Comments on: U.S. Mortgage fraud reaches critical

By: 24K

24K — Wed, 13 Oct 2010 19:11:28 +0000

Testa i love the 'shock and awe' concept.

I can picture suits round an oval mahogzany table, or in a private jet maybe.

"We need something big, REAL big".

http://www.myspace.com/strangetowncollective

By: Unclear

Unclear — Wed, 13 Oct 2010 13:51:44 +0000

Glad you mentioned Gordon Brown and his "Rapid, coordinated and concerted action"

What do we think the US Govt was saying during the last meltdown?

Maybe they were saying, "Please, don't mind us, do whatever you feel is best for you."

Or maybe they borrowed a line from Frank Booth, "Straight from my heart, fucker! You know what a love letter is? It's a bullet from a fucking gun, fucker! You receive a love letter from me, you're fucked forever! You understand, fuck? I'll send you straight to hell, fucker!"

Maybe when Gordon brown inadvertently claimed he'd saved the world, he really believed he had.

Maybe, maybe, maybe, Unclear.

By: Golem XIV - Thoughts

Golem XIV - Thoughts — Wed, 13 Oct 2010 10:41:01 +0000

Hello Jamie,

I agree. The States now have every reason to go after both the banks and those trying to protect them on Capital Hill. This could get epic. Once ground roots angry people see 'smart' people and lawyers essentially saying 'You're right, these people are crooks' then those ordinary people may feel emboldened sufficiently to actually do something.

I see the Tea Party as heralding a shift in American politics. I wrote about it in August in a post called Amercian Revolution.

By: JamieGriffiths

JamieGriffiths — Wed, 13 Oct 2010 10:25:44 +0000

This is absolutely massive and it's really hard to see how this is going to play out because, as many commentators have already said, it hinges on private property rights. Some kind of political 'fix' e.g. legislation quietly passed through congress (as has already been attempted) is incredibly dangerous for the ruling classes as private property is the cornerstone of their whole belief system and the bedrock of their 'superiority'.
Not only this, but if we end up with banks (and their Washington allies) on one side of the dispute and states on the other, what we essentially have is a battle between the rights of the state to seek redress under current law and those of central government legislators to change the law. The conflict between state and federal government has been central to US politics since the signing of the constitution. Since the end of the civil war the lid has stayed pretty much on except for occasional flare-ups (e.g. during the civil rights movement). The Tea Party movement - essentially an anti-big government movement that started with anger at the bailouts but was then cleverly railroaded into racism by the Republican establishment - has already shown that there is widespread rage at the financial elite for the states to tap into.
It's like the divisions in American society have suddenly gone Technicolour again.
Interesting times indeed.

By: Golem XIV - Thoughts

Golem XIV - Thoughts — Wed, 13 Oct 2010 09:21:35 +0000

Testa,

Not sure what you mean. I certainly think even if the law suits are set aside, before that happens, it will have hurt th eincome of the Big Banks this quarter. If the suits continue then it will get serious.

It is conceivable that obe outcome is that the US tries to print its way out by printing money for F&F to use to pay out on the securities it has bought rather than put them back to the banks.

If there is growing unrest in the US particularly, then allowing something to go under to frighten people back into line is a true and tried tactic. But who, what? The problem everybody is so entangled its difficult to let someonw go down but still contain any fallout.

As for shorting the banks I know what you mean. The problem is you would be betting againt the Fed.

By: Testa

Testa — Wed, 13 Oct 2010 07:24:46 +0000

Do you think this change the outcome of the Basel III results....

Anyway I am sure they will try to help their mates/themselves out. However as you say its going to be more difficult if not impossible to get this done 'politically'. I think adding to this if I may that this maybe because also it was somehow different during the 2008 crash i.e an emergency etc. Now people are more aware and are more hateful of financial institutions in general, unemployment is worse, most finances of people/states/sovereigns is WORSE than before. And people are just more FED (no pun) up.

So therefore I think 'they' might have to have another 'Lehman' sacrifice or 2 or 3 or a whole country essentially something 'shock and awe' in order to get people lined up to swallow these terrible financial crimes.

So tempted to short banks right now........