Tag Archives: The Fed

The resolve of the American people

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One test of the resolve of the American public goes back to the people of West Virginia and DuPont. DuPont had knowingly been poisoning the ground and water supply in West Virginia since 1950, giving cancer to tens of thousands of people. Scientists have since found that 99% of humans on the planet are now affected by the chemical PFOA and PFOA-C8, better known as Teflon, the DuPont chemical. Through their factories dumping toxic waste into the nearby farmland, and the chimney releasing airborne toxins made the ground water, rivers and streams toxic waste dumps. The DuPont chemical creates 8 different kinds of cancer. The molecule is not water soluble and does not break down in the human body. Or any organic body for that matter. Local people watched cattle and other animals die en mass. They watched their own teeth turn black. They saw their kidneys and other internal organs rot and fail. The chemical was put into products that traveled throughout the world. Over time, through the massive distribution of Teflon in numberous products like fabrics, carpet, cooking ware DuPont managed to do massive damage to the entire planet, yet received only a slap on the hand with a $670M penalty in 2015, after a lengthy 15 year litigation. Their stock went UP 1% after the ruling. Then, they merged with DOW to become a bigger conglomerate with more money for lobbyists and to line favorable politician’s pockets.

Today, we have Flint, MI, as another test of our resolve. Nothing seems to change. If we have laws that make corporations “people”, we need to make the “people” liable beyond the depths of their pockets. We need to hold CEO’s and Board members responsible for damages done to the broader public on their watch . Whether this damage is health, environmental or economic we must see real justice handed down to real people who make decisions that destroy lives and our planet with “forever chemicals”.

Another kind of poison to our society is the financial industry. There is a handful of financial institutions that own Washington and its politicians. When it came time to evaluate the damage and possible resolutions to the greed and corruption on Wall Street in the 2008 global economic collapse we found the leaders of the top Wall Street banks meeting privately with the Secretary of the Treasury, Henry Paulson. The top global economists at the time, who were predicting this collapse, were not invited, despite seeing the demise from the outside looking in after the financial deregulations made by President Clinton in 1994. Now, only those of the very rich, who put the large dollars into the pockets of their politician friends, were asked to feed at the table of greed. Their solution was to ask for a bailout. They seemed to have come up with their own answers to self regulate. They chose to pass the buck to someone else. They chose to have the American people foot the bill of their corruption. The term “too big to fail” became the mantra of the time. The idea of self regulation failed.

The damage that DuPont did was based on the idea of self regulation. When the EPA was formed in 1970 they asked companies to give the new agency a list of poisonous chemicals that should become regulated. Now, it was feesibly impossible to give a list of ALL chemicals to the EPA in order to regulate so there was a caveat in the law. This was that if the chemical companies knew that a chemical was damaging to people or the environment and that chemical was not on the list of chemicals that the EPA was regulating, it was up to the company to then self regulate their actions to the extent the EPA would have regulated those actions should they have known of this chemical. The idea of self regulation failed.

Self regulation fails with the corporate structure since it is the idea that a corporation is designed for profit above all else. Micheal Douglas has a line in the Oscar winning, Oliver Stone film, “Wall Street”, where he says, “Greed, for lack of a better word, is good.” He continues on to make the point that greed is a clean drive that “captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind.”

The upward surge of mankind? History shows that the real measured upward surge of mankind can almost always be traced from its art, philosophy, character and compassion. Would one ask whether the upward surge of mankind could be measured in the actions and atrocities of Hitler, Stalin, Mao or the United States? The greed of power and money has continually shown us that “Power corrupts, and absolute power corrupts absolutely.” This quote from Lord Acton holds true today just as it did in the 1800’s. We can see examples daily throughout the world that anyone can withstand adversity. We can also see that if you want to test a person’s character, give them power. This is the true test of the human condition.

Acton took a great interest in the United States, considering its federal structure the perfect guarantor of individual liberties. During the American civil war, his sympathies were with the defense of state’s rights against a centralized government that he believed would, by what he thought to be all historical precedent, inevitably turn tyrannical.

Today we see emperical evidence of the truth to his fears. Over the past decades we have seen our system of government kow-tow to the highest bidder. This evidence can be traced back much farther in the annals of history, but for the United States it certainly became very entrenched in 1913. This was when the richest American, J.P. Morgan, and many of his wealthy foreign and domestic businessmen took control of the American government through the creation of the Federal Reserve. The Fed, as it is known, is a private bank that was able to stronghold then President Woodrow Wilson into signing over the Constitutional right of the country to print its own money to this private banking cartel of a small group of the richest people on the planet. They still maintain this stronghold to date and go on with their business without any relevant oversight to speak of. They have recently reache a point to which their over the counter lending practices between banks in these past few months has surpassed $3T and no one seems to be talking about it. I have a been: Is the NY Fed’s massive loan program even legal?

Henry Paulson was the CEO of Goldman Sachs prior to becoming the Secretary of the Treasury in 2008. I find there to be a huge conflict of interest in this. Goldman Sachs has become the breeding ground for the heads of the Fed and the Treasury creating a very incestuous type of self governance that has failed the country and the global society. The tyranny that Lord Acton was afraid of became manifest.

The tyrants are the unregulated corporations and wealth barons that feed from the famous line of “greed is good”. Self regulation does not work. This has been shown time and time again.

Stanley Milgram, the famed Yale psychologist, began a study in 1961. This study commenced only three months after the testimony of Adolf Eichmann, the Nazi war criminal who went on trial for crimes against humanity. Milgram devised his psychological study to answer the popular contemporary question: “Could it be that Eichmann and his million accomplices in the Holocaust were just following orders? Could we call them all accomplices?” Milgram measured the willingness of study participants, men from a diverse range of occupations with varying levels of education, to obey an authority figure who instructed them to perform acts conflicting with their personal conscience. Participants were led to believe that they were assisting an unrelated experiment, in which they had to administer electric shocks to a “learner.” These fake electric shocks gradually increased to levels that would have been fatal had they been real.

The famed musician Peter Gabriel was first known for his work with the British progressive rock band, Genesis. He went on to create a successful solo career which included his 1986 album titled “So”. On this album was a song called “Milgram’s 37”. In part of the Iyric you will hear, “we do what we’re told, told to do.” this title, the reference to “37” came from the number of subjects who administered the maximum shock in one of the experiments – 37 out of 40 who administered the maximum shock available to give. Self regulation failed.

Milgram’s 37 – by Peter Gabriel

We do what we’re told
We do what we’re told
We do what we’re told
Told to do (2x)

One doubt
One voice
One war
One truth
One dream

Since Milgram the study has been done countless times across the globe to similar results. This study has since shown that nearly 99% of the time a person will follow the directions of the authority figure despite the internal conflict within the follower’s moral character. Therein, the adage that power corrupts.

This study shows us the character of the human specie. We tend to follow orders. We tend to even go against our own perceived moral character in order to do so. Is this due to fear to go against the norm? Or perhaps the desire to rise above our station? Or rather, greed. Therein lies the crux. If we as a society self regulate we fail. Nearly every time. We can quickly fall into the hands of the rich and powerful. When we find ourselves “following orders” and “becoming accomplices” to things we would normally find pause against.

We must as a society rise to the call of the DuPont greed and corruption. We must as a society rise to the call of the failure to prosecute the financial juggernauts that destroyed the economy in 2008. The politicians since have simply become accomplices to the greed and power that lies in its wake.

We must hold politicians and corporate executives accountable. The idea in America that money can buy justice must come to its end.

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I welcome those reading my blog. I appreciate all of the emails I have been receiving. I also appreciate those who have registered and subscribe to this blog. If you have come from Facebook please comment on this site, rather than any Facebook post of this page due to the fact that there are many readers who are not part of Facebook forums, or even Facebook itself. I encourage all readers to put their comments on this site so that all of the information will be accessible to all readers from all parts of the internet. I urge you to join this site and receive the RSS feed, or bookmarking us, sharing us with your friends on Facebook and Twitter. If you know of anyone who might benefit from this information I urge you to pass on this website address! Share and let’s make some change together!

Thank you for stopping by.

©2014-2020 Doug Boggs All Rights Reserved

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The fallacy of loan modifications

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The fallacy of loan modifications help move people toward foreclosure by the belief that the system is designed to help them.

I will start this by stating that I am actually an optimist. Although, it is getting more and more difficult to find that place in today’s world of finance and political and corporate malfeasance.

The arrogance and greed of Wall Street and Washington and the frustration and confusion of the citizens is the game. The mob mentality and the manipulation of fear is the fuel…This is the largest corporate/governmental land grab in history. As the government owns Freddie and Fannie, do to the failed bailouts, (these institutions back 90% of American home loans) and the other banks are making record profits after they received their bailouts, yet are foreclosing en mass and not lending, this tells the story. Quite simple really. When the people begin to believe the level of corruption, from BOTH parties, and the fraud and corruption on Wall Street, and ACT against it things will change. And it can change overnight. France is a good current example.

This will go down in history, that is if the future history books are NOT written in TX, as the largest governmental and corporate land grab in history. The people that deny that this is taking place are not living in the real world. The people that refuse to think the world is this way are not living in the real world. You MUST wake up in order to take back what Wall Street, The FED, and Washington has taken from you! This is a NON PARTISAN situation…

Most people are asleep, and in denial of the true actions taking place. People are walking away from homes before playing their last hand, because they don’t understand the game, their options, their state’s foreclosure laws, the banks legal options, or even the fact that they have the opportunity to challenge the bank. People are nervous about their credit more than they are their home. The world of credit scores as it existed is over and new lines and rules MUST be redrawn. All a FICO score is is a calculated measure of risk tolerance that banks use. Fair Issac, the FICO people, and the 3 credit score firms are also deep into their own fraudulent situations. The whole system is in free fall. The mass media is trying to pacify the people with falsehoods, mis and dis information so the entire system doesn’t simply collapse. Yet the people and “their own little” system of paying bills and having food on the table has collapsed. Understand that your government, a bank or any corporation is NOT ON YOUR SIDE. They can write off losses, or get bailed out. They care NOTHING about the loan holder, or card holder…

If you have stopped paying your mortgage, don’t start again until the bank gives you a new mortgage in line with the current values and percentages. They will send a letter of foreclosure to you, they will threaten you. Possession in 9/10ths of the law. Each state has different Foreclosure policies, timelines, and practices. Learn them!! When the bank forecloses, they must go to court. You should also go to court. There will be a moment when you can ask the court that the bank produce the ORIGINAL loan document to the property in question that has YOUR INK! Due to the fraud, corruption, and criminal activity on Wall Street and the packaging and repackaging of loans that took place, and is still taking place, over 80% of the time the bank is UNABLE to produce the appropriate documents. It is their obligation to supply that document as without it they are in NO position to sue for the right to foreclose. Then follow this with a lawsuit against the bank for harassment, intent to commit fraud, coercion, and along the way we can think of many others…repackage that into massive class action lawsuits…you know…

All of their threatening phone calls, threatening letters of intent is designed to get the homeowner to collapse under that pressure BEFORE it reaches the courtroom. Foreclosure court is currently at the advantage of the homeowner, and not the bank. Why else would the banks and those firms involve forge signatures. Because they don’t have original documents, because they know that they cannot win in court if the people begin to challenge. Now, put that en mass!! That is where the power lies!! They must forge because they cannot come up with the appropriate documents. The paperwork is lost in the shuffle of the Wall Street fraud and corruption of packaging and repackaging loans to resell on the open market. There are even options that traders can buy for options on loans. To trade on loan packages and the real estate market.People spend money to agents that say to them that they will help them with their failed mortgage. This is the one of the biggest frauds being perpetuated today. They tell the homeowner that they will help them with the mortgage company to refinance their loan into a modification. Then they take their money and walk away, knowing the people don’t have the money to sue and come after them for fraud. If the bank cannot help you, that agent cannot help you. And the banks are NOT helping people. Simple. Do not use these con artists.

It is more cost effective for the banks to play the …”oops, we pushed a wrong button” game, or “we didn’t get that paperwork” response. They do this to drag out the process. To wear down the people to a point that people give up or feel that they will lose in the long run, so cut the loss now and move on. People are in a state of confusion with their loss of money, jobs, pride, family turmoil to understand that the banks care NOTHING about helping people. It is the banks position to help their stock holder, thus the Wall Street suit can get the bonus…

It is so simple, but most people don’t want to believe that this is how the world is. IT IS… This is the world we live in. Believe it. The beautiful, wonderful world we live in also has very dark and shitty corners. Understanding this will HELP you live in it. Hiding and not wanting to feel that this is the case will NOT help you. That is his world and the world of the elite on top that create war for profit, buy the judges, lobbyists and congresspersons in order create rules and regulations that help them win in situations like we are in.This will end when people step up and challenge the banks, en mass.

How about this – Everyone simply stop paying all of their mortgages, and credit card debt. Let the banks try to come at every single person in the country begging. The money savings to the people will be put back into the economy in much more productive means than simply paying corporate debt. This corporate debt will be washed away anyway, through the corporate laws allowing them to buy down and write off their debt. The stockholders will take a hit, so sell before begin this process…But what about FICO score. FICO scores are already dead in the water. The credit system that was designed is over. FICO means nothing when the banks are not lending. They are finding it easier and more cost effective for the banking institution to foreclose.Consider this:Does the government REALLY want to clean up this mess or can they find ways to meander through it until the world “gets back to normal” all the while making massive profits along the way…

Okay, let me put it to you this way, and you take it for what it is…In July 2008, Indy Mac failed and was seized by the FDIC. The assets of Indy Mac bank were sold to One West Bank in March 2009. One West Bank was created and is owned by Goldman Sachs VP Stephen Munchen and Billionaires George Soros and John Paulson. All of the residential 1st mortgages were purchased at 70% of the par value of the loan, and all HELOC’s were purchased at 58% of the par value of the loan. Then, the deal these men made with our tax dollars via the congress and senate who agreed to the deal, was that the FDIC would cover 80%-95% of the losses due to any short sales or foreclosures. Now, these men bought the loans at 70% of the value and are guaranteed to 95% of their money back. But, here is another part of their deal. The losses that are guaranteed are to be calculated on the original loan balance. This leaves a spread of profit on the table of a minimum of 20%…GUARANTEED. They CANNOT lose. Your tax dollars are securing their profit margin.

So let me spell it out a bit more clearly…(This is a real real estate transaction) The foreclosed homeowner had a loan balance of $485,000. One West Bank paid @ 70% 334,600 for this loan. Now, this homeowner is offered a short sale from the bank or in the marketplace of $241,000. Now, the ORIGINAL loan amount is what the FDIC agreed to back the percentage loss to One West Bank (or should I say Goldman Sachs and friends). So the difference in the adjusted loss is $244,200. So, the FDIC writes a check to One West for 80% of the loss to the tune of $195,360. So, now you would add the $195,360 from the government, to the profit of the short sale of $241,000 to reach a total of $436,360. But wait, One West only paid $334,600 for the loan. You see, all the bank had to do was sell it for WHATEVER they wanted to…the bank CANNOT lose money on this deal…So, Goldman Sachs, I mean, it’s subsidiary One West Bank, just profited on the sale $101,760.Thanks to YOUR tax dollars and the arrangement with the FDIC, the Goldman Sachs, I mean, it’s subsidiary, One West Bank will be doing this every day, hundreds or even thousand of times for a few years to come…GUARANTEED!!!!

So, if you are still asking yourself “why is it so hard to get a loan modification?” the answer might be simply that there is TOO much money to be made with write offs, short sales, and foreclosures than on loan modifications…You see, Goldman Sachs, damn I keep doing that, I mean, One West Bank actually profited from the sale to the tune of $101,760 even though it was sold for a lesser amount than what they bought it for…DO YOU SEE, YET? DO YOU GET IT?And, by the way, the FDIC recently announced that it needs to start borrowing money from the Treasury. Now, the Treasury is the place where all of the Goldman Sachs people come from. You know, Hank Paulson, Meg Whitman, and so many others…

The Treasury is the government, who Constitutionally, has the right to print their own money, butcancelled this right in 1913 made a deal with the PRIVATE group of white, rich, elite men from Germany, Austria, Switzerland to create the PRIVATE bank called THE FEDERAL RESERVE. or known more commonly as, The Fed. Note, I said PRIVATE BANK called The FED…

Thanks for reading and coming back. I always enjoy the comments, emails and the banter!!

 

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I welcome those reading my story. I appreciate all of the emails I have been receiving. I also appreciate those who have registered and subscribe to this blog. If you have come from Facebook please comment on this site, rather than any Facebook post of this page due to the fact that there are many readers who are not part of Facebook forums, or even Facebook itself. I encourage all readers to put their comments on this site so that all of the information will be accessible to all readers from all parts of the internet. I urge you to join this site and receive the RSS feed, or bookmarking us, sharing us with your friends on Facebook and Twitter. If you know of anyone who might benefit from this information I urge you to pass on this website address! Share and let’s make some change together!

Thank you for stopping by.

©copyright 2014-2016 Doug Boggs

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