"How simultaneously dangerous and ridiculous it is that the Federal Reserve is given more authority to oversee the economy. This is the same privately run entity that refused to comply with congressional demands for transparency and disclose the destination of trillions dollars in bailout funds. It is the same privately owned entity that has withheld internal memos, in spite of freedom of information act requests. It is the same private entity, run for the most part by European banking elites, that has arrogantly refused to tell Senators and Congressmen which banks were in receipt of government loans."
rocket at 13:36 2009-06-19 said:
The entire financial system seems to be based on greed, venality, deviousness, consumer manipulation and systematic dishonesty so naturally ingrained into the whole rotten system that nobody can see it even though it is slap bang staring them in the face.
Take a look anywhere, at any of the financial problems we are now facing, and you will see they are caused by fraud and dishonesty and deviousness of one sort or another.
A huge percentage of all those defaulting subprime mortgage borrowers as well as other business borrowers were forced into total default and repossessions and recall of business loans only, I repeat only, because of the vicious, greedy, unthinkingly impatient brutality of lenders - those fraudulent banks we hear so much about !
A typical example is the householder, deliberately lured into a subprime mortgage by a devious banking system which falsely labels a person an 'unreliable' borrower' because of irrelevant and usually completely trivial credit record issues of an ordinary, everyday nature that happen to any normal person on a regular basis.
This is deliberately manipultated by sanctimonious lenders as an excuse to allow a lender ( those fraudulent banks again) to extort money at inflated rates of interest and with equally inflated 'penalties' to persecute borrowers if they fall into difficulties.
A mortgage holder will, with the rarest of exceptions, always want to keep up to date with repayments to keep the roof over their head. So, they only fail to make repayment when they lose their jobs or experience similar financial difficulties. Normally, people will recover from this and be able to continue their mortgage repayments.
But what happens is mortgage lenders treat the borrower with a breathtaking contempt and immediately set about making sure the situation is made worse and worse as lenders embark on a course of events that usually make it more and more difficult for a borrower to sort anything at all out.
Borrower's lives are trashed and lenders increase debts by a process of wicked extortion with a blind ignorance of the destruction of people's lives and the ultimate consequences to the financial system as a whole
We have now seen this gradual escalation of fraudulent, dishonest, venality over recent years explode in the faces of everyone in the financial industry and the rest of the World economy as well.
Not a single person has escaped the consequences of the greedy dishonesty the banking industry engineered into existence in Modern Times.
If all those 'sub-prime' borrowers had been treated decently and fairly in the first place by paying ordinary, fair, interest rates and without the unfair, vicious and extortionate 'penalties' wickedly imposed by lenders simply to make as much money as possible out of their hapless victims, they would still be paying their mortgage repayments.
The World economy would not have been destroyed by the criminal dishonesty of the banks with their completely devious,dishonest way of doing business with each other as well as the ordinary hapless consumer - their ultimate victim.
MODERN TIMES IN MUDSHIRES Permalink