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Bill Black On Foreclosuregate: Calls For The Immediate Termination Of Bernanke, Geithner And Holder
Bill Black, who will soon, together with Neil Barofsky, be a guaranteed shoe-in for the POTUS/VP position (both as independents, of course), was on the Ratigan show today, following on his op-ed from last week (here and here) calling for the long-overdue nationalization of Bank of America, and discussing the rampant fraud at the heart of mortgage gate. And contrary to ongoing lowball estimates from the like of JPM and Goldman, Black provides numbers about the bank liability that are simply stunning: "Credit Suisse says that by 2006 49% of all mortgage originations were liars loans. When independent folks study fraud, it is in the 80-90% fraud range. That means there were millions of acts of fraud. Those loan frauds occurred because the banks created incentive structure for the loan brokers to bring them the absolute worst of the worst loans, and to lie on the application forms... These frauds came from the banks, and they propagated through the system through a series of echo epidemics...This fraud spread through the system and that's why we have a crisis in foreclosures. This stems from the underlying fraud by the lenders in mortgage loans to the tune of well over a million cases a year by 2005."
Furthermore, Black points out the glaringly obvious, that the Fed should not be in charge of any investigation into mortgage fraud, due to its "massive" conflict of interest, to the tune of $1.5 trillion in MBS/agencies held on the Fed's books, which would be immediately null and voided if rampant MBS fraud is indeed uncovered. Which is precisely why the entitlement of the Fed as supreme regulator (as inspired by the financial generosity of the Wall Street lobby) as part of Frank-Dodd was the one single most destructive decision ever made, and equivalent in many ways with electing America's very own tyrannical despot, whose only interest is making the multi billionaires, into trillionaires, and leaving everyone else in the cold through the eliminating of the savings class and the destruction of the reserve currency.
And it goes much further... to the very top of the US ruling oligarchy in fact. Which is why, as we have claimed from day one, nothing less than a complete reset of the entire kleptocratic system can give any hope for a fresh start. The general public is starting to finally realize this, unfortunately with the dawning realization comes anger, and with anger comes aggression. And from there, broad civil "discontent" is merely a thin white line away. Which is why, we again reiterate our belief, now that America has completely missed its chance for a peaceful resolution, that the reset will have to go first and foremost through the Fed, whose end however will be precipitated by nothing less than an all out social upheaval. We agree with Black's conclusion: "fire Holder, fire Geithner, fire Bernanke, get people in who will enforce the rule of law."
Alas, it is too late. America has proven it has failed as a society in which checks and balances work when Wall Street dangles billion dollar bribes to corrupt and greedy individuals. And just like the market is stretched so far that it is always seconds away from a flash crash, so the entire US society is now mimicking our stock market, and the possibility for an all out social flash crash is no longer trivial.
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When I guessed that BAC would go, I meant in its current form. I suspect equity and many BAC debt holders will be wiped out. Public needs a bone thrown. I think this would assuage, and perhaps scare, the majority. The PTB knows the audience to whom they are playing. For a time the name Bank of America will take on a new meaning, as it will be temporarily nationalized. After it is cleaned up of all the toxicity created by Lewis and his team, the surviving carcass will be sold off. I even would not be surprised if John Paulson doubles down and buys the remains, and BAC becomes for him what Sears was/is for Ed Lampert. I can even imagine the advertisements, “A bank and the country after which it was named are born again”
Think GM, also a symbol of america...
GS can buy BofA. GS needs deposit accounts and branches. Probably the plan all along.
As a student of the art of image, I think Black should get rid of that Bernanke beard!!! Otherwise the man has my vote for Sheriff!
Bernanke
Obama
2012
"Get thee Behind Me Satan"
Exactly, WB7 ... perceptive as usual. An honest, brave and determined sheriff is what is needed ... heading up a posse of equally brave deputies.
This is a dangerous suggestion to put in the minds of the slaves, TD! As WB7 points out, Black would be a very capable sheriff, but he is not leadership material for the whole country. (And neither is Ron Paul, IMHO ... keep him for leader of the House).
Let those with vision, principles, charisma and a can-do attitude come forth for the leadership positions, then appoint competent and brave administrators like Black and Barofsky to where their expertise can do the most good.
This assumes, of course, that any kind of central government is a rational solution to the problems facing the country that have been caused by a long succession of corrupt and self-serving central governments! It seems to me like hitting oneself over the head with a hammer to cure a headache............
Bill Black on Moyer from April 2009, this is the first time I'd heard of him, he was my instant hero
http://www.pbs.org/moyers/journal/04032009/watch.html
Probably right Chindit. I mean, yeah Bill Black is the TITS and all, and I would love nothing more than to see his kind serving in high places in public office...
Now back to reality - I pick up my morning paper and see how Bwaney Frank, the 'verteran statesman' is up for the 'fight of his life'. And for daily inspiration, he carries a copy of Hank Paulson's book on how he steered America through the financial crisis! I immediately got the frigging runs (seriously). And he will win too. Bill Black is not in the local papers - Bwaney is, and he is put on a pedestal. Yes they are crappy local MSM propaganda rags, but they are read by clueless multitudes who vote.
he carries a copy of Hank Paulson's book on how he steered America through the financial crisis
Jesus Christ that's funny...
And just think on it a moment Husk-Erzulie.. Barney gave up his pocket copy of the constitution to make room for what really matters to him. He musta thought the three sea shells wouldn't work for him
Thanks for cheering us all up, Chindit, now, please STFU, because you don't know diddly.
Fearless, it seems what I wrote scared you. I’ll try to calm you down.
Notice my clever use in the first sentence of the word “guess”. That means it is an opinion. I admit to being mortal, not omniscient like you and many others on this site, whose predictive record has so far been proven about as good as a 2am Psychic Network star, and less profitable.
I also try to do something that might be a little rare, which is separate wishes from opinions. Thus, my comment was a view of what I suspect---not know or want---will happen.
When a real and omniscient god shows up on this site, we can all bow down. In the meantime, everyone is entitled to an opinion and need not STFU. Unless, of course, you want to start the trend yourself.
+!
If Black were president, he might try to throw Obama in jail for being a part of the "control fraud".
It's just THAT ugly at this point. There's no escape or solution from within.
Ron Paul is about to become chairman of the banking committee. Can't wait for him to give Bernanke the rough ride he deserves. There will be consequences.
Would that be true? I think the GOP will go far out of its way to keep Ron Paul off that chairmanship today. If he does get it, I'd have to believe it came with lots of deal-making and promises made by Paul ahead of time.
The GOP leadership is light-years away from Paul and inches from the banks/Fed. The House majority isn't a place for renegade chairmen. It's a dictatorship.
http://www.chaostheorien.de/artikel/-/asset_publisher/haR1/content/a-loo...
"The US-economist James K. Galbraith gave a remarkable speech to the biennial convention of the CEP Union of Canada in Toronto on September 20, 2010. In that speech he looked inside Pandora's Box – and what he found as the root-cause for the crisis we face was: FRAUD. In the following interview related to this speech he explains the need “to take control over institutions and restructure them.“"
I have to share my frustration with you. I have been telling my girlfriend for ages now about the maelstrom of financial pain we are likely to endure very soon. Unfortunately she works for the enemy, JPMorgan, she is brainwashed beyond belief and to my mind has gone beyond the point of no return, to the dark side shall we say.
For a while now she has been talking about purchasing a property in Hong Kong, where we live, and I naturally have warned her of the consequences. Her argument is that surprise, surprise, the economy is strong and inflation dictates that money in the bank is worthless so why not invest in a property. So what does she go and do but invest pretty much all of her savings, 3 million HKD, into a property that no doubt will me as much a victim of the next crisis as a house involved in fraud closure.
I relate this story because I feel it is indicative of the absolute denial and ignorance within not only society but also the corruption and greed within the banking community and I find it hard to seek solace amongst my peers who are as brainwashed and clueless as she is. Zero Hedge is the voice of truth in a world gone berserk.
Don't know how long you've lived in HK, but when it comes to property, the locals are batshit crazy...or maybe not. They've seen two crashes in fifteen years, but they keep coming back for more. Sometimes some of them time it right. Amazing place. Tens of thousands of apartments that rent for $5000+ US per month, and a slew that rent in the range of $15,000-$30,000 US per month. Six hundred square foot 1-br anywhere between Lan Kwai Fong and North Point is going to fetch $400K-$500K minimum, most likely more. Then go buy your own fridge and stuff to make your apartment liveable, after you clean out twenty years of sludge on along the kitchen walls and the cockroaches. Typical new buyer borrows the downpayment from the parents, then covers the mortgage via his and her income plus their "winnings" in the stock market or at Happy Valley.
The "tycoons" sell their new, 3-br, 400 sq ft luxury flats by constructing a non-walk-through model, then loading it with scaled down furniture to make it appear larger than it is. Oh, and that 400' is circumference, as it includes walls and closets. Typical Filipina maid's room---if she doesn't sleep on the back fire escape---is 15 square feet..
Hong Kong is always a crash waiting to happen, and then new buyers step up with borrowed money and a dream, and it all repeats.
OK OK ....You got my attention...
JP Morgan / Chase forclosed on my nice house
back in sept. 2010 . the loan was set - up thru
Washington Mutual in Aug of 2004 . How do I get
the house back...? I saved the paperwork....
I won't move back in until I am sure..
What do I do...? hire a lawyer...? which one...?
many lawyers don't know jack....
in a nutshell: we are fucked!
USD Futures are fully outside the PRS channels, and supported by Person Pivot, and the fake out head and shoulders should be the coup de gras on dollar bears.
Lastly, UNG is a PIG, an amazing PIG. Oil up, winter coming in, and UNG down down down.....
The fund operators make money, no one else does.
http://oahutrading.blogspot.com/
JimboJammer, carry on making the assumptions, like I said, I live in Hong Kong!
RETRAIT MASSIF D'ARGENT ET FERMETURE DES COMPTES EN BANQUE (ÉPARGNE)
at Dec.7 the french people are called to withdraw all their money from their bank accounts. As i remember someone tried this her at Z. I think the french banks will feel the pain a little bit more.
First time i hear of this. Will ask around in the next few days.
(Are you sure you don't mean its just another strike? Ive seen those about once a week for the past 2 months...)
Firing does not send a strong enough message. Traitors hang.
So, now ZH is presenting "analysis" from Dylan the Clown on North Korea TV?
I noticed the ad for Richard Burr on your website. I wrote him within the last year asking him to support legislation to audit the FED. He wrote back saying he was on it and they needed an audit. ONLY, problem he voted against the real bill then supported the watered down one.
I would note vote for him if my life depended on it. Not an honest person in my opinion.
Bill Black is a national treasure.
We need to protect this guy.
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