Forum Post: A Brief Message to Anti-Protesters
Posted 13 years ago on Oct. 15, 2011, 10:56 p.m. EST by DoraDevout
(15)
This content is user submitted and not an official statement
This is not a movement against capitalism. This is not a movement against the rich. This is a movement against an under regulated and under taxed Financial Industry.
The Financial Industry (ie. Wall Street) comprises 1/3rd of our annual GDP. THIS YEAR, the Federal Reserve handed out $16 trillion in private loans to various banks in the industry. Just to get you up to speed, the annual GDP of the country is only $14 trillion. (http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3)
This is NOT about work ethic. This is NOT about the rich. This is about accountability. This is about our government doing everything in its power, even at the expense of its populace, to protect the "too big to fail" banks. In a capitalistic society, the government is NOT the vanguard for industry, and yet that is EXACTLY what we have today.
True Capitalism would've seen the death of those banks bailed out back in 2008. We aren't upset with capitalism, we are upset with our governments role in it.
So next time you want to say, "suck it up and work harder", just remember that in 2008, THOUSANDS of HARD WORKING Americans lost their homes to fallacious foreclosures, and many of them ---didn't even have mortgages.---
Dora,
They weren't fallacious foreclosures. They borrowed too much money. It doesn't matter when or where they did this. If you borrow too much money you go bankrupt. This will still be the case in 2021, in 2031, in 2041,...
I would suggest you research the term "MERS" then rethink your statement. The problem is many banks were so busy bundling up the mortgages and selling them off they chose not take the time to legally trasfer owenrship.
How can a bank forclose on a property without clear ownership? Robosigners ... fraud. It's illegal.
Perhaps Dora is referring to situations like the ones described here:
http://www.nypost.com/p/news/business/mortgage_mayhem_f6s6c9xyMb08Zo2ZheMQ4O
Yes, I am, and this WAS NOT an isolated event. This was rampant. Not only to people that didn't have mortgages, but people who had them AND WERE APPROPRIATELY PAYING THEM OFF.
In case you didn't know, during the 2008 foreclosure season, almost all notices were automated, and many of them were sent out under FALSE PRETENSES.
The banks DO NOT need your defense.
Thank you.