Well before the housing bubble burst, alarm bells were beginning to sound among key players in the mortgage industry
Coming Tuesday January 22, 2013
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Yes the construct has become the reality and to many the Matrix is as real as it gets. The question is how do those awake, awaken those that are asleep and do those asleep want to be woken up, to a reality, that in most cases, if not all; all of their dreams have been based on constructs that in turn were formulated on lies. There ought to be a set of Georgia Guide Stones informing the world to get rid of this sick few and not stones advising us to get rid of their exact opposite. Its a few spoiling everything for the masses.
Thanks James for the link.........
That was a joke.funny,like Tom and Jerry.
PBS managing the situation on their level.We have a frontline in Ireland that does the very same thing.
Frontline always manages the fraud in every case,and the public see it and then they think,something is going to be done.Eventually it all just fades away.Proving they are just there to manage things on that level,but it never amounts to anything only more fraud.
Last night, PBS’ Frontline looked at a question many Americans have asked — Why have no top Wall Street executives been prosecuted for their part in the 2008 financial crisis? — and took it right to man at the Justice Dept. who isn’t bringing those charges.
You can watch the entire show — broken up into four segments — below, and there are a ton of supporting materials and content available on the Frontline website. But for those who just want to get a run-down of the episode, here are some highlights:
Following is the email I sent to Peter Schiff following his appearance as a guest on the Glenn Beck Show in which he made remarks placing blame for the toxic assets/real estate meltdown on the American consumer.
November 6, 2009
Euro Pacific Capital, Inc.
88 Post Road West, 3rd Floor
Westport, CT 06880
203-662-9700
800-727-7922
Fax: 203-662-9771
Dear Mr. Schiff,
On the Glenn Beck Show this PM, while you were speaking with Judge Napolitano, you said "the consumer may have led us into the (present) recession.” I was stunned by your remark.
Did the Acorn Group, led by "community activist" Obama, have nothing to do with causing the financial meltdown by intimidating bankers into loans to unworthy creditors? Did threats by the “Acorn gang” to sue bankers for refusing to loan to "sub-prime borrowers" have nothing to do with the meltdown? Did the fraudulent inflating of one hundred billion dollars worth of actual property into a trillion dollars worth of "toxic assets" have nothing to do with the meltdown? Did the fact that each time these bundled mortgages were traded back and forth among the "fractional reserve" mortgage dealers, and each time they were traded they were artificially inflated in value to cover the "bonuses" the traders were paying themselves for playing "fractional reserve mortgage trading,” did that have nothing to do with the financial meltdown?
And when they had been artificially inflated to more than a trillion dollars, who had the bright idea to present them as collateral for loans from foreign investors when at that time they truly were "TOXIC ASSETS?"
When the foreign holders of those toxic assets realized they had been scammed and began demanding their money back, is that when Congress went into "secret session" (the 4th or 5th such secret meeting in history) in March 2008 to determine how they would keep this from the public and force the taxpayer to make good on that "toxic collateral" in order to protect their criminal "friends" in the mortgage markets?
The original $100 billion (more or less) in sub-prime real estate is still there. If it had not been for the criminal inflation caused by "fractional reserve mortgage trading," and had it not been for the fact that those "fractional reserve mortgage dealers" had decided to scam the foreign investors and had it not been for the fact that the foreign investors got wise to the scam and DEMANDED their money back, the meltdown would not have taken place when it did.
Sooner or later the chickens of the “fractional reserve mortgage trading” scam would have come home to roost and there would indeed have been a massive meltdown.
Most, if not all the money of the first “stimulus package,” nearly one trillion dollars, went to places the recipients of the bailout will not disclose. Where did it go? There is no doubt in my mind the money went to repay those foreign investors to cover the “toxic asset scam.”
Most of what I wrote above is conjecture based on the fact I had read somewhere the actual asset value of the underlying mortgages is between ninety and 125 billion dollars. I also knew the “fractional mortgage trading” gang was “bundling” mortgages. This “bundling” would frustrate attempts to determine the actual value of the “bundle,” that is, require a property assessment by a licensed, trained property assessor. And what would happen if the bundles were “shuffled?” Bundling made any attempt to properly assess the collateral real estate virtually impossible. You just had to take the seller’s word that the value was there. The seller, for the same reasons, had no clue as to what he was actually selling. And since the bundle was to be “re-bundled” and sold again, and since everyone involved was raking in multimillion-dollar bonuses, there was a disincentive to actually look at the “collateral.” You can understand, given the incentives involved, any “looking” by “trading partners” would be considered “bad form.”
How can you possibly entertain the idea the consumers were somehow “responsible” for the rape of America by the financial institutions? The only responsibility that may be assigned them is the stupidity/complicity of allowing the flim-flammers in Congress and the Federal Reserve to convince them that someone in Congress or the Fed is actually looking out for the interests of the “Dear Taxpayer.”
Sincerely,
Alan Wakefield
McKeesport, PA
Less than 24 hours after his appearance on PBS’ Frontline, where he struggled to explain why his office had brought not one single indictment against a high-level Wall Street executive related to the 2008 financial crisis, Assistant Attorney General Lanny Breuer has reportedly decided to step down.
At least, it was likely meant to be a sinecure. In 2006, Lew went to work at Citigroup, which was flying high in the middle part of the last decade. He was a top executive at the bank, rising to head up the bank's "alternative investments" portfolio, which was heavily leveraged in things like mortgage-backed securities.
http://www.breitbart.com/Big-Government/2013/02/14/Jack-Lew-History...
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