I wonder how much longer people are going to stand for the current system of banking and economics? The fundamental corruption that is being revealed does not seem to be on the radar of the general public. The corruption has been apparent ever since the meltdown and bailout.
I’ve lost faith in the economic system in ways I’d never thought to question it before. I always assumed there were insider deals and all of that, but as a kid I bought into the image of the moral Brittish banker in Mary Poppins, the hard-core, honest-as-the-day-is-long guy with no sense of humor but an incorruptible sense of duty to the depositors.
When WILL I stop believing all the fairy tales?
Here are my specific reasons for losing faith:
- Mortgage companies were doing fraudulent home loans on a massive scale using fraudulent practices, lying about applicant incomes and putting stupid people into variable rate loans they could not afford when the rates went up (don’t worry, you’ll flip it in a year and make a cool $100k)
- Banks were then packaging and selling these fraudulent loans to investors.
- Banks were manipulating interest rates via LIBOR another form of fraud to increase their revenue, thereby making mortgage holders even less likely to be able to make their payments.
The real estate bubble was obviously created as a global ponzi scheme so that a few people could get filthy rich. The system is being played, the middle class has been robbed, and the rich walked away richer with government bailouts. The very same people who set up the fraud in the first place benefited from the fraud, the bailouts, and now the recapture of valuable real estate.
The most startling thing to me is that the average American so stupid they can’t even look up from their smart phones long enough to say, “Wait, wait …what the hell?”
Industry needed a serf class in America. The wealthy needed to impoverish Americans just so that they would say “thank God I’ve got a minimum wage job!” It is a brilliant scheme and it is working to perfection.
You would think that the wealthy might be afraid that Americans will put down their video games and get pissed off.
But the truth is that all they need to do is producing shiny things we can barely afford to buy, things that distract us from thinking, things that not only occupy our feeble brains and enable us not to think at all about how we’re getting screwed at every turn by the wealthy.
The incredible thing is that we also PAY them to participate in the distraction.
Well, at least I’ve still got the tooth fairy to believe in as my teeth fall out from lack of dental care.