(Mortgage Meltdown Is The Wrong Terminology)
These words below do not come from current events. They aren't the only quotes from famous writer. They all have something to do with my thinking, as I have tried to do the right thing for all Borrowers who were cheated from obtaining the American Dream. “Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth.” “Waste no more time arguing about what a good man should be. Be one.” “Understand at last that you have something in you more powerful and divine than what causes the bodily passions, and pulls you like a mere puppet. What thoughts now occupy my mind? Is it not fear, suspicion, desire, or something like that?” "The art of living is more like wrestling than dancing, because an artful life requires being prepared to meet and withstand sudden and unexpected attacks.” “You shouldn’t give circumstances the power to rouse anger, for they don’t care at all.” Anger is not thought. Anger is anti-thought. Marcus Aurelius Antoninus was Roman emperor from 161 to 180 AD and a Stoic philosopher. He was the last of the rulers known, non-contemporaneously, as the Five Good Emperors and the last emperor of the Pax Romana, an age of relative peace, calmness and stability for the Roman Empire lasting from 27 BC to 180 AD
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For those of you who have followed the news for the last several weeks, did you notice that four medium banks had failed suddenly?
The word "medium" is what I would like to point out first. These were medium banks by todays measure. Before 1999 they would have been mega banks. But, the last of these four recent banks to fail and be snatched up by the one time failures of Wall was purchased by JpMorgan Chase Bank a bank that is mega by today's standards. JpMorgan Bank, Bank of America, Citi, Wells Fargo
In September 2008, Congress approved the “Bailout Bill,” which provided $700 billion to add emergency liquidity to the markets. Through the Troubled Asset Relief Program (TARP) passed in October 2008, the U.S. Treasury added billions more to stabilize financial markets - including buying equity in banks.
Now, if you don't know this you should. That when you read the government used money to prop up the same broke banks that stole our houses that the government they were talking about was our government. In other words, you as a taxpayer and all of your taxpayer compadres took this burden on our consolidated taxpayer backs.
The Federal Reserve began buying the same mortgage-backed securities that myself
and everyone I know that thinks about this stuff looked for many years years to find any mortgage-backed securities and found none. The Federal Reserve which is not part of the US Government it is an association of US Banks has been buying $40 Billion of mortgage- backed securities every month by printing the money (which is very, very inflationary) which is again on the backs of the US taxpayers. (If you are a taxpayer this includes you) What caused all this ruckus? Well our government in 1934 was nothing like the lunatic asylum that it is today. Smart men with no television no mega yachts, and believed in facts and truth studied what caused the 1929 Wall Street Crash and the ensuing Great Depression. The law that they came up with was called the Glass-Steagall Finance Act of 1934.
Any one can understand the two most important parts of it that kept our country's economy safe for nearly 70 years. In 1999 the democrat president and a Republican thought it would be best if they repealed Glass-Steagall in full without putting back any laws in its place. 8 years later all of our lives were destroyed and we were left with nothing except the pleasure of paying all of the broke mega banks money to make them rich again.
