Bush-Obama Bank Bailout Puts Mortgage Holders Last
Have you ever wondered what else we could be doing with the trillion dollars we’re bailing out the banks with?
That would cover universal health care for every single American for nine or ten years, for instance.
But even just focusing on the mortgage and banking sector itself, we could be doing a lot better with all this money than what Bush and Obama have been doing, which is lavishing it on Wall Street.
For the $1 trillion dollars in bank bailouts so far, the government could have bought several of these zombie banks outright, liquidated the shareholders, cleaned up the balance sheets, and run the banks in the interest of the community: giving loans to businesses and individuals.
Or by my calculations, it could have paid off, in full, five million mortgages (averaging $200,000 each) of people who were behind in payments or facing foreclosure.
These people would then own their homes free and clear rather than be in the streets.
Or the government could have sent a $17,000 voucher for mortgage paydown to every single mortgage holder in America.
Boy, if you wanted to stimulate the economy, that could have really gotten things going.
Either of those actions would have helped out the banks at the same time, since they would have fewer bad mortgages to worry about, but at least homeowners would have benefited along with the banks.
Or, when it gave billions of dollars to the banks, it could have required them to renegotiate all their mortgages that were drawn up from 2004-2007, writing down the purchase price by 20 percent or so to account for the inflated bubble prices that people paid. This way, the assets on the banks’ balance sheets would be worth less, and people would have less to shell out over the term of their mortgage.
Instead, with the Bush-Obama approach, the banks benefit every time, but the mortgage holders don’t.
There’s something seriously wrong with this picture.
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Comments
Corporate Slavery, A new free Market
We must stop the predatory actions of Banks, Insurance, Credit agency, Finance and Card company's.. if left to continue at current rates, the whole system will end in financial ruin at which time no recovery will be possible, just do the math!..
The ill gotten gains by the new Corporate Slave Trader CST holder aka Financial Contracts is the tools chosen by thousands of financial company Hit-men legal contract departments. By diabolical wording “legal” contract language to there benefit, the “disclosure”of ”you are now my indentured Slave for the rest of your financial life”, goes unseen and hidden by mathematical and legal verbiage and jargon.
The poor illiterate financial borrowing fools are forced into financial indentured slavery upon signing his freedom away. The slave has no escape route after signing the slave contract all means to freedom have been removed or blocked by legal slave contract law. Even the bankruptcy route is no longer a viable refuge anymore due to the dilution of the law and the incorporation of new corporate language to benefit the Slave Trader Financial Contract holder.
All escape clauses are for the financial company only. the chains have all but been removed from the new corrupt corporate masters of the Slave Trader Free Market.
Only with strong reconstitution of strong Financial Law Reform, with very high monitory fines and 150 year prison sentences can we hope to detour the greed. It is just that, that served us well in the past, with “put in jail powers” like President Roosevelt had used to prosecuted and sent to jail corporate war profiteers who abused the poor and dead solders for monitory gain.
Currently.. and until strong oversight by congress is enacted, congress will be blinded by K street funding and continue to look away while sacrificing individual freedoms of protection from the Slave Traders Financial Contracts. This will not worry congress as long as the K-street loop hole is not cut, or worry the conscience of congress that it has instituted the new world order that is awarding corporate governments unfair, but, very lucrative Slave Trade Financial Contracts.
We must stop, by force if necessary,.. the unfair monitory slavery that induct the poor and indentured humans. This practice of corporate human slavery by financial contracts for corporate greed must end.
The net that caches the poor slave is: the Financial Contract
"We must not educate or teach to read the poor slave, for he may see then the net that enslave him is the” “Slave Financial Contract Law".
If slaves are allowed to read and understand the enslavement contract, no "right-minded" Slave would sign his freedom away. As repeated by Bankers in the north and south in 2009.
The K-street corporate slave chain gang will be hard to block even with the force of new law due to the obscene corruption and billions the slave trade generates in capital salve debt Market – But maybe President Obama could write an emancipation proclamation to free us all from the financial slavers like president Abraham Lincoln did during the Civil War.