ALAN GRAYSON: $200,000 LOAN FOR $2 PER MONTH

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BY ALAN GRAYSON, FORMER U.S. CONGRESSMAN FROM FLORIDA

You saw that title, “A $200K Mortgage for $2 a Month,” and maybe you thought, “that looks like spam.”

No. It’s real.

And then maybe you thought, “a $200,000 mortgage? For only $2 each month? That sounds impossible.”

Well, it is possible. It’s just not possible for you.

For Bank of America, yes. For Citigroup, yes. For Wells Fargo, yes.

For you, no.

The GAO’s main report on its audit of the Federal Reserve exposed who received the trillions and trillions of dollars in Fed bailouts. But the GAO report wasn’t very specific about the terms of those bailouts. For that, we have the Freedom of Information Act records obtained by Bloomberg News, which Bloomberg wrote about last week. Among other things, Bloomberg reported that the Fed lent out this cash to Wall Street at rates “as low as 0.01 percent.”

To such worthy recipients as Bear Stearns, AIG, the Royal Bank of Scotland, etc., etc.

Well, it could have been worse. The Fed could have just dumped the money into a wood chipper.

If you do that math, you’ll see that when the Fed gave Citigroup the money for a $200,000 mortgage, at 0.01 percent, Citigroup had to pay less than $2 each month for that money. Citigroup then lent that money to you — if it deigned to lend you anything — for maybe $1,000 a month, maybe more.

And that $40,000 credit card balance? Citigroup paid the Fed less than a dollar a month for that money. And you paid $1,000.

Citigroup pays $1. You pay $1,000. You see how that works?

Citigroup fell into such a deep hole that it had to borrow a “term-adjusted” $58,000,000,000 from the Fed, according to Page 132 of the GAO’s audit report.

And what would you get from the Fed, if you fell into a deep hole? Nothing. Nada. Zilch. Zip. Diddly-squat. Zero.

You wouldn’t get jack.

If you lose your home, you can sleep in your car. If you lose your car, you can sleep under a bridge. Unless, of course, you’re a Wall Street banker.

Two hundred and thirteen years ago, there was a Member of Congress who said: “Millions for defense, but not one penny for tribute.” Now we have a government that says: “Trillions for Wall Street, but not one penny for you.”

That’s our government. Unless we change it.

Courage,

Alan Grayson

“Everybody knows that the dice are loaded Everybody rolls with their fingers crossed Everybody knows that the war is over Everybody knows the good guys lost Everybody knows the fight was fixed The poor stay poor, the rich get rich That’s how it goes. Everybody knows.” – Leonard Cohen, “Everybody Knows”

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11 Responses

  1. Banksters are civilization’s goiters….

  2. @ cubed2k, why sign any agreement with these criminals? Let them die a horrible death.

    Let’s instead sign a mortgage with the Tennessee Savings and Loan that gives us a 2% loan for as short or long as is appropriate. Let’s have our college education done the same way. Why should any bankster profit from our learning or sleeping? Especially when they get the money from us as taxpayers? I know that you know this is a trick question, as there is absolutely no justifying their existence. They’re unneeded and unwanted. Boils upon the neck of humanity.

    Removing these banksters and their exotic derivative instruments that are so complicated that the DOJ can’t prosecute them for crimes against humanity would only be a boon for humanity. The serve no purpose, save to profit off our misery. Till death do us part. Sooner than later.

  3. @E.Tolle—

    you said—

    ” In the same way that MERS was designed by the few to grease the skids of the criminal complex, securitization was created to skim our assets, and deliver the proceeds to the wealthy”

    ———-

    Now, I suppose, what if those that created securitization,

    what if they told us about it, when we signed a credit card agreement, or signed a mortgage note to purchase a home, that the note or CC agreement or car loan, would be securitized,,,,,,,,,,,,,and we as signers would be entitled to a rebate if we paid on time,,,,,,,,,,,or if we paid in full, why we would get as a rebate some of the profits…..why that would be telling the truth?

    But would it also be telling the truth, I guess they call it Transparency, which means the truth, nothing but the truth,,,,,,,,,,,,,,,,,,,but one was never told these things when you signed on for a credit card, or a home mortgage,,,,,,,,,,,,,,,,,,,,

    what is the truth?

  4. @TMT—–

    why sue the BIG banks when we can put them out of business or reduce them to size of a normal local bank that is not involved with the wall st money machine.

    All we have to do is start a state bank like North Dakota did in 1919. I guess those guys saw the writing on the wall when the Federal Reserve System of banks started in 1913. I guess they decided to see how it would go. I guess they decided in 1919 we can employ our own state bank that acts like the Federal Reserve but the profits will go back to fund the state……..oh so simple,,,,,,,,,,,,,,,,the power of simplicity.

  5. @Enraged-

    Do you know who Elizabeth Duke is? How about Donald Kohn or Kevin Warsh? No? Well – you should. Because while Congress was debating back in 2008 whether or not to bailout banksters with a $700 billion blank check – these guys and girls were just doing it. They were funneling $7.7 trillion to Wall Street under the table – without one constituent phone call – without worrying about one election – without having to give one explanation.

    http://www.truth-out.org/77-trillion-wall-street-anything-keep-banksters-happy/1322841741

    —————————–
    The whole TARP thingie was total bullcrap.

  6. E.Tolle———-

    the problem as you state is well stated.
    the solution is for state’s to create their own state bank like North Dakota………

    then get somebody like Bill Still as president and get the Federal Reserve into the US Treasury

  7. I’m still posting ————–

  8. Here is the letter from Abigail to the State AGs.

    http://abigailcfield.com/?p=587

  9. The problem is much simpler than all this. Securitization is a crime, period. In the same way that MERS was designed by the few to grease the skids of the criminal complex, securitization was created to skim our assets, and deliver the proceeds to the wealthy. It only works for those in positions of (perceived) power and at that through corruption and greed. It’s operated solely by those who created the artifice that allows all of our labors to not only enrich them, but to fund their agendas as well. Remember this, only we have value….they live off of it. It’s a 100% parasitic relationship.

    Just as they created the concept that all of these problems were caused by deadbeat borrowers, they’ve also conjured up the idea that there can be no housing or mortgages without them, and without their securitization scheme. It’s a lie. Wake up to that fact.

    Securitization is a fraud freely committed upon the masses by those who (are allowed to) leverage the labors of the masses to enrich themselves and to further their exploitation and resource extraction, all perped on the backs of the innocent hard working people. As long as we condone and therefore allow this to take place, we will suffer. When we decide we’ve had enough, and that’s long overdue, we simply kill the parasite by taking away our consent. Stop feeding them. Support OWS in whatever way you can. If we think others will do it for us, we deserve the fate that awaits us all. We need to take banking back. We need to take money creation away from the criminals. They lie, they always have.

    “They made us many promises, more than I can remember, but they kept one; they promised to take our land, and they did.”

    Red Cloud, Oglala Lakota.

  10. Yes, this is the problem. If the big banks go bankrupt, which they already have, we are made to rescue them with free money. If we go bankrupt, we have to pay back the money with interest to the banks we rescued.

    This financial system that rules us is a nightmare. We just need everyone to WAKE UP!

  11. Pisses me off just to read it!

    Sue the banks!!!!!!!!!! Get our money back one way or the other!!!!!!!!!

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