(C) Daily Kos
This story was originally published by Daily Kos and is unaltered.
. . . . . . . . . .
If YOU Build it - they will Come - with Mortgages [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.', 'Backgroundurl Avatar_Large', 'Nickname', 'Joined', 'Created_At', 'Story Count', 'N_Stories', 'Comment Count', 'N_Comments', 'Popular Tags']
Date: 2022-12-12
Howdy.
Securitization !
JP Morgan Jamie Demon really spilled the beans this time !You know how 'publicans are always whining about government "Benefits" ?
They have been trying to reverse EVERYTHING that Americans have done since the 'publicans CRASHED the Entire World Financial System in 1929.
The New Deal. The Great Society. TrumpCare. Highways. Water treatment.
Jamie Demon just exposed all of these Hypocrisies. see attached Video clip
First he says that if YOU build an entire town - THEN they ( Bankers, Wall Street, Vultures ) will Gladly SELL you a Mortgage ! And make a Profit on what YOU built.
As opposed to Bankers and Wall Street investing the money that we give them to invest Wisely in exactly these such things. "No, let's just keep your money and let YOU build stuff. Then we'll come in and make money off of YOUR investment."
You know, like the Little Red Hen who asked for help to plant and grow and harvest and make the Bread.
"Government came up with a Very Special Program"
"Seed money" - YOUR Tax Money !
"Once THEY re-habbed the whole block - WE ( bankers ) step in making Mortgages"
Then he DISMISSES that little fluff up about Crashing the World Financial System in 2007-2008, with all of their ...
Origination, Servicing, Securitization - you know, that Criminal little stuff Bankers and Wall Street did.
"Things that make Risk Worse"
But then he LIES - that you are paying higher Mortgage Rates because what the Evil Big State government did with all of those pesky Regulations and Controls - NOT what Bankers and Wall Street did.
"That's because of Regulatory policy not because of Bank policy."
What a Bald-faced LIE ! And he actually thinks that we will believe it.
But then again, we did just have a "president" who does nothing but LIE for 4 years.
So, what the hey - let's do the same thing ! Americans are all Fools.
Do you know who are the ONLY ones who make a Profit off of Government Bonds and Treasuries - no matter whether the Price goes Up OR Down ?
Brokers.
That's they we have a National Debt. If we paid it off then Brokers would not be able to make money off of OUR Debt.
And remember, President Bill Clinton not only balanced the Federal Budget, and started PAYING it OFF for 3 years - but if that had continued, we would have PAID OFF the National Debt in 10 years ! But then Idiot George Bush and the 'publicans came in an spent all of that, plus $ 10 Trillion more on Illegal Wars. What would it be like be Free and Clear of all Debt ?
It only happened ONE time in the last 100 years.
I spent months listening to all of the news and C-SPAN Hearings - and I finally found out what had caused the 2008 Financial System Crash.
Securitization. Poker Chips. Wall Street gathered up all of your Mortgages, "Bundled" them up and sold them to Wall Street investment bankers, Money Funds, Hedge Funds, etc.
Gamblers.
Then they PAID the Securities Rating Agencies to Stamp them AAA !
Then they used those "bundles" of your Mortgages to PRINT "Securities" - which they then sold around the World as Grade A Financial investments.
Only problem was, it was ONLY the ONE Mortgage on TOP of the Pile that was good - all the rest of the pile was just crap.
But ... who knew ?!
Then when it all came tumbling down, Henry Paulsen demanded that Congress IMMEDIATELY Bail them out with Trillions of Dollars of TARP Tax money - or else the World was going to STOP the very next day !
Treasury then began printing money - and GAVE it to Wall Street Bankers ( despite promises to NOT do so ) in exchange for all of those worthless "Securities".
$ 80 Billion per month ! And held your Mortgages until they were worth something again so they could CASH them back in on Wall Street. Where did that $ 17 Trillion in Wealth disappear to ?
Quantitative Easing. Printing Money. Easy Money. QE 1, 2, 3, 4 and 5.
YOU paid to enable Wall Street to NOT pay THEIR "mortgage payments" for 10 years.
Wouldn't you like to be able to do that ?
When Wall Street was able to make their payments again, the Gump administration started cashing in those Mortgage Backed Securities, Collateralized Debt Obligations, etc.
But at a rate of only $ 10 Billion per month.
Q: How long will that take to be paid off ?
A: EIGHT times as Long !
By the time your Great-Grandchildren are ready to "take out" a Mortgage ?
Meanwhile, Bankers and Wall Street are Laughing all the way to the Bank !
Remember every time 'publicans complain about government "Benefits" - our Social Security Pensions are NOT a government "benefit" - it is OUR Savings.
And just like any other "investment" - like Wall Street - we are Entitled to a PROFIT.
COLA - Cost of Living Adjustment.
You know, that Evil word that 'publicans hate so much. Yes, we get "more" than we "paid" into Social Security - just like we pay FIVE times the Original Purchase price of a Mortgage. Or Stocks. And Bonds. Why do 'publicans refuse to admit this ?
Interest. Profit. On OUR Investments. In America. In Ourselves.
David M. Hefley
[END]
---
[1] Url:
https://www.dailykos.com/stories/2022/12/12/2141394/-If-YOU-Build-it-they-will-Come-with-Mortgages
Published and (C) by Daily Kos
Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified.
via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/dailykos/
