Added: 28th Jan 10
Timothy Geithner does not want Americans to know who really controls and is behind the Federal Reserve.
The elite created the Fed. The same elite also controls the US government.
‘The Federal Reserve is above the law’. (Google that!)
“Mr. Geithner has been wrong about everything for the last 15 years.”
Congresswoman Marcy Kaptur has become something of a crusader for homeowners’ rights in the wake of the housing crisis, as well as a major critic of US banks. Moyers played a clip of her giving a speech this past January in which she urged homeowners to ignore eviction notices and become “squatters in [their] own homes” if they need to:
“So why should any American citizen be kicked out of their homes in this cold weather? … Don’t leave your home. Because you know what? When those companies say they have your mortgage, unless you have a lawyer that can put his or her finger on that mortgage, you don’t have that mortgage, and you are going to find they can’t find the paper up there on Wall Street. So I say to the American people, you be squatters in your own homes. Don’t you leave. In Ohio and Michigan and Indiana and Illinois and all these other places our people are being treated like chattel, and this Congress is stymied.”
FOR decades, when troubled homeowners and banks battled over delinquent mortgages, it wasn’t a contest. Homes went into foreclosure, and lenders took control of the property.
On top of that, courts rubber-stamped the array of foreclosure charges that lenders heaped onto borrowers and took banks at their word when the lenders said they owned the mortgage notes underlying troubled properties.
In other words, with lenders in the driver’s seat, borrowers were run over, more often than not. Of course, errant borrowers hardly deserve sympathy from bankers or anyone else, and banks are well within their rights to try to protect their financial interests.
But if our current financial crisis has taught us anything, it is that many borrowers entered into mortgage agreements without a clear understanding of the debt they were incurring. And banks often lacked a clear understanding of whether all those borrowers could really repay their loans.
Even so, banks and borrowers still do battle over foreclosures on an unlevel playing field that exists in far too many courtrooms. But some judges are starting to scrutinize the rules-don’t-matter methods used by lenders and their lawyers in the recent foreclosure wave. On occasion, lenders are even getting slapped around a bit.
One surprising smackdown occurred on Oct. 9 in federal bankruptcy court in the Southern District of New York. Ruling that a lender, PHH Mortgage, hadn’t proved its claim to a delinquent borrower’s home in White Plains, Judge Robert D. Drain wiped out a $461,263 mortgage debt on the property. That’s right: the mortgage debt disappeared, via a court order.
So the ruling may put a new dynamic in play in the foreclosure mess: If the lender can’t come forward with proof of ownership, and judges don’t look kindly on that, then borrowers may have a stronger hand to play in court and, apparently, may even be able to stay in their homes mortgage-free.
The reason that notes have gone missing is the huge mass of mortgage securitizations that occurred during the housing boom. Securitizations allowed for large pools of bank loans to be bundled and sold to legions of investors, but some of the nuts and bolts of the mortgage game — notes, for example — were never adequately tracked or recorded during the boom. In some (many) cases, that means nobody truly knows who owns what.
– The US Government: Bought and Paid For
– Top economist: President Obama ‘missed opportunity’ to reform financial system
– Congressmen Alan Grayson and Ron Paul Ask Senate Banking to Delay Confirmation of Bernanke Until Fed Releases Information on Secret Bailouts
– Government Watchdog: Treasury and Federal Reserve Knew Bailed-Out Banks Were Not Healthy, Lying to Americans
– Former Assistant Secretary of Housing: Financial Coup d’Etat
– Former Assistant Secretary of Housing: The U.S. is the Global Leader in Illegal Money Laundering
– Congresswoman Kaptur Points Out The Revolving Door Between Wall Street & The White House
– Rep. Marcy Kaptur warns: There are domestic enemies to the Republic
In Michael Moore’s new film Capitalism: A Love Story, Congresswoman Kaptur says there has been a financial coup d’etat, and that Wall Street – rather than Congress – is in charge.
In a must-watch interview with Bill Moyers broadcast Friday night, Kaptur also said:
- The Federal Housing Agency used to insure 1 in 50 mortgages. But FHA now insures 1 in 4 mortgages, as the debt for bad mortgages has been dumped on the American people
- “Banks have the power to create money”. This again confirms and verifies that banks create money out of thin air, not based on the amount of reserve deposits on hand. See this and this
- While – on paper – there are reserve requirements, banks have gone from 10 to 1 leverage (where they could lend out 10 times their reserves) to – in the case of JP Morgan – 100 to 1 leverage. But with derivatives, leverage might be much higher
Lobbyists from the financial industry have paid hundreds of millions to Congress and the Obama administration. They have bought virtually all of the key congress members and senators on committees overseeing finances and banking.
Manhattan Institute senior fellow Nicole Gelinas says:
The too-big-to-fail financial industry has been good to elected officials and former elected officials of both parties over its 25-year life span
And economic historian Niall Ferguson says:
Guess which institutions are among the biggest lobbyists and campaign-finance contributors? Surprise! None other than the TBTFs [too big to fails].
No wonder two powerful congressmen said that banks run Congress.
No wonder two leading IMF officials, the former Vice President of the Dallas Federal Reserve, and the the head of the Federal Reserve Bank of Kansas City have all said that the United States is controlled by an oligarchy.
With the exception of a handful couple of Congress members who have the American people’s interest in mind, Congress is bought and paid for.
Note: A friend on the Hill made an important point to me by email.
Maxine Waters and Ron Paul get almost nothing [from the financial lobby. Sherman, Kucinich, Grayson and Kaptur are some other congress members who have not been bought and paid for].
The following videos were broadcast on PBS’s Bill Moyers Journal, October 9, 2009.
Watch the complete video of Bill Moyers’ discussion with Simon Johnson and Rep. Kaptur here.
The Obama administration “refused” to take meaningful steps to reform the banking system in the wake of last year’s financial crisis, and the opportunity to do so has now been missed, says a former chief economist for the International Monetary Fund.
Simon Johnson told PBS’s Bill Moyers that he expects an even larger financial crisis to hit the United States in the coming years because the system was not fixed through reform, but rather through a massive injection of taxpayers’ money into the failing banks.
“The short term opportunity was missed,” Johnson said on Bill Moyers Journal Friday night. “There was an opportunity the Obama administration had. President Obama campaigned on a message of change. … The time for change for the financial sector was absolutely upon us, this was abundantly apparent in January of this year.”
Johnson continued: “Rahm Emanuel, the president’s chief of staff, is known for saying ‘Never let a good crisis go to waste.’ The crisis for the big banks is substantially over. And it was completely wasted. The administration refused to break the power of the big banks when they had the opportunity earlier this year. And the regulatory reforms they are now pursuing … will turn out to be essentially meaningless.”
Johnson said that the bank bailout would not fix the long-term instability of the financial sector, and “when [the crisis] comes back, it will come back with a vengeance, and it will be I think even more devastating.”
The government’s policy towards the financial crisis amounts to “socialism for the big banks,” US House Rep. Marcy Kaptur (D-OH) told Moyers and Johnson. “They’ve basically taken their mistakes and they’ve put it on the taxpayer … that’s socialism, that’s not capitalism.”
Kaptur has become something of a crusader for homeowners’ rights in the wake of the housing crisis, as well as a major critic of US banks. Moyers played a clip of her giving a speech this past January in which she urged homeowners to ignore eviction notices and become “squatters in [their] own homes” if they need to.
So why should any American citizen be kicked out of their homes in this cold weather? … Don’t leave your home. Because you know what? When those companies say they have your mortgage, unless you have a lawyer that can put his or her finger on that mortgage, you don’t have that mortgage, and you are going to find they can’t find the paper up there on Wall Street. So I say to the American people, you be squatters in your own homes. Don’t you leave. In Ohio and Michigan and Indiana and Illinois and all these other places our people are being treated like chattel, and this Congress is stymied.
Kaptur recounted an anecdote about inviting representatives of investment bank JPMorganChase, the largest forecloser of homes in Kaptur’s Ohio district, to a meeting, and then waiting around all day as no one from JPMorganChase showed up — until nearly the end of the day.
“That’s how they treat our people,” Kaptur said.
Added: 27. Januar 2009
Photo: Perpetrators of the greatest financial crime in history celebrating their fraud against the American people.
Rep. Marcy Kaptur (D-OH) warns the American people about Constitutional enemies of the Republic and the fraudulent trillion(s) dollar bailout:
“My message to the American people don’t let Congress seal this deal. High financial crimes have been committed.”
“The normal legislative process has been shelved. Only a few insiders are doing the dealing, sounds like insider trading to me. These criminals have so much political power than can shut down the normal legislative process of the highest law making body of this land.”
“We are Constitutionally sworn to protect and defend this Republic against all enemies foreign and domestic. And my friends there are enemies.”
“The people pushing this deal are the very ones who are responsible for the implosion on Wall Street. They were fraudulent then and they are fraudulent now.”