Wall Street Owes the American People an Apology

There Is No Point Trusting the US Financial System

The US financial system deserves no respect, because that respect was destroyed by its bad behavior. The world financial system, through Wall Street, offered up so many easy money loans, that the prices of housing actually went up to unsustainable levels.
The private shadow banks were primarily responsible, being the conduit to Wall Street bogus bonds, rated AAA when they were filled with bad mortgages. There was some subprime lending through the CRA and government backed banks. This was not large compared to the other subprime and prime easy money loans.
Liar loans (called Self Certified Loans in the UK) were imported from the UK financial system, the seat of all this financial evil.
The central banks, namely the Fed in the USA, allowed this toxic lending and did nothing to stop it. The Fed and Wall Street need to apologize for this toxic lending that raped main street USA. They all need to apologize to the American people for stealing their wealth as housing prices plummeted to depths that were lower than before the bubble even began.

A Response to Hedge Funder Leon Cooperman

We see Leon Cooperman coming out for the goodness of wealth and the badness of class warfare that he alleges comes from the bottom on the financial food chain. Perhaps he would change his mind if he would tell us that the wealthy made a grievous error of greed and should apologize. He could tell us that the financial cabal was the first attack and that the response of Occupy Wall Street and others was a response, not an attack!
I posted this comment at Business Insider that pretty much sums up my position regarding the 1 percent and their behavior in the housing bubble:
Hedge funds are the greatest threat to main street prosperity. Of course he (Cooperman) doesn't like the 1 percent/99 percent stuff, because if we had known all this people may not have fallen for the easy money housing bubble. Hedge funds make money off of bubbles. It is a well known fact.

What you need to understand, Cooperman, is that the rich brought this hatred upon themselves by offering easy money loans in housing and ruining the accurate pricing of houses. You think it is noble to be rich? Maybe for a time in the US it was. But that stopped at the housing bubble when unscrupulous rich men destroyed housing values in cities all over this nation and in much of the world.

Nominal GDP guys are wrong when they say that easy money in housing was limited to the bubble towns like Las Vegas. Turned out easy money infiltrated overbuilt towns like Atlanta Georgia as well. As house prices did not appreciate, which was necessary to make the ponzi work, people saw their investments in Atlanta as being no more workable than in Las Vegas.

Here is the deal Cooperman, Santelli said regular people just bet and lost. But they didn't know the housing bubble had been planned for years. They didn't know that hedge funds were funneling massive amounts of money into a housing bubble that was not sustainable.

So, Americans bet and lost, and the rich won. And now it is class warfare to hate everything they stand for, Cooperman?

The rich need to apologize to America for the housing bubble and then we can talk. Otherwise you are just a spokesman for the elite and cannot ever be trusted.
 Read more: http://www.businessinsider.com/leon-cooperman-predicts-what-will-happen-to-the-sp-in-the-event-of-an-obama-or-romney-victory-2012-9#ixzz25iOXqZoc
Leon Cooperman says the debate should not be between the rich and the poor, as it is good to come from poor beginnings to live the American dream. And in many cases that is true, but I am sorry, the financial attack came from the wealthy. We know this to be true and Cooperman cannot change this reality by appealing to more favorable pre house bubble views about the wealthy.


Fighting New Financial Order Economics Is a Response to Top Down Financial Warfare

How to Fight NWO Economics: My Predictions For Housing Bubbles
Amazon Price: $2.99

Who Should Apologize Specifically?

Here is a partial list of those who should apologize for allowing, facilitating and implementing the Housing Bubble.
Alan Greenspan, Chairman of the Fed
Henry Paulson, Former CEO of Goldman Sachs (Former Secretary of the Treasury)
Tim Geithner, NY Fed President (Now Secretary of the Treasury)
Ben Bernanke, Chairman of the Fed
Investment Bankers
TBTF Bankers
Shadow Lenders
Hedge Funds (the ones who funneled money and credit to the shadow lenders)
Congress for repealing Glass-Steagall and for loosening rules on derivatives trading, both wanted by the banks in deregulation mode
President William J. Clinton
President George W. Bush
Phil Gramm and Wendy Gramm, without which financial deregulation may not have happened
Robert Rubin
Basel 2, which allowed off balance sheet accounting for banks and which set up the securitization regulations.

So, No Laws Were Broken Were They?

I posted this at Patrick.net:
It (the housing bubble scam) was set up by the banksters. They never revealed that the easy money loans were by themselves driving up the prices of the houses. They never revealed that they would one day stop making the easy money loans.
Sorry that is RICO fraud.
While they did not break any laws of real estate, they broke RICO laws by failing to disclose.
Add to this that on the back side of the transaction, loans were being bundled and securitized and sent packing with bogus AAA ratings. Those loans were doomed to failure. And even Goldman Sachs replaced some good loans with bad loans in some of the CDO's.
There was no prosecution for massive securities fraud. Yes, Wall Street, you owe apologies!

Comments

  1. Financial Crisis 12 month loans, one year loans, 12 month loan, 1 year loans, 1 year loan.
    http://www.12monthcashloans.me.uk

    ReplyDelete
  2. Gary, since you spammed me with the link I will post what you actually are saying at that link:

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    Now Gary, you know and I know that a 12 month payday loan is a terrible loan. No credit check loans are like the liar loans of the US housing bubble. And they are like the "self certified" loans of the UK housing bubble that spawned the US bubble. There was no Glass-Steagall there to stop it.

    I realize that the payday loan you are hocking is not a real estate loan. But a 12 month payday loan must have interest that is massive. Perhaps you could tell us what that rate is.

    And perhaps you could give us a look into how many people default and what percentage of people are behind on these loans. There is a massive recession in the UK and I look upon you as a predator. That is my personal opinion.

    And you can tell us exactly the numbers of your loan. You can tell us here, right now, what the monthly payment is on a certain loan, and if it is an installment loan or a check cashing loan.

    I also need to know the percentage of interest for a year. The interest rates on the poor are oppressive, at least in the US. Show us and prove to us what your interest rate for a year is and the payback numbers.

    That is the least you can do for posting a link that is spam, for your commercial benefit.

    ReplyDelete
  3. something to ponder re: US financial system and hedge funds---

    In the past 18 months union pension funds (government employees, teachers, etc) moved substantial amount of money into hedge funds;
    75% of the shares of the arch villain of Wall street, J.P. Morgan, are held by pension and mutual funds....
    about 50% of the shares of the 2,900 Fed member banks are held by pension and mutual funds....
    about 50% of the shares of the other 4,800 US banks are also held by pension and mutual funds

    the whole pension system is built upon government bonds (national, state and munucipal debt) and wall street speculation.....

    ReplyDelete
    Replies
    1. They are chasing yield aren't they? But certainly, getting into bed with hedge funds is something Calpers has rejected and could bite some of these pension funds.

      Delete

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