A debt that cannot be paid, will not be paid. No computer has yet determined, derivatives, debts both public and private, just the dire condition of the world's economy. This we know, for a long time hard working, tax paying, God fearing citizens...not in jail, not on welfare, producers, have been the collateral (security for payment of a loan) loans and national debt of this nation. The American public has been in bondage, slavery for most of my lifetime. When the politician learned that he could buy votes by giving away tax dollars, when he learned that he could take care of himself, his family, his friends, by keeping his hands in the treasury, we saw public offices purchased for tremendous prices. Obama paid $1 billion the last time.
The American people are just that dumb. In bondage themselves, their hard earned wages subtracted from their pay ahead of time to buy entitlements and even “love affairs” (John Edwards, Bill Clinton, Mark Sanford) and the state controls (prostitutes) news media just brushes it all off like JP Morgan, M F Global “no big deal”.
I well remember the first building and loan associations. They were in every town of any size. Hard working – responsible families could apply for a loan with which to buy a home. Each S&L had a board of directors who approved such loans assured that the borrower could make the payments.
In all banking activity, there has always been moral imputation – compunction between the lender and borrower. The word is integrity.
Beginning in my lifetime, mostly around military installations where there was a need of housing for workers, government subsidized housing...mostly like chicken coops, all same floor plan, all with the essentials of kitchen, bath, two – three bedrooms, housing easily affordable by workers or even military personnel.
These were not good enough and of course the greed of “slum lords”, Section 8 housing, wherein any house with certain equipment could be rented to low income families, subsidized by government. But, again, this was not good enough for such liberals as Barney Frank and Chris Dodd. Maxine Waters friend, Franklin Rains, and others pilfering and plotting with their Mafia cousins, Fannie Mae and Freddie Mac, started putting everyone, regardless of anything, in any type house. Just imagine a couple with a combined income of $30,000 moving into a $600,000 home...many without jobs, savings, little more than paupers. This is where we found ourselves, after the fiasco of the dot-com bubble, Obama's bail out bubble, the insanity of a real estate bubble. Bankers have always been an elitist group caring more for their titles – their portraits in the boardroom, than the balance sheet, just a small matter of a small profit, a positive bottom line.
In Iceland, people in houses underwater (money owed on house more than the house is worth) just told the European bankers to whom the money was owed, “We will not pay you”. The same thing will happen in Greece where the entire country is underwater, small population (8-10 million) owing more than they make. The European bankers have already taken a 50% haircut, they will probably lose more than 50%, perhaps 90 or 100%. This is probably what will happen in America. Just imagine a city of empty houses, jails filled with people, those citizens not in jail, guards for the jail. In every banking activity, there must be a moral obligation between the lender and the borrower. The lender must have the moral obligation of knowing that the borrower has the ability to pay. Otherwise, we are operating in a system of fraud.
We know that government is a cauldron of rotten fraud. The only source of money for government, taxes from the private sector, it has always been voluntary. Patriotic citizens voluntarily paying their taxes. Stupid citizens finally realize that they are the pawns – slaves of government. Naturally the government would rather have you stay in your own house, particularly if you have paid for it, so they can tax it. They prefer for you to manicure your grounds, make the repairs, take all the risks.
This writer has traveled the world, every continent. If you want to see ugliness in housing, ugliness in landscaping, mere survival in a home, look at the communist system of government – housing. There is no pride in making a house a home, you see no flower beds, window treatments. If animal survival is what you want, then continue to vote for your Democrat/Communist candidates such as Obama and his ilk.
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