What the Republicans grasp that the Democrats ignore is that the vast majority of the 99% want the bank cartel to collapse. Albeit the average American is not prepared to endure the final financial force majeure – they just know they want an end to the corruption.
So, the Republicans, who will eat their own, high-five (with a wink) when the banks slip in the stock market and the Tea Party vows to audit the Federal Reserve (if not outright eliminate it)…which they know the majority of Americans want. All of this is transpiring as the economy rolls on to a horrific collapse while Obama surrounds himself with his Goldman Sachs advisors, makes no major Wall Street arrests and allows the Fed to continue to prop up failing Wall Street banks (cartel) with taxpayer dollars.
All this, and the Democrats are surprised that Obama is dropping in the polls and can’t figure out why. Oh, wake up!
Obama could make an executive order and stop the banks and Republicans cold by calling a moratorium on foreclosures and evictions effective immediately.
140 million+ Americans are directly affected by these foreclosures. Obama is beginning to look like a cross between Mr. Potter and the Grinch. The Republicans know this and are strategically using it.
The public knows the only way out from under this debt is to collapse or takeover the banks – but propping them up with taxpayer funds and allowing them to continue to operate without more regulation and oversight is what has lead us to this path of total disaster. In short, Obama has options – he just hasn’t chosen to use them.
Obama needs to call a moratorium on foreclosures and evictions and investigate these transactions because they do not appear to be mortgages. Research shows these loans were securities BEFORE the borrowers signed.
Certainly, the intent between the borrowers and the lenders was not the same. The lender (in most cases) had already sold the loan to some funding warehouse or securitized pool Depositor or collaterized and/or pledged the loan to a third party before the borrower was even presented with paperwork. These so-called mortgages appear to have been securities with no disclosure to the borrower.
You’d think by now the Dems would be catching on, but today the Obama camp sent out the Tell Us What You Think Refinancing Plan… for those [offensive remark] – “responsible” homeowners only. He still doesn’t get it.
Refinancing is not the answer because it’s obvious that the banks wrote more loans than they can legally hold. “Mortgage” loans need to be restructured into new contracts and if these securities are going to continue the borrowers should receive full disclosure and be allowed to participate. If the public realized just how much money the cartel has been making off of these
loans securities – even after they have defaulted and because of the unregulated securitization scheme – there would be an immediate revolution.
Obama has the power to call a moratorium and if the Republicans bulk they’ll look like a bunch of Mr. Potters. In an election where money buys the vote – only absurd PR can top it. Go for the gusto and make the argument on behalf of America the main topic… Step out of the box.
So, let’s get to the bottom-line. Why isn’t there a better plan or a moratorium?
Like finally, a Presidential moratorium on foreclosures and evictions… Supported by all Democrats in every state – announced on the same day to take effect immediately and not lift until further notice – well after next Christmas. That message will have to be aired and debated for months while the President finally stands up for what is right and helps ALL Americans – not just those with a cushy paycheck.
You want to know why that is so hard? Look at the state recorders’ office records and you’ll likely find your state legislators have refinanced or paid off their mortgages since 2008. Yeah, when average individuals were thrown into HAMP and told to default in order to get help, then denied modifications and foreclosed on – these legislating state employees and their staffers – not union leaders, police, firemen or teachers – we’re talking LEGISLATORS here – they are getting preferential treatment. Then look at the financial disclosures for your judges and legislators and see how much money they have invested in the banks and mutual funds that hold tons of bank shares. It is more than an appearance of impropriety.