Barofsky Challenges Geithner Doctrine: Crushing the Bank Oligopoly

See Financial Times for full article

Editor’s Comment: Barofsky’s characterization of the Geithner doctrine is accurate and appalling at the same time. The decision was made across the board that the stability and illusion of financial health on Wall Street was and is more important than anything else is what led to a prolonged recession and, from the reports being published it could be another 10-20 years before we work our way out of this mess.

President Obama made TRUTH a cornerstone of his campaign but the public wasn’t told the truth at any point. In fact the government was actively complicit in creating illusion and fraud. In doing so, they have created a precedent that will inevitably lead to bank behavior that will escalate the fraud and the damage on the world’s economies.

A creature of Wall Street, Geithner assumed that the money making machines on Wall Street were essential to stabilizing the financial system. He merely took over where Hank Paulson left off. At the point where the investment banks were converted to commercial banks, THAT was the time to strike with receivers, resolution of the megabanks that were holding trillions out of the U.S. economy and doing the same around the world.

The assumption by Paulson was that with a capital infusion the banks would lend more thus propping up the economy. It never happened. Instead people got notices in the mail freezing their home equity lines of credit and lowering their borrowing limits on all sorts of loans including credit cards. If the proof is in the pudding, then Geithner and Paulson were dead wrong.

The fraud extended from the closing tables where fictitious loans were documented and real loans were undocumented, to the diversion of investor money from the investment pools and to the investment banks. In short, the money was sucked out of the economy and the government, regulators and courts are either not doing doing anything about it, or making it easier for banks to get away with it, encouraging the moral hazard that occurs when greed fails to meet consequences.

The devastating effects on millions of homeowners and tens of millions of consumers, social services and taxpayers are not even on the table. Victims of fraud, pension funds, sovereign wealth funds, and individual retirement funds were stuck paying for Wall Street lies.

The same fraud — appraisal fraud, ratings fraud, and fraud in the inducement, fraud in the execution occurred with each of the borrowers, who never saw the benefit of the bargain they thought they had reached with what turned out to be a series of nominees (fictitious lenders). The Geithner doctrine stopped the government from intervening, stopped anything that smelled of restitution for the pension funds, dismissed the claims and losses of homeowners as though they didn’t matter and prevented an influx of wealth and capital that was badly needed by the economy.

The problem is that the central bankers have been scared into accepting a shadow banking system that is literally ten times the size of the real banking system. It’s a lie 10:1. The banks we call healthy are in fact subject to closure and receivership because the assets they are showing on their balance sheets are not worth nearly what they are reporting — and they never will be unless we all expand the money supply by ten times the current world monetary supplies.

But the existence of another curative solution is systematically disregarded on “moral”or “practical grounds.” Following the law, the banks should be forced into receivership if they don’t have the capital necessary to stay open, based upon the inflated values that started with appraisal fraud and ratings fraud, and now is sitting in bank balance sheets as accounting fraud.

By clawing back as much money as possible for investors in the bogus mortgage bonds, the amount owed to the investors would be reduced by payment instead of loss. And account receivables to each investor would be correspondingly reduced. And the accounts payable by the borrowers would be correspondingly reduced due directly to payment instead of forgiveness. It is simple arithmetic.

The banking oligopoly would be crushed and government could go back to being influenced by much smaller competing special interests. The pensioners would be assured that their pensions will keep coming, and homeowners could be restored to their homes or and possibly receive cash payments or credits for payment on the accounts receivable thus providing an enormous fiscal stimulus to an economy that is 70% based upon consumer spending.

If I understand this, along with Neil Barofsky and a gaggle of economists and financiers, why won’t the government even consider it?

Neil Barofsky: Geithner Doctrine Lives on in Libor Scandal

By Neil Barofsky, the former special inspector-general of the troubled asset relief programme and is currently a senior fellow at NYU School of Law. He is the author of ‘Bailout’, released in paperback this week.

Now that Tim Geithner has resigned as US Treasury secretary, it is time to survey the damage wrought from four years of his approach to the financial crisis. The “Geithner doctrine” made the preservation of the largest banks, no matter the consequences, a top priority of the US government. Aside from moral hazard, it has also meant the perversion of the US criminal justice system. The US faces a two-tiered system of justice that, if left unchecked by the incoming Treasury and regulatory teams, all but assures more excessive risk-taking, more crime and more crises. (e.s.)

The recent parade of banking scandals, such as the manipulation of Libor rates by Barclays, Royal Bank of Scotland and other major banks, can be traced back to the lax system of regulation before the financial crisis – and the weak response once disaster struck.

Take the response of the New York Federal Reserve to Barclays’ admission in 2008 that it was submitting false Libor rates and was not alone in doing so. Mr Geithner’s response was to in effect bury the tip. He sent a memo to the Bank of England suggesting some changes to the rate-setting process and then convened a meeting of regulators where he reportedly described only the risk but not the actual manipulation of the rate. He then put the government imprimatur on the rate via bailout programmes. His inaction helped permit a global crime to continue for another year.

When it was UBS’s turn to settle its Libor charges, even though a significant amount of the illegal activity took place at the parent company level, only a Japanese subsidiary was required to take a plea. Eric Holder, US attorney-general, demonstrated his embrace of the Geithner doctrine (a phrase coined by blogger Yves Smith) in explaining the UBS decision. He said that a more aggressive stance against the parent company could have a negative “impact on the stability of the financial markets around the world”.

This week we saw the latest instalment of the saga. In fining RBS £390m, the DoJ only indicted one of the bank’s Asian subsidiaries, avoiding the more damaging result that would have stemmed from charging the parent company.

Instead of seeking deterrence and justice, the US government increasingly appears to have fully absorbed the Geithner doctrine into its charging decisions by seeking a result that has a minimal impact on the target bank but will generate the best-looking press release. Some banks today are still too big to fail – and they are still too big to jail.

The lack of robust enforcement is of course not limited to the Libor scandal. It was seen in the recent settlement talks with HSBC, when Treasury officials reportedly pressed the DoJ to consider the broad economic consequences that would follow an indictment. After hearing these arguments the DoJ chose not to criminally charge HSBC.

And, of course, it is seen in the stunning dearth of criminal prosecutions arising out of the crisis. This was all but preordained given who the government turned to when the crisis struck: the same captured regulators who had blindly advanced bankers’ self-serving calls for a “light touch” before the crisis and who unsurprisingly embraced the Geithner doctrine afterwards. Having done so, of course, there would be no criminal prosecutions while the banks still teetered on the brink of collapse. The risk of causing them to fail, and thereby undoing all of the bailout efforts, was too high.

But that these arguments continue to resonate with officials in 2013 shows that the Geithner doctrine, perhaps justified by the conditions in 2008-09, has planted deep roots in our system of government.

This forbearance will have potentially devastating long-term effects, as each settlement on favourable terms reinforces the perception that, for a select group of executives and institutions, crime pays. It is only rational. They know that they will get to keep all of the ill-gotten profits if they go undetected, and on the small chance that they’re caught, most probably only the shareholders will pay – and only a relatively minor fine at that. The lack of meaningful consequences for those committing these frauds encourages future fraudulent conduct. Ultimately, the financial crisis was a game of incentives gone wild, and the lack of accountability in the aftermath of the crisis has only reinforced those bad incentives.

Breaking those incentives requires ditching the Geithner doctrine, which has led to the banks becoming even larger and more systemically significant than they were before the crisis. As a result, the DoJ’s fear of destabilising the global economy through aggressive prosecutions may indeed be well-founded. But that must not be the end of the story.

To reclaim our system of justice, the global threat posed by the failure of any of our largest financial institutions must be neutralised once and for all. They must be reduced in size, their safety nets must be dramatically constricted and their capital requirements enhanced far beyond the current standards. Then, and only then, can the same set of rules apply to all.

97 Responses

  1. The only vulgar thing here is the presence of you trolls who use no facts to back up your accusations. You operate just like the banks. As I have stated before, it’s the pot calling the kettle black routine.

    As far as me working for the banks, I work for no one but myself. My interests are solely seeking liberty & justice to restore our Constitutional Republic back to the rule of law and abolish this sham the political traitors call democracy.

  2. Fascinating…

    What shill doesn’t have in intelligence, she makes up in vulgarity. Working free for the banks. Really fascinating.

  3. Shove your totalitarian, commie, re-socialist crap Christine. No one believes your manufactured crap but you.

  4. “…restore our integrity…”

    Interesting concept: a shill’s integrity… Oxymoron if I ever saw one.

  5. Those of us who were intuitive saw early on this was an evil plan to overthrow our Constitutional Republic and replace it with totalitarianism or failed socialism/communism.

    Therefore it is now time for WE THE PEOPLE to restore our integrity and the legacy of this FREE REPUBLIC that is the only Constitutional Republic in the entire world. Time to throw out all of the evil-isms for good….

  6. These so called U.S. BANKS, this Government Corp use American names as a front to steal our wealth for the black nobility and all of their minions & cohorts like the Rothschilds and the Rockefellers. The Govt. Corp are a giant foreign controlled money laundering black op that uses credit & investing scams under the guise of money lending to destroy the liberty, freedom & independence of the people.

    This power structure, the Govt Bankcorp in D.C. the FED, Wall Street, the politicians and all of these Corps are robberbarons for the rich & are wolves in sheep’s clothing.

  7. All of these banks and their agency’s are IMPOSTERS…..they are all funded by WE THE PEOPLE but are in reality black nobility psy ops controlled from behind the scenes by the black nobility…..beware the replacement will be totalitarianism ….. We need to SUE & ABOLISH THE FED…..WHO ARE THE BLACK NOBILITY..& issue our own currency as the U.S. CONSTITUTION REQUIRES.

  8. It was funny when BOA got caught changing info in their system during the OCC review. Example… how a home owner who never applied for a loan mod was under review for a mod (even thou they did not apply for a review either). At the end of the year for two years now they send they homeowner a letter saying they were denied a loan mod for failure to provide requested paper work. HAHAHA . They floated right under the radar of the reviews … or so they thought.

  9. BOA needed the FC Deed in CW name (for HUD) and to get the Taxpayer INS to Payoff the Investers to cover up both (CW & BOA) Frauds/Profits at the expense of harming the homeowner and collect for the Investers from the taxpayers. Its just Crazy … Greedy!

  10. Those investors you speak of guest are WE THE PEOPLE…The U.S. TAXPAYERS…..We were every entity, because WE THE PEOPLE were the STAKEHOLDERS…….WE PAID FOR EVERYTHING UPFRONT AT THE ORIGINATION. What these bank owners/investors did was conceal these facts from US…….by many proxies in order to steal and destroy the wealth and value of everything WE THE PEOPLE PAID FOR…..IT WAS CRIMINAL, FELONIOUS & EGREGIOUS ….ALL TRAITORS & THIEVES ARE BEING REVEALED…..

  11. The Only party with the Loss is the Investers.

  12. If a loan was defaulted and all payments applied by all parties including the homeowner satisfied the debt, what is BOA trying to collect on and for who? There is NO Servicing or Escrow on these Loans! 🙂

  13. It has always been about finding and paying the proper PII. Getting your Title Polished Nice and Clean, the way it was before the slander was placed upon it. It has never been about getting what is owed on the debt discharged.

  14. You are correct Poppy. Consider this … CW (not as lender on Note or mentioned in any other part of the transaction) files fc and lp in 08 and dismisses it after a lil hellish hell raising by the homeowner denying the default. So does that make CW the owner of the asset because no one knew at the time the were full of BS? How does BOA become owner via CW if CW committed multiple acts of fraud to obtain it and then profited from it? Can BOA profit from another parties fraud? I dunno what the law is in your state.

  15. Interesting……CNN reporting Pope Benedict resigns….

  16. Johngault,

    Here is what Mark Stopa has to say about the infamous Pino case…

    How Pino Impacts My Foreclosure Defense Practice

    Posted on February 10th, 2013 by Mark Stopa

    Forgive me if I didn’t come rushing to the computer to write a blog after the Florida Supreme Court issued its decision in Pino v. Bank of New York Mellon last week. Yes, that decision garnered national attention, but it was a yawner for me. The outcome was completely and totally, 100% predictable. I hate to sound callous, but were you really surprised the Court ruled a bank could sweep evidence of fraud under the rug, voluntarily dismiss a lawsuit after evidence of that fraud emerged, and file a new lawsuit? Hehehehe. If you really harbored hope for a different ruling, you haven’t been paying attention. If you expected some broad-sweeping ruling that spoke out against foreclosure fraud, you’ve been living under a rock.

    Remember back in 2007, when the Florida courts had a chance to undermine the MERS system? Other states have since found the MERS system illegal, and a local judge named Walt Logan ruled MERS lacked authority to do anything as a “nominee.” However, Florida’s Second District Court of Appeal declined to invalidate the MERS system, instead ruling a “holder” can foreclose even without being the “owner.” Mortgage Electronic Registration Systems, Inc. v. Azize, 965 So. 2d 151 (Fla. 2d DCA 2007). As a result, at least in Florida, the banking industry has been able to get away with transferring notes/mortgages without a “chain of title” being recorded in the Official Records, basically by anyone coming to court with an endorsed note. For anyone challenging the mortgage industry’s sloppy practices, Azize was strike one.

    In 2010, Florida’s Fifth District Court of Appeal was presented with the argument that a foreclosure plaintiff could not prevail where the mortgage was “owned” by MERS, as “nominee,” while the Note was held by someone else. After all, a mortgage does not exist separate from the note, as the former is merely security for the latter, so how could one entity “hold” the Note while another has the Mortgage? The Fifth District obliterated this distinction, allowing plaintiffs to foreclose a mortgage based on an endorsed note irrespective of the fact that the fact that the Note and Mortgage were owned/held by different entities. See Taylor v. Deutsche Bank Nat’l Trust Co., 44 So. 3d 618 (Fla. 5th DCA 2010). This was strike two against anyone challenging MERS or the banks’ fraudulent practices.

    In 2011, Florida’s Fourth District Court of Appeal got the chance to adjudicate Pino v. Deutsche Bank Nat’l Trust Co., 57 So. 3d 950 (Fla. 4th DCA 2011). This was clearly an important case, so instead of the typical, three-judge panel, the decision was en banc, meaning every judge on the Fourth District joined in the decision. Sadly, all but one such judge agreed that a foreclosure plaintiff could voluntarily dismiss a lawsuit without prejudice and refile a new action even when evidence is presented of a significant fraud by that plaintiff upon the court. Obviously, Pino was a wonderful opportunity for Florida courts to explain they would not tolerate fraud in the foreclosure context, particularly fraud upon the courts. Yet the Fourth District declined to do so, deferring to a procedural rule. While I understand the rationale behind the procedural rule that authorizes plaintiffs to voluntarily dismiss, the moral of that first Pino decision, in my eyes, was that if the Florida courts had a procedural reason, a loophole, or any quasi-legitimate basis to look the other way on bank fraud, they were going to take it. Clearly, Florida’s highest courts were just not going to allow the foreclosure process to be turned on its head by arguments of foreclosure fraud.

    As of 2012, many Florida foreclosure defense attorneys were arguing that securitized trusts lacked standing in foreclosure cases because the notes were not conveyed into the trusts in a manner consistent with the pooling and servicing agreements for those trusts. This was (and, in my opinion, is) a perfectly appropriate argument. How can any trust own something when its own trust rules says it cannot? Regardless, Florida’s Third District Court of Appeal shot down that argument, providing a two-sentence decision (without a single citation to a Florida case) that homeowners “lack standing” to challenge the issue. Castillo v. Deutsche Bank Nat’l Trust Co., 89 So. 3d 1069 (Fla. 3d DCA 2012). Once again, the Florida courts showed they weren’t going to allow any sort of widespread argument that plaintiffs couldn’t foreclose in Florida courts based on the banking industry’s fraudulent paperwork.

    In fairness, the Florida Supreme Court did create Rule 1.110(b) in 2010, which required foreclosure plaintiffs to verify all complaints before filing them. In 2012, however, Florida’s Second District Court of Appeal clarified that this rule did not require a verification under penalty of perjury, as Florida law had operated for dozens of years, see Fla.Stat. 92.525, but ruled that a verification on “knowledge and belief” was sufficient. See Wells Fargo Bank, N.A. v. Taboada, 93 So. 3d 1073 (Fla. 2d DCA 2012). As a result, the verification requirement has no teeth whatsoever, as even if the person who signs it did so knowing the information contained in that complaint was false, he/she is not subject to penalties of perjury because the rule does not require that type of verification.

    So that’s a quick summary of what we’ve seen from Florida’s highest courts in recent years on the issue of foreclosure fraud. Everything about the MERS process is okay, problems with the securitized trust are irrelevant, an endorsed note is all plaintiffs need, and even if a homeowner proves fraud in a foreclosure case, the bank can merely dismiss that case without prejudice and file a new one, burying the fraud forever.

    Of course, just as telling as what we heard in these decisions was what we haven’t heard from the Florida Supreme Court since the foreclosure crisis began. No pronouncements against fraud. No rule amendments to prevent fraud. Nothing from the Florida legislature, either, which, instead of trying to prevent foreclosure fraud, is now trying to pass a new law that could make foreclosures go faster.

    With this backdrop in place, how can anyone have been surprised by last week’s Pino decision? If you’ve been paying attention, that ruling has been in place for years – it was merely finalized last week.

    I might sound like I’m criticizing the courts. I’m not. I mean, who the heck am I to criticize the Florida Supreme Court (a question I ask with all sincerity)? Even if it were my intent to criticize, what good would it do? Obviously this blog isn’t going to change the substantive rulings, or lack thereof, that come out of the Florida Supreme Court. Hence, the point isn’t to criticize … the point is to show why I handle things the way I do.

    Let’s put it this way … The other day, a friend on Facebook (feel free to friend me – Mark Stopa) asked me why I don’t spend more time defending foreclosures by talking about foreclosure fraud. Well, this blog shows why. Regardless of what I think about it, those arguments don’t work. The judges just don’t like them. And whether I like it or not, Florida courts just aren’t going to create a system that prevents homeowners from getting foreclosed (certainly not on any widespread basis) based on foreclosure fraud.

    Suppose you’re playing cards. Do you whine and complain if you get a crummy hand? Quit? Or do you play the best you can with the hand you’re dealt?

    For me, that’s what foreclosure defense is – doing the best you can with the hand you’re dealt. I don’t like all of the rules/laws. I don’t always have a great hand. But I play the best I can with the hand I’m dealt.

    In a different state, with a different set of laws, I’d love to cram foreclosure fraud down the banks’ throats over and over again. But in Florida, with this backdrop of case law, this is why I don’t talk much about foreclosure fraud. This is why I talk about things like paragraph 22 and standing at inception. Paragraph 22 might not be sexy or fun, but, in my experience, it works. So as much as others might lament Pino and the absence of any sanction for foreclosure fraud, I’m going to keep doing the best I can with the hands I’m dealt. While other defense lawyers in the industry charge clients for the privilege of pounding their heads into the wall (by making arguments about foreclosure fraud that clients want them to make but that Florida judges routinely reject), I’ll keep making the arguments with which I’ve had success. For me, doing the best I can with the hand I’m dealt – that’s what foreclosure defense is all about.

    Let’s put it this way … it’s quite possible to get your foreclosure case dismissed without prejudice based on violations of paragraph 22, lack of standing, or lack of standing at inception. It’s entirely reasonable to hope you can settle with your bank – loan modifications, short sales, and deficiency waivers happen regularly in my practice. But if you’re looking to prove bank fraud in Florida, you’re probably going to be as disappointed as when you read Pino.
    Mark Stopa

  17. guest; Feb 10, 2013

    Yes, they (BOA) only bought servicing rights. The notes for servicing were valued at 1.4 Trillion and they paid approximately $450.00 per loan to service. They did assignments after CW corporations were closed WITHOUT any assignments prior to the acquisition acting like they were OWNERS and had losses from lending, when they have had zero losses from the acquisition based on a servicing platform only. The acquisition and merger was to maintain the servicer part of the CW company. As far as I know BOA did not buy “loan assets”. They have finagled servicing into ownership of the loans.

    If they bought servicing rights, where is the loss in court? After someone makes a payment they are whole? Are we now responsible for corporate losses from poor decisions and payroll? I think not! Check paperwork, Bank of America N.A. is in fact, a servicer.

  18. What would their claim possibly be…..they used each other…..? The left hand didn’t know what the right hand was doing….? The title company could counter any of their claims with the same claims unless they were both in on the insurance scam…MWAHAHA ….I would put nothing past them.

  19. Has anyone asked their Title Insurer if someone made a claim on the lenders policy?

  20. No doubt, they are dirty dogs who knew what they were doing. I believed from the start the proof of their guilt was in their overinsured “risk.” The CREDIT DEFAULT SWAP INSURANCE MONEY….AIG held $700 trillion dollars in CDS insurance claims on their books in 2008 and the total amount of the initial U.S. taxpayer investment was $12 trillion dollars. That is absolutely despicable ……

  21. Although I never expected to recieve my checks from them (failure to close), to my amazement I did recieve those payment checks. Low and Behold I am still looking at them pinned on my wall. STAMPED NSF on first draw and Stamped account closed on the second draw. 🙂 I like to see Justice served.

  22. Think Lenders Actions, … Think Title Ins Company who knew their (title ins) agents were issueing bogas lender and homeowner title ins policies.

  23. Guest, that link should be rated XXX and come with a legal disclaimer….

  24. The insiders knew the mbsers were rated junk ….and they knew when to cash in on their fallen angels….then they sent their perps to fire at anything they could and millions fell as a result of their sneak attack.

  25. Want to Be Your Own Bank? Check this website out.

  26. I was watching the Revolutionary War. I was shocked when they screamed out; Don’t fire until you seen the whites”AAA” rating on the MBS pools.

  27. The STAMP TAX on the Colonies began the American resistance against the Monarchs.

  28. The Revolutionary War Marathon is on the Military Channel.

  29. Bravo to us.

  30. <—– 23yrs vet …. ECE

  31. Allow me to clarify……taking care of children and babies give you great tools that you can really use in life. That is why these crooks want both parents working day & night. Then they don’t have time to learn about the really important things in life and then you can’t teach each other well.

  32. Babysitting and taking care of children are both extremely educational. They are great tools that develop great problem solving skills. Babies & Children are world class educators.

  33. People need to become more proactive. I’m not knocking anyone for trying to make a buck, however, if I did not do my own research, and physically go to many sources, I don’t believe I would have become well informed and well educated about this scam. Verify it for yourself is my motto.

  34. In Illinois, the truth is hidden underneath the original PIN…PROPERTY INDEX NUMBER….

  35. There you go again stripper… jumping to conclusions. I dont charge…. Just call me a Homeowner Advocate. And yes, I babysit my grandkids occasionaly. Does anyone have a problem with that?

  36. So guest is selling abstract title services. The attorney who works for the county recorder of deeds office brought me in her office & did that for me for free. She told me there are no liens…..all it takes is a PIN search… takes you right to the legal title holder of record…..beware…they may have given you an all new PIN without your knowledge & the truth is hidden behind your original PIN…..on your original deed in your possession…

  37. @ johngalt

    Don’t count on it , the bar is just fielding complaints so they can swat them down … from the article you linked ..

    Attorney Jeff Tew, who is representing Stern, said he will defend against the charges. The Bar has closed 19 complaints against Stern with no findings.

  38. Just one of my many Talents. But I am not an Attorney.

  39. <—- Is a Certified Title Abstracter.

  40. I do not have much use for anyone who Shouts out how wrong proverty is and at the same time insults disabled people and people with diease or illness. Your self portrait you paint of yourself has a few brown streaks in it. 🙂

  41. The only imbeciles in the States are the imbeciles who go along with everything they are told and question nothing.

  42. Just because your Gods of banking made a contract and induced millions to sign it under false pretences does not create a tort. Where is the performance on that contract Christine…? That is tort….not notes indorsed in blank that are years old.

  43. Someone needs her happy pill dose increased. She is sure a akin for an another arguement this weekend. Only an embecile here from Illinois would take the diversion or someone akin to get herself insuled again.



  46. Imbecile, you’re confusing tort and contract. Two morons who never set foot in a law school anywhere and pretend to understand and give legal advice.

    Stick to what you know and understand, you two idiots.

  47. Where did you pull that crappy statement from guest….? WHO MADE THAT OBSCURE CLAIM ….?

    The plaintiff has to prove harm at the onset of their action…..the statutory law requirement to bring a legal action in any court is not governed by state statutes ….. the State & Federal LAW REQUIREMENTS the UCC LAW GOVERNS BANKS & BANKING…….NO EX POST FACTO LAWS such as State Supreme court “rules for radicals” after the crimes are committed crap or new State Foreclosures laws erase the criminalty of the Issuer of the crap….

    As always is the case with their crap it begins at the onset…..



  48. Finding out the truth about the owners of this Govt Corp and their psychotropic illness that has infiltrated every branch & tranche of their agents & their agencies Psyches is not hidden from those he seek to know why we are here and whodunnit… This small centralized group, the 8 illuminati banking families must be studied, all of its secrets exposed.

    Many say none of this stuff matters, ARE YOU paying them or not ….or….DO YOU intend to pay them or not is ALL that matters….

    That is what they want you to believe is ALL that matters….when in face that is not ALL that matters.

    What really matters is YOUR MORAL PRINCIPLES…….That is what really matters….and what you deem acceptable legal business practices by these entities…

    What put you in this defensive position…? ANSWER….The Origination Fraud …. What does this entity have to gain by the taking of your property rights….or taking any more money from you…..? ANSWER….Unjust enrichment & the destruction of your legal rights. WHY? In order to steal everything from YOU that you worked for & believed in…. They want you to believe your legal rights &what you believed to be moral and the right thing to do was all an illusion. Don’t believe them because when YOU BELIEVE THAT, this evil has everything to gain & YOU have everything to lose …AND YOU ARE NEVER GETTING IT BACK ONCE YOU LOSE IT…IT’S GONE, MOST LIKELY FOREVERMORE..

  49. “Illinois requires a plaintiff to prove willful and wanton misconduct before tort liability will attach.”

    This is untrue and this is exactly the kind of sweeping statements no one who ever studied law would ever make, in Illinois or anywhere else. Further, the wording of that statement itself is wrong and clearly denotes someone who doesn’t understand the first thing about tort law. The circumstances in which that declaration is correct are very, very limited and concern lawsuits against schools on behalf of a student. Negligence is negligence and, so long as the 4 elements of the claim are present, wanton and willful need not be proven for someone to prevail in any tort case.

    Stick to what you know please. Babysitting or something like it.

  50. Your opponent may be different, but all Buttwipes are made of the same Fabric and Play By the same Rules. Get a Abstract Title Report and a Good Attorney!

  51. Has anyone figured out yet what B.O.A. did yet that was so BAAD to cover up CWs mess? Yikes!

  52. Illinois requires a plaintiff to prove willful and wanton misconduct before tort liability will attach.

  53. BSE, Great Link! Margery mentions those rare few cases where there are multiple claims by the servicers that are succesful. It has to make a me wonder how many are still unknown to the homeowners yet. Oh Boy do the have a surprise coming … No Transfer or Sale before you get a court order cleaning up the garbage left on your title.

  54. I wonder how shills are paid… By the word? By the number of website they attack daily? I bet after a while, those people do turn kooks. You really have to remain in a very negative mind frame all the time to attack others systematically like the imbecile does… The thing is: we now know for a fact. She uses all the tools she was given: CNN, Kudlow, religion. And words she knows to be offensive.

    What a lousy way to make a living… It really is a form of prostitution.

  55. “…once you get it, there is no going back.”

    Mental illness? I understand. You haven’t visited sanity for years.

    Be gone fool. A village somewhere needs your shill skills. Idiot.

  56. Kudos E Tolle…once you get it, there is no going back. I remember learning about you and yes, it does involve a clinical diagnosis, but your morals are your real problem, you have none. Only you can save your soul. No one can do that 4 you….As I said, this is a spiritual war. Those who know the truth, know this.

  57. You know assvent, I probably wouldn’t mind your presence nearly as much if you possessed even a modicum of:

    1. Writing skills….a minimal set would suffice.

    2. Something, anything, useful to say.

    3. Common sense.

    4. A personality.

    But alas, your bible waving and old testament shouts reek of holier than thou wisdom, which, in reality, is simply a certifiable illness, one that begs for attention, as well as a proper diagnosis by a professional with a lot of letters behind their name.

    I remember reading about you in DSM IV. It wasn’t pretty. Tough gig being you.

  58. According to sot, the Wisconsin SC decision is a recent one, so if anyone can find it, I’d still like to see it. What I’m gathering from the clue there is that taxing authorities with delinquent taxes have managed to avoid mortgages under certain circumstances.

  59. Our enemy is of the supernatural sort but this war is not about religion. Religion is an agency but not the only agent. Totalitarianism is its ultimate goal but this war is really and truly a spiritual war. First and foremost we really need to dig deep and get our moral houses in order to win this war against us and our Constitutional Republic. This evil is inhuman and is immoral, secretive, seductive and a very deceptive liar. What this realm wants to do is defraud you of your morals because it has none. This enemy is selfish and wants to steal your morals and all of your dignity. Do onto others as they do onto you is the golden rule in this war. An eye for an eye. This eye is the epitome of evil. Nothing is as it appears. These aliens they speak of are demons. These politicians are their agents. They have many agencies. This war that is unfolding before our eyes is the greatest war for the souls of mankind in history. If we are not aware of it, it will end in a terrifying final battle. Never before in history have the morals of so many been so weak. How bad this gets is truly going to be how bad we allow it to get. Free will is the most powerful weapon in our arsenal.


    The bar is after Stern? Well, maybe complaints to the bar disciplinary
    committee have some teeth after all.

  61. OBAMACARE is not healthcare. OBAMACARE is a whole new government….OBAMACARE is in reality, totalitarianism disguised as healthcare. OBAMACARE is a social justice theory that is not a legal right. OBAMACARE is not Constitutional or legal or justice for anyone. OBAMACARE is not just another fraudulently induced government welfare program, Obamacare is another tax entitlement program for the rich.

  62. They are so concerned about what I am saying….they are the FED BANK OWNERS…..SHAREHOLDERS ….INVESTORS & DIRECTORS OF THIS SCAM and their DISINFO AGENT TROLLS. They are the beast of totalitarianism and the red dragon of communism.

  63. Evil is a terrorist that wants you to believe its lies. Evil is on a tare spree in the U.S. Evil wants you to believe if you cooperate with it, you will keep evil away. Don’t believe it because in reality ……
    evil is subtle and cunning and wishes to control & devour our Constitutional Republic.

  64. Telling from my personal experience, this attorney knows what she is talking about. – Home owners have no chance.

  65. LOL… they come ….the persons from hell……they are telling me they collect AIPAC money….and hear voices….they talk to cats and one even visits a psychatrist in Park Ridge…Everything they say is a twist. That is how evil works….it is called the FED twist….and I don’t dance to that tune. Even the FED twist has a twist…it’s a wild ride.

  66. Name calling is child’s play……it is a distraction from the big evil game that is being played with our lives by these control freaks. It is a giant chess board and it is all about controlling the minds of the American people. America is the last stronghold of anything worth living for. The rest of the world is completely enslaved by these tyrants but WE THE PEOPLE still have the U.S. CONSTITUTION… the power IS in our hands to end their reign of terror. We need to stop cooperating, conforming & complying to their fraud.

    Non compliance is not a crime, these crooks do it all the time. They call it Rules for Radicals and it is not rocket science. Boycott them and ignore their Global Corp….FAKE IGNORANCE……like they are ignoring us. Cut off their money supply like they cut off ours.

  67. Deranged alright. End of discussion. Go ahead girl. Earn your AIPAC/bank money.

  68. dear sick person named stripes:
    who is “they”?
    who are the “trolls” (like me?) working for?
    is the government your friend or your enemy?
    do you hear voices when you’re all alone?
    is your cat plotting against you?
    i know a good therapist in Park Ridge; want her number?

  69. This entire troll tirade is over one little link I posted today about if their god made a banker..

  70. Nice catch, right? sneaky huh..? Not so much… …the comment blocking is all a clever deception. Want me to expose who you trolls are really working for….? ….Because when you know the truth, EVERYTHING IS SLOWLY REVEALED. Lots of aha moments.

  71. They have hijacked the DOJ and much of the judiciary as well. They have also hired assassins to attack the truth. They wear many disguises but they always use the same methods…..they use fake ignorance, they try to assassinate the truth by targeting the messengers……they are twisted.

    They swear they believed these turkeys could fly…..wink, wink…

  72. No coincidence that every time the truth about the bankster crooks and their evil machinations & plans are exposed the trolls attack. It’s the same clique everytime….. No facts, no relevant arguments or proof of their claims, just the standard personal attacks, the usual schoolyard bullying. Just like the fraudclosure claims by the bank owners.

    Laughing my head off….I must be really hot today….I am getting quadruple teamed…..

    The trolls just don’t “get it”….by attacking me, with nothing relevant, they are exposing themselves. When you know the truth, their attacks are childs play. I don’t fall for the bait…and argue their nonsense, then they are left standing naked and exposed as the complete idiots that they truly are.

  73. what a crock ” i was a paid shill” peleease, the powers that be have the doj helping them.

  74. Oops. Wrong call.

  75. You trolls are the only schills here and you work for the bank owners & investors. We know you by the many lies you tell and how you attack the truth by trying to shoot the messenger’s of the truth. Nothing you trolls say will deter me from speaking out against this Globalist scam and these Globalist scammers. Everyone should do their own research.

    Certainly Market Watch nor anyone else would have absolutely any valid reason to lie about the bankster scam.

    Everyone else are liars accept for the FED shareholders/directors and investors, the bank owners and the politicians.

    People are not buying it and are doing their own research coming to the conclusion that this is an evil plan to destroy our Constitutional Republic.

  76. E.ToLLe,

    Neil has a way out: removing/blocking her posts. He knows how to do it. He’s done it before… 🙂

    Just banged an e-mail to UKG. Check all three last pages since this morning. Broken hip? Self-implosion? Blizzard? (Didn’t think it went that far West… and snow was already coming down real strong at 3:00 PST. Can’t be it)

  77. and thanks for holding tough out there. this site has been through a number of rough patches.

  78. Christine, yes, I’ve read that piece by the ex-shill, and have no doubt that assvent’s a shill. The bottom line is, whether paid or not, and whether knowingly or unknowingly, she’s a shill due to the fact that she’s achieving the exact same results that a paid bankster shill would….disrupting this site and driving people off.

    The fact that she attacks anyone and everyone who ask her politely to calm it down shows that she has no desire to act rationally, or even to play nice on someone else’s board. It also shows a sinister side, one not at all in keeping with this sites purpose, or even simple ethics.

    I found it interesting, if not a dead giveaway, that she ended one of LL’s recent blogs using only two words, “Keyword Trader”. As I’ve written before, what these morons do is flood a website with nonsense over and over again, which morphs the site’s keyword applicability, so that Neil will not be found by anyone looking for help with foreclosure defense, LL will only be “shown” to so-called patriots and similar ilk. Alex Jones fans will abound.

    So, no matter what her intentions, she’s destroying one man’s hard work for her own pleasure, or in assvent’s case, her own insanity. She deserves a tight noose or a slingblade, but will probably fly apart at the seams in short order. Yay.

  79. The A Man,

    Nobody. There is an end to everything…

    It’s just that, for a while, some of us were ready to feel for the poor thing. You know… like we felt for cubed2k. Except that cubed2k, she ain’t! She doesn’t have the guts to die for what she believes. Sold, bought and paid for.

  80. Who cares regarding Stripes.


  81. UKG,

    That was my point. And so does the other one…

  82. I think the STRIPES identity qualifies as a shill. don’t you?

  83. I came across this site and I knew there were many deranged individuals working against our Constitutional Republic. That is why I chose to make it my mission to expose these individuals, all of their secrets, deceit and lies they use to defraud US in order to try and destroy our Constitutional Republic..

    The truth is, THE BANKS LEND NOTHING OF VALUE…..and they destroy nations under the guise of doing so.

    The truth about the banking scam is no longer hidden and therefore, the truth is undeniable.

    The banks are robberbarons for the rich. They rob from the citizenry and give our money to the rich. Wall Street is a monopoly controlled by the bank owners who steal our wealth and use our stolen wealth and fraudulent investing practices to control the citizenry and destroy the value of everything WE THE PEOPLE WORK OUR REARENDS OFF TO PAY FOR…

    These bank owners are crooks WHO wear many disguises, such as you lying commie trolls on the Internet.

  84. E. ToLLe,

    I just came across this. I knew there were many “deranged” people on internet. I really had no idea shills are part of a well-paying industry. And I have looked at a few things since you pointed to it a few days ago. Yes, she is a shill. Yes, that 24/day posting seems to indicate that more than one person is posting. And yes, that back-and-forth banter with the other one is suspicious as well.

    The question remains: why is she still allowed here? Somewhere, she serves Garfield. otherwise, she’d be out.

    The things i learn in this country! Sorry it’s long…

    “I Was a Paid Internet Shill

    internet-shillBy Ex-Shill, Above Top Secret

    I am writing here to come out of the closet as a paid shill. For a little over six months, I was paid to spread disinformation and argue political points on the Internet. This site, ATS, was NOT one that I was assigned to post on, although other people in the same organization were paid to be here, and I assume they still walk among you. But more on this later.

    I quit this job in the latter part of 2011, because I became disgusted with it, and with myself. I realized I couldn’t look myself in the mirror anymore. If this confession triggers some kind of retribution against me, so be it. Part of being a real man in this world is having real values that you stand up for, no matter what the consequences.

    My story begins in early 2011. I had been out of work for almost a year after losing my last job in tech support. Increasingly desperate and despondent, I jumped at the chance when a former co-worker called me up and said she had a possible lead for me. “It is an unusual job, and one that requires secrecy. But the pay is good. And I know you are a good writer, so its something you are suited for.” (Writing has always been a hobby for me).

    She gave me only a phone-number and an address, in one of the seedier parts of San Francisco, where I live. intrigued, I asked her for the company’s URL and some more info. She laughed. “They don’t have a website. Or even a name. You’ll see. Just tell them I referred you.” Yes, it sounded suspicious, but long-term joblessness breeds desperation, and desperation has a funny way of overlooking the suspicious when it comes to putting food on the table.

    The next day, I arrived at the address – the third floor in a crumbling building. The appearance of the place did not inspire confidence. After walking down a long, filthy linoleum-covered corridor lit by dimly-flickering halogen, I came to the entrance of the office itself: a crudely battered metal door with a sign that said “United Amalgamated Industries, Inc.”

    I later learned that this “company” changed its name almost monthly, always using bland names like that which gave no strong impression of what the company actually does. Not too hopeful, I went inside. The interior was equally shabby. There were a few long tables with folding chairs, at which about a dozen people were tapping away on old, beat-up computers. There were no decorations or ornaments of any type: not even the standard-issue office fica trees or plastic ferns. What a dump. Well, beggars can’t be choosers.

    The manager, a balding man in his late forties, rose from the only stand-alone desk in the room and came forward with an easy smile. “You must be Chris. Yvette [my ex-co-worker] told me you’d be coming.” [Not our real names]. “Welcome. Let me tell you a little about what we do.” No interview, nothing. I later learned they took people based solely on referral, and that the people making the referrals, like my ex-colleague Yvette, were trained to pick out candidates based on several factors including ability to keep one’s mouth shut, basic writing skills, and desperation for work.

    We sat down at his desk and he began by asking me a few questions about myself and my background, including my political views (which were basically non-existent). Then he began to explain the job. “We work on influencing people’s opinions here,” is how he described it. The company’s clients paid them to post on Internet message boards and popular chartrooms, as well as in gaming forums and social networks like Facebook and MySpace. Who were these clients? “Oh, various people,” he said vaguely. “Sometimes private companies, sometimes political groups.”

    Satisfied that my political views were not strong, he said I would be assigned to political work. “The best people for this type of job are people like you, without strong views,” he said with a laugh. “It might seem counterintuitive, but actually we’ve found that to be the case.” Well, OK. Fine. As long as it comes with a steady paycheck, I’d believe whatever they wanted me to believe, as the guy in Ghostbusters said.

    After discussing pay (which was much better than I’d hoped) and a few other details, he then went over the need for absolute privacy and secrecy. “You can’t tell anyone what we do here. Not your wife, not your dog.” (I have neither, as it happens.) “We’ll give you a cover story and even a phone number and a fake website you can use. You will have to tell people you are a consultant. Since your background is in tech support, that will be your cover job. Is this going to be a problem for you?” I assured him it would not. “Well, OK. Shall we get started?”

    “Right now?” I asked, a bit taken aback.

    “No time like the present!” he said with a hearty laugh.

    The rest of the day was taken up with training. Another staff member, a no-nonsense woman in her thirties, was to be my trainer, and training would only last two days. “You seem like a bright guy, you’ll get the hang of it pretty fast, I think,” she said. And indeed, the job was easier than I’d imagined. My task was simple: I would be assigned to four different websites, with the goal of entering certain discussions and promoting a certain view. I learned later that some of the personnel were assigned to internet message boards (like me), while others worked on Facebook or chatrooms. It seems these three types of media each have different strategy for shilling, and each shill concentrates on one of the three in particular.

    My task? “To support Israel and counter anti-Israeli, anti-Semitic posters.” Fine with me. I had no opinions one way or another about Israel, and who likes anti-Semites and Nazis? Not me, anyway. But I didn’t know too much about the topic. “That’s OK,” she said. “You’ll pick it up as you go along. For the most part, at first, you will be doing what we call “meme-patrol.” This is pretty easy. Later if you show promise, we’ll train you for more complex arguments, where more in-depth knowledge is necessary.”

    She handed me two binders with sheets enclosed in limp plastic. The first was labeled simply “Israel” in magic-marker on the cover, and it had two sections .The first section contained basic background info on the topic. I would have to read and memorize some of this, as time went on. It had internet links for further reading, essays and talking points, and excerpts from some history books. The second, and larger, section was called “Strat” (short for “strategy”) with long lists of “dialogue pairs.” These were specific responses to specific postings.

    If a poster wrote something close to “X,” we were supposed to respond with something close to “Y.” “You have to mix it up a bit, though,” said my trainer. “Otherwise it gets too obvious. Learn to use a thesaurus.” This section also contained a number of hints for de-railing conversations that went too far away from what we were attempting. These strategies included various forms of personal attacks, complaining to the forum moderators, smearing the characters of our opponents, using images and icons effectively, and even dragging the tone of the conversation down with sexual innuendo, links to pornography, or other such things. “Sometimes we have to fight dirty,” or trainer told us. “Our opponents don’t hesitate to, so we can’t either.”

    The second binder was smaller, and it contained information specific to the web sites I would be assigned to. The sites I would work were: Godlike Productions, Lunatic Outpost, CNN news, Yahoo News, and a handful of smaller sites that rotated depending on need. As stated, I was NOT assigned to work ATS (although others in my group were), which is part of the reason I am posting this here, rather than elsewhere. I wanted to post this on Godlike Productions at first, but they have banned me from even viewing that site for some reason (perhaps they are onto me?). But if somebody connected with this site can get the message to them, I think they should know about it, because that was the site I spent a good 70% of my time working on.

    The site-specific info in the second binder included a brief history each site, including recent flame-wars, as well as info on what to avoid on each site so as not to get banned. It also had quite detailed info on the moderators and the most popular regged posters on each site: location (if known), personality type, topics of interest, background sketch, and even some notes on how to “push the psychological buttons” of different posters. Although I didn’t work for ATS, I did see they had a lot of info on your so-called “WATS” posters here (the ones with gold borders around their edges). “Focus on the popular posters,” my trainer told me. “These are the influential ones. Each of these is worth 50 to 100 of the lesser known names.”

    Each popular poster was classified as “hostile,” “friendly,” or “indifferent” to my goal. We were supposed to cultivate friendship with the friendly posters as well as the mods (basically, by brownnosing and sucking up), and there were even notes on strategies for dealing with specific hostile posters. The info was pretty detailed, but not perfect in every case. “If you can convert one of the hostile posters from the enemy side to our side, you get a nice bonus. But this doesn’t happen too often, sadly. So mostly you’ll be attacking them and trying to smear them.”

    At first, like I said, my job was “meme-patrol.” This was pretty simple and repetitive; it involved countering memes and introducing new memes, and didn’t demand much in-depth knowledge of the subject. Mostly just repetitive posting based on the dialogue pairs in the “Strat” section of the first binder. A lot of my job was de-railing and spamming threads that didn’t go our way, or making accusations of racism and anti-Semitism. Sometimes I had to simply lie and claim a poster said something or did something “in another thread” they really hadn’t said or done I felt bad about this…but in the end I felt worse about the possibility of losing the first job I’d been able to get since losing my “real” job.

    The funny thing was, although I started the job with no strong opinions or political views, after a few weeks of this I became very emotionally wedded to the pro-Israel ideas I was pushing. There must be some psychological factor at work…a good salesman learns to honestly love the products he’s selling, I guess. It wasn’t long before my responses became fiery and passionate, and I began to learn more about the topic on my own. “This is a good sign,” my trainer told me. “It means you are ready for the next step: complex debate.”

    The “complex debate” part of the job involved a fair amount of additional training, including memorizing more specific information about the specific posters (friendly and hostile) I’d be sparring with. Here, too, there were scripts and suggested lines of argument, but we were given more freedom. There were a lot of details to this more advanced stage of the job – everything from how to select the right avatar to how to use “demotivationals” (humorous images with black borders that one finds floating around the web). Even the proper use of images of cats was discussed. Sometimes we used faked or photo-shopped images or doctored news reports (something else that bothered me).

    I was also given the job of tying to find new recruits, people “like me” who had the personality type, ability to keep a secret, basic writing/thinking skills, and desperation necessary to sign on a shill. I was less successful at this part of the job, though, and I couldn’t find another in the time I was there.

    After a while of doing this, I started to feel bad. Not because of the views I was pushing (as I said, I was first apolitical, then pro-Israel), but because of the dishonesty involved. If my arguments were so correct, I wondered, why did we have to do this in the first place? Shouldn’t truth propagate itself naturally, rather than through, well…propaganda? And who was behind this whole operation, anyway? Who was signing my paychecks? The stress of lying to my parents and friends about being a “consultant” was also getting to me. Finally, I said enough was enough. I quit in September 2011. Since then I’ve been working a series of unglamorous temp office jobs for lower pay. But at least I’m not making my living lying and heckling people who come online to express their views and exercise freedom of speech.

    A few days ago I happened to be in the same neighborhood and on a whim thought I’d check out the old office. It turns out the operation is gone, having moved on. This, too, I understood, is part of their strategy: Don’t stay in the same place for too long, don’t keep the same name too long, move on after half a year or so. Keeping a low profile, finding new employees through word of mouth: All this is part of the shill way of life. But it is a deceptive way of life, and no matter how noble the goals (I remain pro-Israel, by the way), these sleazy means cannot be justified by the end.

    This is my confession. I haven’t made up my mind yet about whether I want to talk more about this, so if I don’t respond to this thread, don’t be angry. But I think you should know: Shills exist. They are real. They walk among you, and they pay special attention to your popular gold-bordered WATS posters. You should be aware of this. What you choose to do with this awareness is up to you.



  85. Goodxample of how evil counterfeits everything good…..from Market Watch….so God made a banker……it should read if “our God of evil, made a banker” but it is still a good read none the less….

  86. The truth is, the right hand always knows what the left hand is doing when it comes to these politicians. Congress, the Senate and the House could have put a stop to Obama, the FED and Holders nonsense long ago. Who wrote DODD-FRANK….that TBTF fascist legislation…..? Whether it was Barney Frank & Chris Dodd or not, they put their names on it. The TBTF bailouts, the Nationalization of the TBTF corps, and that fascist piece of commie garbage DODD-FRANK were all approved by the Congress, the Senate and the House and communized the entire financial system. They are ALL traitors and they ALL need to be impeached. Who writes and passes all of these fascist legislations……? TBTF…WHO ARE ALL members of The House of Representatives….the Congress & the Senate.

  87. March 11, 2013 Congress is going to start impeachment proceedings of Obama. Then WE THE PEOPLE will need to hold proceedings to impeach Congress & the Senate…..The entire chain of command is compromised from the top down. They ALL need to be impeached from the top down to members of the Congress & Senate. WE THE PEOPLE need to impeach every one of them and appoint many hundreds of U.S. PATRIOTS to fill all of the vacancies that are necessary to turn this ship around…… sue & abolish the FED and issue our own currency.

  88. WE THE PEOPLE need to stop cooperating with the TBTF terrorists. They are our foreign & domestic enemy.

  89. Bill Black is one of the few who has spoken out publically on our behalf. He knows the seriousness of the decriminalization of these crooks who created this manufactured mess. We need more individuals like him and Mr. Barofsky. These people who have been on the inside of the financial system know the dangers of no accountability for this massive fraud by the bank owners.

  90. The survey says what…? Sounds like the return of the family feud. This is the U.S.A and US PATRIOTS never give up.

  91. They are all puppets of the bank owners.

  92. Sobering numbers…

    Friday, February 8, 2013
    Many Americans think damaged economy is permanent, survey finds

    Americans are increasingly pessimistic about the Great Recession’s long-term damage to the economy. (Tomohiro Ohsumi / Bloomberg / February 7, 2013)

    By Shan Li
    February 7, 2013, 10:18 a.m.

    An increasing number of Americans, taking the glass-is-half-empty approach, believe the economy has gone through a permanent change for the worse since the Great Recession, a survey found.
    Six in 10 Americans now think that the economy has changed irrevocably, up from 56% in 2010 who thought so, according to a survey by the John J. Heldrich Center for Workforce Development at Rutgers University.

    Nearly two-thirds of those surveyed say the economy will never fully recover, while more than half think it will take at least six years, if not more, for the county to copletely shake off the damage from the Great recession.

    STUDY: Nearly half of Americans are one emergency away from financial ruin

    “Five years of economic misery have profoundly diminished Americans’ confidence in the economy and their outlook for the next generation,” said Carl Van Horn, a Rutgers professor and coauthor of the survey.

    That pessimism is rooted heavily in what Americans have already suffered.

    About 73% of Americans have either lost a job or know a close relative or friend who has lost a job at some point in the last four years. More than half say they have less savings in the bank than before the recession began. The vast majority of those surveyed think college will be permanently out of financial reach for most young people.,0,516365.story

  93. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: Banana republic, Banking industry, Moral Hazard, Neil barofsky, POLITICS, regulation, regulators, Tim Geithner Livinglies’s Weblog […]

  94. “To reclaim our system of justice, the global threat posed by the failure of any of our largest financial institutions must be neutralised once and for all. They must be reduced in size, their safety nets must be dramatically constricted and their capital requirements enhanced far beyond the current standards. Then, and only then, can the same set of rules apply to all.”

    Coulda-shoulda-woulda-oughta. Bill Black has been claiming the same thing for the past 5 or 6 years. So has Catherine Austin Fitts. Black even testified to it before Congress a couple of times. I followed one of those appearances on C-Span. Didn’t make a dent. Too many people with conflicts of interests… And not enough people with moral courage. Bad combination…

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