Foreclosure has been taking a tole on America as well as the rest of the world. Im here to make a difference! Millions of Americans are unemployed and if you are part of this or need some DAILY income then this is probably a good start for you! Make $20+ an hour with online marketing. No get rich quick scheme. Honest pay for honest work! If interested you can check out my webpage!
If I was paying what I thought I would be paying, what I was led to believe I would be paying, I'd have zero problems with my mortgage. We recently discovered that our original loan brokers ( an " Option One " store front ) were not licensed. We also discovered that Deutsch Bank is the mortgage holder, only after hiring legal help. Since the Presidents efforts, dealing with the third party "collector" has become much more civilised. Once I was told that our mortgage wasn't under US bank rules !
Who cares what happens to these banks. How does foreclosure help building back the economy? These victims are not going to stop exposing this until its resolved. If they dont like being on the hot seat then fix the problem. Is this supposed to be their bailout answer? Foreclose on everybody and resell their house then collect the losses from the FDIC? What a circle jerk!
These politicians know good and well that their meddling and the law of unintended consequences has created this mess. This is nothing more than political theater.
Our fascist government would not steal my tax money and give it to insolvent banks only to then force the same banks to "recognize their losses". Lets not delude ourselves--IT WILL NOT HAPPEN. Displays such as these by our "concerned" elected officials is simply theater. And when public outrage mounts and these empty suit, payroll recipients are thrown out of office, they are simply replaced by another set of empty suits. Hopefully Wikileaks does a number on BofA--until then we're on our own...
North2016 is right-on, but I'll go a step further: the whole US govt has become a big tangled hollow ball of greedy liars weaving and spinning lies to dupe citizens on behalf of corporations, the fed, and the department of defense. Shut your mind and go have babies and pay taxes! Better yet, enlist in the imperial military! And don't forget to go deeply into debt! And if you have any money left, spend it at Christmas time. That's all she wrote.
The only government action which needs to be taken in regard to the financial crisis is to prosecute crimials REGARDLESS OF HOW WEALTHY THEY ARE. Clawback the loot and give it to victims of the crime. Instead, since 2008 the government has been bent on making sure that crime pays, at least for bankers. And anyone wonders why we are in trouble??? The same problem exists in Europe, where recently Ireland collapsed just to make sure that European bankers can keep looting the people.
The American people would rather go to the shopping malls and sit home and watch football games and drink beer then to fight back against the multinational corporations. Americans are weak.
@thesoothsayers They are like sheep being led to slaughter. I don't think they will wake up. Most Americans are very uneducated in the first place, and especially about finance. They should be teaching high school students about financing, how to balance a checkbook, and how to live within your means.
Yes, you are right. I think we are doomed. They won't teach these things in school because they want to brainwash the drones on how to work like slaves and spend their way into oblivion.
And if The FOUR (4) big, WHOLESALE banks in USA get the wobbles, so does the $USD. - All of the other nations that are TOO DEPENDENT on USA, will also get the wobbles !! - This is a good time to spread your foreign-trade risks. US-America is in a precarious position right now. Do NOT be over-expossed to USA risk right now. -
Just walk away from all your debts. The banks need the payments to maintain the illusion of solvency. The gov't is not helping, I say we crash the banking system, so we can start over.
@jimjaas Who is stupid? The history of the world is the history of class struggle. Ordinary people do not decide policy. They follow trends... at best. Why do we have high unemployment? Duh... the giant corporations make everything in China... it's it that hard to figure out? Just go to the store and see where everything is made. So it is just arbitrage... exploiting the difference in values from one market to another, in this example labor.
@jimjaas We are more lazy than stupid. Americans would rather watch football, mtv, and play around on facebook and text our friends instead of learn something that would make our lives better, and protect us from the greedy corporations. This country is doomed.
The wealthy are trying to crush the middle class. Serfs and smurfs come to mind here. We just as well be living in medieval times.Serfdom is the socio-economic status of unfree peasants under feudalism, and specifically relates to Manorialism. It was a condition of bondage or modified slavery which developed primarily during the High Middle Ages in Europe.
Get on with their lives? This jerk sounds like that jack___ that used to work for BP? remember what happened to him?. Truth is the titles to the homes and car and student loans should have been delivered to the people who are going to be taxed to pay back the bailouts, why not?
They are stealing our money and funneling it to the WORLD BANKS AND WORLD ORGANIZATIONS so that they can destroy our country and then take it over- They are destroying the US and laughing their butts off at us!
@nathuwjohn I agree! Congress bailed out these banks against the real will of the people. This is what the taxpayers get in return from the banks. Some deal eh? But can you see all the help the people are getting? These banks should have been told tough luck and let them fail. Let them see how it is to be out of job.
@dreamspirit11 one problem is that when the SEC and other regulators are forced to investigate these criminal outfits, they only get a slap on the wrist-a fine that is much less than they have made. I swerved over a one foot yellow line and when i went to court, along with everyone else in the courtroom, we were threatened with jail time..
@JidfHAHAHA Silver bullets are the answer. I would agree. Because the average person cannot afford to buy stockpiles of silver and gold -- forget about that pipe dream -- but everyone can afford a few silver bullets..
This is not just what the banks are doing, it is YOUR TOTAL AND COMPLETE GOVERNMENT. The USA is already defunct. It is gone, folks! The old rules no longer apply. Credit worthiness stands for nothing anymore. The dollar is gone. Your government is filled with ghosts. We are a dead society.
Did Obama not just make a statement a little over a month ago that we're out of a recession? What a fucking load...and I swear to god if a republican comes in here and says that Mccain would've done better I will shoot somebody.
Why are they 'UNDERWATER'? Because our once great nations have been bankrupted and turned into vessels shipwrecked on the Sea of Souls controlled by the UNIVERSAL POSTAL UNION in Berne, Switzerland. All commerce is controlled by Oleron Law based on VATICAN CANON LAW. The entire financial system is controlled by the Knights of Malta and Opus Dei controlled by the Equestrian Order of the Holy Sepulchre of Jersualem. In 1314 all Templar powers went to the KNIGHTS OF MALTA. Wake up QUICK!
The top crooks of this world are exposing themselves. They keep trying to prop up their debt control scam but it gets harder and harder untill we all see ROTHSCHILD and stop these JEW debt scams of USURY perpetuated against all of humanity. Its time for a cool change.
LOAN MODIFICATIONS ARE A FRAUD. NPV MEANS YOU ONLY GET HELP IF YOUR HOUSE IS UPSIDE DOWN. YOU ONLY GET HELP IF THE BANK CAN TAKE MORE MONEY FROM YOU THAT WAY. --> HAMP means OBANA made it legal to steal your home.
My friends - Can you handle the truth? --- GOOGLE --- [CAJeffO Blog Index] / SEE: Page#1 / SEE: Issue#3 // Find Reference Info & Videos.
We've been had. We've all been had. And, the banks have known for 100 years. This whole thing is a land grab & to control us. This is not a drill. We all need to be better informed. My notes are published. Use them
@CaJeffO Good let the banks pay all the extorted theft so called property tax to their own puppet government. The joke is on you we never owned the property anyway we just rented it for what ever they charged in property tax dont believe me dont pay the extorted theft called property tax and see if your landlords will let you stay in that home you think you own.
2 the government is doing absolutely nothing about it.
they all get together though with these bullshit government hearings that are nothing more than a dog and pony show for the masses to say look we are doing something when they are actually doing nothing mre than business as usual with americans getting the shaft...
@hellshade2 Nailed it! "Dog and pony show" is RIGHT!! Tester may seem like a good guy in this vid, but he voted for extending the Patriot Act. They are ALL in on the globalization scam, and you'd better wake up.
Thanks for this fine upload, kdenninger. Keep up the fight!
@hellshade2 What do you mean the government is doing nothing about the banks robbing US citizens? The government CREATED this housing bubble. The government GAVE the banks taxpayer's money. The government isn't "doing absolutely nothing about it", they're the ones robbing us and giving it to the bankers!
@paradigmentropy tell me you are not this stupid, the government did not create the housing bubble they are just aiding and abetting the banks that did. i did'nt think i needed to go into that since it was fairly obvious. sheesh!
@hellshade2 You didn't actually "go into that", you just called me stupid and disagreed with me without providing any evidence that contradicts my statement. Preferably without the ad-hominem this time, would you be kind enough to elaborate?
@paradigmentropy i don't have to elaborate,it's there plain to see. don't blame me if you can't see it. the government deregulated a lot of this over the past 20 years and people in the banking industry found a way to exploit it and then the government bails them out after they stole peoples money which amounts to them stealing more taxpayer money with the governments approval and help. simple enough for you?
@paradigmentropy i don't have to elaborate,it's there plain to see. don't blame me if you can't see it. the government deregulated a lot of this over the past 20 years and people in the banking industry found a way to exploit it and then the government bails them out after they stole peoples money which amounts to them stealing more taxpayer money with the governments approval and help. simple enough for you?
@paradigmentropy i don't have to elaborate,it's there plain to see. don't blame me if you can't see it. the government deregulated a lot of this over the past 20 years and people in the banking industry found a way to exploit it and then the government bails them out after they stole peoples money which amounts to them stealing more taxpayer money with the governments approval and help. simple enough for you?
@paradigmentropy i don't have to elaborate,it's there plain to see. don't blame me if you can't see it. the government deregulated a lot of this over the past 20 years and people in the banking industry found a way to exploit it and then the government bails them out after they stole peoples money which amounts to them stealing more taxpayer money with the governments approval and help. simple enough for you?
@paradigmentropy i don't have to elaborate,it's there plain to see. don't blame me if you can't see it. the government deregulated a lot of this over the past 20 years and people in the banking industry found a way to exploit it and then the government bails them out after they stole peoples money which amounts to them stealing more taxpayer money with the governments approval and help. simple enough for you?
@paradigmentropy also i did'nt actually call you stupid though i may have implied it by asking you to tell me you were not that stupid. there is a difference...
I have posted this youtube at piggybankblog com under "BofA News Today, " where I created a place for all those who have been abused by Bank of Destroying America's potentially irregular, fraudulent and simply abusive home loan modification process.
@North2016 I toally agree!! I wish these constituents would wake the f##k up and stop arguing left or right, repubs or dems, because their all in it together.
@North2016 This is all based on the Rico I stated to a judge in the State of Arizona after finding the banking records of me deceased in 2006. The current attorney president dba Obama is engaged in Bank One fraud and needs to be removed and indicted. Firstar Metropolitan Bank in 1999 had the estate of Honey R Siegal deceased created to fund with Bank of America, Wells Fargo Bank, Fidelity,Security Title Agency etc. the Bankster regime with kickbacks to courts.I can reverse it. Honey Robin Siegal
This is rich bankers bailing out rich bankers on your credit card. It's called an oligarchy - a group of powerful folks who have basically hijacked government.
Banks want the Homeowner NOT to make payments so they would default.. Then the bank is guaranteed the insurance payoff.... Yes, the mortgages are insured against default.. Its a Big Scam.. the banks are doing everything they can to minimize the damage that is coming.. Housing is about to crash hard.. Just wait until interest rates rise. All this mortgage backed paper is severely overvalued. The market will find its equilibrium but not before a huge move to the downside for housing. get ready!!!
@cheneygottagun "and yet, u pay taxes." Not me.... The answer lies within the payment of taxes. Obviously ALL of the legislators are working for the big guys instead of the people who voted them into office. When my child doesn't do his chores, he gets no allowance. The entire country should just stop paying taxes in order to send a message that will be heard.
Only IDIOTS call this capitalism. This is what Adam Smith and others have been complaining about for hundreds of years. This is mercantilsm our unvanquished foe!
"How can any law be just, that allows people to do through government, that which would be considered illegal or immoral when done individually"
Top Wall Street bank Goldman Sachs has been charged with financial fraud in a move that raises the prospect of a wider crackdown on firms that bet on the collapse of the housing market
The civil suit accused Goldman of "defrauding investors by misstating and omitting key facts" about a financial product based on subprime mortgage-backed securities
The securities were a key contributor to the financial crisis because many contained risky mortgages
@USBankruptcy printing cost money, they digitize in secret at no cost, loaning the money at usury to the very government that should have created it to start with, then selling this crooked loan to the Chineese to create wars. So the Chinaman think the American man owes him some money what a joke.... Rothschild we know your money scam you and all your jew supremisists can go to hell.
You are completely CORRECT...If you pay your mortgage on time you WON'T get a re-finance loan modification..!!! But, that means you'll be setting yourself up for a FORECLOSURE!!!
A raping of America..a Gang Rape of America is taking place..!!
WOW! Simply amazing, good post. Thank you for keeping us informed. It is good to have watchful eyes. My advice, buy some Gold and Sliver and start stocking up on FOOD! We are in for the ride of our lives, coming at a town near you!
can someone explain what this means.....to an ignorant fool like myself...the bank is really broke....but is still functioning?......and can hide this foreever?....
When the crooks own the judiciary and the government how could you possibly expect accountability? All you can expect is cover ups and swindling. This is how ALL criminals operate - they will do anything to cover up and conceal their theft. No heads are going to roll from a system controlled by the criminals - ever.
Shit has hit the fan. I'm waiting until student loans default because of all of the college graduates who are jobless can't pay. We're all %(*# because guess who back those student loans.....
Denninger has an EGO PROBLEM. He is so insecure and so questions his own intelligence or other people's perception of his intelligence or lack therof, he has to clamor about being right all the time, told ya so, been sayin it for 3 years, blah,blah,blah.He is so much for rights of citizens and freedom, wonder how long till he CENSORS MY COMMENTS?
@metropool I don't give a shit about Denninger's ego problem. Looks to me, since you post this ad hominem, you may have one yourself. All I care about is that he keeps his drum beat going on the unprosecuted fraud going on, and for that I praise him.
What a scam from start to finish. The banks foreclose and collect the insurance on the mortgage, then sell it and buy the homes back for pennies on the dollar.
And because they were too cheap to register the homes with the State or County, and more than likely no house taxes were paid ,it is questionable who even owns the homes. Anyone that took out a mortgage when Mers was in effect could be in big trouble!
What a great job you are doing Karl Denninger. I have increasing respect for your efforts - and the results that you, Ives Smith, ZHers and others are getting.
Then let the responsible/prudent pick up the reigns and run new banks to take their place. Our government told us two years ago that "now is not the time to prosecute the criminals" now two years has passed and nothing has been fixed. We want...No, we DEMAND that the people responsible are placed in prison for the harm they've created worldwide. All ill-gotten gains seized in the process!
"CitiMortgage may reatain 25% of the net proceeds received from a mortgagor pursuant to a deficiency action as compensation for proceeding with the deficiency action."
I want it in SIMPLE ENGLISH you fecking financial feckers! I'm so sick of this shit.
Why does the video count still say 301 views? It said that 5 hours ago and there are 40 more likes (thumbs up) and several more comments. Why does YouTube pretend the views are lower????????
I know someone who BofA is pulling the same scam on that Senator Tester described. BofA just sold them to another mortgage service who called them up saying that they now owe the monies for the time BofA wouldn't let them pay - on top of the original mortgage. And of course, the new servicer has lost the paper work for the modification from BofA, so now they have to resubmit. Sad.
So, if 40% of 50 million is not in MERS, the all of MERS is foreclosure no? My second is held in a security, this guy is full of shit, no? The Accounting Board could change the way a bank reports the loss, take if off BS like all the other loans!!
The US financial system was mortally wounded 10 years or so ago. All that the witch doctors have been able to do has been to pump in the Adrenalin in large doses to keep the heart pumping. They're now out of Adrenaline, you know what comes next. Hospice anyone.
Al Gore & Corporate friends set to make billions off of the Global Warming Scam
Al Gore is chairman and founder of a private equity firm called Generation Investment Management (GIM). According to Gore, the London-based firm invests money from institutions and wealthy investors in companies that are going green. Generation Investment Management, purchases -- but isnt a provider of -- carbon dioxide offsets GIMs founding partners are studded with officials from Goldman Sachs.
I really wish that they (banks including the frb) would just implode already. I feel the consquences of that happening would be somewhat disruptive, however, maybe it would teach us Americans that there is nothing for free, it MUST be learned and earned.
Every state must reject all contracts (including the 'money' and the Constitution) and all treaties to which they are a party as fraudulent and no longer in their interest. A declaration of absolute sovereignty as an alodial geographical area with a society (states population) holding full immunity on the grounds "of a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States."
The problem is that the banks created the money to loan us for our mortgages out of nothing. They only have to keep reserves of 10 percent the rest is created out of nothing.
You and I pay interest on these loans to banks for money they never had.
"40% of mortgages are unsecuritized...and we dont know how many mortgages there are"...so...is 40% a liberal or conservative number?
i can take you to new neighborhoods where the number of empty (walked away from) homes are 50 % ..these homes have been empty over a year some up to 2 years and not a single one is up for sale....why?...because the banks cannot write them down without it becoming common knowledge that they are insolvent....all the banks are busted
@konshoff, "...The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the PRIME reason for the Revolutionary War."
good video with lots of good points, strange to add but the FBI new in 2004 of the impending housing outcome, strange how they did not a thing to stop it be for it happens. then after it did happen, Still the FBI dont go Locking people up? my new "war pigs with a twist" video says it all.
They don't know, precisely, how many mortgages their are in this country, to which he admits is a gross regulatory failure, but something between 50-60 million. He says 40% of them are "non-securitized", which is a euphamizm for "under water"; technically meaning that the amount of principle owed on the note, the debt, exceeds the value of the property itself.
I am a lawyer. I've been saying this for at LEAST 10 years. But no one would listen to me.
This is a bomb with a short fuse and it i lit.. doesn't matter which way it goes, same outcome.. economic destruction. What's the solution? whatever it is, it is certainly NOT staying the course. let the banks fail, write mortgages down to their true value as determined by the MARKET or write them all off all together.. people argue that this will cause pension funds, hedge funds, retirement funds, and financial companies to go bankrupt.. guess what, they already ARE.. time to face the truth!
@Eraser7622 No. It's a bomb, with a very, very long fuse. Just look at how Japan is still living with an insolvent banking system 20 year on.
What you are suggesting about taking losses and letting the MARKET decide basically makes it a game of musical chairs, people scrambling for the seats. Of course the only ones that would get them are the connected insiders and YOU AND I GET SCREWED.
No. Study Japan if you want to understand our the future of our financial system.
Lol.. you've been drinking the MSM kool-aid if you believe we will experience ANYTHING like Japan's lost decade.. There are almost NO parallels between the US today and Japan in the 90's.. the US is the reserve currency, that alone makes it entirely different. Japan was and nation of savers and still is, the US is using borrowed/created money, again entirely different. The US is the world's biggest economy.. Japan wasn't 100trillion in debt.. didn't have trade deficits.. c'mon!
@Eraser7622 LOL he probably thinks we'll experience deflation like Japan because Ben Bernanke said so.
You're totally right, culture is completely different. Japanese people generally do not live above their means like the Americans. They're people who save their $
For the idiots:
Japan is also an export based country. The US is the exact opposite, we practically import everything, therefore printing money/inflation will actually harm the average american as the cost of living goes up.
Sounds good but its just another show. This is the end game. The banks got what they want. Money to buy gold, silver and foreign currency more valuable than USD. In addition they'll get all of the property when people default. The overlords win. I hope that I will be proven wrong one day.
@medini2 I watched it. My understanding of the video is that when a debtor enters into an agreement they are committing a crime. I'll watch a couple more times but as of now I don't understand the significance. I'm not arguing with it or you just don't understand it clearly.
"Heads have to roll", Mister Senator? Yeah right. Just more grandstanding and LIES! You guys are in on it! Your heads will roll if you don't start protecting the people. You have sold us out for the bankers. There will come a day when true justice is served.
@LAMilner No. But they are all worthless. If they write down losses on the firsts through a "workout", they immediately have to recognize 100% losses on the seconds.
@codediporpal They would be more like 50% losses. A 300K loan, might only be worth 150K. To me Bernanke/Congress are trying to inflate the bankers losses away. Thus the new home will be worth 300K in 2012 dollars, but really worth 150K in 2009 dollars.
They actually told me this as well here in Illinois. I argued with them for hours about stupid crap like this that they were telling me. Bunch of dumbasses.
@ashag28: They aint seeing shit from my heloc I can tell you that much. They may as well just start marking that bitch at zero because my house aint worth shit anymore.
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dailypaymachine 1 month ago
If I was paying what I thought I would be paying, what I was led to believe I would be paying, I'd have zero problems with my mortgage. We recently discovered that our original loan brokers ( an " Option One " store front ) were not licensed. We also discovered that Deutsch Bank is the mortgage holder, only after hiring legal help. Since the Presidents efforts, dealing with the third party "collector" has become much more civilised. Once I was told that our mortgage wasn't under US bank rules !
vladdrac88 2 months ago
and still yet....nothing has changed.
RequiemForChange 2 months ago
PROTOCOLS OF ZION
Robbing and destroying USA is part of MUCH BIGGER plan!!!!
ComancheChiefSD 8 months ago 2
Who cares what happens to these banks. How does foreclosure help building back the economy? These victims are not going to stop exposing this until its resolved. If they dont like being on the hot seat then fix the problem. Is this supposed to be their bailout answer? Foreclose on everybody and resell their house then collect the losses from the FDIC? What a circle jerk!
dancat4 9 months ago
I know ONE guy who isn't under water with his mortgage: Sen. Michael Bennet (D-Colorado).
TadRapidly 11 months ago
These politicians know good and well that their meddling and the law of unintended consequences has created this mess. This is nothing more than political theater.
bertly71 11 months ago
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MoniRokse 1 year ago
Our fascist government would not steal my tax money and give it to insolvent banks only to then force the same banks to "recognize their losses". Lets not delude ourselves--IT WILL NOT HAPPEN. Displays such as these by our "concerned" elected officials is simply theater. And when public outrage mounts and these empty suit, payroll recipients are thrown out of office, they are simply replaced by another set of empty suits. Hopefully Wikileaks does a number on BofA--until then we're on our own...
Aceload 1 year ago
North2016 is right-on, but I'll go a step further: the whole US govt has become a big tangled hollow ball of greedy liars weaving and spinning lies to dupe citizens on behalf of corporations, the fed, and the department of defense. Shut your mind and go have babies and pay taxes! Better yet, enlist in the imperial military! And don't forget to go deeply into debt! And if you have any money left, spend it at Christmas time. That's all she wrote.
Zeugitai 1 year ago 3
You MUST get Glass Steagall (google it!) and get rid of FED.
Immediately...
Federal reserve is a monster!
Illegal printing YOUR "money" of air, uncovered, demanding interest rates.
How can this function?
If FED claiming 5%, where should these 5% come from?
So they print and print to get more interests...
It is play money for the Banxters to speculate your taxpayers efforts, worth the value it is printed on in debts (we trust)
Naturheikt 1 year ago 2
Key info @ 2:40: Partial Transcript:
So if they started writing-off their second-lien mortgages, they would have no capital left- they would be insolvent.
And that creates a strong incentive not to recognize losses and to do extended, uh, and just try and pretend they are not there."
And these guys have the audacity to take not only a hefty salary, but an outsized bonus too!
M104AMG 1 year ago
Wow and people here in America still don't see a problem.
1focusedGirl 1 year ago
The only government action which needs to be taken in regard to the financial crisis is to prosecute crimials REGARDLESS OF HOW WEALTHY THEY ARE. Clawback the loot and give it to victims of the crime. Instead, since 2008 the government has been bent on making sure that crime pays, at least for bankers. And anyone wonders why we are in trouble??? The same problem exists in Europe, where recently Ireland collapsed just to make sure that European bankers can keep looting the people.
SSedmak 1 year ago
The American people would rather go to the shopping malls and sit home and watch football games and drink beer then to fight back against the multinational corporations. Americans are weak.
thesoothsayers 1 year ago
@thesoothsayers They are like sheep being led to slaughter. I don't think they will wake up. Most Americans are very uneducated in the first place, and especially about finance. They should be teaching high school students about financing, how to balance a checkbook, and how to live within your means.
PorscheB06 1 year ago
@PorscheB06
Yes, you are right. I think we are doomed. They won't teach these things in school because they want to brainwash the drones on how to work like slaves and spend their way into oblivion.
thesoothsayers 1 year ago
All part of the plan. If you do not know the plan, this would make no seance.
StigmataBOB1 1 year ago
Snowandrews 1 year ago
Just walk away from all your debts. The banks need the payments to maintain the illusion of solvency. The gov't is not helping, I say we crash the banking system, so we can start over.
scjtraveler 1 year ago 4
We did that to ourselves.
Nobody forced us to do that.
We were the superpower, unmatched and unprecedented, and yet, we were the sole perpetrators of our demise.
We destroyed ourselves.
Why are we so stupid?
jimjaas 1 year ago
@jimjaas Who is stupid? The history of the world is the history of class struggle. Ordinary people do not decide policy. They follow trends... at best. Why do we have high unemployment? Duh... the giant corporations make everything in China... it's it that hard to figure out? Just go to the store and see where everything is made. So it is just arbitrage... exploiting the difference in values from one market to another, in this example labor.
scjtraveler 1 year ago
@jimjaas We are more lazy than stupid. Americans would rather watch football, mtv, and play around on facebook and text our friends instead of learn something that would make our lives better, and protect us from the greedy corporations. This country is doomed.
PorscheB06 1 year ago
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@jimjaas POWER corrupts... absolute power corrupts absolutely...
KoolBloo 1 year ago
That guy is definitely gay.
thatstheguy07 1 year ago
@thatstheguy07 LOL
PorscheB06 1 year ago
The wealthy are trying to crush the middle class. Serfs and smurfs come to mind here. We just as well be living in medieval times.Serfdom is the socio-economic status of unfree peasants under feudalism, and specifically relates to Manorialism. It was a condition of bondage or modified slavery which developed primarily during the High Middle Ages in Europe.
dreamspirit11 1 year ago
Get on with their lives? This jerk sounds like that jack___ that used to work for BP? remember what happened to him?. Truth is the titles to the homes and car and student loans should have been delivered to the people who are going to be taxed to pay back the bailouts, why not?
ngonea 1 year ago
NO MORE FREAGIN BAILOUTS!!!! $0!!!
They are stealing our money and funneling it to the WORLD BANKS AND WORLD ORGANIZATIONS so that they can destroy our country and then take it over- They are destroying the US and laughing their butts off at us!
nathuwjohn 1 year ago 3
@nathuwjohn I agree! Congress bailed out these banks against the real will of the people. This is what the taxpayers get in return from the banks. Some deal eh? But can you see all the help the people are getting? These banks should have been told tough luck and let them fail. Let them see how it is to be out of job.
dreamspirit11 1 year ago
@dreamspirit11 one problem is that when the SEC and other regulators are forced to investigate these criminal outfits, they only get a slap on the wrist-a fine that is much less than they have made. I swerved over a one foot yellow line and when i went to court, along with everyone else in the courtroom, we were threatened with jail time..
nathuwjohn 1 year ago
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nathuwjohn 1 year ago
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If these banks get another BAILOUT, this will be the END OF AMERICA.
nathuwjohn 1 year ago 2
Don't gather the information bit give us a couple trillion!
oldwarhorse1865 1 year ago
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ITS OKAY I RENT
JoeyDiesHere 1 year ago
THe gov doesn;t care that their business partners (the banksters) are ripping people off. They have ENABLED them for years
DeathKorps94 1 year ago
You could see it on his face from 2:26-2:28...we're fucked.
TruthfullyRude 1 year ago
Heres how the elite bankers and overlords really see the rest of us!!!!!
33rddegreefilms 1 year ago
@JidfHAHAHA Silver bullets are the answer. I would agree. Because the average person cannot afford to buy stockpiles of silver and gold -- forget about that pipe dream -- but everyone can afford a few silver bullets..
regardingme1 1 year ago
This is not just what the banks are doing, it is YOUR TOTAL AND COMPLETE GOVERNMENT. The USA is already defunct. It is gone, folks! The old rules no longer apply. Credit worthiness stands for nothing anymore. The dollar is gone. Your government is filled with ghosts. We are a dead society.
regardingme1 1 year ago
Did Obama not just make a statement a little over a month ago that we're out of a recession? What a fucking load...and I swear to god if a republican comes in here and says that Mccain would've done better I will shoot somebody.
TruthfullyRude 1 year ago
@TruthfullyRude ROFLMAO...."shoot", tooo funny
meltdown53 1 year ago
This is the worst drone synth song I've ever heard.
mcdoots 1 year ago
They're ALL Bankrupt!
clearasvodka 1 year ago
Why are they 'UNDERWATER'? Because our once great nations have been bankrupted and turned into vessels shipwrecked on the Sea of Souls controlled by the UNIVERSAL POSTAL UNION in Berne, Switzerland. All commerce is controlled by Oleron Law based on VATICAN CANON LAW. The entire financial system is controlled by the Knights of Malta and Opus Dei controlled by the Equestrian Order of the Holy Sepulchre of Jersualem. In 1314 all Templar powers went to the KNIGHTS OF MALTA. Wake up QUICK!
anunnaki2006 1 year ago
The top crooks of this world are exposing themselves. They keep trying to prop up their debt control scam but it gets harder and harder untill we all see ROTHSCHILD and stop these JEW debt scams of USURY perpetuated against all of humanity. Its time for a cool change.
TheTime4solutions 1 year ago 2
LOAN MODIFICATIONS ARE A FRAUD. NPV MEANS YOU ONLY GET HELP IF YOUR HOUSE IS UPSIDE DOWN. YOU ONLY GET HELP IF THE BANK CAN TAKE MORE MONEY FROM YOU THAT WAY. --> HAMP means OBANA made it legal to steal your home.
zboy812 1 year ago 2
I wonder if we put all these bankers in jail, they would suddenly come up with a magical solution.
JoeThePhilosopher 1 year ago
is there anyone that did not fall for the banks to good to be true loans? Besides me.
trotwoodtrouble 1 year ago
My friends - Can you handle the truth? --- GOOGLE --- [CAJeffO Blog Index] / SEE: Page#1 / SEE: Issue#3 // Find Reference Info & Videos.
We've been had. We've all been had. And, the banks have known for 100 years. This whole thing is a land grab & to control us. This is not a drill. We all need to be better informed. My notes are published. Use them
CaJeffO 1 year ago
@CaJeffO Good let the banks pay all the extorted theft so called property tax to their own puppet government. The joke is on you we never owned the property anyway we just rented it for what ever they charged in property tax dont believe me dont pay the extorted theft called property tax and see if your landlords will let you stay in that home you think you own.
TheTime4solutions 1 year ago
yep i'd say there is about 2 main problems
1 is the banks are robbing us and
2 the government is doing absolutely nothing about it.
they all get together though with these bullshit government hearings that are nothing more than a dog and pony show for the masses to say look we are doing something when they are actually doing nothing mre than business as usual with americans getting the shaft...
hellshade2 1 year ago 37
@hellshade2 Exactly!
dreamspirit11 1 year ago
@hellshade2 Nailed it! "Dog and pony show" is RIGHT!! Tester may seem like a good guy in this vid, but he voted for extending the Patriot Act. They are ALL in on the globalization scam, and you'd better wake up.
Thanks for this fine upload, kdenninger. Keep up the fight!
GregDiablo 11 months ago
@hellshade2 What do you mean the government is doing nothing about the banks robbing US citizens? The government CREATED this housing bubble. The government GAVE the banks taxpayer's money. The government isn't "doing absolutely nothing about it", they're the ones robbing us and giving it to the bankers!
paradigmentropy 1 week ago
@paradigmentropy tell me you are not this stupid, the government did not create the housing bubble they are just aiding and abetting the banks that did. i did'nt think i needed to go into that since it was fairly obvious. sheesh!
hellshade2 1 week ago
@hellshade2 You didn't actually "go into that", you just called me stupid and disagreed with me without providing any evidence that contradicts my statement. Preferably without the ad-hominem this time, would you be kind enough to elaborate?
paradigmentropy 1 week ago
This has been flagged as spam show
@paradigmentropy i don't have to elaborate,it's there plain to see. don't blame me if you can't see it. the government deregulated a lot of this over the past 20 years and people in the banking industry found a way to exploit it and then the government bails them out after they stole peoples money which amounts to them stealing more taxpayer money with the governments approval and help. simple enough for you?
hellshade2 1 week ago
This has been flagged as spam show
@paradigmentropy i don't have to elaborate,it's there plain to see. don't blame me if you can't see it. the government deregulated a lot of this over the past 20 years and people in the banking industry found a way to exploit it and then the government bails them out after they stole peoples money which amounts to them stealing more taxpayer money with the governments approval and help. simple enough for you?
hellshade2 1 week ago
This has been flagged as spam show
@paradigmentropy i don't have to elaborate,it's there plain to see. don't blame me if you can't see it. the government deregulated a lot of this over the past 20 years and people in the banking industry found a way to exploit it and then the government bails them out after they stole peoples money which amounts to them stealing more taxpayer money with the governments approval and help. simple enough for you?
hellshade2 1 week ago
This has been flagged as spam show
@paradigmentropy i don't have to elaborate,it's there plain to see. don't blame me if you can't see it. the government deregulated a lot of this over the past 20 years and people in the banking industry found a way to exploit it and then the government bails them out after they stole peoples money which amounts to them stealing more taxpayer money with the governments approval and help. simple enough for you?
hellshade2 1 week ago
This has been flagged as spam show
@paradigmentropy i don't have to elaborate,it's there plain to see. don't blame me if you can't see it. the government deregulated a lot of this over the past 20 years and people in the banking industry found a way to exploit it and then the government bails them out after they stole peoples money which amounts to them stealing more taxpayer money with the governments approval and help. simple enough for you?
hellshade2 1 week ago
@paradigmentropy also i did'nt actually call you stupid though i may have implied it by asking you to tell me you were not that stupid. there is a difference...
hellshade2 1 week ago
Comment removed
hellshade2 1 week ago
I have posted this youtube at piggybankblog com under "BofA News Today, " where I created a place for all those who have been abused by Bank of Destroying America's potentially irregular, fraudulent and simply abusive home loan modification process.
My name is John Wright and I AM FIGHTING BACK!
John Wright
piggybankblog com
bofalawsuit 1 year ago 2
This is all a charade for the constituents, these congressional WHORES are in bed with the Fraudclosure banking pimps on Capitol Hill...
North2016 1 year ago 31
@North2016 I toally agree!! I wish these constituents would wake the f##k up and stop arguing left or right, repubs or dems, because their all in it together.
OnlyGreatness007 1 year ago
@North2016 This is all based on the Rico I stated to a judge in the State of Arizona after finding the banking records of me deceased in 2006. The current attorney president dba Obama is engaged in Bank One fraud and needs to be removed and indicted. Firstar Metropolitan Bank in 1999 had the estate of Honey R Siegal deceased created to fund with Bank of America, Wells Fargo Bank, Fidelity,Security Title Agency etc. the Bankster regime with kickbacks to courts.I can reverse it. Honey Robin Siegal
HoneySiegalSurvivor 7 months ago
This is rich bankers bailing out rich bankers on your credit card. It's called an oligarchy - a group of powerful folks who have basically hijacked government.
betadryl 1 year ago 3
But who do we prosecute? A corporation? Put paper in jail...
This system is so crooked.
awarepatriot 1 year ago
@awarepatriot The board of directors and all officers will do just fine.
JonVonTruthSeeker 1 year ago
see when I warned everyone about this days ago no one believed me. NO WHO 'S LAUGHING?
pulsescan72 1 year ago 3
Banks want the Homeowner NOT to make payments so they would default.. Then the bank is guaranteed the insurance payoff.... Yes, the mortgages are insured against default.. Its a Big Scam.. the banks are doing everything they can to minimize the damage that is coming.. Housing is about to crash hard.. Just wait until interest rates rise. All this mortgage backed paper is severely overvalued. The market will find its equilibrium but not before a huge move to the downside for housing. get ready!!!
TeMpTeK1 1 year ago
@cheneygottagun "and yet, u pay taxes." Not me.... The answer lies within the payment of taxes. Obviously ALL of the legislators are working for the big guys instead of the people who voted them into office. When my child doesn't do his chores, he gets no allowance. The entire country should just stop paying taxes in order to send a message that will be heard.
mobiltec 1 year ago 2
Only IDIOTS call this capitalism. This is what Adam Smith and others have been complaining about for hundreds of years. This is mercantilsm our unvanquished foe!
"How can any law be just, that allows people to do through government, that which would be considered illegal or immoral when done individually"
Frederic Bastiat
NicosMind 1 year ago
Gore's Carbon Credit Business Pals in action
Top Wall Street bank Goldman Sachs has been charged with financial fraud in a move that raises the prospect of a wider crackdown on firms that bet on the collapse of the housing market
The civil suit accused Goldman of "defrauding investors by misstating and omitting key facts" about a financial product based on subprime mortgage-backed securities
The securities were a key contributor to the financial crisis because many contained risky mortgages
Thisawareness 1 year ago
But the FED keeps printing.
USBankruptcy 1 year ago 4
@USBankruptcy printing cost money, they digitize in secret at no cost, loaning the money at usury to the very government that should have created it to start with, then selling this crooked loan to the Chineese to create wars. So the Chinaman think the American man owes him some money what a joke.... Rothschild we know your money scam you and all your jew supremisists can go to hell.
TheTime4solutions 1 year ago
Senator...
You are completely CORRECT...If you pay your mortgage on time you WON'T get a re-finance loan modification..!!! But, that means you'll be setting yourself up for a FORECLOSURE!!!
A raping of America..a Gang Rape of America is taking place..!!
DsmB2007 1 year ago 2
WOW! Simply amazing, good post. Thank you for keeping us informed. It is good to have watchful eyes. My advice, buy some Gold and Sliver and start stocking up on FOOD! We are in for the ride of our lives, coming at a town near you!
PastorDowell 1 year ago 3
Start buying SRS & SKF. It's our turn to profit from the banks now.
rkng2000 1 year ago
can someone explain what this means.....to an ignorant fool like myself...the bank is really broke....but is still functioning?......and can hide this foreever?....
undekegamisou 1 year ago
If the whole world paid off their debt, their would be no capital left. FIAT currency = Debt
betadryl 1 year ago 4
There's no hope of ever owning real estate in their banking system (even if payed in full, cash up front).
The game is rigged.
The 'American dream' was nothing more than a 'carrot on a stick' leading everyone into the cage of socialism.
MikePresents2 1 year ago 2
man not only do you have your shit togeather when it comes to understanding the world of finance .....you sir are a brave patriot ringing the bell...
blossombogart2 1 year ago
When the crooks own the judiciary and the government how could you possibly expect accountability? All you can expect is cover ups and swindling. This is how ALL criminals operate - they will do anything to cover up and conceal their theft. No heads are going to roll from a system controlled by the criminals - ever.
hac5x3 1 year ago
What the hell is the ominous droning in the background? Is that really necessary?
mechtech256 1 year ago
Shit has hit the fan. I'm waiting until student loans default because of all of the college graduates who are jobless can't pay. We're all %(*# because guess who back those student loans.....
crazendisturbed 1 year ago 2
This is a great video. I watched it twice. The banker in this is really candid and clear.
pirucreek 1 year ago
I think the solution may be to make debt illegal. You have to buy homes in cash.
pirucreek 1 year ago
@pirucreek Islamic banks charge simple, not compound interest.
DavidAKZ 1 year ago 2
Prentend that they arent there" Isnt that special.
EMPIRE0FLIES 1 year ago
i'm scared, mommy
shroomingnewman 1 year ago
Denninger has an EGO PROBLEM. He is so insecure and so questions his own intelligence or other people's perception of his intelligence or lack therof, he has to clamor about being right all the time, told ya so, been sayin it for 3 years, blah,blah,blah.He is so much for rights of citizens and freedom, wonder how long till he CENSORS MY COMMENTS?
metropool 1 year ago 3
@metropool I don't give a shit about Denninger's ego problem. Looks to me, since you post this ad hominem, you may have one yourself. All I care about is that he keeps his drum beat going on the unprosecuted fraud going on, and for that I praise him.
codediporpal 1 year ago 2
@metropool The worst thing you can do is believe your own shit. I think it is otherwise called conformational bias.
DavidAKZ 1 year ago
@metropool ....what is YOUR problem?? If you don't like Denninger, then keep your head up your ass and and don't watch.
VeriSheri 1 year ago
Thank U Karl!
Wizeguy525 1 year ago
Tired of mouths moving. Time for cuffs clacking. Stop these talks and put pen to paper and the booking stations.
Anothercoilgun 1 year ago
What a scam from start to finish. The banks foreclose and collect the insurance on the mortgage, then sell it and buy the homes back for pennies on the dollar.
And because they were too cheap to register the homes with the State or County, and more than likely no house taxes were paid ,it is questionable who even owns the homes. Anyone that took out a mortgage when Mers was in effect could be in big trouble!
sarahsgift1 1 year ago
Check out the article on Zerohedge entitled : The Nine Most "Inconvenient" RoboSigning Admissions BofA Would Love To Disappear
sarahsgift1 1 year ago
I would not have seen this. Thank u for posting D.
zzz292041 1 year ago
What a great job you are doing Karl Denninger. I have increasing respect for your efforts - and the results that you, Ives Smith, ZHers and others are getting.
Don't ever stop.
illyia 1 year ago
Capitalism says...LET THE BANKS FAIL.
Our law says...PLACE THE FRAUDSTERS IN PRISON.
Then let the responsible/prudent pick up the reigns and run new banks to take their place. Our government told us two years ago that "now is not the time to prosecute the criminals" now two years has passed and nothing has been fixed. We want...No, we DEMAND that the people responsible are placed in prison for the harm they've created worldwide. All ill-gotten gains seized in the process!
seantube21 1 year ago
Short banks sounds good and pencils out nice but I question how one would collect on an ETF if the too bigs did fail?
And we all know they have failed were it not for FASB bs and an uber compliant government
seabizzy 1 year ago
"CitiMortgage may reatain 25% of the net proceeds received from a mortgagor pursuant to a deficiency action as compensation for proceeding with the deficiency action."
I want it in SIMPLE ENGLISH you fecking financial feckers! I'm so sick of this shit.
mcgrawtim123 1 year ago
Should of never bailed out the banksters and the investors. Investing should have risk, without risk no one wins.
scanlonized 1 year ago
Why does the video count still say 301 views? It said that 5 hours ago and there are 40 more likes (thumbs up) and several more comments. Why does YouTube pretend the views are lower????????
dink65 1 year ago
I know someone who BofA is pulling the same scam on that Senator Tester described. BofA just sold them to another mortgage service who called them up saying that they now owe the monies for the time BofA wouldn't let them pay - on top of the original mortgage. And of course, the new servicer has lost the paper work for the modification from BofA, so now they have to resubmit. Sad.
gat867 1 year ago
the music makes it intense..like.
SuperPleroma 1 year ago
So, if 40% of 50 million is not in MERS, the all of MERS is foreclosure no? My second is held in a security, this guy is full of shit, no? The Accounting Board could change the way a bank reports the loss, take if off BS like all the other loans!!
419boyos 1 year ago
@419boyos MERS is not a holding company/bank/etc. I think you've misunderstand the purpose of MERS and why it was created.
rasoros 1 year ago
So, if 40% of 50 million is not in MERS, the all of MERS is foreclosure no? My second is held in a security, this guy is full of shit, no?
419boyos 1 year ago
So, if 40% of 50 million is not in MERS, the all of MERS is foreclosure no?
419boyos 1 year ago
obama=bush jr.=puppets for the bankers, MIC.
PAZ0619 1 year ago
Great post of sad truth!
slhines7 1 year ago
The US financial system was mortally wounded 10 years or so ago. All that the witch doctors have been able to do has been to pump in the Adrenalin in large doses to keep the heart pumping. They're now out of Adrenaline, you know what comes next. Hospice anyone.
62636263c 1 year ago
Look at all these suits talking like they know something. delusions of grander.
Give that fat boy a shovel and let him do some real work
chriswroads 1 year ago
@chriswroads you're missing the point.
disc64 1 year ago
@disc64 No I get it. Usury sucks. But everybody else seems to be ok with it.
So then what? Is it the evil peoples fault for steeling or the stupid peoples fault for being taken advantage of? I given up worrying about it.
chriswroads 1 year ago 2
Al Gore & Corporate friends set to make billions off of the Global Warming Scam
Al Gore is chairman and founder of a private equity firm called Generation Investment Management (GIM). According to Gore, the London-based firm invests money from institutions and wealthy investors in companies that are going green. Generation Investment Management, purchases -- but isnt a provider of -- carbon dioxide offsets GIMs founding partners are studded with officials from Goldman Sachs.
Thisawareness 1 year ago
@Thisawareness Yeap. Carbon pricing to be based on trading derivatives.
DavidAKZ 1 year ago
The house of cards continues to grow.
frankcoffee 1 year ago
@MrStephenRBrown
Screw those clowns...They run paper markets that purport GOLD.
Let them blow themselves up...after all, this is where it is all heading...
I know which side I want to be on when they realize that paper does NOT = Metal...
Game over friend...
Ponzi schemes are rampant these days...and the mother of all PONZI's is the US Gooberment and all its associated Paper Rackets.
doobsta 1 year ago
I really wish that they (banks including the frb) would just implode already. I feel the consquences of that happening would be somewhat disruptive, however, maybe it would teach us Americans that there is nothing for free, it MUST be learned and earned.
coveteran 1 year ago
How much longer can this charade go on?
Julia4a 1 year ago
Shorting the banks via an ETF - Any thoughts?
I cannot see anyway out of this other than to nationalize the banks.
carter102 1 year ago
@carter102 Wondering the same thing - sounds like shorting would work really well, but I'm no expert...
mouthpiece200 1 year ago
@carter102 buy foreign currency
DavidAKZ 1 year ago
@carter102, Anyway out of this?
Every state must reject all contracts (including the 'money' and the Constitution) and all treaties to which they are a party as fraudulent and no longer in their interest. A declaration of absolute sovereignty as an alodial geographical area with a society (states population) holding full immunity on the grounds "of a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States."
MikePresents2 1 year ago
Good stuff Karl, keep'em coming.
stealinator 1 year ago
"shall be drawn to the gallows, not walking or carried.."
Dewdaahman 1 year ago
Buy GOLD!!!!
doobsta 1 year ago
The problem is that the banks created the money to loan us for our mortgages out of nothing. They only have to keep reserves of 10 percent the rest is created out of nothing.
You and I pay interest on these loans to banks for money they never had.
CosmosPrivateer 1 year ago
im betting that 1st mortgages are just as bad as the seconds....the "emperor has no clothes"...but who is going to tell him?
centervilletn 1 year ago
"40% of mortgages are unsecuritized...and we dont know how many mortgages there are"...so...is 40% a liberal or conservative number?
i can take you to new neighborhoods where the number of empty (walked away from) homes are 50 % ..these homes have been empty over a year some up to 2 years and not a single one is up for sale....why?...because the banks cannot write them down without it becoming common knowledge that they are insolvent....all the banks are busted
centervilletn 1 year ago
It is amasing that some people are just realising, we have a problem.
StigmataBOB1 1 year ago
it aint over till people start going to jail..and as of yet no one is going to jail and as i see it none of them ever will
centervilletn 1 year ago
Did this hearing take place today? If it didn't why hasn't something been done?
allaroundtown 1 year ago
At this point, the only modification we need in this country is in Washington DC.
konshoff 1 year ago 5
@konshoff, "...The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the PRIME reason for the Revolutionary War."
Benjamin Franklin
MikePresents2 1 year ago
good video with lots of good points, strange to add but the FBI new in 2004 of the impending housing outcome, strange how they did not a thing to stop it be for it happens. then after it did happen, Still the FBI dont go Locking people up? my new "war pigs with a twist" video says it all.
BeAnEarthNut 1 year ago
Comment removed
BeAnEarthNut 1 year ago
They don't know, precisely, how many mortgages their are in this country, to which he admits is a gross regulatory failure, but something between 50-60 million. He says 40% of them are "non-securitized", which is a euphamizm for "under water"; technically meaning that the amount of principle owed on the note, the debt, exceeds the value of the property itself.
I am a lawyer. I've been saying this for at LEAST 10 years. But no one would listen to me.
Maatdrummer1 1 year ago 2
This is a bomb with a short fuse and it i lit.. doesn't matter which way it goes, same outcome.. economic destruction. What's the solution? whatever it is, it is certainly NOT staying the course. let the banks fail, write mortgages down to their true value as determined by the MARKET or write them all off all together.. people argue that this will cause pension funds, hedge funds, retirement funds, and financial companies to go bankrupt.. guess what, they already ARE.. time to face the truth!
Eraser7622 1 year ago
@Eraser7622 No. It's a bomb, with a very, very long fuse. Just look at how Japan is still living with an insolvent banking system 20 year on.
What you are suggesting about taking losses and letting the MARKET decide basically makes it a game of musical chairs, people scrambling for the seats. Of course the only ones that would get them are the connected insiders and YOU AND I GET SCREWED.
No. Study Japan if you want to understand our the future of our financial system.
codediporpal 1 year ago
@codediporpal
Lol.. you've been drinking the MSM kool-aid if you believe we will experience ANYTHING like Japan's lost decade.. There are almost NO parallels between the US today and Japan in the 90's.. the US is the reserve currency, that alone makes it entirely different. Japan was and nation of savers and still is, the US is using borrowed/created money, again entirely different. The US is the world's biggest economy.. Japan wasn't 100trillion in debt.. didn't have trade deficits.. c'mon!
Eraser7622 1 year ago
@Eraser7622 LOL he probably thinks we'll experience deflation like Japan because Ben Bernanke said so.
You're totally right, culture is completely different. Japanese people generally do not live above their means like the Americans. They're people who save their $
For the idiots:
Japan is also an export based country. The US is the exact opposite, we practically import everything, therefore printing money/inflation will actually harm the average american as the cost of living goes up.
BlackThought415 1 year ago
Sounds good but its just another show. This is the end game. The banks got what they want. Money to buy gold, silver and foreign currency more valuable than USD. In addition they'll get all of the property when people default. The overlords win. I hope that I will be proven wrong one day.
dershope 1 year ago 13
@dershope anyone who challenges a mortagage can be thrown into prison for life.
find a yt vid called banking partners in crime....alfalfa31's channel, or in my fav list.
medini2 1 year ago
@medini2 I watched it. My understanding of the video is that when a debtor enters into an agreement they are committing a crime. I'll watch a couple more times but as of now I don't understand the significance. I'm not arguing with it or you just don't understand it clearly.
dershope 1 year ago
"Heads have to roll", Mister Senator? Yeah right. Just more grandstanding and LIES! You guys are in on it! Your heads will roll if you don't start protecting the people. You have sold us out for the bankers. There will come a day when true justice is served.
magichandpuppet 1 year ago 2
All of the second mortgages (~$400B) are in default?
LAMilner 1 year ago
@LAMilner No. But they are all worthless. If they write down losses on the firsts through a "workout", they immediately have to recognize 100% losses on the seconds.
codediporpal 1 year ago
@codediporpal They would be more like 50% losses. A 300K loan, might only be worth 150K. To me Bernanke/Congress are trying to inflate the bankers losses away. Thus the new home will be worth 300K in 2012 dollars, but really worth 150K in 2009 dollars.
pirucreek 1 year ago
UU361: That was the single greatest post I have read on any forum in a long time. Kudos.
escrotumus 1 year ago
Going by what this guy says, the loss would be LESS than $400 billion, given that they are currently valued at that price.
jhardknox 1 year ago
They actually told me this as well here in Illinois. I argued with them for hours about stupid crap like this that they were telling me. Bunch of dumbasses.
squirreljester2 1 year ago
so what will happen once the banks except the fact that they will never see money from lines of credit and second mortgages?
ashag28 1 year ago
@ashag28 The Fed will just print more money for them, which they already have started doing.
squirreljester2 1 year ago
@ashag28: They aint seeing shit from my heloc I can tell you that much. They may as well just start marking that bitch at zero because my house aint worth shit anymore.
escrotumus 1 year ago
Well, they will rob us more if they are in fact bankrupt. Can you say "bailout"?
jhardknox 1 year ago
so, in laymans terms... what could/will happen now ??
atomichockey 1 year ago
Great Job with the heads up..you know they won't tell us until it 's too late..Thank You
Parkway1432 1 year ago
The Financial Reform bill does away with going to Congress asking for a bailout where they go DIRECTLy to the fed to get their bailout money.
Drav1212 1 year ago