Banks Are At Fault… Not the Homeowners or the Mortgage Brokers..

The Banks are doing their due diligence lambasting the mortgage brokers; when it’s the mortgage brokers and loan officers that advocate for their clients. Banks have poisoned the well and expect the Tax Payers to cover their losses, while they do nothing to lower the Interest Rates and assist homeowners to refinance keeping their homes. The Banks have nicely covered their tracks into their losing escapades into Hedge Funds and derivatives. They have nothing but a BIG Mess to show for their reckless dreams of breaking the Middle Class.

Hillary Clinton suggested a FREEZE on all mortgages for 5 yrs… We heard silence from the Banking sector. The solution was simple, simple as Occam’s Razor. Mrs. Clinton’s solution provided a way out that was utter simplicity. Why was her solution ignored? Because the Banks wouldn’t be able to LOOT the public to help pay off their gambling debts of Swaps and Derivatives. We’re talking about pure, unadulterated, avaricious GREED, everyone!

A few Republicans suggested a 4% Interest Rate across the board for anyone choosing to re-finance their home loans lowering their monthly mortgage payments. Helping people whether this financial storm until better days and jobs are seen on the horizon.

Both logical suggestions. IGNORED by the Tax Cheat Treasurer, Geithner and Obama.

I doubt very much Obama is going to run the World Leaders around at the G-20 Summit. There won’t be any cheerleaders there from the MSNBC lying to them, pumping up Obama’s Approval Rating to 61% because they will just laugh in their faces calling them fools.

Merkel and Sarkozy are bound to be brutally honest with Obama and in so many words send him back to the drawing board advising him to retrench and call them for another meeting when he comes forth with a proven new plan that sells itself because of a successful turnaround in the US economy.

Chuck Todd bloviated on msnbc tonight, the Europeans are new to Democracy and Capitalism and may find it difficult to accept Obama’s plan for a World Economy. LAUGHABLE… NEW? Todd was actually sickening in that he assumed his broadcast was targeting easily duped college students. His words were shallow and ill thought out to have any inkling of credibility, just like his owner, the newly recruited Car Salesman, Obama, selling guarantees, repairs and the new government service insurance for regular oil changes and car maintenance. How humiliating…a US President demeaning the office, selling CARS..on National TV.

I almost forgot to mention…it would behoove the inexperienced president to actually read a Bill before signing it. It’s our MONEY he’s so recklessly spending..allowing a corporation like AIG huge bonuses to their executives, rewarding them for FAILURE!

Anyway, Europe is not buying what Obama and Brown are selling… WHY? Because it is NOT WORKING in the short form… speaking of work, here is the word from those NEW People at the G-20 Summit.

“It is governments in the end, not banks, who are the funders of last resort. If there was ever any doubt about this, it must surely have been put to rest by the collapse of the banks in most parts of the world, and the taxpayer-funded bailouts that governments have had to organise. Why, then, are political leaders still so reluctant to recognise that is they, not the banks, who must provide the kind of stimulus to spending that is needed if we are to turn the recession round?”

“The reason is that they are still prisoners of the same intellectual straitjacket that created the crisis in the first place. Despite all the evidence to the contrary, they are still convinced that the major decisions in the economy should be taken by banks – or the private sector more generally – rather than governments. Even when they have spent billions on bailouts, and the billions have disappeared into the banks’ balance sheets, they still somehow expect that the banks’ self-interested pursuit of their shareholders’ interests will revive the economy as a whole.”

“Old habits die hard. Privately owned banks have been allowed to develop a virtual monopoly of credit creation for more than 200 years. It is such a familiar feature of our landscape that it has been scarcely remarked, even when bank credit became by far the most significant element in the rapid growth of the money supply – and therefore the greatest factor in inflation. The banks’ impact on monetary policy – and the exclusive focus on that monetary policy – was itself a huge abdication of responsibility in favour of private interests. But just to make absolutely sure that the banks would not only monopolise credit creation but would also control monetary policy itself, governments surrendered the task they had been elected to fulfil by handing monetary policy over to an “independent” central bank.”

“Our politicians are still at it. We are told that we must give the banks some “breathing space”. That is after they have walked away with billions of our money. It does not seem to have occurred to our political leaders that it was not the interests of bank shareholders and the survival of banks as institutions that mattered. The focus of policy should have been, first, the security of deposits, and secondly, a re-thinking of whether the banking function should remain a private monopoly or should be seen properly as a public responsibility – as, de facto, it has become. If governments – for which read, ‘us’ – have had to put up the money, why should we not call the shots?”

The Guardian UK

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