How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America and Spawned a

[bobbyw24]

The Monster: How a Gang of Predatory Lenders and Bankers Fleeced America, and Launched a Global Crisis
Exposing the major players behind the biggest financial hurricane in the history of global capitalism.
October 22, 2010 |



The following is an excerpt from Michael Hudson's THE MONSTER: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America – And Spawned a Global Crisis (2010, Times Books)

A few weeks after he started working at Ameriquest Mortgage, Mark Glover looked up from his cubicle and saw a coworker do something odd. The guy stood at his desk on the twenty-third floor of downtown Los Angeles's Union Bank Building. He placed two sheets of paper against the window. Then he used the light streaming through the window to trace something from one piece of paper to another. Somebody's signature.

http://www.alternet.org/story/14857...fleeced_america,_and_launched_a_global_crisis

 

[Travlyr]

The Monster: How a Gang of Predatory Lenders and Bankers Fleeced America, and Launched a Global Crisis
Exposing the major players behind the biggest financial hurricane in the history of global capitalism.
October 22, 2010 |

And continue to fleece America.

From the article: "Even worse, the new mortgage didn't include an escrow for real-estate taxes and insurance. Most mortgage agreements require home owners to pay a bit extra -- often about $100 to $300 a month -- which is set aside in an escrow account to cover these expenses. But many subprime lenders obscured the true costs of their loans by excluding the escrow from their deals, which made the monthly payments appear lower. Many borrowers didn't learn they had been tricked until they got a big bill for unpaid taxes or insurance a year down the road."

So what are Wall Street Banks doing with their profits? Putting more people in the street by buying tax liens across America.
http://www.ronpaulforums.com/showthread.php?t=265388

 

[thegoldview]

this is soooooo bad! it makes me want to cry! Who have we let destroy our country. Kudos to Glover for speaking out.

 

[thegoldview]

Can someone explain to me how the Free-market can stop the fraud talked about in that article? It seems to be the only way is certain regulation.

 

[Travlyr]

Can someone explain to me how the Free-market can stop the fraud talked about in that article? It seems to be the only way is certain regulation.

It makes me sad too.

Fixing it is simple, but not easy. A society that uses honest sound monetary policy backed by something of value is prosperous and free. That is all there is to it.

 

[thegoldview]

I understand honest sound monetary policy. But the free market can't stop someone copying someone's signature, we need financial police just like we need criminal police. I know it sounds bad but how else do you keep people honest.

 

[thegoldview]

This article goes to show how much losses the banks are still hiding. This has to come to the surface soon. Hopefully the latest bear market on the dollar right now is the start of the inflation of all the money the fed printed and gave to the banks in 08/09

 

[Travlyr]

I understand honest sound monetary policy. But the free market can't stop someone copying someone's signature, we need financial police just like we need criminal police. I know it sounds bad but how else do you keep people honest.

The fiat monetary system is at the heart of fraud. Theft subverts liberty. Fraud would be virtually non-existent if we used honest money because the incentive for people would be integrity.

Police cannot patrol the streets let alone contract law. What we need is a sheriff that will capture violators, not police monitoring behaviors. Enforcing the rule of law would be as simple as suing the guy forging your signature in an honest monetary system.

 

[thegoldview]

Exactly I agree. But part of that is having very strong corporate and government whistleblowing laws to support people reporting corruption and fraud. Even strong incentives for people to report fraud. Right now we have the opposite, people who report fraud are fired, their families harassed, careers ruined. Who in the right mind would whistleblow today? Now my question for you is do Austrians support strong whistleblowing laws?

 

[Travlyr]

Exactly I agree. But part of that is having very strong corporate and government whistleblowing laws to support people reporting corruption and fraud. Even strong incentives for people to report fraud. Right now we have the opposite, people who report fraud are fired, their families harassed, careers ruined. Who in the right mind would whistleblow today? Now my question for you is do Austrians support strong whistleblowing laws?

My $.02: All these travesties of justice are because we all participate in the fraud of fiat money. It is a fake society. It really is as simple as that. In an honest monetary system whistleblowers would be embraced, imho.

I don't know the answer to your question about the Austrians, but as far as I am concerned we have way too many laws on the books. Societies only need a few laws.

 

[denison]

I don't know the answer to your question about the Austrians, but as far as I am concerned we have way too many laws on the books. Societies only need a few laws.

i'm for essential laws only. a law against fraud of any sort would cover this.

 

[LibForestPaul]

Pittman didn't understand these were final loan papers and her signatures were binding her to Ameriquest. "They just said sign some papers and we'll help you," she recalled.

-The Monster: How a Gang of Predatory Lenders and Bankers Fleeced America, and Launched a Global Crisis
Exposing the major players behind the biggest financial hurricane in the history of global capitalism.
October 22, 2010 |

And I care why about these people.

oh nooze, some poor little old colored ladies got fleeced by slick young coked up whites in suits
Play that race card, anything to avoid looking at the elite banking families at the top.

 

[ItsTime]

You're buying a $100k + house and are not smart enough to get a lawyer for $150 to look over the paperwork? These people are too stupid to be grocery shopping never mind house buying.

 

[klamath]

yeaw I can't get real excited about blaming one specific group of people. Joe blow on the street to the highest corporate banker played their part in the collapse. Sorry people you can't keep getting something for nothing but promises forever. The bills came due.

 

[Madly_Sane]

I understand honest sound monetary policy. But the free market can't stop someone copying someone's signature, we need financial police just like we need criminal police. I know it sounds bad but how else do you keep people honest.

Police aren't going to help the situation any, eventually the police will become as corrupt as the banks they work for. Which is what has happened with alot of law enforcement today, theyve become as corrupt as the gov't they work for.

 

[LibForestPaul]

Police aren't going to help the situation any, eventually the police will become as corrupt as the banks they work for. Which is what has happened with alot of law enforcement today, theyve become as corrupt as the gov't they work for.

As below illustrates
Default Retiring CFTC Judge: We Covered Up Market Manipulation