http://market-ticker.org/akcs-www?post=170208
It's time to prosecute kids.
Your governments failure to even place recognition on the fact that a criminal cabal was running rabid and inflicting the kiss of death on everything they touched just for the sake of more monetary procurement, is a sign that they to made money off the dealings.
So if the elite go down, they go down as well.
Except their position in the crimes holds the distinct classification of treason.
Yep. The usual - "find someone to blame, and do it" game in Washington DC. Meanwhile, make damn sure you steal all the money.
Bill Black argues the same position I do in this regard:
That homeowners would default on the nonprime mortgages was a foregone conclusion throughout the industry -- indeed, it was the desired outcome. This was something the lending side knew, but which few on the borrowing side could have realized.
Exactly. Indeed, what I have said since I started writing the Ticker was that the intent of these fraudulent organizations was to force you to come back in two years or so and refinance again. Not for your benefit, for theirs.
The structure of the deals made this inevitable - and also made it inevitable that this scam could only continue until house prices stopped going up. We know the banks knew this was going to happen, as they were buying CDS against their own deals! That was the essence of the Goldman Abacus case - they knew the underlying loans were bad and didn't disclose it.
Well, we now know for a fact that by 2006 Citibank knew 60% of the loans were bad, and by 2007 80%, and their entire executive suite was aware of it.
That's intent folks, especially when coupled with statements about "dancing while the music is playing."
Uh huh. You weren't dancing, you were looting, and in a just society by now we'd be done with the trial and you'd be swinging.
What to do? We suggest an immediate moratorium on foreclosures and a requirement that all notes be produced by purported holders of mortgages within a reasonable length of time. If they cannot be found, the mortgages -- as well as the securities that pool them -- are no longer valid. That means that the homeowners are not indebted, and that the homes are owned free and clear. And that, dear bankers, is a big, big problem. It is also the law -- without evidence of debt, there is no debtor and no creditor.
Yep. Either show up and prove up your alleged claim, or it doesn't exist. Force the fraud out into the open and force those who committed it to be held to account for it.
The "collateral damage" inflicted by the SDIs is now endangering tens of millions of American families -- most of whom played no role in the speculative euphoria. Almost half of American homeowners are already underwater or on the verge of going under. In short, it was Wall Street that turned our homes over to a financial casino -- and so far virtually all the losses have been suffered on Main Street.
