SUNDAY on The Foreclosure Hour:
What Every Homeowner Needs To Know About the Forthcoming Homeowner
Rebellion: How We Got To This Stage and Whether the Rebellion Will Be
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Hawaii attorney Gary Dubin and
co-host [former Hawaii Governor] John Waihee and special guest, consumer advocate, Virginia Parsons, will examine the hundreds of TRILLIONS of dollars (yes, hundreds of trillions) used to bail out the big banks and why the bailout nevertheless failed, and what the realistic options of American homeowners are now. Don’t miss this one – but if you do it will be posted after the show airs on www.foreclosurehour.com.
Iceland just sentenced their 26th banker to prison for his part in the 2008 economic collapse. The charges ranged from breach of fiduciary duties to market manipulation to embezzlement. Nation of Change author, Maurice Bedard, acknowledges that in the U.S., “we simply tapped a few wrists with small fines, that ended up being paid by their respective banks. (Can you say “got off scot free?”)”
Yes, “tapped their wrists” with fines paid for by the people through the courtesy of the continued bailout of the printing press at the Federal Reserve. Why, you ask? Examine closely the financial disclosure statements of the federal and state judiciary and legislators and the answer will become apparent.
While the majority of Americans suffered severe losses in the Great Crash of ’08 and many lost their entire savings and investments, were forced into early retirement and severance packages, it was also compounded by a scheme to re-mortgage America with over 100 million homes set to detonate – and escalated by the crash.
Those that survived without pain were primarily government employees who got their homes refinanced at extremely low interest rates (or magically paid off) and whose pension funds – they think – still exist. By keeping the banks in business, and because the brethren are so fully invested in the banks, the theory behind the bank salvage is that their pension and retirement funds will be saved. Oh yes, they push forward “saving the economy” – but we know that they think of themselves first and the people… well, a lot later.
Take Minnesota pension funds, for example (just like every other state that bought the unregulated securities with their pension funds). After all their [bad] Wall Street securities investments the Minnesota pension and retirement funds are $16.7 BILLION underfunded, a deficit that’s $4 billion larger than it was when lawmakers allegedly took steps to fix the problem in 2010!
How do you make that up? Pray for the banks to remain alive in order to pay off the settlements or hope that they shower the state with profits?
Who is delusional now?
Tune-in for an exciting and revealing discussion.