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Thursday, July 30, 2009

Loan Modifications...Fact or Fiction

To Modify or To Defend? That is the question. « The Foreclosure Detonator

The link above is a post I just made in TheForeclosureDetonatorFORUM the sister blog to this publication.  In this story I talk about the lies and deceptions used by our financial institutions.

Loan Modifications are one of the major deceptions and lies being used against an already depressed people and society.  One must ask why our so called noble institutions are doing this to us in our nation?

The answer could be as simple as greed and profit.  But it is not that simple.  While greed and profit certainly create the desire to strip this nation's people of their assets and wealth an underlying destruction of corporate morality is certainly the root of this evil.

Corporate morality.  What is it?  What should it be? 

Our system of capitalism certainly provides the basis and opportunity to thrive and succeed economically.  Throughout our history small companies have become large international giants providing jobs and benefits to a vast majority of people.  Some even provided and created their own cities to accommodate their employees like Hershey, PA, home to Hershey chocolates. 

But not all corporations were so civic minded and had actual corporate feelings for their employees or the customers to whom they provided a product at a fair price earning a fair profit.

Historically, companies such as the early railroads took advantage of and destroyed lives and took property to further their own interests creating and building personal and corporate empires of extremely wealthy people. 

Capitalism in its raw state created a class system and a form of nobility with no official titles or designations other then the balance in their bank accounts.  (Each year Forbes Magazine publishes their list of the wealthiest people in this country).  We have no Lords or Baron's, no Sheiks, Prince's or Princesses.  We have simply the super wealthy.   A new class of monied people who earned their fortunes not by inventing or creating anything of value to the world but by running corporations.  They gain and profit even if the company they are in charge of does not.    Yes, wealth created by failure, deception, illusion and criminal activity. 

A class of people for whom all are losers except for themselves and all are fair game in their game of enrichment.  Big oil for instance.  Their executives are well paid for creating record quarterly profits even though consumption is reduced.  Even when the price for a barrel of oil went back down to the mid thirties the price per gallon of oil did not come down to the level it was the last time the cost of a barrel of oil was that same price.  How?  By raising prices to the consumer hence expanding the economic hardships of the already victimized populous even more.  Where is the corporate morality in this example?  When is greed and profit taking enough?  Where is their responsibility to the customers that depend on them to feed themselves and their families?  Corporate morality...NONE!

Where is the corporate morality in the Consumer credit industry run by our dear friends the bankers?  They were giving out their creidt cards to anyone - even high school students - then charged interest rates above 30%, a rate at which most will never pay off their principal balances.  But as a result, paper profits and even stock vallues are up as those executives get paid more and more while their customers make and have less and less. 

What ever happened to the usury laws, the law that said no one could ever be charged more then 18% per annum for any type of credit?  Is that law still on the books just not enforced?  Legislated somewhat out of morality, I believe, as anything above that was considered harmful and even illegal (remember, anything above 18% was considered loan sharking) to the population at large.  A morality and sound behavior now gone.

How about the case of a corporate CEO that almost destroyed the company he worked for, was fired then was hired as the CEO for a major auto manufacturer - that has failed and we wonder why.  This caused many harm but only some sort of morality considers harm in the decision making process.

No, there is no corporate morality anymore.  In fact, morality gets no rewards.  It seems that some have found a way to enrich themselves personally as heads of companies while knowingly stripping the population of their meager wealth.  The poor are poorer, the lower middle class gone, the middle class all but gone - both can be classified as the Poor. and the upper middle class being attacked as the war continues to be waged against anyone with no seat at the table who has any measure of wealth. 

Yes, there is a domestic war going on.  We feel the affects of it as it has touched just about everyone in this nation and other nations as well.  A war against capitalist, democratic rights and privileges.  A war being fought by corporate America - specifically our financial industry which includes The Federal Reserve and The U.S. Treasury - while our elected officials and appointed regulators turn the other way. 

Democrat or Republican it matters not.  These two major parties - which at times in the process seem to be the only two authorized parties - are all part of this war against the people.  They talk, they meet in committees as mentioned in TheForeclosoureDetonatorFORUM's post, they talk and begin to legislate legislation but to no avail.  Nothing is really happening - not for the masses onlly for the classes.

Even now, there is talk about a national health care program.  The big news tonight is that the debates so far have reduced the spending for a badly needed program to $900 billion.  The debate in both houses will continue and no vote will be taken prior to the Congressional recess.  Imagine all this debate and talk and disagreement over funding a national health care program to help the people.  Yet, when it came time to help our Barons of Corporations, they - the government -  quickly and with no discussion, debate or oversight - created and gave them $700 billion (amply called TARP funds as a TARP is a temporary cover one puts over something to keep the water out).  When a Baron of Insurance needed some fast cash - on top of the billions it already had - we, sorry, they quickly gave them over $148 billion. 

And let's not forget that auto giant GM, the largest bankruptcy in our nations history who emerged from their reorganization BK in 40, yes, 40 days with a little help of the $60 billion our government so readily is giving them.  No debate, no discussion.  Where is the morality in this when the people are so needy.  Would not all these billions so quickly given out be put to better moral uses then this?

All these billions - no debate and no discussion - helping who but do the same for let's say national health care - no way.  Why where would the benefit be for the Barons of Deceit?

Millions unemployed, millions hungry, millions homeless and millions about to be homeless.  Hungry, disparate with no shelter - the emerging third world nation.

Some will put morality in a religious context.  I do not.  To me morality is simply the act of recognizing the needs and pains of a fellow human being.  There seems to be more moral injustice talked about and advertised on television concerning animals then towards human beings - the citizens and the people that make everything possible.

Of course all this is just my opinion, what's yours?

1 comment:

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