THE BIG LIE BY MICHAEL THOMAS

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“Over the next year, I expect the “what” will give way to the “how” in the broad electorate’s comprehension of the financial situation. The 99 percent must learn to differentiate the bloodsuckers and rent-extractors from those in the 1 percent who make the world a better, more just place to live. Once people realize how Wall Street made its pile, understand how financiers get rich, what it is that they actually do, the time will become ripe for someone to gather the spreading ripples of anger and perplexity into a focused tsunami of retribution. To make the bastards pay, properly, for the grief and woe they have caused.” — Michael Thomas

EDITOR’S NOTE: The only thing I don’t like about this article is that I didn’t write it. I could have written it, not not nearly as well as Thomas. His view and his story is much the same as mine.

SEE FULL ARTICLE ON DAILYBEAST.COM

Wall Street has destroyed the wonder that was America.

by Michael Thomas

Imagine a vast field on which a terrible battle has recently been fought, the bare ground cratered by fusillade after fusillade of heavy artillery, trees reduced to blackened stumps, wisps of toxic gas hanging in the gray, and corpses everywhere.

A terrible scene, made worse by the sound of distant laughter, because somehow, on the heights commanding the dead zone, the officers’ club has made it through intact. From its balconies flutter bunting, and across the blasted landscape there comes a chorus of hearty male voices in counterpoint to the wheedling of cadres of wheel-greasers, the click of betting chips, the orotund declamations of a visiting congressional delegation: in sum, the celebratory hullabaloo of a class of people that has sent entire nations off to perish but whose only concern right now is whether the ’11 is ready to drink and who’ll see to tipping the servants. The notion that there might be someone or some force out there getting ready to slouch toward the buttonwood tree to exact retribution scarcely ruffles the celebrants’ joy.

Ah, Wall Street. As it was in the beginning, is now, and hopes to God it ever will be, world without end. Amen.

Or so it seems to me. It was in May 1961 that a series of circumstances took me from the hushed precincts of the Metropolitan Museum of Art, where I was working as a curatorial assistant in the European Paintings Department, to Lehman Brothers, to begin what for the next 30 years would be an involvement—I hesitate to call it “a career”—in investment banking. I would promote and execute deals, sit on boards, kiss ass, and lie through my teeth: the whole megillah. In consequence of which, I would wear Savile Row and carry a Hermès briefcase. I had Mme. Claude’s home number in Paris and I frequented the best clubs in a half-dozen cities. But I had a problem: I was unable to develop the anticommunitarian moral opacity that is the key to real success on Wall Street.

I had my doubts from the beginning. A few months after I started to work downtown, I ran into an old friend from college and before, a man later to become one of New York’s most esteemed writers and editors.

“So,” he asked, “how do you like what you’re doing now?”

“I like it quite a lot,” I said. And this was true: these were new frontiers for me, the pace was lively, the money was good enough ($6,500 a year), and there was so much to learn. But there was one aspect of Wall Street that I found morally confusing if not distasteful: “There’s one thing that bothers me, though. It’s this: on the one hand the New York Stock Exchange has sent its president, the estimable G. Keith Funston, out into the countryside, supported by an expensive, extensive advertising campaign, to exhort the proletariat to Own your share of America! As if buying 50 shares of IBM or GM in 1961 is as much of a civic duty as buying a $100 war bond in 1943.”

I then added, “But here’s the thing. At the same time as Funston’s out there doing his thing, if you ask any veteran Wall Street pro how the Street works, the first thing he’ll tell you is: The public is always wrong. Always.” I paused to let that sink in, then confessed, “I have to tell you, I have trouble squaring that circle.”

And that was back when Wall Street was basically honest, brought into line thanks in part to Ferdinand Pecora’s 1933 humiliation of the great bankers of the Jazz Age and even more so because of the communitarian exigencies forced on the nation by war. From Pearl Harbor to V-J Day, greed was definitely not good, and that proscriptive spirit lingered on right up to 1970, when everything started to change, and the traders began their long march through our great houses of finance, with the inevitable consequence that the Street’s moral bookkeeping grew more and more contorted, its corruptions more elaborate, its self-interest less and less governable. What someone has called the “Greed Wars” began.

But now, I think, the game is at long last over.

As 2011 slithers to its end, none of the major problems that led to the crisis point three years ago have really been solved. Bank balance sheets still reek. Europe day by day becomes a financial black hole, with matter from the periphery being sucked toward the center until the vortex itself collapses. The Street and its ministries of propaganda have fallen back on a Big Lie as old as capitalism itself: that all that has gone wrong has been government’s fault. This time, however, I don’t think the argument that “Washington ate my homework” is going to work. This time, a firestorm is going to explode about the Street’s head—and about time, too.

This time, I fear, the public anger will not be deflected. Confessions, not false, will be exacted. Occupy Wall Street has set the snowball rolling; you may not think much of OWS—I have my own reservations, although none are philosophical or moral—but it has made America aware of a sinister, usurious process by which wealth has systematically been funneled into fewer and fewer hands. A process in which Washington played a useful supporting role, but no more than that.

Over the next year, I expect the “what” will give way to the “how” in the broad electorate’s comprehension of the financial situation. The 99 percent must learn to differentiate the bloodsuckers and rent-extractors from those in the 1 percent who make the world a better, more just place to live. Once people realize how Wall Street made its pile, understand how financiers get rich, what it is that they actually do, the time will become ripe for someone to gather the spreading ripples of anger and perplexity into a focused tsunami of retribution. To make the bastards pay, properly, for the grief and woe they have caused. Perhaps not to the extent proposed by H. L. Mencken, who wrote that when a bank fails, the first order of business should be to hang its board of directors, but in a manner in which the pain is proportionate to the collateral damage. Possibly an excess-profits tax retroactive to 2007, or some form of “Tobin tax” on transactions, or a wealth tax. The era of money for nothing will be over.

But it won’t just end with taxes. When the great day comes, Wall Street will pray for another Pecora, because compared with the rough beast now beginning to strain at the leash, Pecora will look like Phil Gramm. Humiliation and ridicule, even financial penalties, will be the least of the Street’s tribulations. There will be prosecutions and show trials. There will be violence, mark my words. Houses burnt, property defaced. I just hope that this time the mob targets the right people in Wall Street and in Washington. (How does a right-thinking Christian go about asking Santa for Mitch McConnell’s head under the Christmas tree?) There will be kleptocrats who threaten to take themselves elsewhere if their demands on jurisdictions and tax breaks aren’t met, and I say let ’em go!

At the end of the day, the convulsion to come won’t really be about Wall Street’s derivatives malefactions, or its subprime fun and games, or rogue trading, or the folly of banks. It will be about this society’s final opportunity to rip away the paralyzing shackles of corruption or else dwell forever in a neofeudal social order. You might say that 1384 has replaced 1984 as our worst-case scenario. I have lived what now, at 75, is starting to feel like a long life. If anyone asks me what has been the great American story of my lifetime, I have a ready answer. It is the corruption, money-based, that has settled like some all-enveloping excremental mist on the landscape of our hopes, that has permeated every nook of any institution or being that has real influence on the way we live now. Sixty years ago, if you had asked me, on the basis of all that I had been taught, whether I thought this condition of general rot was possible in this country, I would have told you that you were nuts. And I would have been very wrong. What has happened in this country has made a lie of my boyhood.

There should be more to America, Gore Vidal has written, than who pays tax to whom. It has been in Wall Street’s interest to shrivel our sensibilities as a nation, to shove aside the verities of which General MacArthur spoke at West Point—duty, honor, country—in favor of grubby schemes and scams and “carried interest” calculations. Time, I think, to take the country back.

This essay was published in Newsweek International’s Special Edition, ‘Issues 2012,’ on sale from December 2011-February 2012.

 

44 Responses

  1. Atlantic Richfield has extensive holdings/relationship with foreign interests, including the Arabs. You’ll find it on the stock index as ARCO.
    The Rockefeller agenda has been the control of all oil reserves worldwide, and if you are following current events, they are busily trying to get control of the oil in Syria, Libya, and the other middle eastern nations. This among many top agendas that ivolve the destruction of economies and the impoverishment of people as they extract the wealth in whatever form it takes, be it oil, rare minerals, fresh water, etc. They overthrow foreign governments by creating financial instability, then swoop in with their own guy to takeover by brainwashing the populace into thinking he will save them from ruin.

    The $75,000,000 loan to the Bolsheviks was a drop in the bucket, as Standard Oil was more a bank, than an oil corp, trying fairly successfully to institute a monopoly and thereby control all oil.

    The true point here is that the channels linking the Rockefellers and the Soviets have been censored, to hide how American super-capitalists financed the revolution in Russia for control of the oil. We are told what they want us to know, which is a record tainted with lies and the total opposite of the truth that an alliance beween international political capitalists like Rockefeller and international revolutionary socialsts was to their mutual benefit. Socialism is the goal and monopoly is the method. Read Anthony Sutton’s book, Wall Street and the Bolshevik Revolution. “Socialism is not a system for redistributing weatlh–especially not for redistributing their (Rockefellers) wealth–but a system to control people and competitors. Socialism puts pwer in the hands of the government. Since Rockefellers control government, government control means Rockefeller control”. Gary Allen (end quote)

    You can see this socialist mindset has overtaken America’s government through the influence of these super-capitalists. Our country is no more a place of freedoms, liberties and individual rights that trump all governments, it’s a kleptocracy run by wealthy families, Goldman Sachs and the Federal Reserve. Without their ability to hide the truth and spread propaganda to influence the population’s thinking, they would not have been able to get so far as they have:
    “What most Americans believe to be ‘Public Opinion’ is in reality carefully crafted and scripted propaganda designed to elicit a desired behavioral response from the public.” Ken Adachi.

    We must question everything we read in publications like, Ten Days That Shook The World, by John Reed. It was no coincidence that Reed contributed to the JP Morgan-controlled journal, Metropolitan.

    Question everything, and know who the real enemy is. The real enemies are the ones named in the wallet full of credit cards you carry around, whose commercials portray consumers happily charging big ticket items like they were going out of style, and smiling about their ability to pay it off as they choose. One needs only to miss a payment on one of these cards to see the complete opposite is true.

    These are the very same financial interests who are behind the foreclosure crisis, and the destruction of both the middle and lower class. Property is more than a base of operations, it is a way to get the financial means through leverage to fight economic oppression.

    So…I think you owe me an apology for calling my good grandfather a war profiteer, and a russian! no less. Not only did he experience the era in person and report the truth of the situation, he spoke four languages and was a diplomatic supporter of Nicholas II, who was maligned, falsely accused and had his people turned against him by ruthless imperialists who were actually guilty of the very things he was accused of–typical for these oligarchs who are expert gamers of foreign politics for profit.

  2. private company outlet for imported oil? integrating downstream? im no familiar with the ownership structure–because it was a fairly small producer of refined product in a specialized western market

    i suppose they needed a pile of cash to desulphurise that oil–they used sweet i recall–im curious how they intend to run mideast crudes–swaps?

  3. OK –at an academic level of discourse, irrespective of the allegation that rockefeller was an agent of germany–which really made it possible by among other things training Lenin—so what.

    Ok so oil profiteers and bankers as commercial sources operated that way there—they were acting as self-interested agents of greater forces–ie cousin Kaiser Willie—-

    And the profiteers won vs kings?

    The CXar—got a big head—-wanted to pay for a global force projection, see japan war 1905 or so —–policy flop and costly to his people’s realization of a true european standard of living.

    Kaiser wanted dominion on land with respect to German -speaking persons. Consistent with continuity of policy under nazis. I wonder again today about this–call it North European modified fiscal-monetary union–getting real close to perimeters of at least Freds and Bizmark. Maybe motivated by self-preservation. Comparatively small population surrounded by shaky govts.

    They had a family feud instead of Victoria’s hope that she would bring peace and prosperity through a family dynasty that would act rationally and restrain the war profiteers. But the plan failed and the weak rulers were subject to influence designed to spend on military vs peoples’ comforts. This is easy to understand if aristocrats jostle and quible at discussion tables while the people hunger and bleed–they dont really enter into the picture. Any more than as if I took a vote of my cattle as to who went to the slaughterhouse.

    They couldnt seem to get the best managers by inheritance and off polo fields.

    Unfortunately that sorry state has re-occurred. The extension of global power has streched to breaking several modern nations—Britain, France, Soviets. Their internal structures collapsed under cost of empire. Why is the US immune? What is the likely outcome –using application of historic patterns to current facts.

  4. “westernizing” not “weternizing”
    Grandfather who was a philantropist and devout christian, died a millionaire, after having fished all over the world during a lengthy and justly deserved retirement. He lent money to bankers, too, when they got themselves into financial trouble due to greed or mismanagement. Something he later regretted.
    Sinclair Oil is now ARCO–Arabian/American Oil Corp.

  5. You have proved my point far better than I could have. You read propaganda and consider it truth, then decry the accounts of the people who were actually there and know that the truth was obscured deliberately to hide the machinations of those who benefit from the spread of lies.
    John Rockefeller funded the overthrow of Tsar Nicholas II, for one reason only: to eliminate competition from Russian oil, to Standard Oil. The Romanovs had ruled Russia since 1613 and they were stauch Allied loyalists, determined to fight out the war to the bitter end. They had been weternizing Russia since the reign of Peter the Great and Nicholas II intended to modernize Russian industry to a level that matched European models. The people’s labor was misused in order to achieve these goals, many working 12 hour shifts for minimal wages, setting the stage for the organized labor protests in St. Petersburg on what was referred to as “Bloody Sunday” in 1905.
    Read Rape of the Constitution;Death of Freedom, by Gyeorgos Hatonn.
    John D Rockefeller’s personal emissary, George Kennan spent twenty years promoting revolutionary activity under the guise of sending well-meaning aid to downtrodden rebels, in order to advance the Russian Revolution.
    In Daniel Estulin’s book, The True Story of The Bilderberg Group, he states;
    “Why were Rockefeller and his band of bankers so anxious to overthrow the Russian monarchy? Was there another, more relevant reason to advance the Russian Revolution? In one word, Yes. The answer is as meaningful today as it was one hundred years ago-Oil! Before the Bolshevik revolt, Russia had surpassed the U.S. as the world’s number one oil producer” (end quote)
    The textbooks tell a story very different from reality, as they are meant to obscure the truth and perpetuate lies. The Wall street bankers are the ones who wiped out the competition, condemned the Russian people to poverty and corruption for decades, not the Romanovs. The fortune that Nicholas II offered for a synthetic rubber formula, which a number of petrochemists were working on, including my grandfather was to combat the situation that had occured as a result of the oil war. By 1922 half the wells were idle, thanks to the Rockefellers.
    Standard Oil moved in and got control of the Russian oil business, their goal from the beginning.

    Point here is, you attacked someone you didn’t know, personally, based on information you accepted to be acurate, accused him of being a war profiteer, and on all counts you were wrong. History has been written and promoted to further an agenda of powerful financial interests, not tell the truth about world economic/political events. We’re slowly correcting it and seeing it for the bullshit it is. There is nothing inherently wrong with competing for a prize, morally or otherwise, and free markets are based on this principle. Synthetic rubber based on a non-butadine model was pursued until the 1940’s.

    The information war is lost on people like you, who believe without questioning, and pass judgement without firsthand knowledge of fact.

  6. In 1879, Bouchardat created one form of synthetic rubber, producing a polymer of isoprene in a laboratory.

    The expanded use of motor vehicles, and particularly motor vehicle tires, starting in the 1890s, created increased demand for rubber.

    In 1909, a team headed by Fritz Hofmann, working at the Bayer laboratory in Elberfeld, Germany, also succeeded in polymerizing methyl isoprene, the first synthetic rubber.[1]

    Scientists in England and Germany developed alternative methods for creating isoprene polymers from 1910–1912.

    The Russian scientist Sergei Vasiljevich Lebedev created the first rubber polymer synthesized from butadiene in 1910. This form of synthetic rubber provided the basis for the first large-scale commercial production, which occurred during World War I as a result of shortages of natural rubber. This early form of synthetic rubber was again replaced with natural rubber after the war ended, but investigations of synthetic rubber continued. Russian American Ivan Ostromislensky did significant early research on synthetic rubber and a couple of monomers in the earlier 1900s.

    sounds like your gf was in fact a russian following upon german discoveries—that then went to sinclair—i stand on my proposition he probablly stole the invention—typical russian–typical war profiteer—-but sinclair wanted his knowledge leading to ww2——-got it–the 2nd war is where he cashed in but not well enough or your trust fund would keep you off this site——–he shouldv gone into finance

  7. The following is a history of the Sinclair Oil Corporation. From its founding by Harry F. Sinclair in 1916, Sinclair has grown to become one of the largest and most respected oil companies in the United States

    so after missing out on russian war profits went west?

  8. excuse me —i just get all teary-eyed whenever apologists bespeak the benevolence of rulers who start talking about the deep need of the people to bleed and die for the benefit of national interests and patriotism [read rulers and war profiteers]—which no matter what nationality would be the proper term to use for the seller of new technology used to cause mass death–we still have more than our fair share running around today–urging mine and other sons of america to go bleed and die to protect something for somebody–like say wealthy saudis? todays czars and kaisers

  9. sinclair oil chemist in 1917— selling artificial rubber to russians blockaded by ….?

  10. Wow, such astounding ignorance! You are the product of propaganda I was referring to. Where did you get the idiotic idea my grandfather was russion or a war profiteer? He was vice president of Sinclair Oil, and an American who worked 60 hours a week from the time he finished putting himself through college until he retired. It’s obvious your favorite exercise is jumping to eroneous conclusions, so go read yourself some more propaganda.

  11. Sorry typo–WWI

  12. was overworking his people in an effort to industrialize Russia, he was not evil. His intentions were to provide prosperity for his subjects, and better living conditions,

    The family were a bunch of inbred morons–intent on maintaining power for themselves. You politely ignore the fact that this particular monster triggered off WWII by interfering in internal squabbles in the Balkans.

    Please re-educate me as to the great benefit conferred on the average Russian by being drafted into a war of territorial expansion that by definition could only benefit the ruling classes–especially the Czar. Did the average Russian simply enjoy the uplifting opportunity to go kill the draftees of butcher nick’s cousin Willie?

    Yeah sure those were wars for the benefit of the millions murdered by unrestrained greed of the rulers that all concerned rid themselves of ASAP. Wouldnt it be just grand if we all had legions of Princes and dukes and earls and counts —and if we did not kneel and bow fast enough we get a short trip to Siberia.

    As for your war profiteering grandfather, I cannot quite lay a finger on any Russian chemists of great repute—sure he didnt work in a German lab and steal the formula? Just a thought? Comes from watching how Russians operate today.

  13. Czar Nicholas was overworking his people in an effort to industrialize Russia, he was not evil. His intentions were to provide prosperity for his subjects, and better living conditions, although his methods for achieving those goals were objectionable.
    My grandfather was to claim a fortune in Russian rupies for the first successfully formulated synthetic rubber, “Sinclair Rubber” to be exact, because of the blockade preventing europe from obtaining natural rubber for tires and other desperately needed rubber items. He contacted Nicholas and sent samples of the first batch, only to find Nicholas’s lack of response was due to his having been executed along with most of his family. One daughter was unaccounted for.

    I’m always amazed at how those with a vested interest rewrite history to suit their own agendas, and there is great disparity between what actually happened and what is taught to us as “history”. Prescot Bush for example was guilty of directly funding the Nazis and helping Hitler rise to otherwise unattainable power, but you won’t find that or other truths in your kid’s history book. These evil people who’ve hijacked our country, who spew propaganda and participate in every form of psychological warfare available are about to be thrown into the abyss by an infuriated mass of righteous people.

  14. “The 99 percent must learn to differentiate the bloodsuckers and rent-extractors from those in the 1 percent who make the world a better, more just place to live.”

    History has proven again and again that when the wagon goes into the ditch, everybody on board receives equal treatment”. When they crater the economy and incur the wrath of the masses who may have little or nothing to lose, there are no pretenses at differentiating between those godawful rich and greedy who do perform a service and those who pretend to do so.

    From my perspective the traders perform no useful service adequate to justify their fees–they benefit by an anti-competitive “clubby” atmosphere —same fixed fees and shared schemes—-same shared inside info.

    When the flaming pyres of medieval Europe were lit there were not many attempts to find those who were entitled to less rough treatment. The refrain was that the unfairly accused who were consumed and “purified” by fire would receive justice in the next life–rather than burn forever. It was a low cost administration system–sort of like foreclosures today. Rush things through and let justice be unto God.

    Again in France at the end of 200 years of aristocratics benefitting from war and abuse of the 99%, justice was done en masse on the platform of Dr Guillotin—mistakes of over-inclusion may have been made–but slow justice had given way to a need for speed. Indeed the view was that the grandfathers may have been the pure embodiment of evil–but the idiot grandchildren, though themselves innocent, were nevertheless the spawn of evil. All required cleansing.

    Again in Russia—no “good” nobles, no effort to save the innocents in the czar’s family—-just rapid justice—a final irreversable solution.

    The cleansing once it starts feeds itself—why give justice to most if a few are overlooked and go on to resurrect the systems of abuse–a return to the good old days as the White Russians hoped.

    But one might say–not in melting pot America can it be possible for the people to become angry and seek retribution to extreme ends. Ask any Native American about whether Americans can be hard-hearted and unforgiving of innocents in the interest of seeking a once and for all end. Ask Japanese Americans. Maybe even black Americans might have some thoughts.

    The moral is that those who abuse millions make a pact with the devil to escape their true earthly rewards and enjoy their game—but the judgement of history falls upon entire classes without pity nor regard to which generation most deserved the justice of the people. All receive the same treatment–administered fairly to a class not to individuals.

  15. to anonymous,

    your comments herein are compelling yet, furthermore raised question concerning a lender standing to bring foreclosure. These arguments are however are clearly in support of the household right. You often confused declaratory relief and injuctive remedies with equatible claims to private right of action. Those claims should be brought by the atty general. People here do infact seem more interested in pursuing justice rahther than saving their home. My point is, your allegations right or wrong do not merit the courts ruling in favor of releasing of a lien. What you describe are biased elements of fraudalent acts.

  16. @anonymous at 8:57
    Yup, that’s right, exactly so, uh huh. I agree. So I’ll wait for shift change in the white house and see what shakes out.
    If you want a return to law and land records, you better tell everyone you know to give all the idiots on both sides of the ballot the boot.

    We need Ron Paul in office if we are to get our lives and liberties back. Write him in if he ain’t on the Republican ticket! (I’d donate my inheritance if there was any of it left, to his campaign)

    Now it’s time for my New Year beer…Bud with Lime. I don’t drink, so it’ll only take half to put me to sleep. (burp) hippy new year, peace, out.

  17. Nora C

    It is not the answer to claim that the “debt” was paid by someone else. It is the answer to show that the debt was fraudulent in the first place, and that the creditor is unknown.

    Forget securitization – security investors are not, never will be, and never were, the creditor. We use securitization to show that the receivable pass-through was never passed-through as stated by PSA, and the chain of title to receivables is not documented. Nevertheless, securitization is only for the pass through of cash receivables — it does NOT transfer collection rights, or a note or mortgage. And, in the case of subprime, does not transfer a note or mortgage, because subprime never involved a valid note or mortgage. In fact, in any securitization, only CURRENT cash flows are passed through — nothing more.

    Yes, courts are still not cognizant of what securitization really is. As far as “mortgages”, courts are trying to apply old law — before securitization — to current securitizations. It does not work.

    Have said before, that one of the biggest “securitization” scams was ENRON. Attorneys for ENRON “banked” on the courts lack of knowledge to plead their defense. They admitted this.

    We do not have the opportunity to plead our case, because courts routinely deny discovery. And, even if you get discovery, you will not get valid discovery, you will not get what you need.

    This is why the DOJ/AG investigation is critical. They can do what we cannot do in court. But, this administration has prevented a full investigation.

  18. “Free house mentality” rears it’s ugly head again, despite the fact that the banks are the one with this attitude, not the “borrowers” who were induced to sign fraudulent deals that were engineered to fail on properties with artificially inflated appraisals, that the banks bet against and cleaned the taxpayer’s clock on, and now they want the house too.
    The goal is resurection of the American homeowner, made whole by lawful restoration of their property to their posession, because they have been defrauded of it.
    If you take my case for a simple example, I paid over $55,000 over the life of the loan for a house that was worth $35,000 at the most. The damn bank never inspected the place, which had dangerous wiring, a leaking roof, code violations and an apurtive easement! Not to mention the fact that it had already been foreclosed on and the title was clouded. Nice eh? So explain to me why you think any debt still exists!
    Add to this equation the fact that no money other than the ten dollars WaMu paid Deutsche Bank for it, changed hands, and the bank was able to generate an estimated 1.5 million through monitization and credit enhancement, and on that note I rest my case for “a free house.” I would hardly call that “free.” I never hear anyone take into account the collective billions the homeowners who’ve been tossed out have already paid on these bogus loans.
    I personally believe the people, not the banks should get any free houses the banks created with their criminal activities. They should be made to live with the losses they created for themselves–their just reward for the horror they’ve perpetrated on decent, hardworking Americans who did nothing wrong morally, legally or otherwise. How many times over do you think the banksters should be paid for the “debt” they created out of keystrokes and thin air?

  19. anonymous-

    “Free and clear — not easy. And, perhaps this notion has caused more harm than good in courts. One of the worst premises here has been the notion that the “debt” has already been paid — by someone else. – ie — you owe nothing. This will NOT work in court.”

    YEP.

    ——————

    Funny though, when you think about. How come Judges don’t get it?
    Well, they have never been taught about Wall St and their laws imposed on the courts.

    Funny……….

    Yes, I am still LMAO. Judges have been duped as well.

    They know nothing. They only know law procedure.

    What a system corrupted…………..

    I am still LMAO.

  20. Nora C,

    Free and clear — not easy. And, perhaps this notion has caused more harm than good in courts. One of the worst premises here has been the notion that the “debt” has already been paid — by someone else. – ie — you owe nothing. This will NOT work in court. However, plead properly, the ability to disclose an actual “creditor” may NEVER be possible. In this case, you owe no one, because there is no creditor. And, in order to divulge a creditor, much fraud must also be divulged. The focus must be, to take the chance, that a creditor can never be divulged. And, if by some chance a creditor can be divulged, then there are damages for months/years lost to contact the undisclosed creditor to resolve the situation. In that case, a settlement could be reached — but, only with disclosure, and only with corrected mortgage title and records. HAH — no one wants to do that. Why? Insurance fraud has corrupted mortgage title.

    But, never go into court saying you want the house free and clear. Never let that be your goal. Goal has to be to expose the fraud to resolve the situation — and that no valid creditor has yet claimed any rights, because no creditor has been disclosed.

  21. The only thing I heard amongst the fluttering bunting was thati it’s about to run it’s course:
    “But now, I think, the game is at long last over.”

    What I want more than my next breath is for all the decent, moral families who’ve been made homeless by the unbridled greed and avarice perfected by the Wall streeters to move back into their homes, owned free and clear, and watch the trials of the Wall street bankers on TV. I think I’m getting closer to having that wish granted.

  22. Link to the latest filing: As a pro-se litigant and uneducated in the law, I am doing my best. I hope what I have written here will help others in their quest for justice.

    http://www.scribd.com/doc/76852593/Supplemental-Pleading

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  24. @Nancy Drewe,

    What’s up with the capital letters? I don’t read your posts just because of that… Hurts my eyesight. Who do you write for? Yourself?

  25. Here is an excerpt from a motion related to my lawsuit.
    Happy New Year to All and may 2012 be a banner year for all of US here, fighting the good fight.

    “THE VESSEL NAMED “SECURITIZATION”
    Since the enactment of the Gramm, Leach, Bliley Act of 1999, lobbied for by the American Bankers Association and the contemporaneous abolition of the Glass Steagall Act of 1934, however, partially restored by way of the Dodd-Frank Act, 62 Million homeowners such as the Plaintiff, have been put to sea—unbeknownst to them—on a Ghost-ship named “Securitization” and unlike the Titanic, had no captain at the helm, however, there was a full complement of crew [i.e. originators of pools, pretender lenders, warehouse lenders, trustee’, depositors, sellers of certificates, servicers, etc.].
    However, like the Titanic, because of faulty designs, after hitting an iceberg the ship sank. The iceberg that sunk the Securitization was the inability of the greedy [crew] to follow the law and the Design Blue Prints (Pooling and Servicing Agreement (PSA)) created under New York Laws, which mandated how the ship was to be built and navigated. After the wreckage in 2008, to negate their flaws, the designers who stayed behind on dry land safely tucked away, embarked on a mission to resurrect, to raise up the ship from the depths of the frigid waters of the deep blue sea; their tools and equipment; false affidavits, fraudulent endorsements and their most powerful tool, the creation of fraudulent assignments were applied to the task at hand.
    After the shipwreck, the mariner’s ship builders thought they could appear before the Courts with salvage rights and salvage the wreckage by making false claims to a sunken treasure where they had no valid claim. However, like the Titanic, the Securitization is buried deep beneath the sea and now; all realize it cannot rise to the surface and no amount of tool fabrication can make that possible.
    The only valid salvage claims are those of the passengers who survived that shipwreck, the Homeowner and the Investor because they wore a “life jacket”, [they followed the rules]. The only fault of the homeowners was they let themselves be led down the gangplank oblivious to what awaited them. Everyone else that set sail on that ship is dead by their own hand, buried under the deep blue sea, because they failed to wear a “life jacket”, [they failed to follow the ships rules], which in this case was plastered all over the ship and those rule were the (PSA) and Hundreds of years of Black Letter LAW. To give credence (in light of the rampant fraud) to any claims without proof from the very people who were responsible for the ships demise, would be akin to Nominating Joe Stalin for the Nobel Peace Prize, which of course was a farce. Fortunately, most Courts have now realized the fraud perpetrated by the best and brightest of society albeit, still preying on the ill-fated homeowner.
    Plaintiff begins this story [argument] with a case akin to the Three Stooges. Plaintiff can cite hundreds of cases as it relates to such mischief, but has only included a couple, which depicts the same behavior set forth in the instant action; some of these entities and their attorneys were sanctioned, some severely, yet it has discouraged none and the Banks continue with surreptitious skullduggery and defy all. If this Honorable Court were to consider sanction, Plaintiff would suggest they be as outrageous as the Defendants Behavior.
    ARGUMENT
    No Judge has ever put it better than our own, Judge Young, he could clearly see the deception and was appalled and gave an accurate description of his brethren without compunction. On May 28, 2009, U.S. District Court Judge William G. Young upheld the sanctions against Ameriquest, but overturned the sanctions against Wells Fargo. Judge Young’s harshest criticisms were for the lawyers involved:
    “After 43 years at the bar, the saddest thing about this case is the conduct of the lawyers — all the lawyers. A careful reading of the briefs in this case reveals only a single recognition that counsel did anything amiss in their misrepresentations to the Bankruptcy Court. There’s blame aplenty, of course, each one blaming everyone else — including the hapless bankrupt homeowner. … How is it that our profession, the legal profession –which could have and should have strongly counseled against the self-interested excesses that set up the collapse — instead has eagerly aided and abetted those very excesses? How could we (all of us who profess to be lawyers) have fallen so low?”

    In a footnote regarding the arguments of Ameriquest’s national law firm, Judge Young stated: “This argument is singularly unpersuasive. It is tantamount to saying, ‘We’ve been making these misrepresentations for years. Until 2005, no one seemed to care.'”

  26. @usedkarguy-

    “I used to like Rush, however Rush is no better than the rest of the lamestream media. He’s a big Wells Fargo fan. Just like the judge ruling in my case. Makes me sick.”

    Same with Hannity and Levin and Fox and Laura Ingram.

  27. AT WHAT POINT IS A FALISFIED CLAIM UNDER FALSE CLAIM ACT VALUABLE? WHEN AND ONLY WHEN THERE IS AN EXPERT WITNESS AND AN ‘INSIDER’ WHO WILL THAT BE? COME ONE YUO REALLY DID NOT KNOW ABOUT INDIVIDUAL VARIABLE RIDER/NOTE ‘ANNUNITY’ ‘ASSIGNMENT OF BENEFICIARY’ MUST BE ENDORSED IN BLANK IS WHAT PSA SPEAKS OF. THE ALLONGE ANOTHER STORY. THE ‘ASSIGNMENT OF MORTGAGE’ FILED DURING A DEFAULT BY A ROBO-FIRM ‘THIRD PARTY VENDOR’ ACTS AS SERVICER OF A NATIONAL BANKS SERVICER COLLECTING A DEBT – A CURRENT DEBT YOU KNOW THE BROKEN PROMISE YOU STOPPED PAYING THE ESCROW ADVANCES OF THE INDIVIDUAL VARIABLE RIDER/NOTE AND IF YOU HAD BEEN EARMARKED ‘BENEFICIARY’ YOU WOULD HAVE GOTTEN THE CASH OUT, AND/OR LOAN AGAINST THE POLICY, AND WHEN YOU MAKE A MODIFICATION CAN CATCH BACK UP AND CONTINUE THE POLICY!!!!

  28. LOOPHOLES LOOPHOLES LOOPHOLES

    ANYONE CAN PUT IN YOUR FACE A PROMISSORY NOTE AND AS LONG AS OUR NATIONALIZED SERVICERS OF ALL TYPES NOW UNDER FEDERAL RESERVE OVERSIGHT? OR JUST NATIONAL ASSOCIATIONS STILL?

    AND THAT ‘RELS TITLE’ & ‘SPECIAL’ REAL ESTATE LAWYER/BROKER’ AS ‘TRUSTEE’ AND INDEPENDENT THIRD PARTY VENDOR WILL ‘ISSUE TITLE’ AND INSURE ‘STUFF’ SELLING ‘INDIVIDUAL VARIABLE NOTE (RIDER/NOTE ATTACHED TO PROMISSORY NOTE) AND THAT ‘ASSET’ ENDORSED IN BLANK FOR THE LIFE OF THE OBLIGATION OF AN UNKNOWN THIRD PARTY IS WHY YOU DON’T OWE ANYTHING TO THE TRUST.
    DO NOT ADMIT YOU OWE ANYTHING TO THE TRUST FOR YOU DON’T! YOU WERE ONLY OBLIGATED TO PAY ESCROW ON THE INDIVIDUAL VARIABLE ANNUNITY

    YOU KNOW THE KIND LIKE NATIONWIDE FINANCIAL SERVICES ALLOWED THEIR NATIONWIDE AGENTS, BROKERS, DEALERS, DISTRIBUTORS TO PACKAGE AND RESELL UNDER OTHER ‘RETAIL BRAND LABELS’ C/O BEST IN AMERICA WHERE CHASE MANHATTAN (USE) … TRUSTEE

  29. INDIVIDUAL VARIABLE ANNUNITIES PURCHASE
    REMIC DEBT SECURITIES ASSETS
    SERVICER ‘MERS’ NOMINEE ASSIGNEE AND/OR SUCCESSORS ‘PURPOSE’ CASH IN ‘ASSIGNMENT OF BENEFICIARY’ CONTRACTURAL ARRANGEMENT FOR LIFE OF ‘LOAN CARRIED’ GRANTEE IN BLANK’
    OPTIONS AT SHERRIFF SALE INCLUDE ‘ROLL OVER’ THEY KEEP PAYING ESCROW ADVANCES AND WILL CASH IN LATER OR NOW. IF YOU RECEIVE 1099A – YOU’VE BEEN MARKED AS ‘BENEFICIARY’ HAVING ABANDONED ASSET!!!!!
    THE INDENTURE WAS AGAINST THE VALUE OF THE PROPERTY – THE ASSET BEING THE INDIVIDUAL VAR C/O RIDER/NOTE ATTACHED TO THE PROMISSORY NOTE YOU ‘COMMITTED’ TO PAYING ON THE INVESTMENT. GET IT!

  30. @Enraged

    “1) Let’s create a solid, sturdy supply of poor by taking away their houses after having eliminated their jobs;
    2) Once we have the houses, let’s dump it on some charity to rehab and maintain, so that…
    3) It can be rented or resold to those poor people whose house we took away in the first place.

    Cost to the bank: 0. Net benefice to the bank: 100%”

    EXACTLY HOW I FEEL!!

  31. @Enraged

    Lender A filed for Bankruptcy May 21, 2006 however, our Assignment of Note and Deed of Trust effective date was April 1, 2008. The Assignment was not notarize until September 17, 2008. Therefore, did Lender A Bankruptcy Court grant Mers authority to execute such assignments. Lender B attorney stated ( MERS was the beneficiary under the Deed of Trust for Lender A and its successors and assigns, which includes Lender B. Lender B was authorized to act under the Deed of Trust to enforce Plaintiff’s indebtedness.) Lender B attorney is alledging Mers had authority from Lender A to assigned our Note and Deed of Trust to Lender B.

  32. @Usedkarguy,

    Interesting article but its message literally makes my skin crawl…

    What I get out of it is really simple:
    1) Let’s create a solid, sturdy supply of poor by taking away their houses after having eliminated their jobs;
    2) Once we have the houses, let’s dump it on some charity to rehab and maintain, so that…
    3) It can be rented or resold to those poor people whose house we took away in the first place.

    Cost to the bank: 0. Net benefice to the bank: 100%

    Notice that, among the 1%, in addition to not paying his fair share of taxes, no one, and I am weighing my words, no one gives 10% of his income to charities. Including those religious one-percenters, be they Christian or Jewish. And yet, both the Torah and the Bible demand it. Do you know where “charity” money comes from? The 99%, in the form of donations and/or tax break for non-profit. Once again, banks can do what they want, repo the house, and unload the responsibility of paying taxes and maintaining it to… us.

    Looking forward to prosecutions more and more each day…

  33. Fitch: Large Backlog of Foreclosed Homes

    Friday, December 30, 2011
    By Kate Berry (National Mortgage News)
    The backlog of real estate owned homes held by banks and the government is “staggering,” Fitch Inc. said.

    The disposal of those distressed properties in the next two years will depend largely on the strategies taken by Fannie Mae and Freddie Mac, the ratings agency said in a research note last week.

    Reducing the backlog of foreclosures and speeding up the foreclosure process is crucial to reviving the economy. But the process of unloading REO homes is “hard to predict” and “variable by location,” according to Fitch.

    Distressed sales currently make up 25% to 35% of total home sales and “more are undoubtedly coming,” Fitch said.

    Fannie and Freddie own half of all distressed loans, so disposing of the 2.2 million properties that are currently in foreclosure will depend largely on steps taken by their regulator, the Federal Housing Finance Agency. Another 1.8 million borrowers are 90 days or more delinquent on their mortgages but not yet in foreclosure, according to Lender Processing Services Inc.

    “It is possible but unlikely that a rapid disposition of FHFA homes at discounted prices could have a significant impact on the national market,” Fitch said in the note. “We believe it more likely that FHFA will choose a program that leads to measured sales,” including a plan to sell homes in bulk to investors that would rent out the properties until the housing market turns around.

    The impact of such a strategy would be modest in most regions. But in some overbuilt areas of Florida, Michigan and Ohio, where 10% of all loans are in foreclosure or REO, the impact will be “more notable,” Fitch said.

    Mortgage servicers suspended foreclosures last year in the wake of the so-called robo-signing scandal, when banks were found to be cutting corners in their processing of foreclosure documents.

    Homeowners currently spend an average of 21 months in their homes without paying their mortgages before going into foreclosure, according to LPS. It takes another eight months for an REO property to be sold, Fitch said.

    they can’t sell them so they are giving them away:

    Charities get more donated homes
    By Julie Schmit, USA TODAY Updated 22h 39m ago

    Non-profits are getting more donated homes in the wake of the housing market collapse, and the trend is likely to grow given the ongoing foreclosure crisis.
    The homes, typically low-value ones, may be refurbished and resold or demolished to rid neighborhoods of blight.
    By donating, mortgage owners free themselves from the cost of maintaining homes they can’t sell. The bigger benefit is that cleaned-up neighborhoods help stabilize values of surrounding homes, banks say.
    “It’s a win, win, win” for the neighborhood, the bank and the investor, says Rebecca Mairone, head of Bank of America’s donation program.
    BofA donated 150 homes in 2011. It plans to donate more than 1,200 next year, Mairone says. Wells Fargo donated more than 1,120 homes this year, up from 295 last year, it says.
    Nationwide, Habitat for Humanity rehabilitated 1,210 homes that it received as donations or bought at distressed prices in the year ended last June. That’s nearly twice as many as Habitat rehabbed a year before, says Sue Henderson, vice president of U.S. operations.
    Charities can net thousands of dollars — or more — from donated homes, says Charles Konkus, president of the Illinois-based Real Estate Donations. It handled 117 donated homes in more than a dozen states for charities this year, Konkus says. Before the housing collapse, it got about 20 a year.
    Some homes are given by homeowners who receive charitable tax deductions in return. “People see this as a way out if they can’t sell,” Konkus says.
    While rising, the number of donated homes is tiny relative to the size of the foreclosure problem. Nationwide, more than 6 million homeowners are late on their mortgages or already in foreclosure, Lender Processing Services says.
    The Cleveland-based Cuyahoga Land Bank gets about 120 donated properties a month, up from 80 a year ago, President Gus Frangos says. Cuyahoga County has 22,000 abandoned single-family homes, he says.
    Most donated homes are in such bad shape that they’re demolished, Frangos says. Often, properties are then turned into community gardens, sold to neighbors for $100 or returned to cities.
    Removing a neighborhood eyesore “almost immediately stabilizes property values,” Frangos says.
    In some higher cost areas, homes aren’t donated as much as they are sold at discounted prices.
    Habitat for Humanity of Greater Los Angeles bought 80 distressed homes in the past year, marking its first venture into buying vs. building, CEO Erin Rank says. The homes, typically worth about $200,000, were sometimes discounted by 25% to 30%, Rank says.
    Habitat resells the homes it fixes to eligible families. They get livable homes and neighborhoods where Habitat has built other homes are strengthened, too, Rank says.
    Home donations don’t always work for charities. The East Bay Community Foundation in Oakland, Calif., has rejected three offers of donated homes in recent years. The properties couldn’t readily be turned into cash, which the foundation uses to make grants, spokesman John Pachtner says.

  34. Wasn’t the expectation of this very unfolding of events the reason the NDAA was rushed through by both parties and signed by the president? “Terrorist” will be the label applied to anybody who dares speak against the banking plutocracy.

  35. I used to like Rush, however Rush is no better than the rest of the lamestream media. He’s a big Wells Fargo fan. Just like the judge ruling in my case. Makes me sick.

  36. It’s call deregulation. But no regulations means no law, or lawlessness. So what did the middle class who listened to Limppaw an rightwing radio actually expect to happen?

  37. The author doesn’t understand although at 75 he should that the baby boomers are largely incapable at this point of taking back this country We the 99% also fear the violence required as we have also been thoroughly indoctrinated by our “institutions” to loathe our personal failures and fear the ever encroaching power of the government. Easier to get on the dole and avoid the pepper spray and handcuffs not to mention flying bullets because marching ain’t gonna do it. 1384? That’s about right. Of course what we will wear will be somewhat problematic with fur bearing animals all but extinct. Love to see the pres in a buffalo robe

  38. We helped Holly yesterday.

    There is a lot more to do.

    Watch this video and send it to all your relatives, friends and acquaintances.

    Let’s stick togather and share the information and let’s spread it.

  39. Flutter Bunting! LOL, I have to look that one up.

  40. When all are affected then the tipping point can be reached.You still have middle class America trying to pinch themselves to wake up from the nightmare that to most of us has become day to day living.People are starting to wake up but the sleeping giant may need more of a stimulant in order to awaken completely.Until then this joke will continue like it has since the S and L bailout.

  41. @Spitfire,

    Reminds me of a cartoon I saw once. A big office full of cublicles with heads looking bankly at screen and a manager, standing in the doorway and shouting: “Jesus is coming back! Everybody, look busy!”

  42. WE ARE GATHERING.

    “…if you were to tell a young man growing up today that he had a bright future…it had better be delivered with a cold-hard slap across his face…”

  43. So at what point do we as a nation become alarmed enough at what is transpirig under our very noses at an extremely rapid pace, decide to ditch the apathy? When will we reach the tipping point? I surely hope its soon, because if not, it may well be way too late by the time they finally do.

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