Adapted from a recent radio interview of Dylan Ratigan on the Thom Hartmann show.
We have a very simple problem with our banking structure. The President likes to talk about how the current bill in Congress represents one of the most sweeping reforms since the Great Depression? That's because since the Great Depression, all we've done is eliminate all the rules that had, until now, prevented banks from doing whatever they wanted with our money.
I have no issue with banks or anyone else doing whatever they want with their own money. However, I have a very large issue about them doing whatever they want with the money I've invested in that bank, especially when they keep virtually all the profits when they win, and expect to collect from me and other taxpayers when they lose, i.e. lose big in their stock market (or derivatives) gambling enterprises.
What's really going on here is that the wealthy and the powerful are now making most of their money not from sound investments in well run and well thought out business enterprises, but rather from harvesting the tax dollars (and thus the labor) of everyone else in this country, while simultaneously entrapping many of those same folks in overpriced assets that are actually worth much less than was claimed -- while the leverage they (the banks) are using comes from the ultimatum they give us that "if you do not continue to pay us off, through your government, we will obliterate every pension and retirement fund in America."
Essentially, then, we are being held hostage by banksters who are blackmailing our government under the pretense and guise of so-called "capitalism.' However, the dominant money making system today, used by the biggest money makers of the day, the banksters, cannot correctly be called capitalism. Why not? Because to be a capitalist, you have to invest and risk your own capital, in one or more enterprises, taking the loss yourself should the enterprise(s) "go south." And of course these major money makers (i.e. the biggest banks) don't any longer do that. Instead they use our money to gamble, no longer lending it to businesses and would-be home buyers as in the days of old.
In condoning all this, President Obama and our Congress have allowed the largest theft and cover-up in the history of our country. This massive theft occurred when our government used our tax money to pay off these banksters, to compensate them for the money they lost gambling in the stock and derivatives markets. From 1998 to 2008, the banksters paid themselves hundreds of billions of dollars, conducting what is essentially a ponzi scheme (but also a kind of insurance fraud) in which they paid themselves money that had been fraudulently acquired. The decision was made by the Bush administration to make hundreds of billions of dollars in taxpayer money available to them -- and ask for no terms of repayment whatsoever! essentially making it into a gift.
Now fast forward two years to the Obama administration. Here's a man, Barack Obama, who was elected on the belief that he would not sanction or permit such grand theft and cover-up. But not only has he and his team of Larry Summers, Rahm Emmanuel, and Tim Geithner continued each and every month to perpetuate the accounting fraud that is going on at the banks; their owners are using that accounting fraud to pay themselves, every quarter, billions of dollars, while allowing you the taxpayer (by way of the Federal Reserve, Fannie Mae and Freddie Mac) to accumulate trillions of dollars worth of forward risk and debt (for ourselves, our children and grandchildren).
It was therefore with unparalleled audacity that President Obama came out recently to announce that he has "solved the banking problem." And then America's lapdog corporate-sponsored mainstream media took that stinking lie and spread it around the country!
What Obama and the corporate media don't understand is that if this sorry attempt at banking reform is allowed to go forward and become law, there will soon be very few jobs in America aside from servicing the many needs of the very rich -- for America's once burgeoning middle class will have been largely eliminated, with most being forced into an ever growing, poverty stricken, lower class. The rich will invest in manufacturing enterprises around the world while they harvest what remains the savings of people who once had well paid manufacturing jobs and all the jobs that those jobs helped create.
Bottom line: What were facing here is trillions of dollars worth of accounting fraud coming out of the Federal Reserve. So what can we do about it? Here's one suggestion:
If your house is "under water,' and you owe more on it (to a big bank) than you can sell it for, stop making mortgage payments, and live rent free for as long as possible. The more people who do this, the longer that each of them will be able to live rent free, since the courts will become ever more backed up with cases in which the big banks are no longer receiving the payments they believe are due.
If our government is going to sanction and perpetuate a trillion-dollar accounting fraud, at the expense of its taxpayers, and do so for the benefit the big banks who are their masters, then the taxpayers certainly have the right to recoup some of that cost (that has been heaped upon their shoulders), by stopping the mortgage payments to the banks that are the chief beneficiaries of this gigantic fraud.
Why continue to participate in a system that has been designed to defraud you and cheat you?