Yes, It’s Specifically Housing – Socialism for the Rich and Incompetent!

Econ4 Video on the Housing and Foreclosure Crisis

Yves Smith12-6-12NakedCapitalism’s Yves Smith is the strong voice of reality on the front lines of the foreclosure war. Posted on December 6, 2012 is a serious message that needs to circulate around the world.

The economy is on the fiscal cliff because of the failed policy decisions not to prosecute the banks in addition to how the unscrupulous securitized mortgage business has been handled.

Blaming borrowers for the frauds committed by the banks has eaten away at the core of our society. “Normally, in history,” said Yves, “when lenders were that incompetent, they went bust and that was capitalism. And now instead, we have a system where lenders who are so grossly incompetent that they should have gone bankrupt – are propped up – that’s socialism for the rich.” Continue reading


HAWAII – In today’s episode following Look Out Lenders – MERS is About to Take You Down!” the Hawaii bankruptcy court ruled that the Trustee’s hypothetical lien theory held enough water to maintain life in the Motion to Compel the Trustee to Abandon the property.  The lender, American Savings Bank FSB, (ASB) and the Trustee have been in settlement discussions. Either way – the MERS demise is set into motion. The judge denied the motion WITHOUT prejudice in order that it could be brought back at some future date, if necessary. Continue reading