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The Big Wall Street Banks Have Found A New Way To Strangle The American People: Predatory Property Tax Collection

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It turns out that the big Wall Street banks have found a dirty new way to make loads of cash from U.S. homeowners, and they really, really don’t want to talk about it.  So what is this dirty new business?  America’s biggest financial institutions have become property tax collectors, and it is extremely lucrative.  From coast to coast, the big Wall Street banks are buying up thousands upon thousands of tax liens and are making a killing by socking distressed homeowners with predatory interest, outrageous penalties and almost unbelievable legal fees.  In some areas, the big banks are able to foreclose on these homes in as little as six months.  The elderly and the poor are the most common targets of these practices.  An absolutely brilliant expose in the Huffington Post has brought these issues to light, and it is creating quite a controversy in the financial world.  The big banks are doing nothing illegal here.  Local governments are offering to sell thousands of tax liens and somebody is going to end up buying them.  But something seems extremely unsavory about the big Wall Street banks capitalizing on the economic downturn that they were so instrumental in causing in such a predatory manner. 

Today, millions of American families are barely hanging on to their homes by their fingernails.  Millions are out of work and millions of others are barely making enough to put food on the table.  Meanwhile, property taxes have absolutely soared in most areas of the nation over the past decade.  Many Americans are finding that when that time rolls around they simply do not have a big chunk of extra money to pay a property tax bill. 

So millions of American families, including many that have completely paid off their homes, now find themselves in danger of being thrown out on to the street over an unpaid property tax bill.

For many local governments, the headache of trying to collect on thousands of property tax liens is just too much, so they are glad to “outsource” the work of collection.

So how do the big Wall Street banks get involved?  Well, it goes something like this….

1) The big Wall Street banks set up or invest in shell companies that will disguise who they really are.

2) These shell companies run around and buy up all of the tax liens that they can get their hands on.

3) Predatory levels of interest (in some states as high as 18 percent), fees and penalties rapidly pile up on these unpaid tax liens.  The affected homeowners quickly end up owing much, much more than what the original tax bills were for.    

4) If the collecting firm has to hire a lawyer, then that gets charged to the homeowner as well.  The bloated legal fees for some of these lawyers can end up being the biggest expense of all.

5) If the tax liens do not get paid, the collecting firms move in to foreclose as quickly as legally possible.       

According to the Huffington Post, Wall Street banks such as Bank of America and JPMorgan Chase have been gobbling up several hundred thousand tax liens from local governments.  It appears that “distressed housing markets” are being particularly targeted.

Many of these tax liens are sold in online auctions, so it is unclear if many local government officials even realize who the big money behind many of these shell companies is. 

Once again, this is all perfectly legal, but it is more than a little distasteful.

The following video by the Huffington Post does a good job of summarizing what they found….

The truth is that there is a huge difference between the letter of the law and true justice.

Just consider the following tragic story from the Huffington Post article….

Barbara Carpenter, a 58-year-old disabled Ohio retiree, found herself in such a situation. The former worker for the American Red Cross struggled to save her Toledo home from a JPMorgan entity called Plymouth Park Tax Services, which in recent years has been among the nation’s top buyers of tax liens.

“It’s a great neighborhood and the house is in good condition,”said Carpenter, who paid $67,000 for the one-story home in 2004. But she fell behind in paying her taxes and a certificate for $1,500 in unpaid taxes was sold off to Plymouth Park, which is based in New Jersey.

Carpenter’s lawyer, Joseph Westmeyer, said Plymouth Park routinely charges an upfront fee of around $1,500 as soon as it buys the lien and 18 percent interest on the debt. If they don’t get paid, they foreclose.

“It’s not a good deal for poor customers,” said Westmeyer. Carpenter wound up selling the house in August for less than half what she had paid. Plymouth Park received about $12,000 in legal fees and other charges, including some additional taxes, Westmeyer said, quoting from court records.

Does that sound like an honorable way of making money to you?

Would you like to make your living by throwing elderly women out of their homes and into the street over unpaid tax bills?

Unfortunately, this problem is not going to go away any time soon.  One out of every six Americans is enrolled in a government anti-poverty program.  Tens of millions of Americans are barely hanging in there.  In addition, tens of millions of elderly Americans live on fixed incomes.  Meanwhile, property taxes just continue to go up in many areas of the United States.

Unless the U.S. economy experiences a dramatic turnaround, we are going to continue to see large numbers of Americans get behind on their property taxes, and the big banks will continue to be there to scoop up the tax liens.

Large numbers of poor and elderly Americans that don’t even have a mortgage will lose their homes and it will all be perfectly legal.  Executives at the big banks will be having a good laugh about their huge bonus checks as thousands upon thousands of our most vulnerable citizens are dumped out into the street.

But weren’t the big banks largely responsible for causing the housing crash and the economic meltdown that followed? 


But so far none of them is really paying any kind of a price.  The big banks got bailed out by the U.S. government, and now it looks like the Federal Reserve is preparing another round of “backdoor bailouts” to help them out again.

But do the big banks show any mercy on the poor and the elderly who have gotten behind on their property taxes?

Not at all.

This is 2010 – a time when greed dominates the financial world and when most banks don’t seem to know a thing about kindness or mercy.

  • whoisbiggles

    In a truly free market economy – these ar*eh*le banks who have collapsed, and we would be picking up the pieces and trying to find a way forward. Instead we have these pond scum being bailed out at tax-payers expense, and then they carry on screwing the public over.

    It may be legal but they know its not right because they are not willing to do this in their own well known name.

  • MrCommonSens

    Well, sounds just like capitalism being consistent with itself.
    Can’t pay for your house ?
    Get out of it.

  • The Beast

    By doing this, they destroy the community they are living in. What would they do, with all the money and wealth in their hands, if they lived in a destroyed community?
    Not that I’m a communist, but I live in a community. Both the community and the individuals reside in it matters.

  • El Pollo de Oro

    Benito Mussolini, a.k.a. Il Duce, had a definition for fascism: “Il fascismo dovrebbe più appropriatamente chiamarsi corporativismo perch’è una fusione tra stato e potere corporativo.” That’s Italian for “Fascism should more properly be called corporatism because it is the merger of state and corporate power.” And if you look at The Banana Republic of America (BRA) in 2010, it is clear that the BRA now fits Mussolini’s definition of il fascismo to a tee.

    Clueless neocons (neoKKKons) love to run around screaming about “socialism,” but as Gerald Celente points out, what is happening in the BRA is not “socialism”; it is fascism as defined by none other than Il Duce himself. The bailed-out crooks, goons and thugs of Wall Street (or as Celente calls them, The White Shoe Boys) have merged with the crooks, goons and thugs known as Republi-Cons and Demo-Craps, and these tax-based foreclosures are but one of the many unsavory examples of this unholy government/corporate alliance. This isn’t “capitalism,” “free enterprise” or “rugged individualism”; it is il fascismo. And Celente speaks the truth when he says that if The White Shoe Boys had names like Perrini, Riccardi, Montoli, Pisano, Corelli and Luccese, Hollywood would call it The Mafia. But as between The White Shoe Boys of Wall Street and a gang of Camorra thugs in a dark alley in the Forcella neighborhood in Napoli, you’re probably better off taking your chances in la città pericolosa di Napoli (dove non c’è dubbio che la Camorra è molto potente e molto preponente).

    More and more, the BRA is becoming a pariah nation. Corruption knows no limits in the Third World horror movie that is La Repubblica Banana di America. Che dio ci aiuti.

  • Gary

    This is another example of why capitalism is a horrible economic system.

    This article describes everything that is wrong and corrupt with capitalism.

    Capitalism is a very selfish me me me where as social democracy is we we we.

  • orsobubu

    U.S. people usually cannot accept communist system because they assume capitalism greed is good, and capitalists deserve profits as a right remuneration for their competitiveness and innovation on the free market. This is totally mathematically wrong. If they studied Marx, they would learn that, as an average, those profits could not exist at all if they sold their goods in a free market. Profits derive from wage workers’ exploitation, as capitalists sell their goods without paying corresponding work hours. The process also worsen in a monopolistic/protectionist/corrupt economic environment like U.S. market nowadays. This is the reason workers should became revolutionaries and establishing communism, where each worker owns and exchanges almost ALL the goods he produces without money and market.

  • bob

    I do not understand all that whining about being “honorable”, unhonorable.
    The main principle of capitalism is accumulating maximum personal wealth. (just like a cancer cell)
    Its logical that clever guys from Bank of America etc will go first after older and disable people. They have assets and they can not defend themselves.
    Because “government is a tool of oppression of ruling class” ( Marx ) its would be completely legal and encouraged.

  • Steve

    You folks that are busting on capitalism are barking up the wrong tree. Capitalism isn’t the problem. Our system isn’t capitalism but Corporatism, as El Pollo de Oro points out. The coporations are in bed with the government. This is not capitalism.

    If you feel capitalism is so bad, then I’m sure that you gladly work without expecting any compensation for your labor, since you aren’t concerned about “me, me, me.”

    Wake up, people.

    I often hear people talking about the “we” of socailism, but who is the “we?” Someone else, and not you. And if you don’t agree, too bad, you have no choice.

  • Maria

    A servant was forgiven a debt of 10,000 talents but in turn would not forgive a fellow servant a small debt of 100 pence. Matthew 18:23-35

    10,000 talents = 60,000,000 drachmas
    1 drachma = 1 silver coin worth 1 days wages
    The value of two sparrows = 100 pence

    Your article today is the same story as Jesus’ parable…unfortunately, all too real. I just hope it ends the same.

  • How can capitalism which is take care of yourself be selfish but socialism which is take care of me not be. This is not free market capitalism, it is fascism which is a form of socialism. Outsourcing tax collection to crony corporations is corruption, not free markets. You can’t ask tax payers to bail out corrupt banks then let the corrupt banks foreclose on tax payers who can’t afford their taxes.

  • Debi

    All this news about big banks, MERS etc and the predatory practices is sounding like the biggest land grab in history.

  • JP

    This isn’t “capitalism” its quite clearly fascism. We would do well to learn the difference.

  • Ed

    It is legal, but is predatory, unethical, it is subterfuge, and rapacious.
    As a nation we are taught to be honest, ethical, and helpful to each other. Unfortunately, that does not apply to bankers and people involved in mortgage manipulations.

  • MrCommonSens,

    Read the article. This is about people who HAVE paid for their house, but now can’t afford the ever-rising property tax. It’s like a house payment that goes up at bureaucrats’ whim.

    Property taxes are the biggest theft ever foisted on the American people, worse even than income taxes. None of us actually own our homes, we just rent them from the government. Don’t believe it? Stop paying property tax, and see how quickly you get evicted.

    Democracy and capitalism have failed in this country. The best the common people can hope for is a total political-economical crash and revolution.

  • lostinmissouri

    Don’t blame this on capitalism. This country threw out capitalism with FDR.

    It was not capitalism that bailed out the TBTF banks. It was not capitalism that took over GM, Chrysler, AIG, and Congress.

  • Are we still a nation of laws?

  • I agree that capitalism is not the problem. Unbridled greed and lust for power are.

    I also agree that what we are experiencing isn’t capitalism or free trade… corporatism is the key word. And its not just America… global corporatism is the endgame.

  • Torches, Pitchforks, and Revolutions

    you’re all a bunch a punks. you think cuz you marched against the vietnam war shouting peace and other BS that makes you an activist. now you’re old, fat (2/3 of amerika is FAT, 1/3 is OBESE), and too busy watching amerkan idol to get up and do anything about the fact that you’re taking it up the behind by your so-called goverment and corporate amerika. so what do you do? sit around and bitch about it in your comments on sites like this…yea, that kinda “hope” is really gonna “change” things…

  • j r

    The end result of pure capitalism is one guy has everything, everyone else is dead or dying.

  • GoneWithTheWind

    You can buy tax liens. I can buy tax liens. It is not an uncommon practice. The idea is that you either collect the back taxes plus interest and expenses or you get the property. The state likes it because they get their tax money up front and don’t have to deal with the problems and risk. So what’s wrong with it??? Here is the simple advice for homeowners: Pay your taxes!!! DUH!

  • Something that might help? In some or all counties, in California if you are over 65 and do not have much money you can petition the county to absolve your county taxes on your home. I think this is true but maybe someone with better knowledge can give more details. Banks have no shame and why congress does not defend the people instead of the banks is corruption.

  • orsobubu

    A lot of readers say that capitalism in US is dead. This is simply not correct. Here is a list of scientific definitions to comprehend the present economic situation in U.S.

    CAPITALISM: production system based on banks, money, market and exploitation by wages

    FREE TRADE CAPITALISM: capitalism based on liberism and competition

    STATE CAPITALISM: capitalism based on state intervention and protectionism

    IMPERIALISM: capitalism based on monopolies, finance overwhelming production, capitals exporting, fight for expansion of military/markets influence sphere

    FASCISM: capitalism based on regimen: authoritarian, reactionary, counter-revolutionary, nationalistic

    So, current US production system is capitalism in its imperialistic phase and largely based on state intervention, gradually shifting toward protectionism and fascism.

  • Flubadub

    Some bankers justify their legal but deplorable schemes by falling back on the lame argument of having an obligation to make money for their shareholders. I guess the rest use barbiturates to sleep at night. You would think that in the midst of election season some of the candidates would bring up issues like this. Instead one complains she was referred to by her opponent as a whore while a predatory lawyer tries to smear her for emloying illegals. Another candidate argues that she’s not a witch. Because our representatives have such a low esteem for the voter’s ability to grasp real issues we need to come to blogs like this hoping for any description of what’s relevant.

  • euroserf

    You guys from across the pond quite frighten me with these stories…
    Your system and (those in charge of it) have gone utterly and completely insane.
    And what it is the more frightening for us euroserfs, is that, from the point of view of our rulling classes, America is still perceived as a magnificent exemple of “triumphant individualism” to be followed blindly and they keep dismantling what little remains of the social protections aquired by our forefathers (yes here in Europe “socialism” is not (yet!) an insult..)
    And we have exactly the same problem as you, our industrial base (and the jobs associated with it) are drained away to the East at an ever increasing rate..
    Poor America, poor Europe

    God help us!..

  • Garyisacommiepinko!

    Capitalism is the best economic system known to man. If communism is so great, then why did the former USSR and China start introducing more capitalism reforms to their economies?

    Gary is just too stupid or lazy to compete in a capitalism based economy. Let’s all chip in and buy Gary a one way ticket to Cuba, so that he can live out the rest of his life in a worker’s paradise.

  • DK

    All we need is love…imagine a world where we all loved and cared about our fellow human being….what a concept.


    Per the article “Predatory Property Tax Collection” here is the why government did this. The feds put it through last year at the recommendation of a few private associations that represented many local governments and it was the government that pushed forward to require the banks and mortgage companies to do the tax collection tied directly into the mortgage. (Quicker money for the local governments) Read the new mortgage documentation and the banks have been required to collect property taxation up front for the local government.

    Government in most venues had to wait four (4) years to move forward with foreclosure for delinquent property taxes. Well now that they have assigned the banks to do the collection, the banks usually move on foreclosure in six months which gets a new head in the door to pay the same levied property taxes quicker.

    I note that is a severe conflict of interest and that all who own a home should move on code enforcement against their local governments.

    The property tax is for the benefit of the local government (the beneficiary) of which in many venues when established the people securing their interests to protect themselves made sure there were strict time-lines and procedures required before a local government could try to grab your home for past due property taxes.

    Well, it appears they have bypassed those restrictions with this one tactic. BUT, being that the local government is the beneficiary of that property tax collected through the mortgage they are also the primary responsible party by assignment or allowance for assignment as the underling direct beneficiary. In doing so or by participation, they have broken their own laws and statutes firmly put into place on their books that allowed them to collect property taxes in the first place.

    In fact based on the damaged parties (number of home owners effected) the potential of claim value from these type of collection actions to bypass standing local government restrictions; statute; and law here for the direct benefit of those same local governments, it would be good grounds for suspension of that or any local governments charter (shut them down) for having participated for the purpose of financial gain.

    Walter Burien –

  • Andy

    Exactly, Whoopdy.

    In California we have Prop.13, the taxes you pay are the same as when you purchased your home, they never rise.
    Good if you bought your home 30 years ago, not so if you bought at the peak.

  • mondobeyondo

    A friend of mine is about to lose his house in exactly the same way as described above. Worked for 30 years, paid off his house. Then he was laid off from his job, and couldn’t afford the tax payments. Now there is a tax lien against his property, and his house is in foreclosure.

    Even when you “own” your home, you don’t really own it. If the banks don’t own it, the county or the state does. They’ll make sure of it, too. Just try not paying your propetty taxes (out of necessity because you don’t have the financial resources… or because you’re a government rebel, etc.)

    God Bless America…

  • Striderus

    Sigh !

    Now you maybe able to SEE you that THINK you own something but must pay taxes on continously ie every year don’t own SQUAT.

    Home owners are in reality RENTERS !

    Your slum landlords are the federal, state, and county governments and NOW add wall street and bankers !


  • Janet

    They want it ALL, baby!

  • Gary

    Who ever the dolt who said I was a commiepinko must have the IQ of a carrot stick. I said social democracy NOT communism. They are nothing alike.

    Its no wonder all the tea baggers are such low information unsophisticated dolts. This person must be one of them.

    I guess if a word has more than 2 syllables the right has a hard time understanding it.

    I guess that because you can only repeat what rush says my argument must be correct. Sticks and stones…

  • James Whitmore

    Think you “own” your home, even if you’ve paid off your mortgage? Don’t pay your property taxes, and see how long you “own” your home.

  • WES

    Property taxes going up? Really? Property taxes are going down not up. With home values falling many county property appraisers have been forced to lower taxes to reflect the new values.

  • Taxes are part of home ownership. At some point, homeowners should move to more affordable housing or their home should be sold to recover taxes due. Mixing charity with business or government (communism and socialism) never works. Here is the real issue or problem:

    If a home is sold for $100,000 to recover $1,000 in back taxes, interest, and fees, $99,000 should be returned to the former home owner. Giving the $99,000 to the lien holder is legalized theft.

    Since both the Democratic and Republican parties support legalized theft starting with the Federal Reserve, both of these parties have to be eliminated before anything can improve in the United States.

  • Bubble

    Capitalism does not fail people.
    Corrupt politicians are the root cause of all evil.

  • Steven Gaylord

    In a Capitalist system, only the dead are equal.

  • orsobubu

    @ Garyisacommiepinko!

    “If communism is so great, then why did the former USSR and China start introducing more capitalism reforms to their economies?”

    you’re wrong, because also USSR and China economies have NEVER been “communist”, since their economies were state-capitalist, based on market (state controlled), money, banks and exploitation by wages. They later introduced a liberal/free trade dosage. Communism never existed to date, aside from primitive ages, because communism is a revolutionary program for the future, a society without money, market, banks, wage workers.

    So, all the ugly crisis and conflicts you’re seeing today are ALL inherent to capitalism’ contradictions. These contradictions will surely bring to major wars, and in this perspective a communist revolution is the only alternative to fascism and chaos.

  • orsobubu

    @ gary

    “I said social democracy NOT communism”

    you’re in contradiction, because you write against capitalism, then you write in favour of social democracy: but this “social democracy” is only a capitalistic ideology (the famous and failed “third way”) less oriented to liberism and more oriented to welfare state. But welfare system in capitalism is a Ponzi scheme doomed to failure so, if applied, it requires protectionist/fascist/authoritarian governments and/or big wars to rebalance the capitalistic crisis and restart the free trade cycle.

    Only solution is revolutionary transition to communism, a production system totally different from state-capitalistic USSR/China economies you fear.

  • Canuck

    What truly amazes me is exhorbitant property tax rates Americans pay. How did this happen? Taxes on my 1200 sq ft home on 13 acres in B.C. are $600/year. I know people who pay much less. That a tax rate is so high people lose their homes is the crime, and of course those that exploit people who cannot afford their property taxes.

  • Canuck

    And wtf are property taxes for, if not water, sewer and sidewalk repair??? You Americans really need to turn off the tv.

  • Big M

    Unless these banks hold the note, they can’t legally foreclose on anybody.

  • It’s Time

    We can kick these money hungry, greedy, soul-less p*icks out of office. What did our four fathers do when England started taxing us for every little thing???

  • Honky Wonk

    A familiar situation to anyone who has read a little history. This is called tax farming.

  • Garyisacommiepinko!

    Thanks for replying Gary. I hope you were able to respond before you started your shift of flipping burgers at McDonalds.

    The offer of a free flight to the workers paradise of Cuba still stands. As soon as you land in Havana, I predict Castro will personally reward you- a hero of the workers revolution- with a “new” 1955 Studebaker, a job cutting sugar cane, and a life expectantcy of 55 as opposed to a life expectantcy of 85 under the current “evil” American healthcare system.

    You sir, are a complete doofus!

  • Mark

    This has NOTHIGN to do with capitalism….this is in fact closer to fascism…why own a home when you have to still rent it from the state? In which case you own a home and a corporation has the legal right to throw you out of it after setting their own price as to what they feel you are obligated to pay? This isnt capitalism this is a loss of freedom…another reason why I refuse to buy a home…Id rather rent and be free!!! Thanks

  • euroserf

    For Mr. “AntiCommie” who posted @ 10/22/2010 4:45 pm :
    – according to wikipedia, in Cuba life expentancy is 36th in the world (same as Denmark), vs the US which is 38th.
    But this is just a detail..

    I for one, I have admired America, her courageous, entrepreneur and generous people who have build a great Nation, but what takes places today in your country trully saddens and disgusts me!..
    Until someone like F. D. Roosevelt takes the power again, I will never support your model of society inspired by the “greed is good” credo

    A euroserf witch has awoken and will fight the financial colonialism that the Wall Street Mafia tries to enforce upon the world.

  • GoneWithTheWind

    You make a common mistake. Capitalism is not a form of government like Socialism or democracy. It simply a way of people interacting. All forms of government use capitalism. Socialism/communism/Fascism use capitalism to fund the government. Monarchies and oligarchies use it to fund the elite. A constitutional Repulic insures that the citizens have rights and freedoms so in a true democracy the citizens are free to practice capitalism.

    Our problem is we have allowed our government to cross the line into a semi-fascist/socialist condition and our government is trying to take away our rights and claim them for the government elite. If we do nothing we will lose our rights, including the right to practice capitalism.

  • El Pollo de Oro

    Euroserf: Excellent post. The Wall Street Mafia, as you call them (Gerald Celente calls them The White Shoe Boys), want to impose serfdom and neo-feudalism on Europe just as they are imposing it on The Banana Republic of America (BRA). They would love to turn Europe into a continent of Third World banana republics just as they have turned the former USA into the BRA. But as an American who has actually done a lot of business traveling in Europe, I can say confidently that Europeans won’t go down without a fight. The enormity of the mega-demonstrations that are taking place in Europe (which are underreported by our corporate media) bears that out.

    I’ve seen first-hand how politicized Europeans can be. I was in Rome when a bunch of high school students were marching in the streets all the way from Corso d’Italia e Piazza Fiume to the area around Stazione Termini–mamma mia, those studenti romani sure brought that crazy Roma traffic to a standstill. Now, if a bunch of high schoolers can make their voices heard that way, just imagine what protesters in their 20s, 30s, 40s, 50s and up can accomplish. Indeed, the euroserf witch that you speak of is wide awake–and I hope her fangs are nice and sharp.

    To the French resistance, the Italian resistance, the Spanish resistance, the Belgian resistance: this is one American who applauds you. I really hope to God there can be a peaceful solution for Europe, but as Malcolm X used to say, better to go out with your dignity intact than to die on your knees like a battered, beaten slave. And make no mistake, slavery is exactly what The White Shoe Boys have in mind for Europe. The Wall Street criminals want to resurrect the ghosts of Franco and Mussolini; I say keep El Generalissimo and Il Duce in hell where they belong.

    Cheers to the European resistance porque sin justicia, no hay paz.

  • Tim

    In Response to GoneWithTheWind: You state “Here is the simple advice for homeowners: Pay your taxes!!! DUH!”

    Okay, I certainly would if I could! I am a 100% disabled vet. I am on a fixed income. When I bought my home in 1990 my property taxes were just over $14.00 per year, now they are well over $1,800.00 per year. I can not work overtime, I can not get a second job. My choice is to attempt to feed my family or to pay the corrupt State and County Officials the rent due on my home which I completely paid for, without a mortgage.

    What choice would you make? DUH!!!

  • Russell

    These banks are run by pirates! Wait, I thought government was supposed to protect its citizens from pirates, not hire them to rob us!

  • orsobubu

    @ GoneWithTheWind

    I never said communism is a form of government. I said it is a future revolutionary program, in Engels words, a doctrine about the conditions for proletarian liberation. I also said it could became the next production system; just because you think it is “a way of people interacting”, capitalism is also a SOCIAL RELATIONSHIP and, like all social relationships, it isn’t forever, lasting 250 years now, only a brief flash in human history.

    What you call freedom to practice capitalism is only the capacity ruling class has to exploit other workers, both in liberal or fascist/socialist conditions.

  • GoneWithTheWind

    Golden chicken: You are dead wrong. The French unions are not fighting for their rights this is a political effort on their part to make sure they can control the government and continue to screw the French citizens. This isn’t about the dignity of the citizens or “resistance”. This is about raw power in the hands of the union elite.

  • Garyisacommiepinko!

    Well bully for the Cuban life expectantcy rate. I still wouldn’t let “los quackos” treat me.

    Yes, thank you for noticing, I am anticommunist.

  • El Pollo de Oro

    GoneWithTheWind: No, YOU are dead wrong. What’s going on in Europe isn’t just about France (the mega-demonstrations are taking place in other countries as well). It’s much, much bigger than that just one country. The anti-globalist, anti-oligarchy movement is taking place all over Western Europe, and I applaud the European workers for refusing to roll over, play dead and let the robber barons subject them to the type of Third World conditions that are prevailing in what is now The Banana Republic of America (formerly the USA). Good for Europe! I do love to see those torches and pitchforks.

  • NW Mom

    They managed to kill family run farms this way, now they are working on home owners in America. The phrase “sold my soul to the company store” comes to mind. I’m not sure why the government just doesn’t tax us 100% of our income (those who make under $100,000 a year) and give us all welfare to live on like an allowance. Of course, those who make more than that would be exempt as always.

  • NW Mom

    I think Washington State should secede from the Union, surrender, earn most favored trade status and get billions in aid from the US Government. The only way the Federal Government helps you now if if you are an illegal alien or a foreign nation. It’s pretty obvious the rest of us are expected to fend for ourselves!

  • GoneWithTheWind

    Golden chicken – What is going on in France is classic political action by French unions. It goes on in good times and bad. They are jockying to get a Socialist elected who will continue to give unions what they want.
    What is going on in the rest of Europe is the collapse of the European Union and isn’t the same thing as what France is experiencing. Watch as Europe gets worse and then indeed France will more closely mirror what the rest of Europe is doing now.

  • Call a national moratorium on private individuals paying banks. If everyone just stopped paying the banks anything for 6 months the whole thing would collapse. Also challenge the title chain on all property the banks seize and see who wins. The banks have broken the chain of title. Withdraw all your money from the banks, and invest in raw land at a tax deed sale.

  • Craig

    Why buy a house, you will never own it as long as you pay propery taxes, its just a glorified rental unit! Eliminate property taxes!
    Cash is trash anyway, all fiats fail and the dollar is no different, get your hands on some PM asap if you can.

  • scott bowlan

    its all part of obamas plan to destroy the economy and usher in a new world order.

    wall street and big banks have taking over the white house.

    obama is in with wall street and the big banks.

    this started back when clintion was in office.

    clinton signed in the china free trade bill that allowed all those overseas manufactures to sell their junk in the u.s.thus driving out manufacturing.

    now millions have lost their jobs and cant pay the bills.

    banks now take these homes when you fall behind on payments of taxes,.

    the federal gov bails out the same big banks by purchasing all the so called dept.

    the debt is what they end up with after taking your home.

    the feds than allow banks to auction off these now called debt’s to overseas investment companies.

    before its over fourign investment companies will own a good percentage of housing in the u.s.and those still out of work will become dependent on state and gov aid.

    you are nopw a slave to the government

  • TK

    Instead of blaming the banks, blame the government tax collectors, The local governments are the real thieves that live off the backs of the poor and it is government that is causing the elderly and poor to lose their homes . WHy should they have the power to take someone else’s property for simply owning it as if their is a property obligation that belongs to the government!. The financial crises is really a crises of government, because it refuses to shrink! It is time to eliminate property taxes entirely!

  • TK

    Instead of blaming the banks, blame the government tax collectors as they are the real thieves that live off the backs of the elderly and poor. And it is government that is causing them to lose their homes. Why should they have the power to take someone else’s property for. Why should there be a property obligation for owning a home, as if the government has a right to it? When God commanded that thou shall not steal, did he exempt the government? When Christ ask to help the poor, does that mean it is ok to take your neighbors property in order to do it? If you took property from your neighbor it is called theft. So, why is the government exempt? It is time to eliminate property taxes entirely as it is immoral! !The financial crises is really a crises of government, because it refuses to shrink!

  • Unfortunately predatory tax collection isn’t everything!

    Homeowners who paid off their mortgage can still loose their home to foreclosure if they default on property taxes. This hurts a lot.

    As if the current foreclosure mess wasn’t enough, some banks have been creating front entities in which they are buying up tax liens en masse, then harass homeowners with legal fees while hoping to put them through a foreclosure and make a killing on the property.

    Banks are now even acting as annonymous banksters!

    Banks discovered tax liens as a safe and high-yielding investment vehicle and there is nothing wrong with that, except that some banks are not satisfied with high yields. Instead, they are pushing the envelope. In an apparent attempt to increase the likelihood of default and subsequent foreclosure, banks hire an army of lawyers and then go about harassing homeowners with legal fees you can only describe as excessive. In fact, they range from excessive to astronomical.

    Banks are so image-conscious, however, that they set up new legal entities in order to disguise themselves. According to, Bank of America has been using front entities by the names of:
    – Osprey, LLC,
    – Ecru, LLC,
    – Bennu, LLC,
    – Investments 2234, LLC.

    All of them are run from a single P.O. box location:

    P.O. Box 403357
    Atlanta, GA 30384

    JPMorganChase hides behind an entity which calls itself Plymouth Park Tax Services, LLC, and is the largest tax lien investor in the country, also known as XSPAND (which is a DBA).

    Fortress Investment Group, a hedge fund, disguises itself as Travis Farm Investments, LLC and Pleasant Valley Capital, LLC for example. (There is nothing “pleasant” about this.)

    Banks can borrow from the Fed at interest rates hovering near zero, then buy up tax liens and collect outrageous fees on top of astronomical interest rates, and then harass homeowners into foreclosure. It may be legal, but it sure as hell is unethical. When will Washington finally wake up and rein these banks in?

    Five big banks involved in tax lien investing (or, shall we say, in predatory tax lien investing) collected a total of more than $106 billion in TARP bailout funds, courtesy of the taxpayer. But when the taxpayer chokes up on the tax bill, he or she ends up homeless.

    In June, Bank of America acquired tax liens on properties in Florida owned by low-income residents and nonprofit public interest groups, including a Salvation Army shelter, a preschool and a wildlife rescue group involved in the cleanup of the oils spill in Gulf of Mexico, along with some glamorous properties of the very wealthy.

  • AColeman

    I purchased my home in 2008 through HUD. It is now 2012, and Plymouth Park sends me a letter stating they bought the home in 2007 for taxes owed. There is no way possible I could get a mortgage with Wells Fargo and close on a home without a clear title. It is now four years later, and they are just now saying anything about this issue. Has anyone else heard of such thing?

Finca Bayano

Panama Relocation Tours



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