Sunday, January 17, 2010
One Reason for the Economic Downturn
One cause is so evident and virtually never mentioned it is a caution. It was pure and simple a conspiracy that had to be recognized by all the money players. It went like this:We will put up the cash to purchase mortgages and encourage bank loan officers to get the money out regardless of any ability to make payments. We, the crooks will gather the loans we purchase and sell stock based on the value of the total group we call the Star Properties Corp. or something like that. We will pay 15% interest on such groups of mortgages and do it until there is a huge amount of investment that we pocket and run. Billions are in off shore banks and suddenly those who invested heavily in the 15% interest had no inkling that the crooks were minding the office.No doubt those who were left to regulate were making the 15% and who wants to kill the goose that lays the golden eggs? It could be that those banks who were in on the scheme did not invest in the bundled mortgages so you and I can assume that those banks,were, 1. Part of the ripoff or 2. The only honest bankers on the scene. Can't honest bankers get together and admit that is the scheme whether or not they were knowledgeable and suggest how we can get to the bottom of such a devastating scheme? Good Lord, we put people in jail who shop lift. I usually do not believe in capitol punishment but if we insist the punishment fit the crime as in Gilbert and Sullivan then they should be eliminated as the least punishment of that crime.Could the truth be that our legislators have reason not to investigate or to have investigators who are compromised? I am reminded of a chess pool. How about you?