Michael Rivero wrote on his site WhatReallyHappened (which is a Great alternative Real News Site) today the best explanation I have seen on why the Banks are getting away with the FRAUD that they are!
He wrote this in regards to a video he has above it about how the members of Congress have seen their own personal income/wealth increase hundreds of percentage points in the last few years. The video is inserted below Michael's remark of it.
Michael Rivero's Explanation of the Bank Fraud and why they are getting away with it:
What happened is simple. Congress members were invested in the Wall Street Firms behind the Mortgage-Backed Securities Fraud; the biggest financial swindle since the Great South Seas Bubble of 1721. Congress passed an $8000 first-time home-buyer credit to lure more suckers into the scam, to front load the fraud with fresh mortgages of questionable worth, and raked in huge profits from the "tulip mania" sales of the MBS.
Then the scam fell apart. Foreign banks and investment companies (and indeed entire nations) were brought to the edge of ruin by the fraud and demanded that Wall Street refund their money. Wall Street does not like to surrender profits, even ill-gotten ones, and neither does the Congress. So Congress voted for the "bailouts", which are actually buy-backs, to use public money (and more funds borrowed from the Federal Reserve) to purchase back the bad paper and cover the credit swaps, dropping the costs of the scam onto the American people. This was done despite 90% of the American people opposing the use of tax money to save the bankers form their own reckless behaviors. (Can you say "Taxation without representation?")
At
the same time, in 2008, the White House set a policy that nobody on
Wall Street was going to be investigated or charged for this fraud,
because inevitably the scandal would envelope all the members of the
Congress who had their personal fortunes tied up in the swindle. Obama
had Tim Geithner go up to New York to intercede with NY Attorney
General Andrew Cuomo to make certain no Wall Street CEOs were
investigated in connection with the mortgage-backed Securities scam.
(That is obstruction of justice).
During the Bush administration, and accelerating under Obama, tax incentives were created for corporations that encouraged the offshoring of high-paying jobs to other countries. Americans, stripped of their ability to pay their mortgages, became easy prey for banks, who needed the entire value of the foreclosed homes on their balance sheets to stay solvent as the cash flowed out the door to buy back all the fraudulent investment bundles.
In other words, the government took your jobs so the banks could take your homes to save themselves from going to prison for the crimes that made themselves and Congress incredibly rich.
Any questions?
During the Bush administration, and accelerating under Obama, tax incentives were created for corporations that encouraged the offshoring of high-paying jobs to other countries. Americans, stripped of their ability to pay their mortgages, became easy prey for banks, who needed the entire value of the foreclosed homes on their balance sheets to stay solvent as the cash flowed out the door to buy back all the fraudulent investment bundles.
In other words, the government took your jobs so the banks could take your homes to save themselves from going to prison for the crimes that made themselves and Congress incredibly rich.
Any questions?
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