http://market-ticker.org/akcs-www?post=168887
Ask yourself WHY 'our" government is allowing the FED to lead us down the same path that Japan took 10 years ago?
They proved in "real time" that keeping the banks afloat rather than letting them die a natural death was detrimental for their country, and now the FED is forcing our country that way to
Last week I penned an open letter to the Democratic Caucus of California in which I laid bare on the table many of the truths about Foreclosuregate and the injustices that it has exposed.
We now know, with a factual basis, that many of the beliefs and premises I put forward in 2007 and have maintained since are in fact true. The economic troubles that our nation finds itself in were no mistake, were not "unforeseeable" and in fact were not "unforeseen." They occurred as a consequence of deliberate, intentional conduct by those both in government and the financial industry.
As an entrepreneur during the 1990s "Internet boom" I saw these very same schemes and scams run during that time. Securities worth far less than their offering price were shoved through the pipeline, sold to investors on the back of knowingly-false claims. Chief among those claims of the time was that The Internet was doubling in size every three months. This, of course, meant that it would increase in size by a factor of 16 every year, of more than 65,000 times within five years, and of more than 687 billion times within ten.
Within eight years - from 1995 - the "reach" of The Internet would have exceeded the number of persons on the planet, and within ten it would have reached every human, dog, cat, and field mouse as well. In a few more it would reach, quite literally, every bacterium on the planet.
This was clearly impossible, yet this was what was sold to millions of investors. What's worse is that by the the time most of these IPOs happened growth had already slowed dramatically and in fact by 1998, when I sold my firm, it was down to "mere" double-digits on an annual basis, with the major metropolitan markets experiencing almost no net subscriber growth - those who had computers and wanted connections, by that time, had them.
Virtually all of these firms collapsed and the losses were, for those investors, catastrophic.
The same "pump and dump" game was run with houses starting in 2003, orchestrated by the same banks and with the full support and complicity of government. The Realtors' own David Lereah - their chief economist of the time - published not one but two books urging people to buy homes as prices would only go up - for the indefinite future.
As with all manias the law became irrelevant. MERS is in fact at the core of this, as I have been writing about for more than a year. Indeed, in an article I published in 2009 I said:
The underlying issue is that many of these so-called "securities" (MBS, CDOs, etc) were issued "light" of the required legal mandates to keep the chain of assignments and actual consent signatures required for enforcement. Many people charge that the reason behind this was simple volume. I disagree.
I believe that a large part of the root cause of these "lost" documents is to cover up blatant and in many cases outrageous fraud. It is difficult to prove that a bank or other lender knew and ignored stated-income fraud (or allegedly "investigated" and "underwrote" a file when it did not) when the original file has been turned into ticker-tape confetti courtesy of the closest paper shredder!
