View this video from CNBC (h/t Market Ticker)
Now Listen To Dylan Ratigan put in more "User Friendly" Terms:
Now, read this story about how Barney Frank (D-Mass) and Maxine Walters (D-CA) apparently conspired to try to save Maxine Walter's husband's bank, OneUnited Bank, and made sure it got 12 million Dollars of TARP money. This was like giving Al "Scarface" Capone 5,000 cases of Jack Daniels in 1928 and tell him not to violate prohibition.
Now read this article about the Fed Reserve's plane for a second massive round of Quantitative Easing. It is more selling of our children's and their children's future.
It is now apparent fraud was rampant in our Banking system and that once again, unless we as a people start raising "Holy Hell" about this, the people who got bailed out in 2008 are going to get bailed out again on the Taxpayer's dime.
This is not about giving free Houses to deadbeats. THAT WILL NOT HAPPEN. Eventually foreclosure on Deadbeats will eventually take place. This is about Big Finance gaming the system to avoid taxes and fees and breaking the rule of law. Here is link to Karl Denninger's Market Ticker Blog where he is he breaks down how the Banks avoided taxes and fees to local, state and federal governments with the creation of MERS (Mortgage Electronic Registration System). Bottom Line on MERS: It reads and sounds like a company the Mafia would create to launder money and make money. Except it was done by Wall Street Bankers.
To anyone reading this: The "Sharks" (aka Lawyers) are already in on suing all concerned and sooner or later the FULL truth will come out. It is now a question of how, we as a nation, go about cleaning up this mess. Going on TV a la "Joe Scarborough" and say you are going to "Kill America" if you try to hold the banks accountable is a pipe dream. THIS ISSUE IS ALREADY UNDER LITIGATION. THE TRUTH IS GOING TO COME OUT.
The issue now is how we go about saving the patient and that means Congress and the Executive Branch having a "Come to Jesus" moment and commit to full and rapid investigation of this mess and to take our medicine HARD and FAST. It may be too late to save the patient (the Economy) but if you want the best shot at saving our future, we need full and open investigations and an organized, systematic approach to this crisis.
Crimes have been committed and wealthy, important people are among the guilty. That means we must prove to the average American the financial and political elites are held accountable to the same rule of law that Mr. and Mrs. American is held to.
To my Party, the GOP: It is time you have learned the lessons of 2006, 2008 and the rise of the Tea Parties.
I've always played by the rules. I do my own taxes and pay them. I put way more than 20% down on my house, have never missed a payment and I never carry debt on a credit card. I am saving for my Son's college education, so I drive a 14 year old small truck because it still runs and it is paid for. My Son's future takes precedence over my desire to own a sports car. There are millions of people out there that are like me.
We are waiting for Justice and we want to restore our children's future. Now it is time to ask Federal and State Elected Officials: Whose side are you on?
UPDATE FOR FLORIDA READERS: As a Former Bank of America bigwig, Alex Sink either knew about this or was incredibly naïve. Either way, this makes her unqualified for election during this time of financial crisis for our state and country.