Jail the banksters

Discussion in 'Politics' started by Earth Wind and Fire, Nov 13, 2012.

  1. Earth Wind and Fire

    Earth Wind and Fire
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    Just read Treasury Secretary Timothy Geithner is expected to leave his post and now President Obama will have to pick his replacement.

    Turbo Tax is one of this countries appointed key "Regulators" of Bank Fraud. To date nobody has gone to jail for those toxic Liars Loan frauds perpetrated against American homeowners & then bailed out by American taxpayers. Why is this.....NOTE, a realized $11 Trillion loss!!!!

    However we got shirtless FBI agents delving deep into the CIA Directors "alleged" marital infidelities!?! HUH :confused:

    Here is my call to the Re-Elected President to take the initiative to re-examine this whole bloody mess & put some of these Elite "Wise-guy" Bankers who designed & executed this odious fraud in prison. Some justice would be a great way to show the American people that your on your game & perhaps we would then actually stand behind you. BTW, don't ....please don't allow Eric Holder to continue ..... he is as big a disaster as Turbo Tax Timmy ever was.......FIRE the incompetents in your administration starting with Holder & get someone in there to actually prosecute those who think they are To Big To Fail.
     
    #1 Earth Wind and Fire, Nov 13, 2012
    Last edited by a moderator: Nov 13, 2012
  2. Revmitchell

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    The banks were not the problem with the housing bust regulation was. Several GOP reps tried to sound the alarm about fannie and freddie but were demonized by dems.
     
  3. Earth Wind and Fire

    Earth Wind and Fire
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    Come on....they knew they were fraudulent & deceptive loans! But I do agree with you about the regulators & thats why I am happy Timmy G is going away. Would that we could depose Benny B & put somebody who would actually regulate.....that might be a token to having people in government to actually doing their jobs instead of crony capitalism we got now. Lastly, to have a guy like the existing Attorney General is just wrong. Hopefully the Pres has learned from his mistakes (I'm not Holdering my breath however).
     
  4. Revmitchell

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    The banks did what they could after being forced to give away loans to people they would not have otherwise given them too. When government interferes with the market it will always create a mess. The libs knew what was going on but simply wanted the banks to eat it. the banks did not want to eat it and I do not blame them.

    Then the libs play the blame game knowing what they wanted the banks to do. It is like when the libs want the companies to both stay in the states and pay whatever extreme taxes they impose. Fact is you cannot have it both ways. And because companies will not except their little game then the libs work to demonize those companies who do not want to pay the taxes and suff
    fer quietly under the excessive regulations that tears down their profits. So they go somewhere else in the world where they can better operate.

    The libs are always trying to have it both ways. Business will not put up with it.
     
  5. Earth Wind and Fire

    Earth Wind and Fire
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    OK, so who got rid of the regulatory laws who allowed this mess to happen? Then, who were the regulators?
     
  6. Revmitchell

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    Its not what was gotten rid of its what was enacted. I cannot remember the name of it now but it began with Carter and Clinton expanded it. It is what allowed fro the creation of Fannie and Freddie. When the bad loans began to pile up because banks were forced to give them to people they would not have otherwise given them to they began to bundle them and sell them off.

    http://www.youtube.com/watch?v=Yga7TlsA-1A&feature=related

    http://www.youtube.com/watch?v=Lr1M1T2Y314&feature=related

    http://www.youtube.com/watch?v=VgctSIL8Lhs&feature=related
     
  7. billwald

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    The banks were not FORCED to make bad loans. It was profitable for banks to make bad loans as long as the loans could innediately be sold to Fanny and Freddie.
     
  8. Revmitchell

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    Yes they were. It is called the Community Reinvestment Act. Banks were forced to give out Sub-Prime Loans or be hit with severe penalties. Add to the the GSE's were lying about there true value as the bad loans piled up. GSE's you know those things that came out of the Community Reinvestment Act.
     
    #8 Revmitchell, Nov 13, 2012
    Last edited by a moderator: Nov 13, 2012
  9. Salty

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    My understanding is that the banks were required to give "equal opportunity" loans and to do that - they had to give loans to some who would not otherwise qualify - lest they be qualify of discrimination
     
  10. Earth Wind and Fire

    Earth Wind and Fire
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    Salty, there are some banks like Wells Fargo & Jamie Dimon's JP Morgan that were wise enough to have resisted this by not taking Government Loans thus proving that you cant force Banks to do anything they don't want to do. But you cant just blithely ignore some of the calculated dishonesty that went on.....come on they set out to make bad loans .... evidenced by passing loans with absolutely NO income verification. When I went for my mortgage some 20 years ago the bank grilled me, made me provide income verifications & did a financial background & credit check. I then had to write a letter about a slow payment that had happened 12 yrs previous...it was grueling.

    I can go on on & with all the deceptive tactics that were used but why....its well known.

    Look I am not trying to sensationalize this but past mistakes must be addressed & atoned for. I fully realize the government was complicit & Id like to see some politicians (errr Barnie Frank) get nailed but right now BO is in a 2nd term & he should be trying to correct some of the crap that went on.....so it doesn't happen again! $11 Trillion is nothing to just forget about. His cabinet (Holder, Gethner) need to get lost. Fire Bernecki too while your at it!!! Thats step 1 from my prospective. Step 2 is actually have the FBI ferret out some of the top guys from some of these elite firms & prosecute them.... let them lawyer up & have at it (but not with Eric Holder--he is part of the problem). If they are innocent they walk ... if not well they go to jail.

    Look here is a column written by Steve Pearlman ....he is a balanced fellow who can put some answers to this ...... I just strongly believe (without being swayed either way) that this mess needs to be addressed with all due transparency via inquest & prosecution.....and then fixed so it wont ever happen again.

    http://www.washingtonpost.com/lets-...ass-steagall/2012/07/27/gJQASaOAGX_story.html
     
  11. LadyEagle

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    http://www.theatlantic.com/business...vernment-did-cause-the-housing-crisis/249903/


    Rest at link.

    If you do some research, you will find that probably (and I say probably) most American homeowners have had their loans sold to Fannie Mae and are told about it later. For instance, our mortgage is with a well-known bank. A few months after the loan from that bank, we received a letter in the mail saying the loan was sold to Fannie Mae (without our knowledge) and that the bank would continue to administer the loan and we should continue making payments to that bank but that the loan was with Fannie Mae, even though it was never recorded that Fannie Mae holds the note down at the Deed Registrar's office.

    When I called the bank to complain, I was told that they do it all of the time, that Fannie Mae buys their loans and that way they have more money to lend to other home buyers!!!

    When I researched this, I found out that nearly all residential mortgages end up being sold to Fannie Mae or Freddie Mac. (as high as 95%)

    Probably most Americans (who are not under water and have never missed a payment) don't even know this or when they got the letter from Fannie Mae just tossed it with the junk mail unopened.....

    Hope this helps.

    BTW, a couple of years ago when Speaker Boehner had a forum, I kept posting about this, but magically, my posts got deleted every time (they had filters on there so that certain words in a post expunged your post into dust and apparently key words like Fannie, Freddie, mortgage sent a signal to the filter to delete your post - draw your own conclusion on that, I did).

    ******

    I would say before Jailing the Banksters, Certain members of Congress (probably most of them, both parties) need jailed first - especially the ones who are behind in taxes - but that's another thread.
     
  12. poncho

    poncho
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  13. Earth Wind and Fire

    Earth Wind and Fire
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    And here is one for you Poncho my friend! :smilewinkgrin: I know how you like to ferret out the systemic problems our great country has. Its in 5 parts by Bill Black (who was a regulator). He will explain how this whole thing is crony capitalism..... ie them (Govt & finance) vs Us the Taxpaying Citizenry.

    http://www.youtube.com/watch?v=sA_MkJB84VA

    http://www.youtube.com/watch?v=ISsR7ZiWlsk&feature=relmfu

    http://www.youtube.com/watch?v=F_xdQyfNLnc&feature=relmfu

    http://www.youtube.com/watch?v=aQbcNP0MUQY&feature=relmfu

    http://www.youtube.com/watch?v=IENsfk40sYU&feature=relmfu
     

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