The Beginning Of The End
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The Real Horror Story: The U.S. Economic Meltdown

This October, millions of Americans are going to watch horror movies and read horror stories because they enjoy being frightened.  Well, if you really want to be scared, you should just check out the real horror story unfolding right before our eyes – the U.S. economic meltdown.  It seems like more bad news for the U.S. economy comes out almost every single day now.  Unfortunately, things are about to get a whole lot worse.  The mainstream media has been treating “Foreclosuregate” as if it is a minor nuisance, but the truth is that the lid is about to be publicly lifted on years and years of massive fraud in the U.S. mortgage industry, and this thing has the potential to cause economic chaos that is absolutely unprecedented.  Over the past several days, expert after expert has been coming forward and warning that this crisis could completely and totally paralyze the mortgage industry in the United States.  If that happens, it will be essentially like pulling the plug on the U.S. economic recovery. 

Not that there was going to be a recovery anyway.  The truth is that economic statistic after economic statistic has been pointing to incredible trouble for the U.S. economy.

For example, the U.S. government just announced that the U.S. trade deficit went up again in August.  According to the U.S. Census Bureau, the U.S. trade deficit was $46.3 billion during August, which was up significantly from $42.6 billion in July.

So how much coverage did this get in the mainstream media? 

Well, just about none.

We have gotten so used to horrific trade deficits that it isn’t even news anymore.

But these trade deficits are absolutely killing our economy.

How long do you think that the U.S. economy can keep shelling out 40 or 50 billion more dollars than we take in every single month?

If you look at the countries around the world that have become very wealthy, almost all of them have gotten that way by trading with the United States.

Meanwhile, many of our once great manufacturing cities are turning into open sewers.

Every single politician in the United States should be talking about the trade deficit.

But hardly any of them are.

Is it because Americans have all become so dumbed-down that we don’t understand these things anymore, or is it because we are so distracted by the various forms of entertainment that we are addicted to that we just don’t care? 

But the trade deficit is not the only economic statistic that is getting worse.

According to the Department of Labor, for the week ending October 9th the advance figure for seasonally adjusted initial jobless claims was 462,000, which represented an increase of 13,000 from the previous week.

We have an unemployment epidemic going on in this country, but what did the mainstream media do in response to this news?

They yawned.  Instead, many of the “financial experts” were busy talking about how wonderful it is that the Stock Market is going up, up, up.

Well, as one reader recently reminded me, if you want to evaluate an economy by how much the stock market is going up, then the economy of Zimbabwe has had an absolutely wonderful decade!

The truth is that the stock market is not a good barometer for what is actually going on.

What is really happening is that the U.S. economic system is literally coming apart at the seams. 

Yet another piece of really bad economic news that just came out is that the number of home repossessions by banks set a new all-time record during the month of September.  The record total of 102,134 bank repossessions was the first time ever that bank repossessions climbed over the 100,000 mark for a single month.

The good news is that bank repossessions are about to come to a screeching halt.

The bad news is that it is because the U.S. mortgage industry is about to become completely and totally paralyzed by this foreclosure fraud crisis.

The following are three basic points to remember about this foreclosure mess….

A) Massive Fraud Was Committed At Every Stage By The Mortgage Industry

In a previous article entitled “Foreclosure Fraud: 6 Things You Need To Know About The Crisis That Could Potentially Rip The U.S. Economy To Shreds“, I attempted to describe just how widespread the fraud in the mortgage industry has been….

The truth is that there was fraud going on in every segment of the mortgage industry over the past decade.  Predatory lending institutions were aggressively signing consumers up for mortgages that they knew they could never repay.  Many consumers were also committing fraud because a lot of them also knew that they could never possibly repay the mortgages.  These bad mortgages were fraudulently bundled up and securitized, and these securitized financial instruments were fraudulently marketed as solid investments.  Those who certified that these junk securities were “AAA rated” also committed fraud.  Then these securities were traded at lightning speed all over the globe and a ton of mortgage paperwork became “lost” or “missing”.

Finally, when it came time to foreclose on these bad mortgages, a whole lot more fraud was committed.  Thousands upon thousands of foreclosure documents were “robo-signed”, but the truth is that investigators are starting to discover a lot of things about these mortgages that are a lot worse than that. 

B) Nobody Really Knows Who Owns Or Who Has The Right To Foreclose On Millions Upon Millions Of Mortgages

The legal rights to millions of U.S. mortgages has been scrambled so badly that it might actually be impossible to fully sort this mess out.  In particular, MERS (Mortgage Electronic Registration Systems) has created a paperwork nightmare that may never be able to be completely remediated. 

On a previous article, a reader named William left a comment that did a great job of describing the very serious problem that we are now facing because of MERS….

MERS – potentially the most serious problem because it affects who really owns the loans. Securitization mandates that loans be transferred into REMIC trusts within a strict timeframe. Late transfers are not allowed. In spite of the supposed “ease” of transfer through MERS, it now appears that perhaps 60% of US loans were never properly transferred. Absent remedial legislation, it is impossible to do so now. And the former owners may be out of business or bankrupt. So how do we get these loans to the trust beneficiaries who were supposed to own them? This is no simple paperwork correction. The train has left the station, with no more to follow.

C) Unprecedented Chaos Is Going To Erupt As Faith In The Mortgage System Completely Dies

So what is going to happen as a result of all of this fraud and confusion in the mortgage industry?  Well, basically everybody is going to sue everybody.  It is going to be absolute mayhem. 

Charles Hugh Smith recently put it this way….

Real estate attorneys can rejoice: everyone will get sued, in every court in the land. Banks will get sued, title insurance companies will get sued, realtors will get sued, foreclosure mills will get sued, MERS will get sued, and so on. The attorneys general of the states will all sue the banks and mortgage mills, claiming billions in damages.

Meanwhile, virtually nobody will want to buy any house that has been foreclosed on in the past ten years or so until this mess is sorted out (which could take years and years). 

Meanwhile, title insurance companies are going to avoid foreclosures like the plague.

Meanwhile, all of the investors that have been propping up the housing market by buying foreclosures are going to be fleeing the market in droves.

Meanwhile, the financial world is going to be trying to figure out which U.S. lending institutions are still solvent.  The value of most mortgage-based assets is now totally up in the air.

Meanwhile, millions more homeowners across the United States will be emboldened to quit making payments on their mortgages as they realize that those holding their mortgages may not have the legal right to foreclose on them.

And that is where the true horror of this entire situation may lie.  What is going to happen if millions upon millions of Americans holding underwater mortgages look at this situation and decide that they really don’t have to be afraid of the threat of foreclosure any longer?

If a massive wave of homeowners suddenly decides to simply quit paying their mortgages, it would basically wipe out nearly the entire mortgage industry.

That would likely mean more government bailouts, more government control, much higher mortgage rates and eventually a serious crash in housing prices.

This crisis is incredibly complicated and it has a ton of moving parts, so it is extremely difficult to describe accurately.  But the reality is that this mess has the potential to hurt the U.S. real estate market much more than “subprime mortgages” ever did.

Hopefully this crisis will not be “the straw that broke the camel’s back” for the U.S. economy, but with each passing day this thing looks even more horrifying. 

One way or another, real estate law in the United State is going to be changed forever as a result of this crisis.  It is going to be extremely interesting to see how all of this plays out.

  • Mike

    The rich are doing well right now. Homes over 2 million are selling. Now republicans want to give tax give aways to the top 2%.

  • http://SurviveTheGreatInflation.com Michael Murphy CFA

    Foreclosuregate is big, but not nearly as big as the three big drivers of deflation. Bernanke only sees half of one of them, the credit deleveraging, so he will keep pumping in frustration, and increase pumping in frustration. See my take on this in the video at SurviveTheGreatInflation.com, or for laughs go to Obama Fires Bernanke on Youtube – Part 1 is at http://bit.ly/aMKfZ8 and Part 2 is at http://bit.ly/bJ8VVx

  • Tiacarolann

    I believe no segment of the economic picture will come out unscathed. Not just real estate. Banks fail daily, some have quietly stopped foreclosure months, if not a couple years ago.
    America is purposfully being dismantled by globalist.. Right before our eyes and people are placated by the false DOW numbers while whole neighborhoods disappear!!
    God is crying over the conditions we put ourselves in..
    2Ch 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

  • http://www.suburban-self-reliance.com Jerry

    “One way or another, real estate law in the United State is going to be changed forever as a result of this crisis. It is going to be extremely interesting to see how all of this plays out.”

    Gee,…let me think. Real estate law will probably change.

    There will be no one working in it, as they cower in their homes, or go in search of food, or commit suicide/murder suicide. Yeah…real estate law will change…

    YES! YES YES YES

    I love the anarchy!

    I love the chaos!

    Bring on the collapse!

  • Progressive Ed

    One other comment: Can’t the Emperor do what he wants? In other words, yes, there are all sorts of complications and state laws, etc, etc, but the Emperor, as we’ve recently seen, can simply survey his domain, decide what is “fair”, and that’s that. Problem solved.

  • VegasBob

    Early this year, I predicted that Ben ‘Bernokio’ Bernanke would never raise interest rates above the rate of inflation.

    Now I think that Bernokio is trying to inflate a big part of the problem away with rampant money-printing, all the while keeping nominal interest rates near zero. I look for $8 gasoline and $10 milk in the next couple of years.

    We will be lucky if this extensive economic distress does not lead to war, simply because war is how politicians distract public attention away from economic distress.

    What nobody in the economics profession seems to understand is that ‘trickle-down’ economics simply does not work. Handing trillion$ more to already-wealthy banksters and corporate executives is not going to create one more job in the US. That is because the wealthy will invest every penny of their ill-gotten gains overseas, not in the US.

    Only the Almighty can save this country now.

  • http://www.headshotrocks.com marke

    zavery good article, however, you leave out some important facts…
    1. the banks, and the people who make decisions to flip the paper, all got bailed out to the tune of 1.4TRiLLION dollars of taxpayers money, so they are fine on the backend…
    2. yet now you have the NERVE to say that people like me, who bought my first home with 20% down and full income verification and has seen my down payment and 20% for of the value of my home, just disappear, ARE SUPPOSED TO JUST SIT BACK AND PAY THE SAME BANKERS WHO ALREADY GOT FUNDS TO COVER THEIR ASSES??
    right now, i stopped paying my mortgage 12 months ago because of my outrage at the banks and mortgage companies who 1. can’t even prove that the OWN my house, or WHO does, and 2. have become foreclosure mills (my bank rep. attorneys’ the one and only David Stern, who made it to the front page of the Wall Street Journal today after an ex-employee spilled the beans on how bad his verification practices were). WE HAVE RIGHT TOO, YOU KNOW! just because banks contribute millions to PACs to buy influence doesn’t mean im gonna roll over and play dead and just right now, ive filled injunction to TEMPORARLY halt of the foreclosure proceeding due to the irregularities that MR. Stern is facing…I cant wait for the judge to rule on this motion.
    The point is this…the banks and mortgage companies are trying to grab as much property and cash as they can, damn the citizens or the laws on the book…since when did our country become thise?? Didn’t we use to pull together in times or crises, and we would all share sacrifice and take our lumps and move on?? Now, this isn’t happening…Corporate America NEVER allows itself to LOSE, and that’s what is holding up this mess.
    PRINCIPLE REDUCTION is the OBVIOUS answer people!! Basically, this bails out the homeowner (and I only advocate this for people who live in their homes, not speculators) with the same type of assistance that banks got…this simple move would put more money into the hands of consumers and stimulate the economy to get jobs back going again.
    A lot to think about, to be sure…but in the end this is all about banks screwing over the little guy, something they have been doing for 30 years now…

  • Richard

    And this is News?????

    We are a Clueless nation….

    I saw this years ago in those satellite mortgage offices yes even Wells Fargo, had little airhead chicky-poos and wussie gamer guys selling you mortgages.

    Professionals???…huh you have to be kidding…they were nowhere to be found.

  • WC Nitram

    Exactly Jerry!

    Total collapse of the totally corrupt World Elite empire is the only solution. As long as ONE power broker is still alive things will never change (like let’s vote republican this time and things will get much better).

    Most unprepared people will not make it. Hell, most prepared people will not make it, but if there is to be any chance to save this planet, this is how it must be. Rid the world of greed and corruption and maybe, just maybe, the survivors will have learned something from the past and begin again. However, knowing humans as I do, I will not hold my breath.

  • http://www.logosfera.ro/ Logosfera

    @Mike
    The problem shouldn’t be that only the 2% rich are getting tax cuts but that EVERYBODY should get tax cuts. Your hatred for the rich is getting in the way of seeing the real problem: a big and inefficient octopus government involved in every aspect of social, economic and private life.
    @Tiacarolann
    Globalism is what brings cheap products on your table. You should really try to look beyond the appearances. Economics is not that simple.

    • sheri

      Tax one..tax em all! simply that!!

  • sharonsj

    Well, gee, if you bail out the fraudsters but ignore the home owners, what do you expect? None of the banks and mortgage companies and bond rating companies have been charged with fraud, although everyone knows they committed fraud. Now they’re lying in court too, which means they’re supposed to go to jail. wanna bet? That’s why the entire country is screwed. So for me it’s back to stocking up on food, ammo and jewelry…when there’s nothing left expect a massive underground economy and black markets.

  • http://www.danielrevelationbiblestudies.com Robert Stout

    Excellent article, this couldn’t be said any better than this!!! You have really done your homework!!! I’ve known about this along time, it’s really good that someone else toally agrees!!! Revolution II is coming to a every neighborhood in the USA very soon!!!

  • Lennie Pike

    I just watched Bernanke’s speech and understood every word profoundly. He is one of the most accomplished liars I have ever heard and successfully contradicts himself just for sport – a confession that he represents Public Enemy #1

    Who will end the Fed and how? They will not go away after the collapse of the dollar.

  • RunVampRun

    ” When times go bad, when times go rough, won’t you lay me down in tall grass and let me do my stuff” Lindsey Buckingham

  • DT

    Michael, I hope you don’t mind that I posted your videos to Reddit.

    • Michael

      Actually I very much encourage people to post stuff from this site wherever they can.

      So please feel free to spread articles from here on Reddit, Facebook, Twitter, and wherever else you think would be good.

      For me, the main thing is to spread the information as widely as possible.

      Thank you for helping get the word out.

      Michael

  • Maria

    We mock integrity and worship greed.

    Their is no fixing left to do. The deeds have been done. There is only a suffering of the consequences left to endure. We will pass through this crucible, and we will be made to know the error of our ways.

    May God have mercy on us all.

  • GoneWithTheWind

    Mike, give it break! Enough with the hateful divisiveness. Concentrate on your own strengths and weaknesses not some rich guy. You are the master of your own fate and hate and jealousy will not help you in that effort. We are indeed in for some rough times. Concentrate on preparing for that.

  • lostinmissouri

    I think that the mortgage and housing business, with all the related businesses included, makes up more than 60% of our economy.

    If that is true and housing, as a result of this mortgage fraud, freezes up, then 60 % of our economic activity is gone.

    Unfortunately for me, my small business is directly tied to housing.

    It won’t be only house payments, that are not going to be paid, but most certainly….Uncle Sam, will be bumming. Who the hell is going to pay income tax?

    Let’s see how many tax returns are filed in April….unless there is a quick fix.

  • mondobeyondo

    As the comic strip character Cathy would say: AACK!!

    Wouldn’t you know it, the entire mortgage and foreclosure industry is corrupt, from top to bottom.

    Guess who’s gonna get the next government bailout?!

  • raul

    16 october 2010

    “u.s. economy is truly very alarming”

    the government and the investors tried their best in putting
    the economy in good shape. they tried their best to be optimistic
    in looking for the right solutions.
    but alas, to be candid with what i’m saying
    during the september 2008, i already wrote it, i don’t want to be
    negative, i am not a pessimist but sorry to say the u.s. economy
    is already in bad shape. what the bush administrations did
    is not the right answer for the economic crises.
    u.s. economy needs not millions, not billions but trillions and
    i say trillions of dollar to move the economy back on its feet again
    and the stimulus package is not the correct means in resolving
    the crises. like suze orman say’s, show me the money.

    lets hope and pray, that the obama administration find its way
    to turn around the economy, why? because anyone who will
    succeed him will inherit a very huge, enormous problem and it is debt:
    inflation, bank failures, unemployment, home foreclosures and sad
    to say cashless government.

    what is happening today is simply, spending little by little until
    it runs out. the economy still needs to be corrected so us to revive
    from this crises. i don’t know if anyone is still able to breathe with
    what is going on. because you could simply compare this to someone
    who has a fatal disease and the doctors treating could not diagnose
    the problem. i already wrote we should stop believing rather we should
    start to understand. the present administrations still has two years
    reverse the economy, and waiting is not a bright idea.

    again lets hope and pray, thanks
    God bless . . . . . . raul

  • raul

    16 october 2010

    recovery – none

    sorry to say none, there will never be a
    recovery, until the economy is corrected.
    u.s. government already spent almost
    trillions of dollars to revive the economy.
    i already wrote it before the
    assumption of president barack h. obama jr.
    this is not the right solutions.
    if you want to move the economy back
    on its feet again, you need to multiply ten times
    the stimulus package that they did.
    and again this is not a bright idea.
    the u.s. economy needs not millions,
    not billions but trillions, and i say trillions and trillions
    of dollars. like suze orman say’s show me the money.
    trust me there is always solutions to every problem.

    again lets hope for the best and seriously
    prepare for the worst.

    thanks and God bless . . . . .raul

  • http://erectuswalksamongstus.com Max Hardwood

    In this case, more government control, as you put it, is the only solution. In fact, the banks must be nationalized, if we are ever going to reset the system. The zombie banks, operating courtesy of the Fed’s printing press, are INSOLVENT. However, it doesn’t matter, because the fiat dollar is mainly to blame for this crisis, (with the help of the banks)
    Once the banks go under and are taken over by ‘the people’, then we can revert to the gold standard again, and begin to regain control of the nation’s out of control financial situation. Sure, the banks have been screwing the American People, but the real problem has to do with our faulty currency system.
    All Bernanke wants to do is ‘maintain the status quo’, but, man, that ship has sailed. We have to completely redo the entire financial system. Let ‘em fail.

  • http://thecivillibertarian.blogspot.com/ Frankenstein Government

    The two tiered American justice system. How Angelo Mozilo helped create the depression and how he is getting away with it. Aneurysms at the link:

    http://thecivillibertarian.blogspot.com/

  • Jake Peachey

    It’s not possible to solve the Gordian Knot associated with managing money supply through fractional reserve banking ——- that is, it is not possible to have interest rates at levels for optimum economic growth without causing credit bubbles. Cheap debt capital inveigles financial gold rushes that always end badly. It’s just human nature —-the weakness for a gamble. Any political party attempting to maintain sufficient tightness in money supply and regulations to prevent credit bubbles will be voted out of office for subpar economic growth. Political pressure is enormous for optimum economic growth. Voters want prosperity and the political class wants reelection. Therefore, we will continue having low interest rates that fuel credit cycles of booms and busts.

    And now to Austrian conservatives: what is all this angst about creating money out of thin air? Fractional reserve banking (mother of all Ponzi schemes) does this all the time. Look it up. It creates money out of thin air every time a loan is made. Trillions of dollars of value are created this way until debt-to-equity ratios hit extremes, and then the process reverses, which destroys money and value. Trillions of dollars of value then vanish into thin air. This happens quite easily because value exists only in the imagination of the mind— not in assets.

    When the secondary financial market outside of the traditional banking system developed for mortgages, leveraging went as high as 130 to one in capital reserves. Enormous amount of money was created out of air and spent in the housing bubble —- and not only that, that cash flow fueled unprecedented global economic expansion. Since this “mother of all Ponzi schemes” is of historical tradition, nobody seems to care when it creates $trillions out of thin air. But when the fed does this, conservatives of “closed system” Austrian perspective get unduly excited.

    Effective stimulus spending allows the private economy to replace debt with equity in the private balance sheet. This calls for large deficits by tax cuts, including temporary reduction or suspension of payroll taxes and tax rebates in serial installments. And there would be nothing wrong with printing money for this because it would be replacing money that has been destroyed through debt deleveraging, thus not inflationary.

    Why management of money supply should be shifted from monetary policy to fiscal policy to stop economic swings from credit bubbles. http://economics102.blogspot.com/

  • Chief Mojo

    Peolpe like Mike terrify me to no end. What a poor, hapless sap, buying into the whole “eat the rich” mentality sweeping the nation, fostered in large part by our Fearless Leader, the Divine One. Hey Mikey, how many poor people have you ever worked for in your lif? Huh-DUH. Get a clue and wake up, man!

  • Martin

    Has anyone noticed lately on cable news channels the frequent ticker message at the bottom that says such-and-such financial CEO has been fined millions of dollars by the SEC for fraud? Yet no criminal law enforcement action is announced! Earn bonuses of $100s of millions and pay fines of $10M. Great business plan!

    This nonsense will not stop until there are numerous Madoff-style perp-walks! But don’t hold your breath because you know why. We need a sheriff elected by the people to enforce the law (not political appointees in the DOJ)in Washington, D.C. I nominate Arizona’s “Joe” Arpaio for the job.

  • Gary

    I believe the middle class in America is “too big to fail” We need the same sense of urgency that congress showed to save the too big to fail banks shown to save the middle class in America. In one long weekend the banks were bailed out yet after years nothing to bail out the middle class. This is a disgrace regardless of your political affiliation.

  • http://transcendantperception Shoshone

    Property law has it roots in common law going all the way back to the Magna Carta. It is the oldest form of civil law and although somewhat constipated it is a system that has worked for centuries it is not the problem. The problem is with the S.E.C. and it can’t be changed until the corruption changes. Like almost every agency
    that was set up as part of the Administrative Procedures ACT, controlled by one of the families who have made their fortunes by using these agencies against the very people the agency was supposed to protect.This hardly kept them from stealing the people’s resources. Securities law is no different,
    However the Law of real property has served its purpose and well for centuries. Anything can be destroyed if you work at hard enough,

  • Neil

    I welcome the meltdown; a new Phoenix will rise from the ashes with a chance for the middle class to rewrite the rules for their benefit.

  • Rayford Strange

    What would we have done without good ol’ Barney Frank?

  • CJFYuma

    The entire financial system is fraudulent, and the U.S. government is being administered by the biggest fraudsters, liars and crooks this nation has ever known.

    Heck, I even lay ten to one that Obama didn’t even qualify to be U.S. President, let alone qualify for a $#@!&*@ mortgage before he became “el presidente”!

  • Matt R

    @mike: So now reducing an already “way more than their fair share” tax rate is a giveaway?

    Letting people keep their own money is a giveaway? Are you really that stupid?

  • Just Observing

    Whole bunch of PO’ed people above, huh ?

    Wonder how much that represents the nation as a whole……

  • http://google.com Kevin

    I don’t think the irresponsible should be rewarded, neither citizen nor banker. If you bought beyond your means, to hell with you. This crisis could not have happened without your participation. Did anyone doubt the banks were crooked? Really, ever? I knew fifteen years ago the banks were tricking people into slavery with credit, all you had to do was check your income against the offered credit line to see the baited hook. The banks need to be ripped apart and destroyed without mercy. But the imbeciles who empowered them? Let them sink.

  • SilverMoon

    Neil has it right though I don’t look forward to a ‘meltdown’. The ‘system’ needs to be cleaned out completely.

    Need to read a book just out where Americans finally take a stand & defend their hometown & families against this corrupt system.

    History may now be calling each of us to fulfill our true destiny in history. IT’s that powerful. I recommend it.
    http://www.booksbyoliver.com

  • Ted

    “This crisis is incredibly complicated and it has a ton of moving parts, so it is extremely difficult to describe accurately. But the reality is that this mess has the potential to hurt the U.S. real estate market much more than “subprime mortgages” ever did.”

    Sounds like the perfect excuse to “temporarily” eliminate private ownership of property, so the new housing czar can sort it all out for us. Don’t worry. Big Brother will make sure we all get what we deserve, no matter who it actually belongs to.

  • sammiejo

    stop blaming bernanke as he is not the problem. in case ya’ll forget, he was just a minion when all this was being stewed up.

    so what is the problem? the problem is that we have 140 million plus people in this country receiving food stamps which have to be paid for (as well as their medicaid, disability for the welfare kids who have “add” ha ha, sure! and thus provide their parents access to the trough of disabilty checks, housing subsidies, daycare subsidies including paying the Grandparents to watch their own kids, and less you forget the free school breakfasts, lunches and snacks.) of course, all of this came out of lyndon johnson’s great society which continued to grow and evolve to take over the budget of the united states.then the liberals decided that these people should own houses they couldn’t afford because the adages that had made america great…work hard, work harder, educate yourself, pull yourself up…were to be ignored as dscriminatory. soo they shoehorned illegals, welfare criminals and most of em are cheating the system in some way (even if only refusing to get married to the father/s of their children in order to continue the river of the welfare complex into their mouths) into the houses where they now sit just waiting for someone to dare and tell them they aren’t “worthy” of the house so they can yell discrmination even while not paying a dime.

    why in the heck anyone works in this country is the question…

  • Jon Smith

    Well, somehow you Americans have to be stopped from all your warmongering and empire building.

    The empire you are trying to build is collapsing on top of your head, much to the relief of the rest of the world.

    These sad news for you are great news for the rest of the planet.

    An European.

  • Lesser Fool

    PRINCIPLE REDUCTION is the OBVIOUS answer people!! Basically, this bails out the homeowner (and I only advocate this for people who live in their homes, not speculators)

    Gee, how spiffy of you to exclude the greedy speculators while quietly including yourself in the recipients column. I’m a renter who was shut out of the housing market by fools like you who overpaid for their houses. Why should I now have to subsidize you?

    I have a better solution. Hand out a $500,000 check to every family. You can use yours to settle your debts, I’ll use mine to go on a spending spree like many homedebtors did by pulling money out of their home ATM when things were all rosy.

    Sure, the price of everything will double and triple but at least you’ll stop whining because you won’t be underwater on your house anymore. And us poor renters won’t be solely on the hook to bailout not only banks and car companies, but mortgage slaves as well.

  • http://www.colony14.net Colony14Author

    Anyone who is not buying gold and silver is a fool. Hyperinflation is on the way.

  • http://theeconomiccollapseblog.com AngryCitizen

    The recent Supreme Court ruling that allows corporations to contribute to election campaigns without limit, I fear, is the death of our republic. Our democracy is truly lost. But there is a way to pressure both the U.S. government and the political parties (neither of whom represent the people) to behave. Here is the dialogue we must have with both:

    “The citizenry called, wrote, or e-mailed their Congressional representatives and the vast majority of them (well over 90% in some states) were dead against the bailout. You, the men and women elected to represent the people, did not listen to us. Instead, you committed $700 billion of our money to carry out a bail out of the very institutions that were responsible for the financial calamity – and with little transparency. Instead of carrying out the will of the people, you squandered even more of our money for the benefit of the rich and influential. Now, in converting Fannie and Freddie to government sponsored entities, you have taken on an additional $6 trillion in risk at our expense – and you have kept the number off the books to fool us into thinking that the risk is minimal.

    “You are engaged in two disastrous wars in Iraq and Afghanistan and starting to rattle your sabers for a third in Iran. There has never been such a great divide between the government’s strategy and the will of the people, because the majority of the American people want none of these wars. Those who are in favor of our military actions are led to those conclusions by a profusion of media insertions. Therefore, because you have not been used our collective wealth wisely, we have decided to temporarily suspend supporting government projects with our money until you can properly convince the populace that you will once again serve our interests.”

    “You have made us feel helpless and disenfranchised. We believe that nothing we say or do will stay your selfish plans for our country. There is no democratic way to require the government to represent the public – because our democracy has been hijacked by corporate and special interests. We cannot find political candidates in the Democratic and Republican parties who are sympathetic enough with our cause to buck the political system. As a matter of fact, the political system weeds out most of those who might sincerely wish to serve the people.

    “The government controls all the weapons systems and wields unbelievable military power, but it is our money that drives your strategic plan. Many corporations and rich people do not pay their fair share of taxes – but the common people do. Therefore, until you begin to act in our interests, we will be temporarily withholding financial support from this government. Accordingly, we will cease making Federal Income Tax quarterly payments, reduce our tax withholding to the absolute bare minimum and, if you have not responded to the general satisfaction of the people by April 15, 2011, we will consider extending the Taxpayer Protest and completely stop paying taxes until you change your ways and begin to represent us. Our actions to disrupt your flow of funds will probably force the government to downsize, and that is likely in the best interest of the American people – because most government agencies serve us either poorly or not at all.”

    Sooner or later, government representatives will approach the leaders of the movement and ask what we want. Here is a broad list of demands from which we will likely derive a final list:

    • Congress to follow the U.S. Constitution to the letter.
    • The Health Reform Act to be amended to provide a public option, available to all citizens as an alternative to private health insurance.
    • End the lobbying system. Congress to gain information about potential laws from conducting research – not by listening to organizations that have an axe to grind.
    • By constitutional amendment, end the electoral college for national elections. Winners will be those who get the most citizen votes.
    • No electronic balloting. Paper only. We fear that it is too easy for politicians to steal votes by hacking the electronic voting systems.
    • Corporations to no longer have the same rights as U.S. individual citizens. Why? Because corporations have no moral sense, no sense of shame. They are not living, breathing organisms and therefore on a lower level than U.S. citizens. They need to be second-class citizens with fewer rights.
    • Recent Supreme Court ruling allowing for unlimited campaign contributions and multi-million-dollar media blasts will be nullified by legislation or amendment to the Constitution. It was bad law, and the Supreme Court over-reached when expressing its opinion.
    • Corporations to be subject to stricter standards for ethics and morality.
    • Corporations to be barred from lobbying or funding industry associations for the purpose of influencing Congress.
    • All state and national election races are to be funded by public funds – and no corporation or special interest group may directly or indirectly provide financial support for any candidate.
    • Congress shall make no law that applies to the citizens of the United States that does not apply equally to the Senators or Representatives; and Congress shall make no law that applies to the Senators or Representatives that does not apply equally to the citizens of the United States.
    • Any member of Congress who votes for a state of war must suffer all of his/her children (18 years old or older) to be immediately inducted into the U.S. Army and (after two months of basic training and two months of advanced training) be sent to the front lines as a combat soldier.
    • Return of all bailouts to the Federal Treasury.
    • No more bailouts – whether companies already on the dole, such as Fannie, Freddie, AIG, GM, etc., or other companies or entities. Companies in all industries will be allowed to succeed or fail on their own efforts – with no financial help from the government.
    • End of war in Iraq. Now. The best way to support our troops is to remove them from harm’s way.
    • End of war in Afghanistan. Now.
    • End of saber-rattling with Iran. Now.
    • Immediate repeal of the Patriot Act. Now.
    • Cancellation of plans for the Amero – North American Currency.
    • 50% reduction in D.O.D. budgets – both black and white.
    • 50% reduction in military bases – from 727 to 365.
    • Term Limits for all U.S. Senators and Members of the House – two terms maximum for every member of the house and Senate. No longer will we suffer members of Congress who remain in office for decades.
    • No member of Congress may work for a public corporation or industry trade association for a period of five years after the end of their last term.
    • Once a former member of Congress takes a job in the civilian world, that individual may never again work for the Federal government.
    • All legislation to be drafted in plain English and summarized for preview by the people before such legislation is passed.
    • One law, one topic. From now on, each and every law passed will deal with one, and only one subject. No more pork. No more stuffing laws with hundreds of earmarks and other special-interest appropriations.
    • All. U.S. Agencies to be zero-based. Agency Directors must relate to the public how their agency has been successful in serving the citizenry in the prior year and justify their continued existence on an annual basis.
    • The Federal Reserve to be abolished. Now. Jefferson and other presidents have warned about the risks associated with a central banking system. It’s time to act on their advice.
    • All tax protestors are to be granted amnesty by IRS and suffer no penalties or interest charges. Said taxpayers will resume payment of taxes upon the successful resolution of the current conflict between the government and the people.
    • These agencies and departments to be placed on the endangered species list and threatened with extinction unless they downsize substantially and improve citizen satisfaction at the same time.

    o SEC (Madoff)
    o Dept of the Interior (BP Oil Spill)
    o FEMA (Katrina)
    o Dept of Education (U.S. education one of the worst)
    o Dept of Energy (Had 30 years to work on the oil issue.)
    o EPA (A bureaucratic organization that needs revamping.)
    o FCC (serves only large corporations, not the people)
    o Homeland Security – It bleeds money and does little to actually protect the American people – other than confiscating shampoo in airports.
    o INS (a bureaucratic nightmare that needs reorganizing)
    o USDA (Who needs it? Farmers have more knowledge, and the meat inspectors are asleep at the switch.)
    o Internal Revenue Service (Get rid of the tax code and substitute a graduated flat tax on top line income with no exemptions or deductions. All citizens to be treated equally under the tax laws with no social programs handed to the tax collector for enforcement.)
    o Increase the estate tax (Bush’s so-called “death tax,” to better redistribute the wealth. There is much too much wealth concentrated in the 2-3% of the U.S. population, who control 60% of the wealth.)
    o Maximum income for a corporate president to be no more than 25 times the income of the front-line worker.

  • http://www.google.com/jay jay

    americans are trained to think short term. and short term gained is over. now it time for chinese. and after chinese indians will tak over the world with long term vision.

  • Kenuck

    Debt jubilee and a freeze on usury…along with flying pigs.

  • Wally

    With the US economy in shambles and a health care program that nobody out here totally understands, we have reason to be running scared. It will get better when our lord and savior comes back to take over.

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