In the depression of the 1890s, the term for a breadline was a Cleveland Cafe, named after the Wall Street puppet who turned the government over to JP Morgan, London, and their cross of gold. In the 1930s, a shanty town was a Hooverville. In this depression, the wretched victims of foreclosure by Obama’s pals at Goldman Sachs, Citibank, and JP Morgan live and die in OBAMAVILLES. The arrogant elitist in the White House does not care.
Obama is presiding over a $10 trillion bank bailout, all money down a rat hole. Meanwhile, Obama’s so-called anti-foreclosure program is an incentive payment bonanza for predatory subprime lenders – the Angelo Mozillos of Countrywide and their ilk, who sold subprime Adjustable Rate Mortgages which should have been illegal all along.
Want to stop foreclosures? It’s easy: pass a law making foreclosure on any primary residence, family farm, or business a federal crime – for five years, or for the duration of the depression, whichever is longer. Put a family out on the street, shut down a farm, close a factory, and the banker goes to Leavenworth. Start with the great foreclosers – Dimon of JP Morgan, Pandit the Bandit of Citibank, Lewis of Bank of America, Blankfein of Goldman Sachs, and the other zombie bankers. Don’t let them destroy Detroit, Toledo, Stockton, or any other American city.
To get a recovery, wipe out the $1.5 quadrillion of financial derivatives like those of AIG, which have already cost US taxpayers $190 billion on the way to at least $400 billion. Outlaw the hedge fund hyenas that bid up the price of gas in 2008. Re-regulate financial and commodity markets, and bring back the uptick rule and the ban on naked shorts at the SEC.
And for families facing foreclosure, play for time by saying the magic words: “PRODUCE THE NOTE.” To throw you out on the street, the banksters have to show the original piece of paper you signed. In many cases this has been securitized and sent to London or Zurich, and it may take months to find. The predators may even forget about you and go on to more gullible targets – like the dupes who still believe in the inherent justice and infallibility of the non-existent “free market.”