Because it IS their fault! Sure they take advantage of human nature, but that woman has ALREADY PAID FOR THE HOUSE if she only knew it.

Banks are not allowed by law to lend out depositors money, it has to be available for the depositor to withdraw any time they want. The bank can't turn round and say "sorry you can't have your money at the moment, we've lent it to someone else". So they lend their own money? Er no. They lend out money that doesn't exist. Not a penny is debited from their account.

The money comes into existence when the borrower puts their SIGNATURE on the loan agreement. The bank uses that to create bonds and securities. The borrower is ultimately the creditor and if they'd get up off their knees they could challenge the mortgage (or CC) contract because for a contract to be valid in law - this aplies in all countries which use the Western banking system (UCC) - both parties must bring consideration. The borrower puts a deposit but the banker brings nothing to the table. Not a bloody penny. A contract must also contain full disclosure - not telling you that they haven't actually lent you anything kinda voids the contract.

Don't believe me? Below are the Court records from a fellow who attempted to forestall foreclosure with just this method. The banker admitted under oath that this is what they were doing. The Judge and the Jury agreed it was fraud and the man ended up owning his house free and clear. A few others have cottoned on to this - but you have to file BEFORE the banks call the shots I think.

Some Judges and economists appear to know what's going on, but most don't I think. I also don't think 'middle managers' in banks can fully understand what goes on. After all, they are getting shafted too, but they are expendable.

You or I did this we'd be jailed for fraud. The bankers have no lawful remit to do this in any country. They appear to have decided amongst themselves that this is how it's gonna be, and we are so dumb that we never question, so it is we who let them get away with it.

There was recently a piece in The Economist magazine (very respected) pointing out that all these Hedge Fund losses are actually just digits on a screen. No real loss, though bankers may have lost some of their personal assets. For the loss of fake money we have bailed them all out with real tax payers money (not that any of it is real of course). Instead of lending to businesses they started buying up other banks and consolidating. So what do we do? We give them a slap on the wrist and hand them more money. All those foreclosed businesses and homes - guess who'll own them all when the dust settles?

Over here Gordon Brown gave Bailiffs the power to enter homes to seize property (most of them have a criminal record). The police can't do that without a warrant, but these licensed thugs now can. Don't pay a parking ticket, then they'll burst into your home and take whatever they want. Debt is bad don't ya know. So let's get this straight, the rich get in debt and they get bailed out - much of the money coming from the poor - but the poor get legally burgled. See anything wrong with this picture?

We are little more than bonded serfs ultimately, and are paying for our own enslavement.

Here's a link to that Court doc...you'll note it was from the 60's and TPTB have managed to keep a lid on it. Just think, if the masses really understood what was being done to them there'd be bankers swinging from every lampost and tree............

"Intro......

A Minnesota Trial Court's decision holding the Federal Reserve Act unconstitutional and VOID; holding the National Banking Act unconstitutional and VOID; declaring a mortgage acquired by the First National Bank of Montgomery, Minnesota in the regular course of its business, along with the foreclosure and the sheriff's sale, to be VOID.

This decision, which is legally sound, has the effect of declaring all private mortgages on real and personal property, and all U.S. and State bonds held by the Federal Reserve, National and State Banks to be null and VOID. This amounts to an emancipation of this nation from personal, national and State debt purportedly owed to this banking system. Every True American owes it to himself/herself, to his or her country, and to the people of the world for that matter, to study this decision very carefully and to understand it, for upon it hangs the question of freedom or slavery....."


THE CREDIT RIVER DECISION - Gold & Silver Forum

I have said it before and I will say it again: personal responsibility (or lack thereof) is a big part of this crisis.

Live within your means and don't spend every penny you make (and then some). Not too difficult.

Are there cases where the "innocent" suffer through no fault of there own? Sure. Illness, etc., can wreak havoc with lives.

But if you listen to a majority of the cases shown on the news, these are just really stupid people who don't have a lick of sense.

You buy a home you can't afford and then don't pay a single payment for 6 months or more, and you will lose your house. Period. That is the way it works.

If you buy a home you can't afford, then you to lose your house. Period. .

Seeing people whining about losing a house they had no business buying in the first place ticks me off. Sorry.

It's easy to blame the consumer - but the recent practice of bundling loans into "securities" labeled AAA is one reason lenders turned a blind eye to falsified documents and inflated income of borrowers. Realtors and loan officers help falsify and mis-state applications. Ethics and common sense gave way to greed because deregulation left the foxes in the henhouse.

The question should be "who isn't to blame" - and that would be those who bought houses they could afford and are now losing their homes due to the economic turmoil and huge job losses.

Most disgusting to me is the "shock and surprise" being displayed by everyone involved. This was predicted - but no one listened. From March 2007 -
Mortgage reset 'tsunami' could end up an economic ripple - MarketWatch

Why were questions about Bernie M ignored? Because the very rich are treated with respect whether they earn it or not. We see it in IM every day - people believe it when someone tells them what they want to hear.

Subprime is no longer the news - foreclosures now are in the "good" market. Option Arms - perhaps riskier than sub-prime - will start resetting this Spring - and may be another tsunami of defaults.

You can't talk UP a freefalling economy. Ignoring it doesn't change anything - nor does obsessing about it. Hunker down, manage your own money wisely...and survive.

kay

[DELETED]

Because it makes people who have not (yet) been affected feel immune and self satisfied and makes it easy to blame the problem on the public instead of on the system. In that "I did it so everyone else can, too" belief you do their propaganda for them. I know several people personally who have fallen behind after years of paying mortgages responsibly. They are trying desperately to keep up and they're terrified of the future.

They aren't "news" because they don't fit the agenda of getting people to point at each other as "to blame".

A few years ago CEO salaries were 24 times the pay of the average worker in their company - in the past two years they've been earning 275 times that pay. We're financing that!

In the past few years the amount saved in taxes by the richest 1% due to changes in the code total over half a trillion dollars. With large tax rate cuts and cuts in capital gains taxes, many of these very wealthy people pay less in taxes than an average middle class person. We say "oh well" as we cash a $300 check we paid ourselves (with borrowed money).

Our medical records are now required to be put online - how long before insurance companies can access them to check out "worthiness"? How about credit bureaus? No one is saying anything about it.

After being given billions in taxpayer dollars, the auto industry cut jobs - less than two months later they are back with their collection plates out and announcing more huge job cuts at the same time. Will we tolerate it? Probably - "too big to fail" has become a phrase people spout without thinking.

Cemeteries are full of people who were "indispensable"; some of these companies and banks deserve to go the same route.

Talking heads harp on the "American Dream" - but the spirit of the people seems to be gone. We are busy with our TVs, computer games, blackberry's and ipods and chatting incessant irrelevancies on our cell phones - but 40 years ago people would have been protesting in the streets throughout this country. That we aren't filling the streets now is a sad commentary on our priorities and a measure of our cluelessness.

As Phnx pointed out above, some of the most damaging things have been done under the radar. My Grandmother used to say "the chickens will come home to roost" - looks like we'll be standing right underneath them!

kay

I agree, looking at other countries that could be in line

"A study of the external debt in relation to GDP in several countries suggests the risk is not limited to Iceland, according to Hennessee's research.

Like Iceland, Ireland's external debt, at $1.8 trillion, equals 900% of the country's $200 billion GDP.

The United Kingdom's external debt of $10.5 trillion equals 456% of its $2.3 trillion GDP.

Switzerland's external debt of $1.3 trillion equals 433% of its $300 billion GDP.

Even though it might not feel like it right now, the United States is in better shape with $12.3 trillion worth of external debt and a $14.6 trillion GDP for an 84% debt-to-GDP ratio."


While it is the US that started the crisis, it would be wrong to put the blame on it alone. Almost every other country has bubbles of their own that were waiting to burst.

Do not believe entirely any figures that come out of China. Its economy is more dependent on trade than Japan and its stock market suffered the greatest collapse of all markets last year. Morover, its property bubble in relation to the earnings of its populace would be among the highest in the world.

The Illuminati is behind everything bad. Why can't they be assassinated?

Why bring poor bigfoot into this... it's clearly the loch ness monster who is to blame.

.jrd

Blame is one thing but there is a big difference in level of guilt. I certainly would not place guilt on American consumers, except those who are involved in property speculation.

As far as individuals are concerned, most financial commentaries put Greenspan at the top of the list. However, what he did was what he thought was right for his country, and certainly he was paid very poorly in terms of actual income.

I would put the highest level of guilt to the greedy bankers who have bought their own institutions to their knees and are now asking for bailouts.

Of course, guys like Madoff and Stanford are the worse in terms of guilt, although I don't think they play much of a role in causing the current crisis.


Derek

Agreed. There is no point in placing blame. This may be the greatest opportunity since the Depression for building wealth for those with the foresight to seize the moment. Right now cash is KING. Buy up as much of the foreclosed houses and undervalued stocks as possible. It will come back.

I'm not really sure that spam posts count here in the OT... you should try the Test Forum for boosting your post count.

.jrd

...What ideasuniversity said.

Gullible?

Like bumping a 3 year old thread with a one line comment?

You goading me into a response ?



Look, I'll admit it takes a lot of resources to perform these image searches and to create an entire fake identity; but I hardly think I can be blamed for the whole financial crisis!

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