For the past few years...I have been warning you that much of our mortgage system was a fraud.....and that many of the loans made were fraudulent artifcially propping up housing prices and property taxes and insurance rates.
I was amazed how we allowed insolvent bankers to foreclose on insolvent citizens and then to add insult to injury....the bankers bailed themselves out and not the citizens. ESPECIALLY WHEN THE BANKERS KNEW THE LOANS WERE FRAUD. I argued it was sorta like bailing out Madoff and not his clients.
Now we are hearing rumblings about fraudulent loans? a few years after Alstry was warning about it?
The next fraud you will hear about is how the market is being artifically manipulated by Bankers and Wall Street through HFT(high frequency trading) computers and alogos.....WHILE Washington and Wall Street start to shut down cities, counties, states, hospitals and schools driving us into the Digital Age.
I can't tell you when that will precisely playout....but rest assured, it will......as I never thought the nation would remain silent on the mortgage fraud for so long......
It is amazing how the American people have no representation anymore....it is OK for Wall Street and Washington to LIE, CHEAT and STEAL....but if you are a private citizen, you go to jail......
The fair application of the rule of law has essentially completely broken down in America and few really seem to care or believe they can do anything about it.....and with that attitude.....it is a certain conclusion.
Enjoy the games in the market while they last....as we now tell our elderly there is NO INFLATION and limit their social security payments while the cost of just about anything they spend money on is skyrocketing.............
yet we give bankers billions in bonuses and raises to practically everyone in Washington simply because Washington and Wall Street can borow money and much of the rest of the nation can't or has no need....
This will get UGLY.....REALLY REALLY UGLY as the people are now finally waking up to the fact that they have been taken to the cleaners by guys like Buffett, Bernanke, and the Bankers.
UMass Memorial Health Care - 350
NY - 2,000 Mostly Layoffs
City of St Louis - Between 30 to 60 Firefighters