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News Link • Philosophy of Liberty

Karl Denninger: How To Poll 90% In Any Political Contest In America

This means I will spearhead calls for investigation of each and every bank and financial institution in America. I will work tirelessly to have auditors go over each of these firm's books and financial statements, and for each and every instance where someone was ripped off or bamboozled, we will refer that to a prosecutor. Your home was never an ATM. You were told it was. You were lied to. These lies were deliberate. We have major financial institutions in this nation that have admitted, under oath, that by 2006 the majority of the loans they were giving out - to you, to your neighbor, to your friends - were fraudulent. They knew you couldn't pay and they didn't care. They refused to stop it, and they both made those loans and sold them to other people with the intent that you would lose your house. Those other people were you - again - through the back door. Your pension fund. Your annuity. Your retirement account. The American People were screwed not once but twice. First, by hucksters claiming that your home price was really going up by 10, 20, 30% in a year, and that you should "tap that equity" to pay off your credit cards and maintain a lifestyle you could no longer afford - a shift that happened because we allowed our large corporations to offshore their labor to China, India and other places in Asia. Then, a second time, when your pension funds were sold the garbage loans, packaged, sliced and diced into complex securities where the fact that they were making bad loans was intentionally hidden - victimizing you again. The truth is that your home is worth no more today than it was in the mid 1990s, as the truth is also that on average, not including the Wall Street Bankers, you're not making any more than you were in the mid 1990s. Houses can't go up in real value unless wages go up in real value. It's that simple.

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