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OpEdNews Op Eds    H3'ed 10/16/09

The Dow is Up but Your House is Gone

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Message Douglas g

By Grant Lawrence

Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.

"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.... Source CNN

This record foreclosure rate, however, isn't even the worst of it.

....In other words, banks have tons of folks who are not paying their mortgages on time, and they're not foreclosing. And the reason they're not foreclosing is, once you foreclose, you have to recognize losses under the accounting rules. And the banks gimmicked the accounting rules. They put pressure on Congress, and Congress put pressure on the accounting profession to gimmick the accounting rules now about a year ago. Now, these bonuses, of course, are paid compared to alleged profits. What happens if you understate your losses dramatically? You report much higher profits and much higher bonuses. So this is a web of fraud, in which they are getting as much as they can before the place goes to hell in a handbasket again....William Black, author of The Best Way to Rob a Bank Is to Own One, Source Democracy Now

So here we have another bankster scam being waged on the consuming public. The scam is to create another "too big to fail" scenario as they make record profits and pay out record bonuses by rigging their books.

But the good news is the Dow is up.

So you or someone you care about is likely without a job or looking for more work. But the elite are rigging the system again, and you are going to fix things next time by voting for a Republican.

So the game continues and the system is rigged.

Unfortunately, Americans are nothing more than credit serfs or as John Lennon once pointed out in his classic song, Working Class Heroes:

Keep you doped with religion and sex and TV,
And you think you're so clever and classless and free,
But you're still f--king peasants as far as I can see,

Americans pride themselves on their nukes and high tech killing machines to protect the 'Homeland,' but all of the death rays and the death merchants are not needed. America the beautiful has already lost to fascism.

The banksters own you no matter who you vote for.

I hate to be the one to have to tell you. But I figured this out a long time ago. I just thought I would bring you up to speed on this.

 

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