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Old 2012-05-25, 07:28 PM   [Ignore Me] #28
Red Beard
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Re: Obama's Cronyism


Where was my bailout?
It's a systemic, intentional fraud. The private liabilities of the banks are getting nationalized ("toxic asset" IS an oxymoron after all), and national assets are getting privatized (banks/corporations securing the title to land/roads/housing etc through debt default).

This scam happened because the Fed (banking cartel) has the power to set interest rates disproportionately low (see current levels), and then gets the government to guarantee all the loans people take to buy housing.

Once that commitment was in place, the banks knowingly and intentionally made loans to people the KNEW would default, thus committing fraud on the taxpayers (sub-prime loan fiasco of 2007/2008). The banks then bundled these bad debts into "mortgage backed securities" and sold them predominantly to INVESTORS IN EUROPE, committing fraud again. Kind of puts the Euro crisis in context, huh?

EDIT: Oh ya, and Goldman Sachs was doing the books for Greece. Not kidding.

Last edited by Red Beard; 2012-05-25 at 07:29 PM.
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