Forum Post: Banks & Wall St. Hurt the World Economy by Creating, Selling TOXIC MORTGAGES and made money every step of the way while screwing investors and homeowners. They must DISGORGE PROFITS for gaming the financial system.
Posted 12 years ago on Oct. 21, 2011, 5:34 p.m. EST by FedWallFedWellFedUP
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Banks & Wall St. Hurt the World Economy by Creating, Selling TOXIC MORTGAGES and made money every step of the way while screwing investors and homeowners. They must DISGORGE their profits for gaming the system.
this help close the loopholes:
Here's how we can easily Reform Wall Street: Take away their powers "once again." And a Million People March to Capitol Hill will help get it done!
For example, "We are here Congress because we want you to REINSTATE the Glass-Steagall Act of 1933 http://www.investopedia.com/articles/03/071603.asp#axzz1aPEc3wX which helped saved our country from the Great Depression by preventing investment companies, banks, and insurance companies from merging and becoming large brokerage firms; instead of just being Banks and Insurance companies--Congress why can't you learn a history lesson from 1929? Btw, why did most of you vote for its final repeal in 1999? http://www.counterpunch.org/2008/09/19/shattering-the-glass-steagall-act (2nd story here)
Think about where we are now, it all started in 1999 with lawmakers like Senator Phil Gramm who helped create legal gambling casinos for our banks: CNN's The Ten Most Responsible for Economy Collapse: http://www.youtube.com/watch?v=gKQOxr2wBZQ&feature=related
Furthermore, we also want you to CHANGE the Commodities Future Modernization Act of 2000 http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000 BACK to where it was before 2000, which since has deregulated energy markets and consequently allowed for such scams as The Enron Loophole; whereas in the early 2000's Enron Corp. was charging 250 bucks plus for a kilowatt hour...They all when to jail for this. But, the Enron loophole is still not closed, for example, allowing speculators to resell barrels of oil over and over again before it reaches the gas station owner. It's basically legal gambling at our expense. What were those lawmakers thinking then? What are you thinking now? Either do the right thing, or you're part of the 1%."
So why are oil prices high? The Enron Loophole. Former head of U.S. Commodity Futures Trading Commission speaks to Congress on the high price of oil--and he's not happy about energy deregulations:
http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related
http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related
Rolling Stones Reporter: Truth about Goldman Sachs--how they have cornered the markets--basically, The Enron Loophole and the shattering of Glass-Steagall Act in 1999. http://www.youtube.com/watch?v=waL5UxScgUw
Let's get focused and bring back Glass-Steagall Act of 1933, they got it right in 1933, we don't need to REINVENT the wheel because bringing this Act back will help create an even playing field once again....and let's finally Close the Enron Loophole, which allowed Enron to charge what they wanted for energy; they went to jail for this; but no one closed the loophole, why? Re-election Monies from the banks and oil companies! The writing is on the wall.
Yes its good to see people looking at the larger numbers. The banks must be broken up. Just let the banks fail. Let the Too Big To Saves fail. There is more debt hidden in those complicated derivatives that are waiting to be found.
And by the way, i just came across this.
Monster Prediction From BofA: Another US Debt Downgrade Is Coming In Just A Few Weeks
http://www.businessinsider.com/huge-prediction-from-bofa-another-us-debt-downgrade-is-coming-in-just-a-few-weeks-2011-10#ixzz1beTgMGKz
Great idea but it will never happen because thieves will never give back money voluntarily. They must be brought to justice kicking and screaming before we will ever recover any ill gotten gains.
New York Times reported yesterday that Citibank agreed to disgorge its profits for creating toxic mortgage investor packages selling them to clients then betting against clients and packages.
But that money did not go back to the 99%, they went back to other hedge funds and institutions, so its the 1% paying back the 1%
what they disgorge is a pittance to what they steal. They look at this as the cost of doing business. Would you steal billions if you knew that you would only have to pay back hundreds of millions? Of course
Believe this disgorging is the basis criminal complaint on behalf of the 99 percent
It's all true. Which gains no ability to do anything about it.----
The way to do something about it is to demand in your state that your state legislation apply to congress for an Article 5 convention. In this way, citizens using democracy in their state, can control the federal government by amending the constitution over it.-
But only do that is you need something to change.
Effort to get conferencing on skype http://www.articlevmeeting.info/
Article V conference, Mark Meckler Lawrence Lessig at harvard 9/25/11-video comments http://www.youtube.com/watch?v=T-7ikbvu0Y8
Lessig power point on article V http://www.youtube.com/watch?v=4gpbfY-atMk
Lots of facts here about Article V. http://algoxy.com/poly/article_v_convention.html
you nailed it, that's a big soluation
Right on! I think it really is time to ask why OWS does not form a committee to look into this for everyones interest in having effective strategy in seeing demand met.---
I've been on this board finding that those absorbed with redundant identifications of problems WILL NOT be accountable to discussing solutions. This needs looking into. Send a message here to OWS.
http://occupywallst.org/users/OccupyWallSt/
Thanks for this and I feel the OSW is true democray at work, and I feel they will get it right soon...
Be sure they get it right because any thing else is sabotage of the movements purpose. Send a message to engage Article V of the constitution as solution in discussion.
will do
The seminal events, that caused the mortgage melt down started with the creation of both Fannie May and Freddie Mac. These were initiatives of Presidents Roosevelt (D) and Johnson (D). It was the Affordable Housing Act sponsored by Senators Barney Frank(D) and Chris Dodd (D). This piece of bad legislation pressured banks and other lending institutions to give home loans to people who could not afford to pay the loan back.
While there are some ethical questions about bundling these these toxic loans with good ones and selling them off, this practice was legal. Lending institutions and other private sector bussineses essential to make profit. Goverment interference in this particlar area tied the hands of the lending institutions (the money would not have been loaned otherwise), so the banks wanted to unload the loans that would not have been paid back. Under these types of conditions the average bank would have suffered a loss had they held on to the bad loans.
Most banks are accountable to their stockholders and customers. Many 401Ks and I.R.A.s have stock in these companies. If the Bussiness dos'nt not make a profit then the average american retirement portfolio will most likely reflect a lower value (such as mine). I am an underemployed electritian pulling an average of 30 hours a week.
People need to understand that the individual is accountable for their actions and must take responsibility for them. Nobody twisted those folks arms to go in to a home loan contract they could not afford. The same goes for student loans. My spouse went to college part time and paid her loans with the job she worked concurrently with her schooling. It took a little longer but she attained both her B.A. and Masters degrees.
The basic premise of this reponse is to awakin the OWS people that there is a bigger picture to our economic problems and that more goverment handouts / interference are not the answer. Accepting individal reponsibility for you future is.