You are right. And the financial executives walk away with millions of fraudulent profits and the taxpayers bail out the banks. Meanwhile, our corrupt rich executives fund our esteemed politicians political campaigns and wow... no accountability for fraud!

We should DEMAND that these executives be held accountable. If you drive your institution into the ground and require a taxpayer bailout.. then YOU as the responsible leadership should be required to give back all of your stock and bonuses you received for the entire time your institution started making risky loans.... You were responsible for the risk.. not the taxpayer.

Originally posted by infolurker
Meanwhile, our corrupt rich executives fund our esteemed politicians political campaigns and wow... no accountability for fraud!

Yes, it should be noted that with the average American feeling the economy being the biggest issue right now (even over the war????) none of these issues were mentioned during the Democratic Convention. Entirely ignored.

I don't expect the Republicans will say a word about it either, regardless of the fact that it's breaking the backs of the people, our Country, and the Global economy.

Not a word will be said. We will not have accountability in Government or Corporatism until we have strict laws in place for our "Public Servants". Our public servants should be exactly that. A voice of the people for the people but under the current status quo we have our politicians involved in policy that affects their personal finances and that is unethical and this will continue until a black and white (no loophole) law is passed that states our politicians cannot be involved in personal investments during or 10 years after being in office. That means no sweetheart board jobs, million dollar speaking engagements for PharmaCo, etc. Personal gain must be removed (or as much can be) from the office and Special interest must be removed from the political process. No corporate sponsered political events, dinners, fund raisers, etc.

All political contributions to both a candidate and a political party must be voluntary individual donations (no forced union dues, etc.) at a set amount.

By the way this will never happen because were talking power and influence here but there is one way to do it quick.

Problem, you have to be President. Have the documents all ready during a state of the union address. The "Political Reform Act of 20XX".

Release the document over the internet and every media outlet while presenting your speech. This law will be put up to a "referendum ballot" to the VOTERS with no add ons or subtractions. Ironclad accountability.


The politicians and special interest will scream but hey. If your for the people then you should not be abusing your office for financial gain right?

I really wonder how it all came about maybe they thought that there was no way they could lose,if they foreclosed could sell house again at another profit maybe,very similar to the late 70's and 80's,all I know is the loan officers,real estate agents and appraisers were cutting a fat hog,my sisters friend did comm real estate sales in her spare time,she made well over 350k,I know it was a bubble,I sold my house for probably twice whats it was worth,but thought also crossed my mind that inflation would eat profits up,so far I'm safe,but this is a hard one to figure out

The most surprising thing I stumbled on looking for articles to explain the main events surrounding the mess, was that the article about not paying you mortgage was actually written in 2005. I didn't realize they were already going on at a pace that was noticeable just then, but at least in my market (where I live) that is timed exactly when the housing boom came to a screaching halt.

Many Banks at this point are being taken to task via threats of lawsuits by State Attorney Generals, but these lawsuits are all being settled (to the tune of millions) for investors in the bad securities, but nothing for the homeowners. Of course, a settlement includes no culpability, no admission of wrongdoing. So no one is really having to accept any responsiblity for raping of the people.

Using my own County I have been watching a shrinking inventory due mostly to vast numbers of short sales and foreclosures priced so low that people are buying. What no one is paying any attention to is that for every home sold, there are at least two foreclosures being filed, and these homes have not hit the market yet. THIS IS FAR FROM OVER!

People are walking away from homes they can no longer afford due to their sub-prime mortgages resetting to rates they cannot pay, and now vast numbers are walking away solely because they simply refuse to continue to pay for an asset that is worth far less than they are worth. (A very disturbing trend). For some reason people seem to think, walk away, rent for far less and two years down the road you will be able to buy back the same house for half the price. They seem to be ignoring two simple facts. One being - Hello? your FICO score and the ability to obtain financing once you have pulled a stunt like this, and the fact that credit is going to be non-existant anyway.

Do you know the exposure of your bank to the mortgage market? Let's put it this way. As long as the bank does not foreclose they can keep the loan on the books for the value of the mortgage. The minute they foreclose, they have to book the loss, a huge loss. So the books are cooked, because any mortgage that isn't being paid and not being foreclosed is scewing the balance sheet. It's at the point where it is quite possibly so bad, that if every bank foreclosed on their delinquent mortgages right now, none of them would be solvent. But it doesn't stop there. It has spilled over into the car loans, the credit cards, everything, just continuing to compound the situation, because now with the inflation of consumables skyrocketing, no one can afford to pay their bills. Little articles are popping up about deinquencies in utilities now. It's a snowball affect where I see no end in sight.

How can they possibly fix this? who is doing anything about it.

One final thought. The amount of bank owned homes is frightening already, but for some reason, they are no where near the number of homes that are to come. Ultimately this has the potential for the Banks to corner the market on the housing industry, actually, a monopoly on it. I am waiting to see at some point, the potential for them to actually control the prices on housing, if we aren't seeing that already. but at the moment it is lowering the prices of housing. At some stage of the game, once they have enough of the market they could potentially start raising the prices. Think about it. I can only compare it to price fixing (manipulation) of the market. the potential is there, and every government bailout to the Banks, makes it more of a temptation.

Good for the economy for the housing market to rebound? Not if we (the taxpayers) paid for the loses, and this is exactly what's going on. You, your children and your grandchildren are on the hook right now for the bailouts that have already been granted. Where is this money going to come from if not us, and we are talking trillions riviling the cost of the entire war.

why would the banks colapse they just invent money out of the air
they invent as much as they want
the banks are just trying to scam more money off the gov

maybe thats what there trying to do sreamline the banking system much like they want to sreamline the govs into a single entity

wouldnt it be beneficial to just wipe out the IMF and the world bank and just reset what every country owes to 0 i mean really whats the IMF and world bank gonna do just say screw you were not paying you come and collect if you can

besides no country really owes them anything in fact they have been stealing from everyone since there creation