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The FBI began using the word ‘epidemic’ to describe mortgage fraud in September of *2004* predicting that it would cause an economic crisis if it were not contained. Greenspan, Bernanke, and Geithner knew exactly where we were headed, but failed to take action. The highrollers were having waaay too much fun sitting at the gambling tables with other people’s money, donchaknow. Until Reality once again reared its ugly head and it became obvious that all of those pretty zeros existed only on paper. The money – trillions of dollars – never actually existed!
When time came to settle up at the window, the modern-day Medici wannabes had to admit that the jig was up. Technically, they were insolvent and screamed for help – by threatening to bring down the entire global economy! – and the entire mess suddenly became a Big Freakin’ Emergency™. So the FED “rev’d up the presses” to pay off their gambling debts. FOREIGN banks and their U.S. subsidiaries received a huge chunk of that $3.3 trillion in TARP funds.
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For us? Nada. Not a single, red cent for the hardworking Americans who provided that multi-trillion-dollar corporate bailout, without fiscal threads and substantial sacrifices attached. We are expected to keep pulling ourselves up by our bootstraps… even while they keep stealing our boots.
Elizabeth Warren: New consumer agency is frightfully necessary – and late.
Banks are now breaking into homes and ruining the credit rating of people who have never missed a single payment – even threatening to foreclose on someone who has paid 20 years AHEAD on her 30-year mortgage.
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Cenk Uygur *ROCKS*!
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The Young Turks: Headquarters • Twitter • YouTube.
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