and allowed the hedge funds to bet against them. More fraud.” http://bit.ly/c6UDQB
Just look at the “Foreclosuregate” scandal that is going on now. “The reality is that as millions of U.S. mortgages have been bunched together and traded around the globe at lightning speed, it has become increasingly unclear who actually has title to them and who actually has the right to foreclose on these properties. Title insurers have backed the titles of millions of these foreclosed properties and now potentially find themselves in a heap of trouble. Some of the biggest title insurers have already begun circling the wagons in an attempt at damage control. For example, one of the biggest title insurance companies in the United States, Old Republic National Title Insurance, has already declared that it will no longer write new policies for homes that have been foreclosed on by JPMorgan Chase and GMAC Mortgage... The U.S. mortgage industry was already on the verge of death, and Foreclosuregate may just be the straw that broke the camel's back. The reality is that U.S. banks are drowning in foreclosures and this current crisis is just going to make things a lot worse. Back in 2005, there were approximately 100,000 home repossessions in the United States. In 2009, there were approximately 1 million home repossessions in the U.S. and RealtyTrac is now projecting that there will be an all-time record of 1.2 million home repossessions in the United States this year. For the U.S. mortgage industry, Foreclosuregate must feel like someone has dropped a bomb on them after they have already been beaten up and doused with gasoline.” Foreclosuregate http://bit.ly/c61s80
Our bleak economic situation is the result of massive speculation and collusion amongst Wall Street investment banks, the bond rating agencies, land title companies, mortgage brokers, commercial banks, real estate agents, the media and the government. The banksters bundled these risky mortgages then sold them to pension funds and investors around the world. They even made bets that these loans would default. But they didn’t put up the cash to cover the bets so when they defaulted insurance companies like AIG were caught short and went belly up. The banksters wanting to get their money from the bets AIG owed them, went to Congress and stuck them up for 700 billion dollars (to start, trillions more has been pilfered since). The bailouts of the banks and insurance companies is just the beginning of a massive transfer of wealth from the poor to the rich that will continue unless we wake up and fight back.
A major part of the wealth transfer is the foreclosing on people’s homes by the banks. One point two million Americans have lost their homes this year alone! To add insult to injury, no one knows who actually owns the liens or loans on these mortgages. This whole scenario is based upon massive fraud. Actually the foreclosures are illegal since the banks sold the titles to outside investors and they don’t own the titles to the properties!
In addition to the criminality of “Foreclosuregate” the US is facing a fiscal crisis of Biblical proportions. The federal, state and local governments are all insolvent and cannot possibly pay the pensions, health and welfare and benefits they owe retirees and their current workers. Even the IMF which is owned by the elite bankers has looked at the US economy and concluded the situation is not good.
“IMF economist Olivier Blanchard said the chances of a second recession remained low, yet the weak growth figures were unlikely to provide a boost to the US labour market. The jobless rate is likely to hover near 10 per cent for the next two years, the IMF said, a prediction that would place serious pressure on US President Barack Obama's administration. A lack of spending by US consumers was proving the biggest drag on the recovery. High debts already before the crisis were causing most US families to save more. This was good for the long run but it is a drag on demand in the short run,' said Blanchard. Yet Obama's policy toolkit for dealing with the crisis is also limited. The IMF warned that the skyrocketing US budget deficit had increased the country's 'vulnerability' to the whims of financial markets.” US recovery is weakening, IMF warns Oct 6, 2010, 18:00 GMT http://bit.ly/bFaPDK
I hate to be the bearer of bad news but someone has to tell you the truth. The corporate media is in cahoots with the bankers, corporations and government and this arrangement is the essence of fascism. Their agenda is to keep us distracted on sports, trivial issues and celebrity foolishness so we avoid examining or thinking about the real issues which impact us on a daily basis. Don’t allow them to piss on you and tell you it’s raining. Don’t fall for their okey-doke. The only way the situation is going to change is when we change from being couch potatoes and dolts to people willing to stand up for our rights, our property, the truth and righteousness.
Junious Stanton can be reached at: firstname.lastname@example.org. He hosts the weekly Digital Underground Radio Show on Sundays at: http://harambeeradio.com/digital.htm