• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Bankster Vs Deadbeat

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Tue, 02/08/2011 - 22:43 | 945108 Hedgetard55
Hedgetard55's picture

The banksters will swing

Come this spring.

Wed, 02/09/2011 - 00:06 | 945379 Seasmoke
Seasmoke's picture

Swing and Miss.....and i think even if they connect, the counter punch is going to be a sledgehammer

Wed, 02/09/2011 - 02:27 | 945655 dlmaniac
dlmaniac's picture

Had to hold my jaw in case laughing it off throughout.

Wed, 02/09/2011 - 11:31 | 946338 TomJoad
TomJoad's picture

Jump! All Ya'all Fuckers.

Tue, 02/08/2011 - 22:49 | 945129 Payable on Death
Payable on Death's picture

Screw them both. They deserve each other.

Tue, 02/08/2011 - 23:43 | 945305 JLee2027
JLee2027's picture

Hardly. And you're perfect...without flaw, right?

Tue, 02/08/2011 - 22:52 | 945135 Cognitive Dissonance
Cognitive Dissonance's picture

The only talking point the banksters have.

"Yes, but you don't deserve a free house" endlessly repeated to muddy the waters they've been pissing in for years.

Tue, 02/08/2011 - 23:42 | 945300 JLee2027
JLee2027's picture

The free home is the result of banker fraud. Thank you Lord.

Wed, 02/09/2011 - 02:17 | 945645 chumbawamba
chumbawamba's picture

That's the banksters...doing the Lord's work.

I am Chumbawamba.

Wed, 02/09/2011 - 02:33 | 945660 Trifecta Man
Trifecta Man's picture

I read where a securitized loan, such as a mortgage, would become an unsecuritized debt if the collateral (house) cannot be legally repossessed.  Can someone elaborate?

Wed, 02/09/2011 - 03:14 | 945716 goodrich4bk
goodrich4bk's picture

Some courts in judicial foreclosure states have so ruled.  The debt doesn't disappear, though, it simply becomes unsecured and the creditor is left with a possible claim for an "equitable lien" if the creditor can prove it lent the debtor money that was used to purchase the debtor's home.  But if the debtor files a bankruptcy before the equitable lien is imposed, the debtor can keep the home and just pay its present value, less his state homestead exemption, to all of his creditors (not just the bank) as part of a Chapter 13 plan.

Fri, 02/11/2011 - 12:33 | 952970 Monday1929
Monday1929's picture

Yes, Yves Smith points out that they are NMBS-

NON mortgaged backed securities. Those involved are afraid that going to Court will officially establish that fact.

Fri, 08/19/2011 - 08:36 | 1576564 mediahuset
mediahuset's picture

I was very pleased to search out this net-site.I wished to thanks to your time for this wonderful read!! I positively enjoying each little bit of it and I've you bookmarked to take a look at new stuff you blog post.


Fri, 08/19/2011 - 08:38 | 1576573 mediahuset
mediahuset's picture

I was very pleased to search out this net-site.I wished to thanks to your time for this wonderful read!! I positively enjoying each little bit of it and I've you bookmarked to take a look at new stuff you blog post.


Wed, 02/09/2011 - 05:16 | 945787 BW
BW's picture

The correct response is, "I don't want a free house, I want my money back, you can have the damn house."

Fraud in the inducement.

Wed, 02/09/2011 - 06:35 | 945815 zhandax
zhandax's picture

The alternate correct response is "I may not deserve a free house but neither do you and possession is 9/10ths of the law."  I would love to see how a Florida court responds to that argument.

Tue, 02/08/2011 - 22:59 | 945144 russki standart
russki standart's picture

Visualize a world without banksters...any recommended trades?

Tue, 02/08/2011 - 23:03 | 945179 buzzsaw99
buzzsaw99's picture

If you're going to bet against those crooks you better have some FAZolene.

Tue, 02/08/2011 - 23:11 | 945207 Long Duck Dong
Long Duck Dong's picture

A world without bankers.  That pussy Jamie Dimon and that West Coast Lib John Stumpf wouldn't last a minute.

And don't get me started on the Cockeyed Lisp Blankfein.  He would be the designated gimp.


Tue, 02/08/2011 - 22:58 | 945156 buzzsaw99
buzzsaw99's picture

Pay your mortgage and it wll be alright! LMAO!

Tue, 02/08/2011 - 23:05 | 945190 Atomizer
Atomizer's picture

Nice job on video. Unfortunately you need to make a comic book for the vast portion of audience. We understand, many others don't.

Have a look what a MIT brainchild has dreamed up.

ObamaCare Creator Making Comic Book to Sell the Legislation

Just advice. Winks!!


Tue, 02/08/2011 - 23:51 | 945318 Mercury
Mercury's picture

I'd love to see the part explaining how/why the chief executive personally decides who gets granted a waiver from the requirements of the law.

Tue, 02/08/2011 - 23:06 | 945191 MsCreant
MsCreant's picture

This was a tight act. A lot of information was conveyed in a short time period. I took 1:15 to do a lecture recently on this topic. Nothing new here, but I am impressed with all that was in this.

Tue, 02/08/2011 - 23:21 | 945229 Bastiat
Bastiat's picture

Yes, exactly.  Covering it in 1:15 you must have had a sharp audience -- or they missed it!  People often try to end this discussion with the "deadbeat" argument.  This piece is really effective because the deadbeat concedes that from the start and focusses on the larger systemic damage done by the banks.  Brilliant!

Tue, 02/08/2011 - 23:39 | 945283 Mercury
Mercury's picture

xtranormal is the new Powerpoint.

Who wants to look at corporate clip-art and pie charts when you can be watching furry animals deliver deadpan financial porn and trash talk like a Tarantino movie?

Wed, 02/09/2011 - 04:10 | 945648 chumbawamba
chumbawamba's picture

I was actually captivated by it.  Granted, I was utilizing a concentration enhancer, but still, it was indeed very well done.  I'm compelled to send off a link to various people who need a kick in the 'giner.

Why does the British accent sound so much better than the...other one?  What is the other one, anyway?  Sounds like some eastern European on ludes.  Or like Drunken Swede 2.0.

I am Chumbawamba.

Wed, 02/09/2011 - 11:04 | 946234 MiddleMeThis
MiddleMeThis's picture

I keep posting these great animations to my Facebook page, hoping to prod my fellow Americans into waking up a little.  The response from my Facebook "friends?"  Nothing, zero, zip.  I am convinced the average American wishes to remain ignorant.  I mean, seriously, it is nice when you don't know. If only 25% of our population realized the unjustice that Wall St. and our government inflicted upon us, we'd most certainly have an Egypt on our hands.  But, alas, Americans remain asleep.

Tue, 02/08/2011 - 23:10 | 945200 dryam
dryam's picture

This should be required viewing for all Americans.

Tue, 02/08/2011 - 23:15 | 945218 km4
km4's picture

Yup if you can take them away from sports, sex, and sensationalism 

Wed, 02/09/2011 - 02:29 | 945658 chumbawamba
chumbawamba's picture

Sorry, I fail on the sex part.


I am Chumbawamba.

Tue, 02/08/2011 - 23:23 | 945231 alien-IQ
alien-IQ's picture

that was simply beautiful.

Tue, 02/08/2011 - 23:25 | 945238 lunaticfringe
lunaticfringe's picture

The greatest con there ever is, is when the marks don't know they've been conned.

Tue, 02/08/2011 - 23:37 | 945285 attst487
attst487's picture

is it my imagination, or does that bankster look like greenwave?

Tue, 02/08/2011 - 23:42 | 945301 TreadwCare
TreadwCare's picture

Brilliant.  Extranormal videos are, sadly, one of the few ways to convey the message to so many in my 'peer group'.  It is less 'scary' in this form than sending the unsuspecting straight here to ZH ;^).

Wed, 02/09/2011 - 00:09 | 945381 Seasmoke
Seasmoke's picture

i dont know why, but i kept laughing at the banksters replies......and to think i wanted to be him when i was in college

Wed, 02/09/2011 - 00:27 | 945447 Frank Owen
Frank Owen's picture

"Why don't you try making a mortgage payment instead?" That cracked me up.

Wed, 02/09/2011 - 00:29 | 945451 jmc8888
jmc8888's picture


Wed, 02/09/2011 - 00:32 | 945461 CD
CD's picture

OK, this is an OUTSTANDING job for its succintness, humor and (relative) brevity about a subject that affects tens of millions. Yet the video has (apparently, according to xtranormal) only been seen by the 25 or so commenters here. Anyone up to the task of transferring this to YouTube? Much broader distributions/visibility that way. I lack the skills/software, but strongly feel this deserves much broader play.

Wed, 02/09/2011 - 00:55 | 945506 sunkeye
sunkeye's picture


usually these vids have a link to youtube to save (fave) not this one tho

and i agree xtranormal is the new powerpoint

the deadpan delivery is very funny the rectal sound fx not so much



Wed, 02/09/2011 - 01:05 | 945524 Judge Smales
Judge Smales's picture

I especially like that the video doesn't attempt to find an angel on either side of the argument. Both are guilty.

But it also doesn't undersell the key point: the banks were the ones who had the money to lend and they WANTED to lend it, no matter how unqualified the buyer.

If the banks keep their money in the vault instead of making lousy loans, none of this happens -- end of story.

Wed, 02/09/2011 - 02:41 | 945673 chumbawamba
chumbawamba's picture

No, the key point is that there is a strong case to be made that the banks did this intentionally, i.e. with intent to commit fraud, on a global scale.

Figure it out already.  The banks exist to facilitate the transfer of your money to them.

I am Chumbawamba.

Wed, 02/09/2011 - 03:44 | 945739 Padrone
Padrone's picture

The banks did not have the money, they could create the money based on the buyer signing the mortgage. It's called fractional banking. With this in mind it makes more sense that instead of creating money (debt) as counterparty for properties, money is just printed with the tax-payer in debt as counter party.

Wed, 02/09/2011 - 01:44 | 945595 I Am The Unknow...
I Am The Unknown Comic's picture

Everybody, here is a copy of the email I just sent to my Attorney General.  Please feel free to copy it.  Simply visit your AG's website, find their email, and cut and paste.  It can't hurt.  Good luck to us all. 


Dear AG,
I know you are involved with the other 49 + District of Columbia AG's investigating mortgage fraud by the Too Big To Fail banks (Citibank, Bank of America, JP Morgan, Wells Fargo, etc).  I implore you to please prosecute these "mortgage servicers" on at least both RICO and Grand Larceny charges.  I hold that they continue to systematically defraud homeowners, counties, the State, and investors who reside within.  The banks' fraud is conspiratorial as they collude with companies such as MERS and various law firms.  They have originated "liars loans," not paid county filing fees or properly documented ownership transfers of title and/or note, they have knowingly and systematically submitted false and forged documentation to our state courts in foreclosure proceedings, and have misrepresented Mortgage Backed Securities and Credit Default Swaps to investors in our state (probably including many State and local pension funds). 

Please see this video for a clearer illustration:  

Thank you for your time.  If you do not uphold basic property rights and the Rule of Law, then we will have no civilized society.  You must bring these bankers to justice....that includes jail time and not only financial penalties.  This is fraud, racketeering, and grand larceny in its worst form. 

Wed, 02/09/2011 - 04:52 | 945772 StychoKiller
StychoKiller's picture

Thanks, you are a gentle(wo)man and a scholar!


Wed, 02/09/2011 - 09:42 | 946004 tarsubil
tarsubil's picture

My bet is that the response will be to add your name to the DHS list.

Wed, 02/09/2011 - 02:24 | 945652 gwar5
gwar5's picture

 Very Nice!

Wed, 02/09/2011 - 03:05 | 945708 Steroid
Steroid's picture

Deadbeat could pay a penny/month to an escrow and he is not a deadbeat any longer.

Bankster can do whatever and it still remains a bankster!

Wed, 02/09/2011 - 03:13 | 945713 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Karl Denninger goes xtra-normal...I could tell it was him from about 2 minutes in.

I'll echo the sentiments from above about the crispness of the presentation, it manages to cover a lot of ground.

Wed, 02/09/2011 - 03:24 | 945726 i.knoknot
i.knoknot's picture

he showed a lot of restraint as compared to his writing, but i agree with your assertion. esp. the ending.

good on him if he can make this stuff even slightly more manageable to the masses.

(fwiw, i like his writing too, but it's not for everyone...)

Wed, 02/09/2011 - 12:24 | 946538 Chump
Chump's picture

He does not claim this video.

Do NOT follow this link or you will be banned from the site!