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Bill Moyers Takes Us to the Heart of the Mortgage Meltdown

Posted by Bill Moyers and Rick Karr, Bill Moyers Journal at 12:51 PM on July 25, 2008.


Moyers Journal travels to ground zero of the mortgage crisis - Cleveland, Ohio.

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Correspondent Rick Karr takes viewers to Slavic Village, one of the hardest hit neighborhoods in the nation when it comes to the spate of foreclosures caused by the subprime mortgage crisis.


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View:
Flint Nation
Posted by: mbianco on Jul 25, 2008 9:33 PM   
Current rating: Not yet rated    [1 = poor; 5 = excellent]
Wow, I felt like I was watching "Roger and Me" again. Flint, MI here we come!

[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

NOW he has a magic wand . . .
Posted by: Sedona96 on Jul 26, 2008 10:59 AM   
Current rating: Not yet rated    [1 = poor; 5 = excellent]
How is the government going to protect the deposits when IT is broke?

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» RE: Create money out of thin air Posted by: rfrancis@godisdead.com
Heartless
Posted by: willymack on Jul 26, 2008 11:47 AM   
Current rating: 5    [1 = poor; 5 = excellent]
How else can you describe those in congress and in the senate who are more interested in bailing out the greedy bastards responsible for this tragedy than the victims of their greed? Does a clearer picture of who's side they're on need to be drawn? November is rapidly approaching, folks. Let's throw out as many of the crooks as we can.

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The Federal Reserve of Cleveland Supported the Loans So They Would Own the Properties
Posted by: rfrancis@godisdead.com on Jul 26, 2008 4:59 PM   
Current rating: 5    [1 = poor; 5 = excellent]
In order to understand why the Federal Reserve supported predatory landing practices you have to understand what the end result of default mortgages and belly up banks will be.


The very large banks, the ones that won't ever fail, that make up the Federal Reserve, engineer deals to take over operations of these belly up banks.

When making these deals the very large banks manage to buy the debts of the old banks for pennies on the dollar with the rest of the money to cover those debts being created out of thin air by the Federal Reserve, increasing the money supply, causing inflation and decreasing the purchasing power of everyone's dollar. All the while these very large banks are getting all the belly up bank's assets.


Now those very large banks own large swaths of land that down the road they will sell for way more than they ever paid for it.


In the end the biggest players in the game, these very large banks that make up the Federal Reserve, end up winning the most from these schemes.


That is what they don't want you to know and notice no one managed to connect those dots in the video.

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Personal Responsibility is the Most Important Lesson Here Though
Posted by: rfrancis@godisdead.com on Jul 26, 2008 5:13 PM   
Current rating: 3    [1 = poor; 5 = excellent]
People need to educate themselves about the loans they are taking out.

You can't expect society to be good honest people doing the right thing.

People aren't like that, live and learn, and read! So it doesn't happen to you again.

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Simple Solution..that would have saved Billions maybe Trillions..
Posted by: TJColatrella on Jul 26, 2008 10:22 PM   
Current rating: 5    [1 = poor; 5 = excellent]
We could have solved this by pegging the Sub Prime Mortgages at 3% above the Fed Rate and or Prime Rate not to go below 6.25-6.5% and forgiving all penalties to date..

Then not one dime of Tax Payer money would have been involved and the lenders would not have lost money and the people the vast majority would have stayed in their homes..sparing the disaster that's coming for the rental market when upwards to 4 million families go through foreclosure and eviction..

As long as Bush and these other idiots held out the promise of bailouts of billion hundreds of billions to these sleazy bankers and lenders there was no reason for them to go along with such a simple easy plan that would have also saved our shrinking dollar...!

Simple as that..

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