Whether the truth about the mortgage-backed bonds, the investment bankers that underwrote them, the credit rating agencies that rated them, the banks and mortgage brokers that made the liar loans, and the cover up by the Federal Government, the Federal Reserve Bank and the press, will ever come out at this point is doubtful.
There are a few people on TV and a few people writing books and magazine articles that have attempted to bring the frauds that were committed in the creation of the housing bubble to light, but this has been an uphill struggle.
Whether anyone will be charged with any of the many frauds that were committed and brought to trial is also doubtful.
Certainly, given the above statements, it is understandable that a good many people feel that the system has let them down. The rule of law is to keep the little guys in line, but the big corporations have nothing to fear as their influence buys them the protection they need to carry on.
Eventually, unless everyone that knows the truth about the housing bubble fraud is silenced, the truth will come out some day.
Money talks and bullshit walks, but in the long run, the truth will be known!
Stay tuned.
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4 comments:
One thing I have discovered in my older years of life...in this country, if you can sweep things under the rug and keep quiet....then you will be in the clear and not get penalized.
I hear, in the news, that a lot of foreclosures are now stalled since in many cases the loans were bundled and sold from institution to institution and there was sloppy paperwork. Legal ownership of the mortgage and who has the right to foreclose is called into question.
The game makes less and less sense all the time.
Yes, there sure was (and probably still is) a lot of fraud and also pressure to make money by passing investments around with too much haste. So much money was pushed into the market from distant investors that prices went too high.
It's getting harder and harder to take money seriously. Some folks say money is getting more abstract all the time. Less of it is related to an honest day's work.
The credit rating agencies and just about everyone else have spoiled the game.
Future generations may take a step back from devoting one's life to financial affairs as it's harder to take the world of money as seriously as in the past. Harder to make sense out of it.
In some ways, there is a beautiful logic to financial things, but the economic world has gotten so corrupted and overheated now that it may be time for some sort of reboot in our cultural thinking.
I saw a program on TV here in Brisbane last night, which was about cashed-up Australians buying cheap houses in the US. However, there was a warning that, given the mess with foreclosures and that some of these foreclosures may have been illegal, vendor ownership may not be clear. I suspect this is just one of the lurking problems!
I like the photos you took and showed in your last post. I can see why they would inspire.
Cheers,
Kathryn
I must admit that I am disappointed in the Federal Government and the Federal Reserve Bank and its chairman Ben Bernanke. There appears to be wide knowledge of fraudulent behavior by banking and investment banks, and yet no one is holding anyone responsible for their illegal behavior. This does not speak well for instilling in the next generation a respect for the law. The message as Winslow and Robert allude to is that illegal acts can get swept under the rug, and that money is not important because those that control the money, the Federal Reserve Bank, are in bed with the crooks. The destruction of the Level Playing Field, or the desire to strive for the Level Playing Field becomes a causality for everyone!
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