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General News    H2'ed 10/3/10

SHOCK THERAPY FOR WALL STREET: BANKING GIANTS SUSPEND THOUSANDS OF FORECLOSURES

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To Subsidize or Nationalize?

Where does that leave JPMorgan, GMAC, Bank of America, and the other major lenders? Investors have massive claims against these banks, and so do homeowners. A major title insurance company has already said it will not insure title to properties foreclosed upon by GMAC until further notice. Moody's has placed the servicer ratings of GMAC and JPMorgan Chase on review for possible downgrade, and the Treasury is asking regulators for an investigation.

Investment adviser Christopher Whalen thinks we could soon be looking at more Wall Street bankruptcies. If so, hopefully we won't fall into the trap this time of underwriting the losses while letting the banks keep the profits. If we the people are picking up the tab, we should insist on owning the banks. Publicly-owned banks can pay higher interest to savers, charge lower interest to borrowers, and still have huge profits to return to the state, reducing taxes by that amount. The government-owned Bank of North Dakota and Commonwealth Bank of Australia are stellar examples.

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Ellen Brown is an attorney, founder of the Public Banking Institute, and author of twelve books including the best-selling WEB OF DEBT. In THE PUBLIC BANK SOLUTION, her latest book, she explores successful public banking models historically and (more...)
 

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