Slavery Still Alive In America Through Wall Street and Mortgage Companies

What is absolutely extraordinary is the fact that there is a constitutional ban on slavery yet our government has authorized it by way of creating laws (or striping laws away) which gives free rein to non bank and banking mortgage companies the freedom to not only strip the equity from american homes, but to additionally siphon off trillions that we and future generations will have to pay.

When you evaluate our history in this area, one truly thinks that its banking perpetrators are very hostile enemies of the common American. For their actions are actually trapping us in a mess not of our own choosing, but a trap orchestrated by financial masterminds who have an insatiable greed to suck money from us.

The mortgage industry in general is a good thing when it is your local community bank or Credit Union. Theoretically it can be good if under real regulatory control, but politicians and bureaucrats typically do not put the common people first. They put those with the largest purse first. When quantity and the elite are the focus we have repeated financial failures. Capitalism itself is not evil, but American capitalism truly is.

Back in the Carter administration, the door was opened to non-banking lenders to not only issue mortgages, but mortgages that could be sold on Wall Street. It would take a couple of decades for Countrywide and its elk to exploit the new laws, and for Reagan to deregulate or not regulate at all, but in principle once the non banking mortgage companies began to run out of folks who could afford to put 10 to 20 % down on a home purchase, they identified people who could not afford such as their next frontier. The problem was where would they get the money to finance these people, the government wasn’t going to back them.

Then came Wall Street and its rating agencies.

Wall Street is a parasite that never dies. It has an insatiable appetite to consume. It would be no exaggeration to characterize it as the metabilism of a capitalistic society. When you do not feed it, just as our bodily metabilism would eat our own bodies internally if not feed, Wall Street eats its society when it appetites grows and there is not enough external food for it to consume. Those politicians who pushed to invest Social Security on Wall Street were bought out by Lobbiest who worked for Wall Street firms who knew this.

In the late 90’s through 2000’s, large Wall Street firms began courting non banking mortgage companies and working out agreements where mortgages would be put together in “Securities” that could be rated by the rating agencies Moody’s, Standard & Poor’s and Fitch as investment quality securities which investors could buy. For the sake of simplicity: Imagine if you received A’s throughout your college or school years, you would be a good risk for a company to take in hiring you to do a job for them. Whereas getting F’s would be a poor investment.

Investors relied on the rating agencies to grade securities so they could weight risks’. What they did not know was that the heads of Wall Street firms had conspired with the heads of rating agencies to give A’s to mortgage securities that deserved B’s, C’s, D’s and yes, even F’s. Politicians know this but have been threaten by Wall Street and rating agencies power over there economic lives. For example, only Georgia and New Jersey have been bold enough to pass anti-predatory lending laws that prohibit sub-prime loans with financial liabilities and otherwise protected the consumers. The rating agencies downgraded these states Rating in order to make it difficult or more expensive for them to get loans and other benefits on the world market until these state politicians reversed their laws, taking away the liability for predatory lending.

This opened the door wider for greedy businessmen such as Countrywide Angelo Mozilo and others to train thousands of employees to falsely portray to Americans that subprime loans were the best choice for them, when in fact conventional loans or no loan at all was. The reason for this was if they could get Americans into sub-prime loans, they would then be assured in transferring, or stripping, the equity from American homeowners and taking it for themselves. This mortgage crisis was nothing sort of transferring equity from millions of Americans over to a few.

Angelo Mozilo, Kenneth Lewis of Bank of America, John Stumpf of Wells Fargo and all their lower lieutenants have walked away with BILLIONS of dollars. Each one of them had no more than a few thousand dollars when they first started out. The same is true, and even worst for Wall Street King Pins. Wall Street gave these incompetent greedy men billions of dollars of American money, knowing that it would all crumble at some point. They were never concerned about losing other people money, just like Bernard L. Madoff who intentionally stole over 50 billion of investor money. In fact, the culture on Wall Street is to STEAL others money if they are not capable to increasing it through Wall Street’s gambling techniques.

The bottom line is that we are not being protected by anyone in Congress or our state houses. They are using 90% of Americans as slaves. They set up these games for us to play in, with the cards stacked against us, and ensure that we end up in debt collectively if not individually. Not only do we have to pay our way out of these trillions that are being stacked up, but our future children for the next hundred or more years. At some point a generation is going to raise up who has enough guts to revolt collectively. Only a few are ready to do so now. We are all like the frog who is getting cooked ever so slowly, not knowing that we’re heading towards a boil that is going to kill us.