debt

Flushing Out the Ongoing Bank Fraud and Financial Terrorism

The number of foreclosure filings hit a record high in the 3rd quarter: "Despite signs of broader economic recovery,
number of foreclosure filings hit a record high in the third quarter -
a sign the plague is still spreading."

And banks are keeping losses off the books as they ignore the people that are not paying their mortgages:

JUAN GONZALEZ: And William Black, where is the outrage? It
seems to me, at this stage, with the—as the foreclosures continue to
escalate in numbers, and yet we’re seeing these enormous profits less
than a year after the financial crisis. There doesn’t seem to be the
kind of outrage, even in Congress, that there was six months or eight
months ago.

WILLIAM BLACK: There’s no palpable outrage, certainly not
in Congress. The reform efforts on derivatives, for example, are a
scandal. They exempt virtually all of the problem derivatives, and
they’re designed to exempt it. And that’s the bill that’s introduced,
and of course it’s likely to get worse with additional lobbying from
the special interests.

Link the things that you’ve just been talking about. You talked
about foreclosures reaching record highs. But in fact, foreclosures,
relative to delinquencies, are quite low compared to historical ratios.
In other words, banks have tons of folks who are not paying their
mortgages on time, and they’re not foreclosing. And the reason they’re
not foreclosing is, once you foreclose, you have to recognize losses
under the accounting rules. And the banks gimmicked the accounting
rules. They put pressure on Congress, and Congress put pressure on the
accounting profession to gimmick the accounting rules now about a year
ago. Now, these bonuses, of course, are paid compared to alleged
profits.
What happens if you understate your losses dramatically? You
report much higher profits and much higher bonuses. So this is a web of
fraud, in which they are getting as much as they can before the place
goes to hell in a handbasket again.

Here we are neck deep in debt to pay off the gambling debts of the bankers and now they are completely ignoring their very real losses that are piling up at a record rate simply so they can keep the bonus money flowing into their own pockets:

The Dow is Up but Your House is Gone

So here we have another bankster scam being waged on the consuming public. The scam is to create another "too big to fail" scenario as they make record profits and pay out record bonuses by rigging their books.

But the good news is the Dow is up.

So you or someone you care about is likely without a job or looking for more work. But the elite are rigging the system again, and you are going to fix things next time by voting for a Republican.

And what are these bankers with their Enron style accounting doing to help the homeowners that are on the verge of losing their homes? You can be certain that they are still out there offering ARMs to unsuspecting victims of their financial rape of the world.

And as for you? You get nothing but shafted:

Speaking From the Middle

Now, I ain't no economist, and I ain't no economist's son—but I do have eyes, and ears, and I do live in the United States.  And the people around me, for the most part, are those  who make (probably) something well under $100,000 a year.  For the most part, we've lived reasonably comfortably for the past twenty years.  Our homes have increased in value steadily even though our income has not.  Our children graduate from college (a good sign for the future) and, though they are generally saddled with debt from student loans, jobs (until recently) have been there for them.  With a little luck and careful purchase, many of them were able to buy their own homes, were able to use the increasing value of their homes to offset the burden of college debt.

Feeling the Pinch - Roundup of Economic News

Things just seems to be getting more dismal on the economic front. Even after the approval of the bailout or TARP, the Dow is still flirting with 8,000 and foreign markets are declining. There are visible signs locally, with decreased traffic, fewer people eating out, and even tho retailers are offering huge sales the number of shoppers is down.