Government Insider tells me Economic Collapse is Imminent.

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posted on Jul, 14 2011 @ 10:00 AM
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My source, the common sense, agrees with OP.
2ND




posted on Jul, 14 2011 @ 10:06 AM
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reply to post by camaro68ss
 


25 years of Conservative economics ... and here we are.



posted on Jul, 14 2011 @ 10:19 AM
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Actually liberal spend and tax congress tempered by conservative values.

Otherwise the USA would have been one of the PIIGS before the PIIGS.



posted on Jul, 14 2011 @ 10:56 AM
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House was 320,000 now 220,000

I owe about 80,000 on house to BOA. Been paying Country Wide first then it switched hands to BOA. After 8 years of paying on that 80,000 the amount has never gone down one bit. I have never been late. I called BOA and wrote to them about producing the paper for the loan. Did what they told me to do by sending a registered letter to them. Never received an answer, so I called again, this time told if I proceeded they may demand full payment. Now that's against the law do to I am not in foreclosure.

Now what I would like to know is that is there is a Default which I do expect and my cash is worthless and my SSD stopped, meaning no way to pay BOA how would they then be able to demand payment of Loan?

Would not the default also keep the Banks from opening their doors for at that time they to would have had any cash on books turn worthless?

If the country was to default would that not create a Revolution of the elderly against the Banks and Congress?

If the country was to default would that not discontinue payments to the Military and Veterans Administration?

" " would that not make the wealthiest run to their bunkers?

" " would that not mean the end of all programs to feed and house the homeless?

' " would that finally be the straw that broke the Camels Back?

I am a believer in Yahusha my Adoni, And I have seen this as that Horseman of Death that would ride amongst the World creating Death un-imaginable. This whole situation World Wide is "The Financial Horseman of Death"
John probably didn't know what Death that Horseman was bringing with him.

Yes the system is the "SYSTEM of a DOWN". There is nothing pretty about to happen.

If they were to foreclose on me there would be nothing left of a house for the BOA's of the world.

As I walked away there would be a horrible explosion and the house would evaporate. No Bank will own what I built with my sweat and tears. Unlike others who bought their home I built mine by myself with my own hands and no help. The only help was that 80,000 dollars and no way they get it for that much, no way. Yes this is a threat of total destruction of said property.
I can survive in a tent and live off the wild foods in the mountains.
I was trained by the USA to fight and resist all who would attack me. That means to me the Sheriff and or the Banks. I would rather go down in a fire fight then go down with no fight.

What I suggest is total destruction of your home if and when they foreclose, leaving them no assets whatsoever.
For when they foreclose on you, you no longer hold insurance on that home and thus they will not get the insured value of said property. That will really be a mind fraking experience if all 4 million said go ahead and bring some trash containers to shovel your ashes Fraking Idiot Scum.

Next thing would to do a search and destroy on those Bankers Homes no matter how many they own.
After that go after these 1% Elites and Hedge Fund managers, but they may run to their private Island homes.
Not to worry I know some x-Seals and you can run, but you can not hide kinda of guy's.

Listen to me all you who wish to impoverish all, my ancester fought your ilk for freedom in the Revolutionary War.
The vowed their own lives to lose for their cause only to now have their future generations controlled and manipulated by the new Royals. This has to end and believe me I see it coming. First there will be what was mentioned about the 4 million, then it will be the 50 million on SS and Medicare who will see their lives ending and care less if they die a little sooner with their guns in their hands.

I can foresee very, very hard times ahead for all and I.

I ask all on ATS to spread the word on ruination of a nation by the Banks and 1%. To call to action when they come for your home. Cancel you house insurance and burn it down. Can you imagine homes catching on fire and millions having to be arrested who will shoot back when they come for you. Man it would be great to see and change would come.
State of extreme emergencies would have t be declared as Bankers are attacked and Congress running for the hills and millions in the hills waiting for them.

Yes this is a Radical thought for such as I, but lets give to them what they wish for us "HELL FIRE and BRIMSTONE"



posted on Jul, 14 2011 @ 10:58 AM
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I'm curious who everyone is blaming for this?

Do you blame the banks?

Or do you blame the lawyers and home owners?


I blame the lawyers and home owners. They aren't paying their agreed upon mortgage...and they hire a lawyer to use a technicality to be able to stop a foreclosure. So they are responsible for creating this huge stockpile of houses that will eventually go on the market. It isn't a matter of IF these houses will eventually be officially foreclosed and put on the market...it is WHEN. And it sounds like the WHEN may come for all of these homes at one single time. It comes down to PERSONAL responsibility...and these home owners have none...and it will be the ruin of our country.

The one thing I disagree with from the original information is that the banks going out of business...I think the banks are wanting to be able to write these down as a loss...that will be good for the banks.



posted on Jul, 14 2011 @ 11:08 AM
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Originally posted by Scytherius
reply to post by camaro68ss
 


25 years of Conservative economics ... and here we are.


I would have to say thats a low ball comment but to each there own. This is now longer a party propblem but an american problem



posted on Jul, 14 2011 @ 11:10 AM
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reply to post by OutKast Searcher
 


But the banks had to approve the loans that they KNEW the buyers were not going to be able to afford. The "sub-prime" loans were a slight of hand to get people approved on houses that they would never had been able to afford normally. the banks fed the buyer a line of "well, IF the rates were to increase you payments would go up a bit, but i doubt they ever will", then 3 mths later the payments more than tripled.

so i don't think you can blame the homeowners for being fleeced by greedy banks. the homeowners are hiring the lawyers because they are fighting to keep a roof over their head. they were lied to and are trying to prove that.

look at goldman sachs and lehman bros., while a slightly different situation, same general problem. they were cooking their books to make it look as if they were making all this money, when in fact they were bleeding money do to bad loans and investments. and when it came time to confess their sins, it was too late and they filed bankruptcy and closed their doors.

gordon gekko was wrong....greed is NOT good.



posted on Jul, 14 2011 @ 11:12 AM
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delete
edit on 14-7-2011 by ModerateSkeptic because: wrong thread, sorry



posted on Jul, 14 2011 @ 11:19 AM
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Originally posted by iNkGeEk
reply to post by OutKast Searcher
 


But the banks had to approve the loans that they KNEW the buyers were not going to be able to afford. The "sub-prime" loans were a slight of hand to get people approved on houses that they would never had been able to afford normally. the banks fed the buyer a line of "well, IF the rates were to increase you payments would go up a bit, but i doubt they ever will", then 3 mths later the payments more than tripled.


PERSONAL RESPONSIBILITY.

The home buyers should of verified on thier own what they could afford. It was the GREED of the home buyer that caused thier issues.


so i don't think you can blame the homeowners for being fleeced by greedy banks. the homeowners are hiring the lawyers because they are fighting to keep a roof over their head. they were lied to and are trying to prove that.


PERSONAL RESPONSIBILITY.



gordon gekko was wrong....greed is NOT good.


Correct...and it was the GREED of these home owners that caused them to bite of more than they could handle. I don't care what a banker or salesperson tells you...YOU are responsible for the final decision.



posted on Jul, 14 2011 @ 11:25 AM
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Originally posted by inforeal
Why are you folks always so arrogant and disrespectful to people. The guy gives us some inside info and you know it all's mock him.

Well, the info to me makes sense and if folks knew anything about the economy they would understand that this OP is talking truth.

For two years economists have been warning us that there was going to be a second round of foreclosures on regular mortgages and now it seems to be coming.

Good OP!


The moral of this story: Buy your ammo online.

Or, actually go out and socialize, then casually pass on information you received and be mocked.

The funny part is, OP probably lost half of the readers as soon as they read the words "buying ammo, local gun shop"

I'm surrounded by diehard liberals here in CA who look at you like you're Jared Loughner if you even mention owning a firearm.

Unrealistic, judgmental, idealists.

Hope Obama bails you out when society collapses and the riots start. I suppose you can always just speak condescendingly at the gangs of people who are taking your food and your wife.
edit on 14-7-2011 by WhiteDevil013 because: (no reason given)



posted on Jul, 14 2011 @ 11:28 AM
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1.2 Trillion in home default is not the big kahuna. Right now shopping centers around the country are going into default which are going to leave banks with another big hit. Banking as we know it is over. The US government is not in a position to do anything about bank bailouts again. They shot that bullet and don't have another one. In fact, the US government is now toying with default (as predicted 3 years ago when they took responsibility for the banks). Basically, we have no mathematical model that can prevent total economic collapse. However, we don't know what a total economic collapse actually means because we have never had one before.

This whole thing actually illustrates the validity of the bible which proves the mathematical model of borrowing can not be sustained over a long period of time. The bible talks about a jubilee year (every 50 years where debts are obliterated). www.growthingod.org.uk...

However, jubilee is not a method of achieving socialism where living beyond any reasonable means is the accepted way as endorsed by the Kenyan Obama. Socialism and jubilee are not the same thing.

Because the world does not have a jubilee concept, we are forced into economic collapse instead. Again, we don't know what that means. The US was set up as a ponzi scheme over the past 4 years to prop up failed banks and a failed economic system so it doesn't look good because all it did was kick the can down the road to where we are today. Now they want to raise the debt ceiling and kick it down the road another few months.

Unfortunately, spending reduction alone will not solve the problem. Nor will raising taxes. The problem is mathematical compounding of debt interest. The only way to solve this is through inflation. However, if inflation is allowed to run rampant, then that can have a negative impact on the economy as well because much of the population is now on fixed incomes and may not be given inflationary raises (especially in this political climate).

Some of the easy targets of course is military spending, etc. etc. (again spending reduction as a means of solving the problem). Or social spending if you are on the other side of the political basket case.

My take on it is that something else is going to happen at the same time this economic trouble is brewing (why I am not a proponent of a reduction in defense spending). What ever it is it could not be good. But unfortunately, that is Murphy's law. It is not just arbitrary, others prey on weaknesses of adversaries and the US has adversaries.

In otherwords, I would keep a positive attitude and be flexible because no one knows for sure how it is all going to play out. America is far from being a total victim here. There is a lot that can be brought to bear. We have an enormous military, we have very ingenious people (outside of the media), we have a lot of natural resources so it is far from being an unstopable disaster. It is just that the status quo might change somehow. You have to be like the Irish that came here with the shirts on their back and took a homestead in Oklahoma or the Mormons that walked to Utah. You just have to have a good attitude.



posted on Jul, 14 2011 @ 11:29 AM
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When you sign your note, you give the bank the entire amount due. Your promissory note becomes a check for the entire amount of your mortgage. So the bank is paid in full at closing. In addition, you continue to make payments to a servicer who then distributes more money to the entity who never LOANED you a dime. The banks also securitize your mortgage to make additional money in addition to the full price you paid them, and the monthly payments. The banks were then given TARP funds because they could make it look like they were an injured party. Fraud. Straight out fraud and no one does a thing to stop it.



posted on Jul, 14 2011 @ 11:31 AM
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reply to post by RevRay
 


While I do not disagree with your feelings, destroying the property could lead you to further problems not related to the original issues.

Although, being from a construction background there are things you can do. You can make the property out of code, preventing resale and costing the banks even more money. In some places, and depending on building codes, you could make cuts in the concrete slab(if applicable) and cut through any plumbing that is in the concrete. There are venting codes for water heaters and furnaces that must meet certain standards. There are plumbing standards that must be met.

The building codes are public knowledge and you can get your hands on the codes and you can modify the property to not meet the codes. This will force the bank to spend money to bring the property back to code. IMO, cutting the concrete slab is one of the better ones because in some demographics, water lines and drainage cannot be cut and must be full runs without any connections. This alone could force the bank to have rip up the entire slab to fix the pipes. Concrete slabs can be very costly, especially when it is on an existing property.

Just my 2 cents.
edit on 14-7-2011 by Skewed because: (no reason given)



posted on Jul, 14 2011 @ 11:34 AM
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Originally posted by OutKast Searcher
I'm curious who everyone is blaming for this?

Do you blame the banks?

Or do you blame the lawyers and home owners?


I blame the lawyers and home owners. They aren't paying their agreed upon mortgage...and they hire a lawyer to use a technicality to be able to stop a foreclosure. So they are responsible for creating this huge stockpile of houses that will eventually go on the market. It isn't a matter of IF these houses will eventually be officially foreclosed and put on the market...it is WHEN. And it sounds like the WHEN may come for all of these homes at one single time. It comes down to PERSONAL responsibility...and these home owners have none...and it will be the ruin of our country.

The one thing I disagree with from the original information is that the banks going out of business...I think the banks are wanting to be able to write these down as a loss...that will be good for the banks.


Did the home owner hold a gun to the banks head and demand the mortgage?

The banks knowingly created the problem. It used to be that one had to prove they could afford the mortgage and put down a lot of money to show good faith in repaying it. What happened to that concept? The lenders changed the rules because it would make them richer.

This wouldn't have happened had the banks not been greedy and created mortgages they knew wouldn't be repaid and sold it with a AAA rating attached to it to some sucker.

Both are responsible but the banks are the ones that created the mess in the first place. They had the money to lend and the RESPONSIBILITY to reasonably be sure it was going to be repaid. They shirked this responsibility in favor of scamming someone else down the line and pocketing more and more money. Screw them!
edit on 14-7-2011 by MegaMind because: (no reason given)



posted on Jul, 14 2011 @ 11:35 AM
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Originally posted by WhiteDevil013

Originally posted by inforeal
Why are you folks always so arrogant and disrespectful to people. The guy gives us some inside info and you know it all's mock him.

Well, the info to me makes sense and if folks knew anything about the economy they would understand that this OP is talking truth.

For two years economists have been warning us that there was going to be a second round of foreclosures on regular mortgages and now it seems to be coming.

Good OP!


The moral of this story: Buy your ammo online.

Or, actually go out and socialize, then casually pass on information you received and be mocked.

The funny part is, OP probably lost half of the readers as soon as they read the words "buying ammo, local gun shop"

I'm surrounded by diehard liberals here in CA who look at you like you're Jared Loughner if you even mention owning a firearm.

Unrealistic, judgmental, idealists.

Hope Obama bails you out when society collapses and the riots start. I suppose you can always just speak condescendingly at the gangs of people who are taking your food and your wife.
edit on 14-7-2011 by WhiteDevil013 because: (no reason given)


lol I would not be surprised if your right. lol best part of the story is i was buying in a CA gun shop in the bay area. So the owner has to be striate shooter, no pun intented, to keep his shop open. CA is always looking for ways to close down these gun stores.

Thanks for the support
edit on 14-7-2011 by camaro68ss because: (no reason given)



posted on Jul, 14 2011 @ 11:44 AM
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reply to post by OutKast Searcher
 


How about the personal responsibility of the bankers?

They are the ones who designed and defined the market the homeowners found themselves in. They deliberately obfuscated the language of the contracts, marketing them to folks who quite literally couldn't read them. By couldn't read them, I mean they were able to read the words but not understand the significance of them because they lacked the experience and culture necessary.

The banks deliberately took advantage of these people so as to be able to sell the same house more frequently, generate tax benenfits for themselves, and create enough confusion to be able to sell the same thing several times by calling it different things to different buyers. When the frauds were exposed, they blackmailed the Treasury into giving them yet more trillions. And in all this they didn't produce a single tangible thing.

Where the hell is their "personal responsibility"?

You defend soicopaths.



posted on Jul, 14 2011 @ 11:46 AM
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I don't think we have sane people in the White House. I know a lot of Americans believe in the Obama math but I can assure you the math isn't there.

A logical person would be like a person in Libya or the Gaza strip. Be prepared for war. There is nothing wrong with stocking ammo, food, water, etc. and making alternative plans for the status quo of America. The status quo is up in the air because felons are running loose. Alternative plans include communicating with the sane. Don't let the insane pretend they are sane when they are obviously not.

These Obama inmates are now running the asylum. They have kicked out the guards. They have burned the dining facility. They have their own leadership cabinet (those who have not left) and they are making demands on the rest of the world to bring them pizza and cigarettes while they hold the small people hostage.

It is not a good situation.



posted on Jul, 14 2011 @ 11:46 AM
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reply to post by MegaMind
 



Did the home owner hold a gun to the banks head and demand the mortgage?


Did the banks force the home owner to sign on the dotted line? If you agree to pay something, and then can't...who's fault is that.

You can try to twist it all you want, but greedy people bought houses they knew they couldn't afford. The Banks aren't these peoples mommies...it isn't the banks job to hold their hand and bottle feed them.

People got greedy...and went to banks (who's business it is to make money) and asked for a lone that would make the banks money.

PERSONAL RESPONSIBILIY.



The banks knowingly created the problem. It used to be that one had to prove they could afford the mortgage and put down a lot of money to show good faith in repaying it. What happened to that concept? The lenders changed the rules because it would make them richer.


Any salesmen will try to sell you more than you need or can afford...it is up to the individual to be RESPONSIBLE for their own actions.


This wouldn't have happened had the banks not been greedy and created mortgages they knew wouldn't be repaid and sold it off to some sucker with a AAA rating attached to it.


This wouldn't have happend had the home owners not been greedy and agreeed to mortgages they knew the couldn't repay...but they can't be left behind while all their friends are buying bigger and bigger houses...they must keep up.


Both are responsible but the banks are the ones that created the mess in the first place. They had the money to lend and the RESPONSIBILITY to reasonably be sure it was going to be repaid. They shirked this responsibility in favor of scamming someone else down the line and pocketing more and more money. Screw them!


The banks are responsible for taking the risk and the possibility of foreclosing on the house. They are not responsible for the home owners...they are not responsible for their actions...they are not responsible if idiot home owner bought a house they really couldn't afford buy using an unconventional loan...all so they could live outside their means and feel like they were living the high life.


The banks can't loan out money if people aren't willing to take those loans.



posted on Jul, 14 2011 @ 11:52 AM
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If things break down more, we may need to look at a new confederacy of solvent states vs. those who continue down the Obama path of more and deeper socialism, spending and debt.

We are basically in the same position we were in circa 1858 or the Soveit Union was in circa 1986. It means the sane people have to start exploring alternate realities to the status quo.

It is most dangerous, because it is becoming systemic. What I mean by systemic is that the society at large has no way of controlling events individually. It is how complete lunatics like Hitler came into power and being allowed to by otherwise sane members of society.

When experts spotted that Obama was a Kenyan with forged documents, the Congress and Courts said nothing, so they will not say anything when more nefarious things happen like economic collapse because they now have a precedent of keeping their mouths shut.



posted on Jul, 14 2011 @ 11:53 AM
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