By Grant Lawrence
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.
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
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.
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.
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,
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
The banksters own you no matter who you vote for.
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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