Is the U.S. banking system a stumbling block to economic progress?
A recent poll reflects citizens frustration with the overall banking system, especially, where mortgage banking is involved. A respectable percentage of citizens across all economic and ethnic demographics, believe the banking systems is the chief culprit in recent mortgage foreclosures. Banks asked for billions of dollars and the U.S. congress and Mr. Bush gave it to them, unconditionally. The assumption behind the gift was "....to stimulate the economy by making new loans available and to extend more time for citizens near foreclosure." But, that's not what happened, is it? If that's not Machiavelli's view of the masses (collective ignorance theory), and such a promise (a gift) has proven to be no more than a Trojan horse offered with strategic timing.....the American economy is in distress and we are engaged in war-perfect timing. The wolf operates against an unguarded hen house.
To properly complete Machiavelli's design, a integral component is required: distraction. When manipulating the middle class a tactic is needed to contaminate reasoning (among the educated) and inflame emotion. How about race, for example.
Welcome to the Tea Party.
It's equally disheartening to know that these same banks has made a tremendous profit from these practices, and to add salt to the public injury, congress gave these banks billions of dollars to effectively, lubricate the process of manifesting these criminal like practices against the American public.
Banks are reporting very strong profits in a down economy. How is that possible?
Bank of America, Citi-Bank and chief investment banking firm Goldman Sachs, are not alone in the ransom of public funds. For example, banks readily acknowledge the practice of expediting foreclosure procedures before properly conducting the title search and other due diligence dynamics. Why? There's a built-in economy here, although, only banks, lawyers and the processing firm will profit from this practice. Banks use only a few processing firms to expedite unwarranted foreclosures. Banks hijack equity positions and outsource most of the paper work to firms who basically, rubber stamp the foreclosure process (for a handsome fee). By doing so, the bank can claim "We didn't know the title was not clear. We didn't know........" This process is called "robo signing."
These same banks denied the court system who suggested bankruptcy court involvement in monitoring the foreclosure process from the very beginning.
The advantage is obvious, the bank receives billions of stimulus dollars and fail to invest those funds via loans, additionally, equity bearing residential properties are absorbed by the banks (forcing many people to live below bridges) who, in turn, dump those mortgages at a discount.
Our point is, stop the waste. Let's put american taxpayers dollars into programs that stimulate the economy. That's why Jaguar Express, Inc. exist, to put tax payer's dollars into transportation systems (via grants) to create jobs, today. This
is the simplest, most cost effective way to stimulate the economy free of waste, pilfirage and extortion.