As Foreclosure Nightmares Increase, Will More Homeowners Pay Off Their Bankers in Violence?

Again, Please Add Wells Fargo to Your Banks That Bilked America List and got bailed out for their coniving.

Just wanted to give credit where credit is due.

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Interesting that Wells Fargo should be mentioned--a little story about them. At a meeting of Century 21 realtors here in California--the housing bubble's ground zero--a Wells Fargo representative was present. If you think these companies are grateful for the trillions in bailout money from the middle class--think again. At this particular meeting, he declared that it is Wells' policy to never make a loan to anyone who has been involved in a short-sale transaction of their home--which of course would include the millions of former middle class homeowners who offered up their tax dollars to financial feudal lords like Wells, Bank of America, Chase....Get ready to be a serf on the big estate--formerly the Republic called the USA.

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As the communists say, "A capitalist will sell you the rope you hang him with."

Hating ACORN

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I find that I cannot condemn their actions. I don't think I would do such a thing in a similar situation, but...

""There's a growing sense from people that they don't feel they should have to hold up their end of contracts,""

In my opinion, they don't have to. Contracts are drawn up with other humans. When those contracts were signed, the homeowners THOUGHT they were dealing with humans, but the banks have shown well and truly since then, that they don't deserve that term. Not only that, but the banks got a second chance to act like humans, when the administration actually sent them money to use in working out mortgage agreements. They again forsook their human stance by refusing to do so -- for more, and fraudulent, profit. Foreclosing is cheaper than working mortgages out, for them. So they took that money too, and are still set on foreclosing, despite their agreements with both the homeowners and the government.

When people act like that, they deserve what they get.

Fuck them.

The code of mutual respect under the law has been broken, by the bank's predatory practices, and there is no reason to -- unilaterally -- act like a human yourself, when dealing with people who treat you like a worm in the dirt. The banks should have considered this before they acted as they did. They have no one to blame but themselves. The irony here, is that it's Republicans, almost exclusively, who own the banks, and Republicans are the ones who have soft-pedaled torture, as a way to solve life's problems. Now they're getting what they sowed.

There is still a way to deal with foreclosure short of torture, however. Just make them show you the deed that says they own your house. They won't have it, because they sent it overseas somewhere, or it's with the original lender -- and they have no idea who that is. They can't legally foreclose without it.

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"what has been a social norm -- if you incur a debt, you should pay it back." ---the most important comment you made.

Paying back your debt is not just a "social norm"!!! It is the very essence of the entire financial system!!!!!! There is even an expectation that the dollar bill in your pocket has a certain value, that you can use it in return for goods and services. Without the "expectation" that people will repay their debts, there is no financial system. We will return to bartering. is that what we really want? The entire world financial system is based on "promises".

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Its good that people are starting to take out their frustration on those who caused the problems. Hopefully, this will be the beginning of what happened during the great depression when people finally had enough and started taking out their anger on those who had economically raped them. If more people did this, there would be more action-purely for self-preservation if nothing else- to go back thte other way. The ultra-rich learned a lesson in the French Revolution centuries ago that even they didn't completely forget- if you go too far, the people will KILL you over it.

Hopefully, people on the other side of the equation haven't forgotten that lesson either... If you stick a knife into or hang enough nooses around the necks of those who hurt everyone enough, it produces action. I'm predicting we'll see-one way other- really soon.

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... as the numbers of the desperate and disenfranchised mount in the land of the well armed free, (just another word for nothin' left to lose), and home of the home-less, job-less, hope-less.

Gee, if only we had an expansive warfront to employ a bumper crop of rage.

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I find it interesting that the financial institutions (so many of which we so generously bailed out) are crying out for deregulation. If, indeed, we are to deregulate the banking industry, what would happen if we went a little further and deregulated the ability of consumers to react to the less-than-honorable tactics the banks use to separate people from their money?. Violence may be the first resort of a weak mind, but perhaps it should be considered as the last resort for someone who has been pushed to the brink by the (protected) greed of others. Just saying...

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Executives and Board Members of the biggest of the big.

As always, the peasants are relentlessy forced into deeper and deeper despair. With no recourse but violence.

Let's try not to let the wealthy turn us on each other.

Aren't we glad we have the 2nd Amendment?

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The press will just spin it:

http://americaspeaksink.com/2009/11/the-press-coverage

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The statement to not take the law into your own hands, follow the law, report abuses doesn't work for me and most others jammed up by this crisis brought on by the banks and Wall St. I have too many friends who did it all by the book, lost more money, got put aside, ignored, made promises and still lost their house while waiting for help. One is living in his van with his wife and two kids right now because his parents lost their home as well. Sometimes frontier justice is the only real remedy against these feudal lords who have put us all in financial slavery. An outright revolt in France when it was said by the wealthy, "Let them eat cake," brought down the entire country. Maybe its time for that revolution here.Wells Fargo should be on that list of moral bankrupt corporations. Obama (Like Nero)does Letterman while the US burns.

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>As Foreclosure Nightmares Increase, Will More Homeowners Pay Off Their Bankers in Violence?

Yes, a thousand times yes!

The top 1% of the United States need to understand that far from doing "God's work" their brand of socialism-at-the-top-only-capitalism has a very real price in terms of the violence it does to the other members of society.

The middle and lower classes pay the taxes. Then we are hoodwinked into complex financial instruments that bankrupt us. Meanwhile, the banksters play with money they don't actually have so we have to bail them out with taxpayer money. We are bankrupted and they exist without even the slightest oversight. We live on the streets like dogs while they receive record bonuses - all on the back of the money we gave them through our taxes. How can this possibly be fair?

Where is the social justice in the system demanded by the rhetoric one always hears about the United States as being the greatest nation on earth?

We are due to pay off the Savings and Loan scandal sometime in 2013 - but how long will it take our descendants to pay off this round of bailouts that extends into the multiple trillions of dollars? The government class is lavished with funds so that the two lower classes will be denied adequate health care or any real way out of economic misery. Our children can't find jobs so they become cannon fodder for the wars pursued by private interests abroad. This perfect storm of misery leaves millions of people suffering real physical harm because of the callous ways in which we are governed at the behest of the 1% that lobbies for this precise kind of arrangement - and they do it with out own tax dollars!

How could this end in any other way except for violence against the 1%? What can they possibly expect of people? A fear biting dog will bite you if you cornered and left with no alternative, and people are no different.

We have become a nation of fear biting dogs.

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Ummm, ok, tongue and cheek here to a degree, but aren't they torturing the wrong guys. Doesn't congress and the fed needs to be set straight. Listening to Kaptur, Elizabeth Warren, etc has taught me one thing. We are being betrayed by the people we elected to protect us from these very things. People talk endlessly about how we should fear the government when, in fact, it is precisely their job to protect us from the crooks and robber barons. It is their betrayal, all over the money trough from which they feed that has left us, as a nation, bankrupt.

I have this recurring fantasy in which all of us "joe average" folks out there simply stop paying our mortgages. Being who I am, I would save that money in my saving account (or under my mattress) and pay them, but only when they gave relief to those less able to pay then myself. I believe in the rule of law, I believe in fair contracts, but wouldn't t be great if we had some power too. Oh, yeah, and by the way, I lack the balls to do this.

Anyone have any good ideas out there?

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One method that I believe would have made a major difference in the handling of the housing crisis is the reduction of mortgage interest rates across the board to 1% for a period of four years. This would be applied to all loans, commercial and residential, good and bad.

The immediate effect this would have had is that suddenly all the foreclosures would have slowed dramatically because people could afford their payments again. Those people who weren't in trouble on their loans would see a major reduction in their payments too, and that money would have been poured into the economy rather than siphoned off to the banks.

Some of the "toxic assets" that the government has paid for are the high interest loans made to unsuspecting people. These loans would have their interest rates jump up to outrageous levels, some as high as 30%. A loan for $190K would reach $1.2M to pay it off at that rate. That should be criminal in itself.

Plus, another major side effect would be arresting the freefall in home values that occurs when large amounts of foreclosures happen. It would have been a win for the homeowners, the neighborhoods and the economy.

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I agree, this is the "Wild West"; however, the solution offered by the author will not remedy this situation--ever.

The author continues, "...The only way to do that is to give the American people's money back to them, rather than the white-collar vampires that are sucking them dry. The bailout, allegedly created to increase lending, has failed."

Wrong!

Money isn't the issue, and it never will be. After all, money is nothing more than a medium of exchange.

That said, our problem's are the direct result bad ideas, and all the money in the World will never fix a flawed ideology.

Until the American people, and their representative's in Congress, decide to drive a stake through the heart of Ronald Reagan's flawed ideology--radical deregulation and "trickle-down economics"--nothing will change.

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This satirical call for a national bank boycott has been taken much more seriously than intended.

Boycott Brigade

Clearly, there's a strong national mood growing to stick it to the banks.

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While I may agree with pretty much everything Thill has to say about the Goldman Sackers of the world, this article strikes me as irresponsible journalism. The story's angle is wholly hypothetical: Thill points to only two incidents; neither support the idea that bankers face vigilante justice by those they've swindled. Whether they portend an era of random "going foreclosure" rampages against innocent people--far more likely--remains to be seen.

The truth is that the criminals responsible for destroying millions of lives are safe from justice, vigilante or otherwise. Now that they are running their operations from the White House, we can pretty much rule out the possibility of federal indictments. And, let's face it, any future violence will be more of the same, innocent people gunned down by someone driven mad by impotent rage, despair, and humiliation.

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When people go postal they usually shoot the clerks, or sometimes their immediate bosses. Soldiers tended to frag the lieutenants in Vietnam.

Killing people who are sometimes grumpy and who make $20/hour does little for any known cause, except maybe for Negative Population Growth. Sometimes the nuts just want to blindly kill some people.

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Assholes in three thousand dollar suits can influence those elected to look after our best interests to do just the opposite.
Said assholes can rope so many of us in by promising the "American Dream" with variable rate mortages and other financial scams, then blame their hapless victims when they can't pay up.
So many foreclosed houses are left vacant because banks are lending (taxpayer) money to each other, and not those who'd like to buy a place to live, as the bailout was expected to do. Take a look at Detroit, for instance.
Many Americans just stand meekly by while being screwed over by obscenely wealthy CROOKS, both in the business world and the government.
If this were any other country, there would've been bloody riots and large sections of our major cities would be in ruins.
Why not here? Because something is terribly wrong, that's why.

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if weston and canez did anything wrong its that they didn't take their cause to the right place, jp morgan, citi bank, or certainly golden sacks.
but those corporations shouldn't worry keep treating us like crap and we'll be coming.

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Neither are these scams.

The scale is, of course. Mineral water that makes your hair grow and rain pills to make the water fall cost somewhere between pennies and dollars depending on your preferred charlatan or the crook you favor doing business with, and the time period in question. Here, several additional figures have been added to the left of the decimal, along with the mere promise to pay, rather than paying for foolish personal financial enterprises up front.

If you've been defrauded, then you should seek compensation. If you're a junior Warren Buffet who saw all your friends buying crap, track houses in out of the way places for twice to three times what they were worth, well...you got what you paid for. If you financed a crap house (why don't we just call it a cage for financially ignorant or foolish primates) with money you didn't have, knowing that you'd be charged 8, or 10, or 15% interest a few months after you moved in...well...didn't you know 15% interest on $100,000 (and some of you went to your shady lenders begging for 3 or 4 times that, no matter what it cost) would eat up most of your income?

Still, I'd rather have given every last penny of your Obama bucks to the citizens (all of us, not just the greedy ones who wanted a house they coudn't afford) than to see all of it wasted on Chicago, NY, and D.C. cronies by their democratic and republican allies in selling you the pot of gold at the end of the damn rainbow.

Rules to help you avoid scams:

1) If it looks too good to be true, it probably is.

2) If it looks particularly awful--i.e., an adjustable rate mortgage that you'll never pay off and will drain all of your disposable income for all of your life, IF you can find a way to manage it--well, that's probably bad, too.

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Our system of laws have come full circle. The sole purpose of an elected representative government is to protect the interests of the people it is elected to represent. Our government has become so corrupt that it does the exact opposite. It protects the predators at the expense of those whom it is supposed to protect. Bankruptcy "reform" for example, has changed a system that is designed to protect those who cannot meet their financial "obligations" to a system that protects the creditors from it's victim's financial demise. Our tax dollars which are supposed to be used to help the general population, especially in times of crises, have been stolen and used to protect the very people who caused the crisis. If a bank steals money from you, it's legal. But if you try to forceably take that money back, they can legally shoot you.

We the people have the power to legally take back our government through several means. It is up to us to do so and we absolutely must! Our government that was established to protect the people from predators now protects the predators from the people and uses the people's money to do so. Our government is no longer legitimate and no longer serves the purpose for which it was created. This cannot stand.

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mentioned in this article are a very real result of Republican conservative ideology and its effect on ordinary Americans. This is the kind of egregious activity that much of South America has put up with over many decades because of a great disparity in wealth. It results in a militarized environment and misery for both the poor and also the wealthy who don't dare step outside their doors without security men to protect them. Is that really what the US wants? That is what conservative ideology will create, no question about it.

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...that these parasites would even consider bargaining in anything remotely resembling good faith - a foreign concept to these leaches - without a little peril involved? After all, they have the law on their side. They spent good money to have it that way! (Finest democracy money can buy! We are putting the "mock" back into democracy!)

Sen. Marionette (R-Greed)dances to their tune. The pro business DLC greased the skids. The Bankruptcy Reform Act of 2005 was a bipartisan rape of America.

The average mortgage holder has no dog in this fight. S/He is victimized at every turn. It would be silly and stupid to say that they should turn to the authorities for relief! There comes a time when vigilantism is the correct and moral thing to do (think overturning the "Money Changers" tables of the New Testament stories, or Robin Hood for example).

I don't wish harm on a single soul, but if the people involved in perpetrating these scams had either courage or moral scruples, they would get out of the business before harm befalls them too. To say "it's only business, nothing personal" is to surrender your humanity.

To paraphrase an old "dirty hippie" saying, "What if they held a conspiracy to defraud and nobody showed up?" Victimize your fellow man and the consequences be yours alone. You have to really be "damaged goods" to knowingly and willingly commit fraud on your brothers and sisters.

May God have mercy. The banks have completely burned their goodwill and mercy.

Pax...
Pope Urban XXIII

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Thanks Scott Thill for highlighting the most important recent trend in Ownership: screw it up, face the music, turn to God.

It's almost like the Goldman Sachs elite have already tried and convicted themselves in their own minds, sent themselves to prison in their own minds, and then converted to Christianity for salvation - again, in their own minds.

Except, whoops, Matt Taibbi and John Arlidge caught some of them saying it out loud:

Matt Taibbi - "Goldman One-Ups Gordon Gekko, Says Jesus Embraced Greed"

John Arlidge - "I'm doing 'God's work'. Meet Mr Goldman Sachs"

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I mean really? Can you blame them for goin postal? Sometimes you just gotta say W T F and take care of business.

Jessup
Ultimate Anonymity

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As Mott The hoople sang it "Violence, violence, violence is the only thing that will make you see sense"

These thugs will never forsake their survival of the fattest habits until they are punched hard in the nose and knocked down cold

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While fortunes will be lost in the stock market meltdown, many new fortunes will be made in the mining stocks. Periods of danger and crisis are also periods of great opportunity. Always do your own due diligence. Gold is the safest currency in the world. The US dollar is safer then many currencies (for the time being), but it is still many light years behind gold, in terms of safety. The bankers make the financial rules (for the time being). The bankers don't want the public to buy anything they are not selling. When the bankers are ready to sell their gold, then they will order many thousands of financial advisors around the world to sell the US dollar and buy gold. The bankers will take the other side of that trade, and buy those US dollars in the greatest wealth transfer of all time. The Central Banks, the printing presses, taxes and usury tend to enslave the masses. Mankind needs to evolve to the next spiritual level, before it is too late.

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"...That whenever any form of government becomes destructive of these ends [Life, Liberty, and the pursuit of Happiness] it is the right of the people to alter or abolish it, and to institute new government..."
The Declaration of Independence Jul 4, 1776

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If you are familiar with the theory of cooperation, you understand that the most effective strategy for maintaining cooperation is "tit for tat". That is, if someone plays unfairly and victimizes you, your best response is to return the favor at the next opportunity. The theory also assumes there is frequent interaction among interacting parties. Since this is rarely true, we have, instead, our system of justice that is supposed to make sure unfair damages inflicted by someone (e.g., predatory lender) are punished accordingly.

When that justice system stops working, as it has here in the US where the predators operate from behind corporate facades and inflict harm in the name of shareholder profits, then other means will have to emerge to restore some level of cooperation. Otherwise, we will soon return to a feudal society.

Advocating violence? No. However, in the absence of a working system of justice, we shouldn't be surprised to see violence emerge.

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You don't get the bitch and whine about the blowback.

Rich people need to fuckin' get a clue. The free-pass is running out. Just last week I watched a crowd gather around a BMW repair shop where the wealthy "customer" was getting the shit beat out of him for being a horse's ass to the mechanic who fixed his car, gave him a discount then was berated because the car wasn't "properly buffed" post-repair. No one called 911. No one tried to stop it. It was never in the local paper. The rich guy was left in the passenger seat of his car, unconscious. Everyone walked away. Oh well.

Word on the street to rich assholes... you're about to git yer ass beat if you don't fucking start treating those "beneath you" as your equal. It's "merkuh, god dammit. We totally PWN violence and revenge. That the rich want so badly to test that is proof they could use a beat down to remind them of their manners.

I have zero sympathy for the classholes who got the beat downs by their victims.

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Who has betrayed you more, the Bankers who are transparently blood-sucking vampires out to scam you for as much profit as possible, or members of Congress who are allegedly your representatives in government.

Does the tree need watering again?

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This stew of resentment has barely begun. The banks; and their continuing foreclosures are merely one aspect. The loss of jobs, the decimation of manufacturing, outsourcing and off-shoring, taxes upon everything, the health insurance battle, uncontrolled illegal immigration......the list goes on. Americans have been treated like shit by both corporations and the government. People have played by the rules, paid their taxes, been vilified by the press as unproductive and boorish. Aside from the imprisonment of the token Bernard Madoff, little else of substance has been done. Credit default swaps continue, derivatives are still allowed, and Geithner and Bernanke try and assuage our anger with empty assurances. People are not fooled. Unemployment continues, and is incorrectly stated, as everyone knows. The stimulus money disappeared to points unknown, largely untraced. This will get very ugly, indeed. The anger has only begun, folks.

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Surely this proves there is no god else he would have smote these money traders ages ago - like Jesus did in the Temple.

Many a truth is spoken in jest - "we club babies" - in effect that is exactly what this murderous group of money-hungry sociopaths have done and will continue to do until they are stopped. There is evidently not enough money in the world to satisfy their deep inner emptiness - their black hole of pure evil.

As many have said and as I have said since before I left the USA after the Second Stolen Election - we are becoming a nation of serfs! And it is the bloody f'ing Republicans who lead the charge to become our Overlords. Damn them all to hell! Their karma will be such they will be praying for the mountains to fall on them. Until then, however, the mountains are falling on the common person. These people don't see you - they don't hear you - they don't give a damn about you. Realize it and do SOMETHING about it for gawd's sake!!!!!!!

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but I love to read articles like this, where the bankers catch their druthers. But not until someone (preferably some attorney general armed with RICO and anti-fraud statutes)goes after the like of Paulson, Bernake, Geithner, Rubin, Greenspan, and the dispicable Phil (let them eat cake)Graham will I really be happy....

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"You're likely to find reruns of Orlando and Los Angeles, as well as Fort Hood, replicating everywhere. And who is going to argue with them?"

I will.

If you took out a mortgage that you could never afford, you and the bank are equally guilty and you both need to accept the consequences. No loans are made without an upfront disclosure of the interest rates and the terms. Know what you're getting into before signing. If you don't understand, don't sign.

If you took out a mortgage that you could afford at the time but you lost your job, I feel for you and I hope that you get back on your feet, but that isn't the bank's fault either.

The day someone call tell me of a time when a banker held a gun to someone's head and made them buy a house or refinance, I'll be able to summon the kind of outrage displayed in this article. Until then, let's try to remember that we're all free adults before we all become wards of the nanny state.

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Whatever its flaws, by definition “capitalism” DOES NOT EXIST without real competition, real free markets and real democracy. Challenge: name one major free market anywhere. There are ZERO free markets and competition on the planet in government, media or anything else. Full Stop.

Fascism and “capitalism” cancel each other out by definition. This is not rocket science.

Fascism for the merger of state under corporate rule is what owns America and it is policed by an utterly phony media and “education” network. In other words, you live under a Fascist shell game masked as “democracy”.

By the way “late-capitalism” is paranoid Marxist terminology. “capitalism” DID NOT EXIST when Karl Marx wrote “Das Kapital” and the “Communist Manifesto for a Marxist farce that claims it stands for “democracy”. Wall Street corporate criminals such as J.P. Morgan, J.D. Rockefeller and N.M. Rothschild virtually ruled the planet from before the Gilded Age (as their successors still do).

The top 3 planks of the “Communist Manifesto” for dictator Fascist control under Marxist rule:

1] private central bank (control of all money)
2] control of the media
3] control of “education”

Sound familiar?

You’re all being played folks. Wake up or take the consequences.

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The arrogant, blatant greed, being rubbed in the faces of the populace by the banks will reach a point of no return where the only alternative for the victimized, will be to gather up their Pitchforks and Torches to descend at night upon the homes of those that are culpable.

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Yep. If I was in their shoes, I'd be hiring some really good bodyguards...soon.

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Ready to reap what you have sown?

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I am deeply concerned that we may see a lot more people seeking revenge on their former employers, 'Wall Street' leaders, bankers, and others involved in financial services. Let's face it, with the Internet, it is very easy to figure out where some big wigs live, where they might appear for a meeting or a fund raiser. Many Americans are terribly frustrated that the Government has not rounded up and started proscution of those that caused the broken economy we have. Combine that with easy access to guns and once again using the internet, creating IED's like those used in Iraq, and we could see some real domestic terror we haven't seen since the 1970's.

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Still there are people in USA who say;
I signed the contract, I am a free person, so I have to pay back the debt.

No dear aunty; You are in the hands of swindlers and crooks.
It is the duty of the bank to give you a good advice.
According to the Roman law, the international laws you shouldnt pay a penny anymore to these whitecollar thieves.

It is masochisme to thank your torturers.
If they gave you to much loan you should be hold resposible for the fair amount in your circumstances.
So you own them NOTHING.
Every human being on this planet has the right for livng, eating, drinking etc.
Nobody has the right to own $ 1000.000 or more.
As you read Dante; those superrich will burn in hell in a pot of boiling gold.

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"If the American people ever allow private banks to
control the issue of their money,
first by inflation and then by deflation,
the banks and corporations that will
grow up around them (around the banks),
will deprive the people of their property
until their children will wake up homeless
on the continent their fathers conquered.

Thomas Jefferson

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HELTER SKELTER

Look out
Helter skelter
helter skelter
helter skelter
Yeah, hu, hu
Look out cause here she comes

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Peddle your shit somewhere else.

Why do you even bother? Ain't no-one here buying from a spam bot.

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Are we not taught fairness in kindergarten? Or is that simply subservience we ingest. I would like to think that ethical foundations laid down in our early lives should apply at all levels. Wait your turn, only take what is yours, show kindness and respect for all. I think Gandhi, and those who preached the same message would say, it is oh so simple to be good. You simply put yourselves in the shoes of the other, imagine their state, their needs, as if they were your own. It is simple folks. Very fucking simple. Be good to others. Never secure your happiness at the expense of another living being. Never. This is not a god forsaken religious mandate.. it is a basic human principle that has been taught for eons by the best amongst us. For fuck sake, what the hell is wrong with the fucking asshole Goldman Sachs types of the world that they don't see the harm they do to others. They are truly playing with fire. There may come a time when they pay a dear price for their obscene greed. I will not deny a man or woman her right to take a pound of flesh for what they were denied by these fuckers if they keep along this terrible path.

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...that the America people passively sit and allow these banker monsters to de-industrialize, dis-employee and dis-member American society. You have your 'progressive' Demoratic Congress...you have your 'progressive' Democratic president... and you are getting your banker-driven economic Armageddon funded and supported by these 'progressives'.

These vile lying politicians, after allowing the bankers to drive the price of housing through the roof as their S&L predecessors did in the 1980s, are now collapsing the market and destroying the lives of millions who, for the crime of needing shelter to live where the bankers put the jobs, are now being ruined.

Goldman Sachs and their animals in Washington are the scum of the earth--and it is the Demopublicans who let them feed and batten on the prostrate economic corpse of the American working class.

DOWN WITH THE DEMOPUBLICAN BANKER REGIME! TROOPS HOME NOW!

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The securitized mortgages can't be enforced.

moneymorning.com/2009/11/10/securitization-market-crisis/

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The failure to regulate the US banking system is the real root cause of the current crisis. There are three aspects to this: the failure to uphold Glass/Steagle, the failure to regulate Credit Default Swaps and allowing the liability to asset ratios for banks to increase from 10:1 to 30:1. This allowed the increase in mortgage backed securities as a proportion of the value of all mortgages to grow from less than 10% in 1970 to about 55% in 2006.

The market in CDS needed to be regulated. In 2003, low interest rates and massive amounts of liquidity injected into US financial markets by the Fed and overseas investors meant historically low default rates on a variety of debt instruments. This made the increased sale of CDS instruments seem more risk free and profitable to sellers. Their rapid spread, particularly in subprime mortgage markets, created financial hazards for the US economy with increased risk of default; if the risk of default was being transfered to a third party, little care was taken by lenders in evaluating the creditworthiness of their borrowers. Also, many CDS were not adequately collateralized. Wall Street was simply greedy for more profitable, high risk-high yield assets to sell to offset the drop in stocks and bonds.

It is also true that Glass-Steagal's provisions would have lessened the risks taken by reducing the reliance on mortgage backed securities as a way of capitalizing banks and/or making profits. It also would have ensured more caution taken on the part of lenders in the mortgage market. Finally, capital-asset ratios were out of whack. Many banks had little or no reserves backing up their liabilities. In 2008, news of defaults led to electronic runs on banks in the billions.

Regulation is needed. Perhaps Obama will put it on his agenda.

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and new regulation, it doesn't seem like we can count on it. His choice of economic advisors was the first signal that the status quo was the order "du jour" and that a lot of talk would stand in for a lot of action. I so wish the likes Of Warren were in there. Maybe I like her too much, but she makes me believe that someone gives a shit about us stupid plebes.

What you said sounds so damn right on, and makes simple (only in its prescription) what is so mind bogglingly twisted. I hold on to one hope, and that is that Obama is picking his battles one at a time, exposing the hypocrisy in bits, first with health care, then perhaps with financial regulation. I could see such a backlash against him if he were to come in kick ass and take names on all this shit at once.

I wish I knew what was in his head these days. I want to hold out some hope, and fight this cynicism which threatens to make me wish I had voted for myself instead (yes, it would have been a wasted vote, but at least I don't usually lie to myself.. usually...) As an aside, do you think that politicians in general think we are all a bunch of mouth-breathing morons? I mean, when they run on these grand platforms, which turns precipitously into bullshit platitudes and waste my fucking brain time, do they think we don't notice. Or, were simply used for our vote, maybe thanking us by leaving taxi money on the pillow. Or maybe a note on the mirror saying "please show yourself out, I will call you in 4 years when you are desperate for another go.."

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The author of the original article had to search lexus for a whole two examples of people fighting back against bankers.

Show me a single American city that has an organization that protests or blockades evictions. I mean every day, every eviction. Just one.

If you go down at the hands of the bankers tomorrow your neighbors won't give you their spare change next week. Count on it.

You're on your own in the U.S. and until that stops you deserve to be ripped off.

Karma baby.

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Now these Goldman Sachs, Bank of America, etc. executives will realize that they bleed like everyone else.

Serves them right. They are a direct threat to the American People and are finally being dealt with accordingly.

Kind of hard to vacation in the Caribbean in a wheel chair....or worse.

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I had a good job until recently, a month ago the corporation cut my pay 25% and took me off salary. Now I have been on temporary layoff for two weeks. I called my two credit cards-citi and hsbc, hoping to cut a deal on the interest rate so I could continue paying them.....no dice. They would rather get nothing than something, probably because of the tax code. Looks like I can't afford my car-citifinancial auto, so in short order I will lose it. Do I care if these financial monsters receive anything from me? no....

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We have a small business and our bank was bought out by the above thieves. Our credit card is in arrears and they sent us a letter stating we may have a chance to redo parts of it. No dice. I called and was told no way do we qualify. Our mortgage was in a bind and another letter was forthcoming and told no way do we qualify. Our business loan was 345 a month and it was raised to 900 plus a month and I called and was told sorry but we have to make our money even though they get nothing because in this part of Ohio it is desperate. If the CEO of Chase was bleeding to death I would make sure he blked to death before the medics got to him because that is what they are doing to us bleeding us dry and they obviously don't care and neither do I if they get paid. They started this whole mess with their crooked deals and had hat in hand for the bail out money but do not in any way want to work with the people they screwed up and plunged this great country into a mess that we are in. I hope they all rot in hell.

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the real crooks, the Wall Street Fatcats, are isolated and insulated. They should be the targets, the manager of your local branch is a much a victim as you are.

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The artificial housing boom inflated employment to high levels Americans may not see again for decades. Federal officials allege the national economy shows signs of stabilizing. But would it be more accurate to say the Economy will stabilize only after contracting and the New Contracted Economy will need millions less workers for years. Some businesses believe government unemployment numbers will increasingly not reflect job loss when determining if the U.S. or a region is in a recession. U.S. Government cannot indefinitely print and borrow money to create an artificial economy to hire Citizens, otherwise money would become worthless. Eventually stagflation would injure Citizens on fixed incomes and others. Unlike Europe, the U.S. has no safety net for the unemployed. The U.S. Gov. antidote to stabilize the dollar and economy might be long-term unemployment, without sustainable benefits provided persons losing jobs.

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