ELIZABETH WARREN AND JOHN MCCAIN TEAM UP TO REIGN IN BANKS

Go to http://www.msnbc.com. CONTACT YOUR SENATORS AND CONGRESSMEN AND WOMEN. LET THEM KNOW THEY ALREADY HAVE YOUR SUPPORT FOR THIS LAW AND THAT THEY DON’T NEED TO SELL THEMSELVES TO GET SUPPORT FROM THEIR CONSTITUENCY.

MSNBC had a segment today in which they interviewed Elizabeth Warren about a new set of laws reinstating the old style of Chinese walls. There are probably similar interviews on other channels with Senator Warren or Senator McCain and others. Just go to your favorite news channel and look it up. Their approach has bi partisan support because of its simplicity and its history. Historically it is merely a tune-up of the old laws to include definitions of new financial products that did not exist and were not adequately considered in the 1930’s when EVERYONE AGREED THE RESTRICTIONS WERE NEEDED.

Bottom Line: RETURN TO THE BORING BANK SAFETY WITHOUT BOOMS AND BUSTS FROM 1930’s into the 1990’s: leading republicans and democrats are stepping out of gridlock into agreement. They want to stop Wall Street from access to checking and savings accounts for use in high risk investment banking because that is what brought us to the brink and some say brought us Into the abyss. And it would stop commercial banks that are depository institutions for your checking and savings accounts from using your money on deposit in ways where there is a substantial risk of loss that would require FDIC ((taxpayer) intervention.

Banking should be boring. In the years when restrictions were in place we only had one serious breach of banking practices — the S&L Scandal in the 1980’s. But it didn’t threaten the viability of our entire economy and more than 800 people were serving prison terms when the dust cleared. Of course Bankers saw prison terms as an invasion of their business practices and regulation as unnecessary.

But the simple reason for bipartisan support is that the public is enraged that the mega banks (too big to fail) have GROWN 30% SINCE THE 2007-2008 while the people on Main Street are losing jobs, homes, businesses, families (divorce), thus stifling an already grievously injured economy because credit and cash are now scarce — unless you are a mega bank that made hundreds of billions or even trillions of dollars because they were able to create an illusion (securitization) and at the same time, knowing it was an illusion, they bet heavily using extreme leverage on the illusion being popped.

They made it so complex as to be intimidating to even bank regulators. So no wonder borrowers could not realize or even contemplate that their mortgage was not a perfected lien, so they admitted it. Foreclosure defense attorneys made the same mistake and added to it by admitting the default without knowing who had paid what money that should have been allocated to the loan receivable account of the borrower that was supposedly converted for a note receivable from the borrower to a bond receivable from an asset pool that supposedly owned the note receivable account.

The complexity made it challenging to enforce regulations and laws. The complexity was hidden behind curtains for reasons of “privacy”. The real reason is that as long as bankers know they are acting behind a curtain, they are subject to moral hazard. In this case it erupted into the largest PONZI scheme in human history.

And the proof of that just beginning to come out in the courts as judges are confronted with an absurd position — where the banks “foreclosing” on homes and businesses want delays and the borrower wants to move the case alone; and where those same banks want a resolution (FORECLOSURE OR BUST) that ALWAYS yields the least possible mitigation damages, the least coverage for the alleged loss on the note because they would be liable for all the money they made on the bond. Just yesterday I was in Court asking for expedited discovery and the Judge’s demeanor changed visibly when the Plaintiff seeking Foreclosure refused to agree to such terms. The Judge wanted to know why the defendant borrower wanted to speed the case up while the Plaintiff bank wanted to slow it down.

And because of all the multiple sales, the insurance funds, the proceeds of credit default swaps, because the initial money funding mortgages came from depositors (“investors”), and all the money from the Federal Reserve who is still paying off these bond receivables 100 cents to the dollar — all that money amounting to far more than the loans to borrowers — because it related to the bond receivable, the banks think they can withhold allocation of that money to the receivable until after foreclosure and avoid refunding all the excess payments to the borrower the investor and everyone else who paid money in this scheme. And the system is letting them because it is difficult to distinguish between the note receivable and the bond receivable and the asset pool that issued the bond to the actual lender/depositor.

Senators Warren and McCain and others want to put an end to even the illusion that such an argument would even be entertained. Support them now if not for yourselves then for your children and grandchildren.

52 Responses

  1. Well gjonah those purchases were illegal because those Khazar felons are WHO caused that failure because theg never paid for anything in the first place.

    Using the stolen goods of their victims as collateral to print money to purchase stolen goods is GRAND THEFT LARCENY.

  2. The BS that Madoff hurts Jews is about as true as the Wolf girl of Auschwitz ….. jewish charities, jewish stars, and lots of little jews.
    Thank god the SIPC covered 8500 jews for $500,000 (each account), Its said he stole $80 Billion, and though some say he blew most of it on The Ponys and Clothes, I think all of got transferred to Israel.

    It’s the 1929 swindle all over. You collapse an enity, (money supply) and that causes the economy to tank, and prices collapse, and the Madoffs/Goldmans move in.

    The Goldman Types bought most of America’s stock and real estate from 1930 to 1933 for pennies.

    The jewish people are good people, but always persecuted

    Bolsehviks j ews killed 50 million white russians (2 famines, gulags, executions, so what?).

  3. I WOULD HIRE NATURAL BORN U.S. CITIZENS ONLY TO RUN OUR TREASURY DEPARTMENT…

  4. Correct typo….I WOULD FIRE EVERYONE AT THE TREASURY/DOJ AND HIRE EVERYDAY AMERICANS….

  5. Elizabeth Warren says she would replace Bernanke with Paul Volker. What I would do is fore everyone at the Treasury/DOJ…and hire everyday Americans to run the Treasury/DOJ…then I would cut off funding to KORPORATE Amerika by immediately repatriating our stolen wealth of the entire operation including the FED to the U.S. TREASURY DEPARTMENT…and eliminate KORPORATE Amerika completely. Then I would have the Treasury write a big fat check to every American citizen for say $10 million dollars each and give satisfactions on every property to WE THE PEOPLE OF THESE UNITED STATES….LIBERTY RESTORED.

  6. 10 counties in North Colorado want to secede and walk away from what they already built and paid for and hand it all over to the KORPORATE AMERIKA CROOKS WHO STOLE IT….! COWARDS….!

    http://www.electronzio.com/

  7. Amazing Grace how sweet the sound that saved a wretch like the public sector from destroying the private sector…..AKA THE MIDDLE CLASS.

  8. Amendment 9….WE THE PEOPLE IN THE PRIVATE SECTOR….VERSUS…..Amendment 11….WE THE PEOPLE IN THE PUBLIC SECTOR…YES…EVIL, DIABOLICAL & MANIACAL ALL WRAPPED UP IN ONE NUMBER….THE NUMBER 11…..So next time your bailed out public sector friend or relative makes an arrogant remark tell them they owe you their roof…livelihood ….and pension money. You will be sure to piss them off for once.

  9. Yeah…our dear friends and family in KORPORATE AMERIKA…AKA The farm payroll public sector pitted the non farm payroll public sector against the private sector…and hid behind the scenes and laughed at us and the horrors they caused….that’s what 9/11 really means. Mwahaha..

  10. Don’t blame vanguard…blackrock…state street or fidelity…blame their evil little underlings in the public sector….the farm & non-farm payroll demons in the public sector.

  11. What we have going on in America right now is KORPORATE/State controlled fascism by the control freak evi little underlings at the local and county levels who are petrified of getting caught red handed robbing us by us. Too late. Greed and gluttony is the devil’s work and communism/fascism are the devils advocate. That’s why nothing these people are doing is legal, moral or ethical.

  12. That’s right poppy…this blog is outright unbelievable and the reason for that is the liars never thought they would get caught red handed stealing our Liberty. Pretty arrogant right? Pretty ironic too how fraudclosure lead to all of this. That’s arrogance for you.

  13. This blog is getting outright, unbelievable…Neil, you threw the lofty one off before, come on.

    I didn’t know we were here to enhance one’s self esteem and self-importance. Give me a break! Isn’t this about legal issues and discussions of relevant topics? jeez…..

  14. If you were of the spiritual nature you would not need to ask if the pope is Catholic.

  15. The signs are everywhere if you are of the spiritual nature and not of the entitlement nature that is.

  16. Christine…all kidding aside, I don’t know what to think about this situation. It’s really baffling.

    But I’m kinda an Occam’s Razor guy, I guess; i.e., the simplest explanation is usually the best and most accurate. But who knows? I would never have thought that the banks would have done what they did, either.

  17. Christine…”Is the Pope Catholic?”

    Funny you should mention that. That subject has come up a lot lately.

    Got me to thinking. So I hired a Methodist minister and a Rabbi to check this out for me. They’re supposed to present me with a formal report by the end of the summer.

  18. christine…wow…that’s a lot to digest mentally. all that makes my head hurt. i’ll have to think about it.

    hey! wait a minute…what if Stripes is really GARFIELD !!!! If everything you say is true, wouldn’t Garfield have an incentive to assume the pseudonym of “Stripes?”

    Yikes!

  19. And Bob, I will go farther… Notice a few things. Whenever a comment is posted against Garfield, that moron goes off in a completely different (yet still insane) tangent. Notice that it appears in capitals too. And notice that he kinda, sorta, complained about her a few months ago, and then again, a few weeks ago, but never did anything to stop her.

    Does 2 + 2 equal 4 in your world? Does money run this world? Is the Pope catholic?

  20. LEGALLY INSANE…MURDEROUS ….LYING ….ARSONIST ….EXTORTIONIST FELONIOUS THUGS…..EVERY ONE OF YOU…AND NEIL KNOWS IT..!

  21. Bob,

    “Apparently Garfield doesn’t care. He’s been advised of her mentally disturbed state, yet he continues to allow her to post.”

    Let me ask you a loaded (very loaded) question… If you had a website and you allowed such… shall we say “marginal” individuals on it, knowing full well that it could adversely impact on your professional reputation, hence your crusade (or mission, if you will), what possible motive would you have to keep it going?

    Think further down the line… suppose that, by allowing it for over a year, you saw your visitors number jack up from… let’s say… 450,000 to a whooping 8.4 million!!! What would that mean? Why would those numbers be even relevant to you, as a crusader with a mission?

    Money. That’s the only explanation i have. Garfield has a website that pays him by the number of visitors. Otherwise, his behavior makes no sense unless he suffers from dementia, brought upon by his recent ACV.

    The mission appears to be an act (hence the “Hey guys! I’m in FL now but don’t question my never having taken any cases in AZ” stunt). Once again, old fashioned American greed.

    Please Bob, tell me I’m wrong… (F/U stripper. I’m talking to Bob and Bob only).

  22. It’s the evil underlings…!

  23. And its not Obama…nope…!

  24. And I know who every one of them are…every last one of these traitors to mankind….!

  25. That’s right America WE THE PEOPLE are at war with the FELONS AT THE LOCAL LEVEL….THAT IS WHAT THESE FELONS ARE HIDING…!

  26. Remember…none of this shit would have happened if you weren’t felons in the first place. Ones good turn deserves another and all is fair in this war..because YOU ARE THE FELONS ARE WHO WAGED IT….!

  27. And I have legal proof….so bring it on…!

  28. So please do file your complaint….because I have a complaint that will have your asses up on murder and arson charges. So go ahead make my day..!

  29. You are not only murderers…arsonists and financial felons, you are illegal aliens and you have no legal rights idiots…!

  30. Once again you have commited s felony with these threats and good luck because I will file

    Sent from my iPhone

  31. You threatened BG & under the new law that is a felony So good luck

    Sent from my iPhone

  32. Mental masturbation is your punishment for right now…not mine. However….murder and arson are a whole other matter. You are all in deep shit now.

  33. You felons are all going to the well and that includes YOU BOB G….! YOU ARE ALL BEING STUNG AS YOU SPEAK..EVERY LAST ONE OF YOU…FOR BLAMING THE BIG GUYS AT THE TOP….YOU MISERABLE EVIL LYING LITTLE FELON UNDERLINGS…!

  34. WTF FELONY DID I COMMIT BILAYJA…? YOU & K.C. ARE BOTH EFFING SERIAL KILLING LYING FRAUDS & WANTONED FELONS…!

  35. Its a double edged sword … either way she is a freeloader off the taxpayers …. I’m having her shipped back to her brothers house far far away …. Be Warned TU .. you are the only one who claimed her as a sister.

    Sorry Buddy. 😦

  36. Bijaya

    Apparently Garfield doesn’t care. He’s been advised of her mentally disturbed state, yet he continues to allow her to post.
    Go figure.

    Anyway, I’d have to find her exact location and have a DA willing to prosecute her. She needs to be committed, not prosecuted.

  37. Stripes you just commited a felony & I hope he presses charges I am tired of deleting your posts Go away please

    Sent from my iPhone

  38. Nazi commie KKK fuggers…! WE THE PEOPLE know who you all are by the big fat lies you tell…!

  39. Oh yeah Bob G….? You are lucky no one has shot your commie, lying felonious criminal asses full of lead yet…but it’s coming. Either literally or figuritively…or both.

  40. stripes

    you are very fortunate that the institution that you are in allows you unfettered wifii internet access.

    that will probably go away when obamacare kicks in.

  41. One Khazar said to the other Khazar…..why screw billions when you only need to screw millions of Americans…..? MWAHAHA…!

  42. You can stop posting the Khazar commie propaganda videos now Christine. We already know the khazars control the World Bank and the entire KORPORATE scam. This shit is getting old and tired. Time to pay the pipers.

  43. I suppose some will settle for “SOCIAL JUSTICE” FIXES FOR FELONIES THAT ARE ALMOST TOO NUMEROUS TO MENTION. However, these socialists should know that “settling for fraud” also involves committing several Criminal acts such as Concealment and Aiding & Abetting a cover up of multiple Felonies to gain unjust enrichment from the victims.

    The truth is, most Americans do not know that the only LEGAL REMEDY for these types of wantoned Felonies is the Felons need to pay back what they unjustly stole from WE THE PEOPLE..which is an INNUMERABLE AMOUNT OF MONEY and SATISFACTIONS TO EVERY PROPERTY TITLE…AND TO THESE WANTONED FELONS, THAT COULD BE WORSE THAN GOING TO PRISON.

    The Khazar Board of Directors of TBTF DESERVE BOTH….JUST LIKE MADOFF GOT. That is the correct LEGAL REMEDY FOR HEINOUS AND EGREGIOUS CRIMES WITH MILLIONS OF INTENTIONALLY HARMED VICTIMS.

  44. christine

    that’s my point. zero sum game: 0% to 100%. these folks have way below 50% control over their own lives; therefore someone else has the remaining control.

    folks often say they don’t have an interest in history or politics (until it’s too late) …but history and politics has an interest in them.

  45. Bob G.,

    “Control over your life is a zero sum game”. You’re kidding, right? Look here at most of the bloggers: do they look to you as though they have control over anything? Have you seen any one of them get off his/her butt and take any kind of action? Nope! They’re waiting for government to fix everything. God forbid they’d be inconvenienced while watching TV and stuffing up with oreo cookies…

    They don’t even have control over their own mind or their bodies, never mind over their own lives! Nothing happens in a vacuum: this country didn’t fall into chaos randomly. And banks didn’t get away with it because people took to the streets or anything.

    Control over one’s life requires moral courage. Much easier to bitch, moan and blame everyone else for everything. The making of a third-world country…

  46. Stop believing the Red vs. Blue teams bullshit. The people need to stop paying for fraud……..

  47. Is this another stall look over here while we continue to do you in over here, trust no one, do your due diligence, stripes has mentioned this many times “the corporations”
    all needs to change/be abolished/do not use their products for the good of all and not the gov (corp)

    interviewee states “All One Bank” now do yo get it they are giving us a little info? always goes deeper
    also don’t let RT news put your brain in a box as it is just their spin, you will find the true news if you look deep enough, question all.

    good luck all stand strong have faith in YOURSELF not the mouth piece
    less griping more doing

  48. Neil

    I agree that Glass Steagal needs to be reinstated. But it is too late…the banks got big enough so that they now own the govt.

    I am for such a reinstatement. I am also an “extreme right winger.” In my lexicon, that means I am for small govt. Control over your life is a zero sum game. Either you have it, or the govt has it. Period.

    An extreme left winger is for total govt control of your life. And this can be directly through the govt (IRS, NSA, etc.), or through the govt’s surrogate cronies, such as the banks.

    As for Fauxcohantas and Juan McC, they are grandstanding. No bill to rein in the banks is going to get out of committee. If it does, it won’t pass full votes of the House or Senate. And if it does pass, it either will not be signed by Obama, or it will have so many amendments and exceptions as to be meaningless. Remember, we’re dealing with an AG who said he couldn’t prosecute the banksters because their banks were too big to fail. We’re also dealing with a president, who refuses to execute laws or those portions thereof that he doesn’t agree with.

    Best hope is to keep pounding away in judicial forums, and hope that the mainstream media will eventually hop on board.

  49. It is time for the truth.
    Unsecured debt being trade as secured.
    Put the bums in jail.

  50. It is all unsecured debt, period. Carpenter vs Logan 1867 The system is broke. The paper is no good. They need to go to jail, Marta Stewart case anyone ?

    Sent from my iPhone

  51. Jim, so right you are about rein. The House is probably not going to vote for any reining in of the banks. The extreme right wing seems to think that business and money are more important than people. Glass Steagall needs to be reinstated ASAP, and prosecutions need to be started and banksters need to go to jail just like they did in Iceland.

  52. MrEditor

    The headline is an amusing misuse of “reign.”

    To “reign” is to rule. The unlikely duo will reign over the banks. Well great. Hurry it up

    To “rein in” is more likely what was intended. As in reining in a horse

    But what the heck. Eirher would probably be an improvement, except for McCain, IMHO. Too much hot air in that stuffed shirt

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