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EDITORIAL COMMENT: Like I said, we better be damned sure this is unavoidable. From my perspective and the perspective of economists with far greater credentials than my own, it is not only avoidable, it is both immoral and impractical with long-lasting effects on a once-vibrant society. An increase of 2 million children going to bed hungry, living in cars, motels and contrived shelters, all for the sake of maintaining a false balance sheet for megabanks and allowing and promoting foreclosures on homes using illegal fraudulent means to benefit intermediaries that never loaned a dime nor purchased a mortgage. Are we really going to allow this?


Unemployment improved a bit last month but it is still nearly nine percent and the trouble is job creation is so slow, it will be years before we get back the seven and a half million jobs lost in the Great Recession. American families have been falling out of the middle class in record numbers. The combination of lost jobs and millions of foreclosures means a lot of folks are homeless and hungry for the first time in their lives.

One of the consequences of the recession that you don’t hear a lot about is the record number of children descending into poverty.

The government considers a family of four to be impoverished if they take in less than $22,000 a year. Based on that standard, and government projections of unemployment, it is estimated the poverty rate for kids in this country will soon hit 25 percent. Those children would be the largest American generation to be raised in hard times since the Great Depression.

In Seminole County, near Orlando, Fla., so many kids have lost their homes that school busses now stop at dozens of cheap motels where families crowd into rooms, living week to week.

http://www.cbsnews.com/stories/2011/03/06/60minutes/mai… ;cbsCarousel

Helluva sobering report last night on 60 Minutes – this should shame the country but we know it won’t!

14 Responses

  1. Monetization
    From Wikipedia, the free encyclopedia

    Monetization is the process of converting or establishing something into legal tender.

  2. see, lets say you are a scrape metal guy. You run around looking to buy scrape metal from people, garage sales, open up a scrape metal business, whatever. So you get some copper pipes, spot price is $3 per pound. You sell to metal joint, make some money. All is good. Wall Street parlance is you monetize copper. You now can have some fancy title, Sr.VP of CU Monetization, Economics PHD Harvard. Looks good on paper but Your’e just a god damn junk metal guy. Wall Street is actually just junk debt buyers, why feed the beast?

  3. E Tolle:

    “If Gov Brown wants to make some meaningful cuts, he should start by cancelling the debt owed to GS, BAC, WF, JPMC, & CITI.”

    I agree, hence I cancelled all my credit cards some 2 years ago and now my mortgage one year ago. I cut them, my own budget cut, whether they agree or not I don’t care and I am not asking their permission to do so to “to survive”, the basic goal of life. As their creation of money is all bullshit to begin with since they never exchanged anything in return and all they do is monetize (turn into money, digits in a computer) my promise to pay, and call it debt and never lent me money or somebodies else’s money like I would borrow from a friend. They lent me money I created by my promising and entering it on a ledger as +/- as I work and pay but yet it never came from anybody. But of course they now got others to monetize the debt via ABS and MBS. Well, that’s your problem Mr Investor who gives up your money to buy somebodies else’s debt, how stupid when you think about it, and all based on some credit rating or agency, AND SO THEY CAN TRADE IT ON SOME EXCHANGE OR HIDDEN. What a god dam scam the whole thing is. So screw you a holes and your make believe system. HaHa, jokes on you. Jump you bastards.

  4. Here’s what you do Mr Brown, you jack wagon:

    Take all foreclosure now in processs and all others behind it and escheat them to the state. And also set-up a state bank under the model of the North Dakota bank, have new mortgages on the escheated properties to the very same people that are being foreclosed on and have been. Have 2% interest rate and home valued at present market rates. Tell the banks to get out of California as we don’t need you anymore. Get a usuary law passed that caps interest rates at 5% and have the local credit unions and local banks issue credit cards and the state bank acts like a federal reserve for the local banks and credit unions. Profits go back to California on mortgage loans and credit cards with some going the issuers as operating expenses and real salaries instead of inflated bullshit wall street salaries. Now that you got profits coming into the state from a real service that helps people, you can do away with the state income tax and maybe a low business tax to get business’s to come back to California.
    So Mr Brown………….speak your mind. The solutions are simple so get your ass from under the covers with those banks. Be a man. Don’t forget to fire on your corrupt politicans there in Sacramento and hire some real people.

  5. If Gov Brown wants to make some meaningful cuts, he should start by cancelling the debt owed to GS, BAC, WF, JPMC, & CITI.

    Get that solidarity together and all will be butterflies and puppies and double rainbows.

    Otherwise, just keep cutting salaries and services until we’re policing our own streets, healing our own wounds, and doing without him and his ilk altogether. As a matter of fact, I’ll take that last move….check please!

  6. Ian

    Only sometimes — want to say far more than I actually say here.

  7. California- Jerry Brown wants your opinion today.

  8. ANONYMOUS-glad to see you are almost singlehandedly responding to all queries and postulations. To all others: We all know that the government on federal,state,and local levels has failed. No need to keep regurgitating it. It is not going to help one person one bit to bemoan the fact that yes,more people are living in poverty, 44 million Americans are receiving food stamps according to the USDA, and on and on. And of course all the construction jobs have disappeared,because the money used to pay for all the new houses was stolen from investors,pension funds, IRAs,worldwide. And it will never come back. Never. So stick to the positive, learn everything there is to learn about all this fraud, and use it to your betterment. And help others by doing the same thing for them. Then we will have some good results.

  9. The government does not care. They will not do anything to help because they are beholding to the banks. The banks run the show. We have all lost our rights because we did not stand up years ago and fight for them. We let our elected officials do what they wanted instead of listening to the people’s will and hold them accountable. They guys are too scared to stand up to the banks and the corruption. Cowards all of them.

  10. The fraud in the mortgage market (at least massive fraud) was during the period from 2004 to end of 2007 (government does not call it fraud — but, acknowledges a “difficult period” from 2005 to end of 2007.

    It is this period of fraudulent mortgage/security underwriting that the government wants to put behind them. All mortgage loans during this period, however, are fraudulent — and not on the borrowers part. The spillover in unemployment has caused additional foreclosures. And, the government will not be able to stop the spread — headline today —
    Home sales fell 9.6 pct. in February

    The spillover of social costs of the mortgage/foreclosure fraud will be felt for decades. The government will not be able to put the period from 2004 to 2007 behind them without significant costs to the economy and society.

  11. Millions of people in the construction field lost their jobs basically overnight. Poof! Gone. Plumbers, electricians, carpenters, carpet layers, drywallers, painters, siders, roofers, contractors, all hard working professional people who made things, fixed things, pumped billions of dollars into local economies…their way of living vanished overnight. Leaving families struggling to find food and shelter.

    Where was/is TARP for them? How is it that the financial sector was actually aided in the destruction of another sector, aided by the representatives that we sent to rep for us?

    I’m dumbfounded when I read about Paulson, Bernanke, and Geithner staring into the abyss and threatening collapse. Their claims of staving off financial doom. You want to talk collapse and doom, try picking up the pieces of a life spent in construction that vanished overnight. That’s true collapse. And I don’t see anyone in government lifting a finger to fix employment, fix the economy, fix Wall Street.

    I welcome the demise and collapse of both Wall Street and D.C. Maybe I’d find work converting those ivory towers into factories or something useful. Anything would be more useful for society than their present occupants.

  12. Speaking of that. A woman got up and spoke at a press conference I attended recently in down town L.A. in front of Wells Fargo Bank. Her 90-year-old father applied for a loan mod and was evicted. He is a REAL holocaust survivor from Germany.

    Can you imagine, people move here for a better life and and support this country, then have to re-experience the cruelty from the old days?

    Makes me cry.

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