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What Might Have Been

Tim Knight from Slope of Hope's picture




 

From Slope of Hope: Well, here we are again. On Wednesday, an elderly dwarf will capture the attention of the entire financial world as she bleats out whatever she and her minions believe will shore up the house of cards they have created. In a sane and just world, the aforementioned bridge troll would be an untenured economics professor at a mid-tier liberal arts college, but as it is now, Yellen is one of the most powerful humans (more or less) on the planet.

We are six years...........six.........years..........into this madness, and it shows no sign of stopping. Why should it? After all, statists and central planners have been doing a bang-up job of making the rich richer (which, in spite of the weary "dual mandate" trotted out in front of a smirking Congress, appears to be the only true raison d'etre behind the Federal Reserve).

What if it had gone differently? What if, six years ago, in the throes of the financial crisis, the political leaders in D.C. had decided that enough was enough, and they were going to seize the opportunity to make real and meaningful positive changes? (OK, stop laughing; seriously, stop it; I'm trying to write a post here; bear with me, because this is a fantasy piece, after all). So instead of doing what they did, just imagine with me events more along these lines:

Executives are aggressively prosecuted and, where possible, imprisoned - Executives were kicked in the ass during the (much, much tinier) S&L Crisis in the late 1980s; why not do the same now? Angelo Mozilo might look good in an orange jumpsuit; it would complement his flesh tone. Some argue they didn't break any laws. I am highly confident that, given enough resources, a skilled team of aggressive prosecutors could find a meaningful number of executives and a sufficient docket of salient laws that were bent or broken. For God's sake, at least give it a shot.

0916-shame

2008 and 2009 bonuses have a special 99% surtax - It was galling that, for instance, the giant bonuses to AIG employees got paid out (Congress whined there was nothing it could do). If the bonuses had to be paid, fine, go ahead and pay 'em. But please take note that all bonuses paid by financial service companies from September 19, 2008 to December 31, 2009 are subject to a special 99% income tax.

Goldman Sachs and Morgan Stanley go bankrupt - Yep, just like Lehman. They would probably both ultimately survive in some form, but a far smaller and more benign form than before. Oh, and those payments from AIG Financial Services? Sorry, AIG is bankrupt. They are going to pay out 0 cents on the dollar. Sorry about that. The 100% payment that Goldman actual got...........let's just say that it didn't take place, because it shouldn't have taken place.

Confiscatory and Targeted Asset Tax - Basically go after the bad guys. Dick Fuld? Time to pay back all those ill-gotten gains. Same for Joe Cassano.  Claw back as much as possible, since God knows the country needs it worse than the 1%.

Glass-Steagall Reinstated - Not all of FDR's laws were bad, after all, and this gem needed to come back. Let's just pretend that it did, back and even better (and more thorough) than before.

Foreclosures Got Foreclosed - Can't make your mortgage payment? Bought off more than you could chew? Tough titties. The house gets foreclosed. Everyone has to play by the same rules. No mortgage "relief". No hanging out in the house for years until the bank finally gets the right to boot you out. If you can't afford it, you can't afford it. Ta-ta.

D.C. Gets Out of the Business of Business - Fannie Mae? Shut it down. Same for Freddie Mac. Oh, and hey you guys at the Federal Reserve: it isn't your job to push up stock indexes. Your friends may be suffering (if "suffering' means having a net worth of $50 million instead of $500 million) but you are out of the business of artificially propping up business.

America Gets Educated - Americans need to understand why it's time to take some bitter medicine for the country's long-term good. There are two aspects to this: shame and knowledge. The "shame" aspect is to make very clear who the nitwits were in government who put us in this position (like, oh, Chris Cox and Phil Graham leap to mind). The "knowledge" aspect is to educate in a systematic, consistent, and long-term fashion the American public to explain (probably in a fairly dumbed-down fashion, but explained nonetheless) the roots of what happened, why the next few years were going to be tough, but how it would be essential for us to hunker down as a nation and get through this, having learned our lessons.

Now, in the above scenario, the equity markets would have probably kept suffering, even after a dead-cat bounce in 2009. They would have ground lower and lower, perhaps bottoming at 5,000 on the Dow. But, oh, around about now, a base would start forming, and by 2016, the healing would be firmly in place. We'd probably start a new era of real, honest growth and strength.

But back to reality: none of this happened, and little of it had a real chance of happening. Instead, we have completely papered over the problem, performing the equivalent of covering a cancer patient with band-aids. The upper crust have gotten to enjoy six solid years of a faux prosperity, thanks to their buddies at the Fed, and the cataclysm that will unfold will someday finally be understood as having been utterly preventable.

So let's all get ready for Yellen to continue this little farcical nightmare in which we're all living. There will come a day when the markets stop respecting the little lady and her printing press. Whether that day of reckoning is this week or years from now remains to be seen, but at this point, we can really only conclude this: the bad guys completely got away with it, and America as a whole has been played the fool.

0916-agentorange

 

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Wed, 09/17/2014 - 15:10 | 5227291 Minnalousha
Minnalousha's picture

Except for the targeted taxation, I'm with you.

The Sixteenth Amendment's effect has been to eviscerate most of the Constitution. There's no need to make things worse -- even though it would be emotionally gratifying.

 

Legalize duels . Now THAT I could get behind.

Wed, 09/17/2014 - 14:41 | 5227158 flacorps
flacorps's picture

It's important to note that Angelo Mozilo is currently fighting attempts to try him by claiming he's too sick to face trial. Really.

Wed, 09/17/2014 - 13:57 | 5226897 sgt_doom
sgt_doom's picture

Notsobadwlad, pretty much took my thunder, but I would like this last time (as I'm getting old and tired of doing this) to explain the actual historical context, which goest back to the early 1900s, when the plutocratic elites devised their method of hiding ownership and wealth (via foundations and trusts, later to extend to offshore havens and offshore finance centers, etc.).

FDR's TNEC study, major parts of which are still classified to this day at the SEC, established the extreme concentrated ownership, by a select group of banks, of the vast majority of top corporations in America.

This led to FDR giving the goahead (his last action before his death in the White House) to the Justice Department to initiate a lawsuit against those banks (United States v. Morgan et al.) which alleged this criminal conspiracy, dating back to 1914.

This lawsuit was killed, naturally, during the Eisenhower Administration.

The overall thrust, though, was resurrected by the Kennedy Administration, which supported the great populist from Texas, Rep. Wright Patman, and his congressional study into foundations and trusts and how they were used to hid ownership and wealth.

The plutocratic elites responded with establishing offshore entities, first called tax havens, today referred to as offshore finance centers, to move and better hide their wealth and ownership (although today such entities have been massively extended with hedge funds, etc.).

With the assassination of President Kennedy, Rep. Patman's major power benefactor was removed, and his final completed study, published in 1968, led to the establishment of an anemic commission, headed by David Rockefeller's protege and lackey, Peter G. Peterson, which completely interdicted and negated any attempt to alter the existing situation (Commisson on Foundations, a k a, the Peterson Commission).

The plutocracy, the .01% of the 1%, have been so successful that when you inquire of any American, educated or not, as to the ownership of JPMorgan Chase, Goldman Sachs, Bank of America, GE, ExxonMobil, AT&T, etc., etc., they will not only be ignorant of any such answer, but think you crazy for even posing such a question!

(The financial structure of foundations and trusts was established in the same legislative session of 1913 which gave us the Federal Reserve System, the oil depletion allowance, and the 16th Amendment to collect taxes for the Fed.)

Wed, 09/17/2014 - 13:15 | 5226715 lasvegaspersona
lasvegaspersona's picture

Why not wish you were dating Morgan Fairchild?

In the end it will be seen that what was done was done to prop the dollar up for 'just a little bit longer'.

The bankers are the arm of the Treasury and as such they really are never going to prosecuted. Sure thay get paid well, perhaps too much, but it is unreasonable for the government that needs a complicated bunch of financial instruments to support it's severely overvalued currency to hurt those who do that work.

Look at the big picture and you will see that evil bankers who do god's work will never be punished.

Wed, 09/17/2014 - 13:39 | 5226818 sgt_doom
sgt_doom's picture

Why not wish you were dating Morgan Fairchild?

Morgan Fairchild, WTF is wrong with you lvp?

Of all the ladies out there today (Nicki Minaj, Kelly Brook, Rose McGowan, etc., etc.), you mention Morgan Fairchild?

Wed, 09/17/2014 - 14:00 | 5226920 gtb
gtb's picture

I know who Morgan Fairchild is.  I've never heard of the three broads you mentioned.  So is there something wrong with him or with you?

Wed, 09/17/2014 - 12:15 | 5226528 Comte d'herblay
Comte d'herblay's picture

Only taxing the 2008 bonuses is not even close to enough.

What about all those other years when they were pulling down trillions, from 2000 to 2008??

Clawing back a sizeable chunk of those payouts based on fraudulent mortgage information is esseential.

Wed, 09/17/2014 - 12:05 | 5226471 Kprime
Kprime's picture

Anti gov sentiments are slowly moving past the anger stage into the do something about it stage.  This is a 31 year old, taking the only logical action left to the generation, which is being robbed blind.

 The current ruling class will need to shed a great deal of their own blood before they loosen the bonds of slavery.  The idea that every American alive is in bondage for over a million dollars each, and growing, cannot be sustained. The gov thinks they are prepared for civil unrest.  At their own peril they forget, the original stock of Americans came from the genes of the world’s greatest guerrilla warfarists.  Genetically true Americans do not fear any government and we don’t do civil unrest.  We bring the execution right to your doorstep.  Remember the diner cops shot a few months back?  Same thing, the movement is growing. We don't need a standing army when, every time .gov leaves their house they face instant execution by Americans acting individually for a common cause.

 (CNN) -- He's a survivalist with an extensive shooting background and a grudge against law enforcement, officials say.

 And now authorities worry the man suspected of gunning down two Pennsylvania State Police troopers may be on the hunt for more officers.

Eric Matthew Frein "has made statements about wanting to kill law enforcement officers and also to commit mass acts of murder," Pennsylvania State Police Commissioner Frank Noonan told reporters Tuesday. 

"He has very strong feelings about law enforcement and seems to be very angry with a lot of things that go on in our society."....

 "He definitely let his opinions about the government be known," Jack said.

 "He was obviously a big critic of the federal government, but he never specifically targeted police when he was talking to me. No indications of really any malice towards law enforcement in particular. Most of his aggression was (toward) the federal government."

 http://www.cnn.com/2014/09/17/justice/pennsylvania-shooting-suspect/inde...

Wed, 09/17/2014 - 10:46 | 5226190 Elliptico
Elliptico's picture

Instead we have the head of Goldman Sachs confirmed as the US Treasury Secretary. Banana Republic.

Wed, 09/17/2014 - 10:42 | 5226169 limacon
limacon's picture

What ifs usually involve regrets.See how Old Blue eyes handled it :

My Way

And now, the end is near; 
And so I face the final curtain. 
My friend, I'll say it clear, 
I'll state my case, of which I'm certain. 

I've lived a life that's full. 
I've traveled each and ev'ry highway; 
But more, much more than this, 
I did it my way. 

Regrets, I've had a few; 
But then again, too few to mention. 
I did what I had to do 
And saw it through without exception. 

I planned each charted course; 
Each careful step along the byway, 
But more, much more than this, 
I did it my way. 

Yes, there were times, I'm sure you knew 
When I bit off more than I could chew. 
But through it all, when there was doubt, 


I ate it up and spit it out. 
I faced it all and I stood tall; 
And did it my way. 

I've loved, I've laughed and cried. 
I've had my fill; my share of losing. 
And now, as tears subside, 
I find it all so amusing. 

To think I did all that; 
And may I say - not in a shy way, 
"No, oh no not me, 
I did it my way". 

For what is a man, what has he got? 
If not himself, then he has naught. 
To say the things he truly feels; 
And not the words of one who kneels. 
The record shows I took the blows - 
And did it my way! 

Wed, 09/17/2014 - 10:44 | 5226182 Dr. G
Dr. G's picture

Saw him three times in concert. Miss him....

Wed, 09/17/2014 - 10:22 | 5226096 Utah_Get_Me_2
Utah_Get_Me_2's picture

Tough Titties.

Wed, 09/17/2014 - 09:54 | 5225986 the not so migh...
the not so mighty maximiza's picture

nice dream article

Wed, 09/17/2014 - 10:21 | 5226082 John Law Lives
John Law Lives's picture

Unfortunately, reality re. the Fed is somewhat of a nightmare.

FUBAR.

Wed, 09/17/2014 - 09:51 | 5225952 Son of Captain Nemo
Son of Captain Nemo's picture

First:

What if it had gone differently? What if, six years ago, in the throes of the financial crisis, the political leaders in D.C. had decided that enough was enough, and they were going to seize the opportunity to make real and meaningful positive changes?

Coulda... Woulda... Shoulda...

"We look before and after and pine for what is not"...

Second:

Yellen is one of the most powerful humans (more or less) on the planet.

You are correct if it is an insane Western World you are speaking of!

And Third: The Solution and ultimate fix

Hang them all outside the offices they once occupied and let them swing from that rope over a cold winter as a reminder to those that follow that it might just be them if they try it again!

Wed, 09/17/2014 - 09:21 | 5225847 JRobby
JRobby's picture

"What if it had gone differently? What if, six years ago, in the throes of the financial crisis, the political leaders in D.C. had decided that enough was enough, and they were going to seize the opportunity to make real and meaningful positive changes?"

You don't seem to understand what kind of war this is. This is war to the death. If we want change, that will be what is required.

Wed, 09/17/2014 - 09:14 | 5225818 pherron2
pherron2's picture

Mama say's "If if's and and's were all tin cans, the whole damn world would be rattling". I think she was right

Wed, 09/17/2014 - 07:25 | 5225580 AdvancingTime
AdvancingTime's picture

Those who look closely understand that it is not the 1% at the top stealing the icing off the cake, but the much smaller .1% or .01% that are skewing the numbers and overreaching. I contend the biggest problem is the massive growth in crony capitalism and corruption in Washington.

Much of this can be attributed to the ability of those in control "changing the rules" and positioning themselves to benefit at every corner. In our busy and complex world we have found it impossible to watch all the moving parts. More on this subject in the article below.

http://brucewilds.blogspot.com/2014/05/how-empires-collapse.html

 

Wed, 09/17/2014 - 06:56 | 5225557 paint it red ca...
paint it red call it hell's picture

Heads!!!!  -   Heads are what is needed. Get ISIS on their executive asses....

And then,  the revolving door political hacks that ushered us into this mess through the guise of deregulation and reform. Their easily identified by the richly rewarded financial sector jobs they retired to..

Wed, 09/17/2014 - 06:14 | 5225533 LikeyMikey
LikeyMikey's picture

It also says nothing about the "Fair Housing Act" which goes back to the 1970's and was one of the primary drivers of this particular crisis.  It has morphed since then to one massive bubble(s) created by the fed.  Currency, bond, stock and a new housing bubble.

The path the article takes would clean up nothing as it does not "un" manipulate the market!  There is no "rule of law" and that is about the only one thing the article points out.  Says NOTHING about the fact that all this mess is a direct result of Government first and Business second!

 

GOVERNMENT is the problem FIRST......

Wed, 09/17/2014 - 13:44 | 5226836 sgt_doom
sgt_doom's picture

Always, some shill from the US Chamber of Commerce responds with:

It also says nothing about the "Fair Housing Act" which goes back to the 1970's and was one of the primary drivers of this particular crisis.

Cut the crap already, you lying douchetards!

You plutocratic lackey running dog scum of scum!

Selling the same debt one hundred times over, one thousand times over, etc., is called on mega-Ponzi scheme, and that was what caused the meltdown and the continuing non-recovery and helped to dismantle the economy (along with private equity/lbo firms and hedge funds).

Wed, 09/17/2014 - 03:34 | 5225479 clinically alive
clinically alive's picture

The "What ifs"... 

I've had these discussions with guys twice my age, wondering why 2 years out of college I became so god damn fucking jaded with our system of politics & government policy. You can extrapolate "What if" scenarios to a multitude of financial events that date back well beyond the "six years ago."

The old guys with intellect know. They know, our system of government appeasement toward financial institutions has been going on for a looooong time... since their own youth. The revolving government/business door is everywhere you look.

After watching a deposition of Neel Kashkari on a youtube video a year ago, I walk by a downtown area mall in Los Angeles with an entire formerly-vacant commmercial business window stocked with signs reading: VOTE KASHKARI... I summoned a handful of braincells (maybe fewer) and came to the conclusion that I bet it' was the same ex-Goldman Sachs dipshit now running for CA gubernatorial election!

To Tim Knight: Well of course financial executives don't get prosecuted, of course banks are excused from bankruptcy, and of course financial regulatory boundaries like the Glass-Steagal Act aren't reinstated.

There is no "What if". The system isn't designed for our votes to matter. If they actually did, other people would be in office.

I got suckered into reading this article...and still jaded... I could'ave spent my time jerking off and in George Carlin's words: HAVE SOMETHING TO SHOW FOR IT. 

 

Wed, 09/17/2014 - 09:20 | 5225845 pherron2
pherron2's picture

"something to show for it" implies a gain, when in fact you are expending substance, a net loss.

Wed, 09/17/2014 - 11:44 | 5226379 Kprime
Kprime's picture

you forget, that loss creates new endorphins.  it's called creative destruction. :-}

Wed, 09/17/2014 - 05:56 | 5225523 Notsobadwlad
Notsobadwlad's picture

Given that we know that it was a scam from day 1 there are now only two important questions:

1. Why?
2. What can we do about it?

After 6 years of reading many books and 30 to 40 articles a day, the most plausable answer that I can come up with... seriously.

1. This is Lucifer's world. We are a slave race and since our creation have never actually been free. Freedom is an illusion and at this point something that we can only hope for after death. The psychopaths are actually being run by psychic vampires known as the Archons (some may call them djinn or demons). The archons live off negative energy and so keep us at war with each other and in fear.

2. Start the fight. Develop the ways to perceive the Archons and educate the masses to perceive the archons and fight them. Start by reading the Nag Hammadi and other ancient texts. The gnostics knew and had means of combatting them. Just because they are outside of our normal range of perceived frequencies, does not mean that they cannot be perceived and cannot be fought. Should we try to kill them (the Archons, not their psychopathic sock-puppets)? I don't think so. They have no problem killing us, but we are better than that.

Crazy, huh? Yeah, it took me 6 years and a couple of days to come to the above conclusion. But when nothing makes sense, one has to look for answers that explain things, no matter how outside of our paradigm they might be.

Wed, 09/17/2014 - 13:46 | 5226853 sgt_doom
sgt_doom's picture

Thank you, Notsobadwlad, in every crowd, there's usually one guy who understands!

Wed, 09/17/2014 - 12:30 | 5226574 the wet spot
the wet spot's picture

Psychic vampires....YES!  We must ALL train ourselves to detect these creatures and deal with it - NINJA STYLE, BITCHEZZZ

Wed, 09/17/2014 - 08:37 | 5225708 NidStyles
NidStyles's picture

Seriously, you guys are upvoting the crazy guy post here?

Wed, 09/17/2014 - 10:07 | 5226032 Honus
Honus's picture

Why not? It's based on six years of study!

Wed, 09/17/2014 - 09:37 | 5225909 sleigher
sleigher's picture

I upvoted him.

Why is he crazy?  Because he posits an answer that is outside your accepted worldview?  What evidence do you have to show that he is wrong?  Me, I have nothing.  At least it was interesting to read...

Wed, 09/17/2014 - 13:08 | 5226682 Decolat
Decolat's picture

We love to think our little monkey minds are the ultimate instrument of perception and wisdom in the universe...

 

Nobody knows what is going on. I try to inform myself with sources that feel like the truth, but how can I be sure? How many layers of this onion are there, and how many layers for which I have the mental-spiritual capacity I can still peel to get to an end? Is there an end?

It's so easy to paint people crazy, to throw that word around at anyone misunderstood and uncomfortable to deal with. It is not so easy to let go of my worldview and admit that I don't know anything about the big picture, and there may be things going on that I haven't the physical-mental-spiritual ability to percieve. 

 

 

 

Wed, 09/17/2014 - 08:43 | 5225722 Ghordius
Ghordius's picture

Seriously, you are still looking at up/down votes? ;-)

They would have some sense if you could see who did the up or down voting. And even more if they would have to write why they did vote on

his theory is at least refreshing. very Zarathustrian. Though I don't know why he claims non-substantial Archons that can nevertheless be "fought"

Wed, 09/17/2014 - 03:27 | 5225464 basho
basho's picture

yeah, if the dog didn't stop to take a shit, he would have caught the rabbit.

a liitle late for this sh*t isn't it?

Wed, 09/17/2014 - 03:28 | 5225462 The9thDoctor
The9thDoctor's picture

You lost me on "foreclosures got foreclosed".

MERS caused such a mess, I don't even know where to start with that one.

We should be focusing all of our attention on the banksters, and not get all wrapped up on some joe blow getting a bread crumb for free.

I would have taken your fantasy essay and replaced "foreclosures got foreclosed" with "Mopping up MERSInc's mess"

I'm sure pretty much all Hedgers know about this already, for those lurkers out there, look up "Clouded Titles"

Wed, 09/17/2014 - 16:33 | 5227595 AmericaReturns
AmericaReturns's picture

Until a person has been THROUGH a chapter 11 bankruptucy, they will have a view from the outside.

I pray for the day that MERS is put out to the public. I pray for the day that people will wake up. 

Wed, 09/17/2014 - 11:05 | 5226247 flacorps
flacorps's picture

I disagree mightily with "foreclosures get foreclosed."

In the Great Depression, FDR had the HOLC program that extended loans out to 50 years and helped 80% of distressed homeowners. People were still paying off HOLC modifications until the end of the 1950s. Meanwhile HAMP was meant only to "foam the runway" for the banks, and helped around 2% of distressed homeowners.

Here in Florida, I have clients who were in a trial modification and were admittedly improperly kicked out of their trial mod when they had to file Chapter 13, the bank admits they were wrong but will do nothing to fix it and is still foreclosing. I filed discovery and they have been stalling for a couple of months now because clearly they have dynamite in their files. I WILL get this couple their modification and save their home for them and their children.

The antics of the foreclosure mills and banks have been legendary, with attorneys disbarred, firms disbanded, and if you want to find people who *did* go to jail you only have to look at Taylor, Bean and Whitaker, a top ten mortgage company in Ocala where the head honcho got forty years, and five others went to club Fed for varying terms.

Which brings me to another disgusting spectacle. In Florida it is legally possible to get a deficiency judgment on a homeowners first mortgage (not so in some other states). But in days past is was so far out of the customary mainstream that in one Florida county in 2008 that had about 8,000 foreclosures the number of deficiencies sought was zero.

Along comes the state legislature with good intentions and shortens the statute of limitations period for deficiencies from 5 years down to one. They handled the cases that were older than one year but still in statute by setting July 1, 2014 as the drop-dead date no matter the age of the claim. But no good deed goes unpunished ... they drew attention to something that smelled like money.

So that set off a June stampede of junk debt buyers like Dyck O'Neal suing willy-nilly. My phone is ringing. I got one in that was Taylor, Bean even. In that one, the appraisal is five months different from the sale date (should be spot on according to case law) and the house is said not to have any additions and upgrades (there are significant additions and upgrades, on public record) and the appraisal even neglected a 600 square foot efficiency that's part of the detached garage. Not to mention that since the granting of a deficiency is discretionary and equitable, it would hardly be right to give any money to Taylor, Bean, which bought the mortgage from a legitimate issuer so they could sell it to three different investors (not tranches--the whole thing)--the reasons people are out so much money and are so desperate to go where Florida lenders never went before are all down to Taylor, Bean's shenanigans or incompetence. My client should not suffer in a way that others don't.

This is just one. I have many. The lenders don't follow their own rules and then ask that courts wink at what they've done wrong while they put the homeowners through a Kafkaesque series of hoops intended to lead them exactly nowhere. Meanwhile they leave vacant, decaying homes in quality neighborhoods for a decade at a time because they can't get their act together and have cases dismissed for lack of prosecution, for failure to serve defendants in 120 days, etc.

I have yet to find a single case that was handled competently (much less perfectly) by a lender and its attorneys. Robosigning is just the tip of a nasty iceturd that continues to stink up America. If the Masters of the Universe got to walk, homeowners should get to stay.

Wed, 09/17/2014 - 08:36 | 5225700 Panem et Circus
Panem et Circus's picture

You miss the point, all actions need to have consequences or else bad behavior is actually encouraged. It's the principle that's wrong with theft, not just the amount.

Wed, 09/17/2014 - 00:12 | 5225308 Clowns on Acid
Clowns on Acid's picture

Ya meaqn that Robert Rubin and Sandy Weill don't get a mention but Phil Gramm does? Check out who made $$ out of those 3.

Other than that.. right on ... thats exactly what should have happened. Still might.  

Wed, 09/17/2014 - 00:05 | 5225295 theyjustcantstop
theyjustcantstop's picture

thee most sickening thing is it could've been stop before it happened, it was democrat politicians buying votes.

o'bama, and his communist commnity organizers forced the banks to make toxic loans, and being bankers they were going to off load the toxic assets, and make money doing it.

pres. bush, ( i will sticking up for him in this case ), sent his people to the house finance commitee a couple dozen times to warn b. franks and the rest of democrat controled comm., that fannie, and freddie were out of control, and a danger, but they stated they weren't going to stop the loaning of the housing money to people who the banks wouldn't, have ever loan money to these very high risk people.

the bankers were given the bail-out, and a legal pass because a true investigation would've showed these democrat politicians as guilty as the banks, and how many millions of dollars were paid cronies, through fannie, and freddy appointments.

of course the democrat politicians learned their lesson, ( ha-ha), bought more votes with colleges loans to any body that applied for one, another 1,000,000,000,000.00 that will never be paid back, the democrats will forgive the loans for more votes.

if your an american ages between 26-55 you weren't taught true american history for a reason, your not going to live it.

 

 

Wed, 09/17/2014 - 10:39 | 5226168 marathonman
marathonman's picture

Want to know some real mind blowing stuff?  Barack Obama helped plant the IED that blew up the financial system in 2008 just months before the election.  Barack was a Community Organizer for ACORN in Chicago back in the 90's (and early 2000's) agitating for more loans to sub-primes back in his post Harvard days.  You guys remember ACORN right?  Morphed into the SEIU or something.  Spent a lot of time in the White House.  Memory's getting foggy lately....

Tue, 09/16/2014 - 23:57 | 5225281 lost money
lost money's picture

you want people to play by the rules but then give the banks a pass on robosigning, oh that's right, you are pissed that "people are living for free" Get over it. If I have to live by the rules, so does the bank IN EVERY CASE, incuding showing up in court with real valid legal foreclosure docs. No valid dos, sorry bank, J6P lives for free.

 

and what is it with you supposed libertarians and "squatters"  You all say you hate the banks but then don't care if the banks break the law in order to foreclose on someone? the flip flop is instantaneous I would have thought you would champion someone fighting the system. Oh that's right, THEY are living for free and not you.

Wed, 09/17/2014 - 08:35 | 5225695 NidStyles
NidStyles's picture

I do not know a single libertarian that is even close to what you are saying, in fact that is the position that most libertarians take. Laws are only valid if they are enforced equally and without descretion. Those same laws also should be agreed upon by all participants. 

I think you need to find more real libertarians to learn from. 

Wed, 09/17/2014 - 09:37 | 5225914 Honus
Honus's picture

"Libertarian" is beginning to mean just what someone chooses it to mean, neither more nor less.

Tue, 09/16/2014 - 23:42 | 5225258 WhyWait
WhyWait's picture

" Foreclosures Got Foreclosed - Can't make your mortgage payment? Bought off more than you could chew? Tough titties. The house gets foreclosed. Everyone has to play by the same rules. No mortgage "relief". No hanging out in the house for years until the bank finally gets the right to boot you out. If you can't afford it, you can't afford it. Ta-ta."

Here's where your fantasy bites the asphalt.  Things happened the way they did because of who held the power.  They might have turned out differently if millions of homeowners screwed out of their homes and life savings had had the political clout to fight back.  

And you might have had the power to push the rest of your agenda through if you had sided with them and called on them to follow you into battle, rather than treating them as undeserving losers to be kicked to the curb.

To beat the banksters will take a broad coalition, and it will take getting on with strange and uncomfortable bedfellows.  For all of us.

We all need to start thinking about which side of the barracades we will be on.

Wed, 09/17/2014 - 08:31 | 5225687 NidStyles
NidStyles's picture

Ahh, the old us versus them argument. Nothing infatile statist mumbo-jumbo designed to enrage and coerce others into actions you are unwilling to take yourself. 

 

I don't care if people do not pay their debts. 

I'm part of the crowd that says let them keep pretending to pay us, and we can keep pretending to work and pay their bills. You know the non-violent part that knows this will play out better for you if you're intelligent and calm.

Tue, 09/16/2014 - 23:16 | 5225218 ThroxxOfVron
ThroxxOfVron's picture

Pass the duchie, Timbo.

Tue, 09/16/2014 - 21:58 | 5225032 williambanzai7
williambanzai7's picture

We all know by now that that scenario was inherently impossible.

What is mindboggling is they knew they could get away with simply tossing Bernie Madoff under the scapegoat bus.

Wed, 09/17/2014 - 19:50 | 5228270 flacorps
flacorps's picture

Farkas and five others at Taylor Bean went up ... Farkas got 40 years.

Wed, 09/17/2014 - 03:00 | 5225446 Manthong
Manthong's picture

Restore Glass-Steagall.

Repeal CFT Modernization Act of 2000.

Erect a couple dozen guillotines on the D.C. Mall and in Central Park, NY.

Fix things.

 

Wed, 09/17/2014 - 19:48 | 5228285 flacorps
flacorps's picture

I've always thought the bull sculpture on wall street should be retrofitted into a brazen bull. And most of the masters of the universe should go through it.

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