Foreclosing on America

There are currently 111 Million households in the United States, of which 67% are owner-occupied, single-family housing units; this equates to 74 Million homeowners.

The Government acknowledges that about 6.5% of these households are in the foreclosure process, which would mean, if we accept for argument that the Government has not downplayed the problem, that approximately 4 Million, 810 Thousand homes are currently facing foreclosure and a like number have already been foreclosed.

This does not include apartment complexes and commercial property!

How did we get in this mess?

In February 2004 several banks and traders from Wall Street met in the offices of Deutsche Bank to “create” the sub prime model. Those banks that were involved in the initial planning of the Sub Prime Mortgage Securitization were Deutsche Bank, JP Morgan Chase, Goldman Sachs Group Inc., Bear Stearns, and Citigroup Inc.

The Group was able to deal in securities and to create this failed model, loaning money to people that had no means of repaying those loans, because of one man, Allen Greenspan, (previously a Director at JP Morgan) and the crusade of the Banks to repeal the Glass Steagall Act.

Glass Steagall was enacted in 1933 during the height of the most devastating Depression our country has experienced prior to 2008.

Again this Depression was caused by Wall Street and the greed of Bankers that have placed this country in the middle of another great Depression, and the Federal Reserve System who completely lacked oversight, allowed this to happen!

This is not an issue of incompetence it is an issue of deception; Bankers buying the favors of Congress, their lobbyists, paying Millions of dollars in legal Bribes for the favors they ask. That favor was the repeal of the Glass Steagall Act, accomplished in 1999 by a Republican Congress and a Democrat in the White House who signed the bill.

The citizens of our country, have been used by the Bankers whose motivation have been profit driven. We have been stripped of our assets, both our homes and our businesses, and our economy devastated by economic war, generated by Wall Street and its insatiable appetite and greed, even the price of oil was driven by the Bankers futures market.

Our working class has been disenfranchised as their jobs were promoted first to Mexico, then to China leaving good jobs out of the reach of some 22 Million American workers, a legacy of the Bush/ Reagan socialist plan for One World Governance.

As the domino effect collapses the American Banking System, Congress came to their aid; in return, the Banks gave our politicians the money to run their campaigns for public office. We, the Taxpayers, are expected to bail out our enemy. They devastate our economy, take our homes, and we pay for the privilege of allowing this to occur.

As of this writing, Congress has made gifts of over 1.5 Trillion Dollars of Taxpayers’ money to Wall Street Banks, investment Houses, Credit Card Providers and insurance Companies. More than 135 banks so far have gained taxpayer aid; Credit Card Giant American Express received $3.39 Billion. And commercial finance company CIT Group received $2.33 Billion.
Wells Fargo, U.S. Bancorp and Bank of America collectively received $46.6 Billion. JP Morgan Chase also reached for the green spoon.

At least 14 banks receiving taxpayer help are privately held banks that do not have publicly traded stock.

In addition, the following regional banks sold preferred equity stakes to the Federal Government, in an expected expansion of the already failed program to stabilize the U.S. banking system: KeyCorp, Huntington Bancshares, Fifth Third Bancorp, SunTrust Bank, Comerica, Northern Trust and Capital One Financial all agreed to participate in the program, in which the Treasury Department will invest $250 Billion in capital from the Troubled Asset Relief Program, (TARP), into banks for the purpose of encouraging what the Government has termed “stalled lending.”

PNC Financial Group acknowledged it had accepted a $7.7 Billion investment through the program, as it agreed to a $5.7 Billion deal to acquire National City. Capital One and SunTrust announced the two largest investments, with $3.55 Billion and $3.5 Billion, respectively. Fifth Third accepted a $3.4 Billion infusion, KeyCorp took in $2.5 Billion, Comerica got $2.25 Billion, Northern Trust received $1.5 Billion and Huntington garnered $1.4 Billion.

We should understand that the Asset Relief Program sponsored by Congress and to be paid by us is only the beginning. The real purpose of this bailout is to allow the Banks to continue foreclosing on American homeowners.

Congress was created to protect the public, so why is Congress aiding the Banks and Insurance Companies and other large businesses and not you- the consumer?