As a result, in our consumer-driven economy, we now take immense amounts of mortgage interest money spending power out of consumer’s hands and feed it into a small wealthy elite’s hands? Talk about drastically lowering the velocity of money! This crushing of consumer demand via private central bank interest thievery makes no sense, even in conventional economic terms.
Speaking of lots of money going into a very few hands, consider the Santa Monica hedge fund that just cranked out a 1,000% return and a 20 billion dollar profit by shorting subprime loan instruments. Think its time for a little excess profit tax, and hedge fund regulation?
The predation and profiteering in our home loan system is simply immoral, immense, and inexcusable. The system must be changed, and the people must regain control over their home loan apparatus, or we face recurrent tragedies and ever greater debt , dislocation, and taxation until it all implodes and we are forced to pay the ultimate price.
Kent Welton,
PublicCentralBank.com
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