The last few days have created a lot of conversation from people and Congressmen. It seems like some are beginning to wake up and smell the wilted roses.
Following are reprints of comments I have made recently on FlippingFrenzy.com. The article title is linked to the site for your reference. I am reprinting my comments as they describe my beliefs and point of view.
I am not in favor of this or any other bailout plan. Let the free market dictate who survives and who does not. As you will see in my last comment below, I believe there is a far greater plan in effect here that is not for the benefit of the people of this country.
None of these bailouts directly impact or offer badly needed help to Main Street, you and me. Why then you must ask is our government dong this.
Your comments are welcome.
Mortgage Fraud and the Housing Bailout by Ralph Roberts
Comment 1:
Finally!
Maybe someone out there has been listening. Ralph, you are finally beginning to put the blame where it should be.
As I have been saying and writing for many months now, “how high the fraud”? Perhaps now we can vindicate many of the mortgage brokers in the sub prime industry for being wrongfully accused of creating this crisis, however late it may be. It is much like letting a person out of prison after years of confinement only to find them innocent. You can’t give back the years they lost and you can’t give back the industry and jobs lost by the hundreds of thousands.
The corporate executives of these companies now under investigation knew full well what the end result of their schemes would be. After all, they are intelligent with a full understanding of how the system works. They worked the system, enriched themselves along with their inner circles and select employees at the expense of the entire nation.
Indeed, they formulated a plan, executed the plan and sold the concept of “free” money through real estate acquisition to an all but too willing population wanting a better life. In other words, they took advantage of people’s dreams and desires, they dangled a carrot and sucked everyone in. They wrote the book “Fraud For Dummies” and it was a best seller.
They said, we’ll give you something for nothing, in fact, you can have as much as you want for nothing, all we want is your signature. It is a fact that every signature they got they were able to multiply up to sixty times the value of the note. For every dollar you signed for they could make up to $60.
In my article posted here back in February, The Credit Crisis - Subprime Mortgages and Various Idiots, I said, “This could be the greatest Ponzi scheme in the history of the world, and the perpetrators have the nerve to blame it all on mortgage brokers.”The total count of corporate investigations given by the FBI is 26 although they do not name any of the others. I would only hope that Merrill Lynch and Bear Stearns are being investigated as well. I have long laid blame on them as well. Merrill, Bear and Lehman were the sub prime industry. They created the programs, issued the underwriting guidelines and sold the securities to a long line of waiting investors – also duped in believing these were AAA rated issues.
Perhaps J.P. Morgan should be investigated for planning a Sunday evening rescue of Bear Stearns with the aid of the privately and secretly owned Federal Reserve Board, much of which has been controlled for years by J.P. Morgan through his seat on the Board of The New York Federal Reserve Bank. J.P.’s Chairman, Mr. Dimon, still retains that seat. Was this 11th hour rescue to the tune of $55 Billion of taxpayer money just a cover up? Maybe the FBI will discover the truth and the truth needs to be known by all Americans.
The AIG bailout is probably another cover up as would be the $700 billion currently being proposed. None of these bailouts trickle down to any of us, it only obligates each and every one of us and many future generations to this debt.
So FBI, if you do browse this blog as it is said you do, my congratulations for doing your job and protecting the interests of the people of this country. You have the power. Use it to maintain the integrity, honesty and most of all the American way of life for your fellow citizens.
Comment by Larry Rubinoff — September 24, 2008
Comment 2:
“Give me control of a nation’s money and I care not who makes her laws.”Mayer Amschel Rothschild (February 23, 1744 – September 19, 1812)
Rothschild basically founded the central banking system and was instrumental in its formation in the U.S. His colleagues and partners were none other then August Bush - George W’s great grandfather - who headed up The Bank of New York - which in turn financed Hitler and J. P. Morgan - helping him create his empire. These two were instrumental in the formation of The Federal Reserve and The Federal Reserve Bank of New York where as I said earlier, J. P. Morgan still maintains a seat. It is said that by controlling The Fed Bank of N.Y. you control the Fed itself.
Do your research on Rothschild and you will find that he laid out a plan in the late 1700’s - an economic plan that would control most of the world’s economy. In part he called it “The New World Order”. Sound familiar? His plan, which is published and can be found on the internet is being executed today. President Bush is so quick to socialize our financial institutions with almost dictatorial powers. If you read about Rothschild and the Bush/Morgan connection you will understand why. There is no doubt in my mind that the Bush’s are part owners of The Federal Reserve.
Steve, you are correct. The old saying, “he who has the gold rules” has never been more evident then it is today. In fact, that is what Rothschild was saying and what our government is doing today.
Politics have always been dirty but never as it is today. Socialism is a very close cousin to communism which is a first cousin of facism.
Continuing to allow these massive bailouts - a cover up - will mean total control by government - now an entity unto itself and no longer representative of the people. The government will decide if and under what terms you get a mortgage, a car loan, a student loan and perhaps even a job. If you don’t belong to the right party or totally support it you may be denied your loans, a home and transportation.
Don’t think it can’t happen. My father, a Holocaust survivor, back in the 50’s attempted to get his electrical contractors license for several years in the town we lived in. Each time he failed the test by just one or two points. Since he had an excellent reputation as an electrician and was well respected at City Hall, some one at the city suggested he change his party affiliation from Democrat to Republican and he would get his license. He did that and yes, the very next time he took his exam he passed with flying colors.
If we as citizens continue to behave as “sheeple”, allowing the greed and fleecing of America by our elected officials and their corporate cronies, we are doomed.
Comment by Larry Rubinoff — September 24, 2008
Comment 3:
This was all an orchestrated, collaborative effort between government and the private sector financial institutions driven by greed on both sides.
Our politicians dance to the tune of the same drummer, The Fed.
During the Clinton years we saw the emergence and tremendous growth of sub prime. Lenders went from a handful - like Ford Motor Credit - to hundreds of bank subsidiaries around the country. And yes, it was at the governments request that more money in the form of credit was made available.
Sub prime was not the problem. Criteria such as Debt to Income, reserves and value were all taken into consideration. There were no problems then and we did see a period of declinging markets and values. The only difference was a much higher rate as those borrowers already exhibited a poor payment history.
Rates were as high as 16% but again, the borrower had to prove that they could afford it. Having bad credit did not mean you did not have the ability to pay.
The problem arose when the rules of engagement were changed. Eliminating any evidence of ability to pay and offering multiple loans to everyone.
To mask a depletion of our surplus and to take the emphasis over an ever increasing unprecedented deficit and an unpopular war draining trillions out of the economy, the only option left by the Fed and government (they are not one in the same) was to create a credit based (no real cash money involved) economic growth pattern in the only major industry left in this country. By doing so prosperity proliferated the society and society was too consumed by their new found material wealth - real estate, cars, electronics, leisure travel, etc. - to pay attention to or care about the rest.
This is not a normal capital market failure. This appears, to me at least, to be a well planned and orchestrated occurrance.
Pay close attention to the Rothschild quote I gave above.
Comment by Larry Rubinoff — September 25, 2008
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