Posted on 10/25/2010 6:12:20 PM PDT by Chunga85
Bill Black, who will soon, together with Neil Barofsky, be a guaranteed shoe-in for the POTUS/VP position (both as independents, of course), was on the Ratigan show today, following on his op-ed from last week (here and here) calling for the long-overdue nationalization of Bank of America, and discussing the rampant fraud at the heart of mortgage gate. And contrary to ongoing lowball estimates from the like of JPM and Goldman, Black provides numbers about the bank liability that are simply stunning: "Credit Suisse says that by 2006 49% of all mortgage originations were liars loans. When independent folks study fraud, it is in the 80-90% fraud range. That means there were millions of acts of fraud. Those loan frauds occurred because the banks created incentive structure for the loan brokers to bring them the absolute worst of the worst loans, and to lie on the application forms... These frauds came from the banks, and they propagated through the system through a series of echo epidemics...This fraud spread through the system and that's why we have a crisis in foreclosures. This stems from the underlying fraud by the lenders in mortgage loans to the tune of well over a million cases a year by 2005."
(Excerpt) Read more at zerohedge.com ...
$nip>
And it goes much further... to the very top of the US ruling oligarchy in fact. Which is why, as we have claimed from day one, nothing less than a complete reset of the entire kleptocratic system can give any hope for a fresh start. The general public is starting to finally realize this, unfortunately with the dawning realization comes anger, and with anger comes aggression. And from there, broad civil "discontent" is merely a thin white line away. Which is why, we again reiterate our belief, now that America has completely missed its chance for a peaceful resolution, that the reset will have to go first and foremost through the Fed, whose end however will be precipitated by nothing less than an all out social upheaval. We agree with Black's conclusion: "fire Holder, fire Geithner, fire Bernanke, get people in who will enforce the rule of law."
Alas, it is too late. America has proven it has failed as a society in which checks and balances work when Wall Street dangles billion dollar bribes to corrupt and greedy individuals. And just like the market is stretched so far that it is always seconds away from a flash crash, so the entire US society is now mimicking our stock market, and the possibility for an all out social flash crash is no longer trivial.
$nip>
It stems even more from ACORN and their ilk in D.C. who forced those lenders into accepting loan applications based on Socialist policy rather than ability to repay.
“long-overdue nationalization of Bank of America”
It will end up with one bank, the Bank of Soros. Not good.
Dude, you’re posting apocalyptic articles from an author with the same name as a fantasy character from Fight Club.....just how much suspension of belief is required here?
Maybe he doesn’t know what your “fight club” is. I don’t.
Fight Club is a movie about an insomniac with a split personality. The badass is played by Brad Pitt and his name is Tyler Durden.
When I start reading lines like....
Bill Black, who will soon, together with Neil Barofsky, be a guaranteed shoe-in for the POTUS/VP position (both as independents, of course)
I seriously have to question the source....
I might also add that Tyler Durden’s role in the movie was to blow-up all the financial centers of LA, thereby erasing all debt and setting all the working men back to zero/even. Not a bad movie if you have never seen it.
Is this guy at nut?
Two people we have never heard of are going to get elected president and vice president? Yeah, right.
But they want Vernake, Geither and Holder fired, and we are supposed to think this is somehow significant?
Not interested in your blog. We all are aware of the CRA, NINJA loans, etc. We also know quite a bit about how progressives use the term oligarchy:
http://www.americanthinker.com/2009/02/the_emerging_liberal_oligarchy.html
I think Tyler is a FReeper but not under that name.
Well Lumper you may not be interested in it but I am thanks for posting the story Chunga I find ZeroHedge’s articles fascinating and the commenter’s interesting as well. Judging from the growing readership I don’t think we are alone in liking it either.
http://www.quantcast.com/zerohedge.com
Soros was into quantum.
This I think was done for a reason, as the movie had some themes that are relevant to the financial crisis we are now in. I watched Fight Club when it came out, but didn't like it that much. After reading Zero hedge for a while, I watched it again, and realized there are some parts I have come to agree with over the intervening years. One line, spoken by Tyler, is particularly appropriate to today after the debt bubble crash: "Everything you own, ends up owning you."
Zero hedge is actually one of the better financial blogs going right now. If you read more of his posts over time, you'll understand the way he writes a bit better. Its just a style, like "Hugh" or "Series" here.
Don't take anti-banker sentiment on that blog to mean they are pro-socialist. It just means they are anti-fraud. I would have no problem if FreeRepublic and/or Tea Parties would be more in favor of punishing the bankers. There is plenty of fraud to go around, bankers can be put in the same prison members of congress can, for the same crimes.
Yes I know Soro’s is a horrible evil little man and that’s kind of what some of us have been discussing the fraud in the financials. The Bail out’s that have been forced upon the taxpayers as a result and the fact that fraud is fraud no matter who does it a deadbeat or a banker.
I don’t like the fact that it is going unpunished I think the law is for everyone and the way things are we are no better then a banana republic.
Thanks for explaining. Sadly, the big oligarchy is the Pres, Holder, add his Czars,all in power that Obama put there. Never in my life did I think/ever imagine this country would bail out business, treat labor ahead of stockholders, etc. Good Lord, we know classes of stock have different rights. When unions have priority over preferred stockholders- we are not America.
Never hoid of Bill Black?
"Fascism should rightly be called Corporatism, as it is the merger of corporate and government power."
---Benito Mussolini
Your welcome I agree and I’m older and have never seen things so bad. Stockholders/Investor’s have also been hurt by all this fraud. Hedge funds who manage 401k’s and pensions have lost huge sums of money having been sold these defective products and in some cases selling them nothing they sold the same thing to numerous buyer’s. This also affects us all since we as taxpayers end up footing the bill for the losses on the bailouts and the losses on Fannie/Freddie when the banks unload bad mortgages there.
http://blogs.reuters.com/felix-salmon/2010/10/20/bofas-legal-predicament/
Fed Wants Banks to Buy Back Some Bad Mortgages
http://www.nytimes.com/2010/10/20/business/20bond.html
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