Bankster Jubilee v. Popular Jubilee

Zero Hedge finds the Obama plan to spend a $20 billion “fraudclosure” settlement to reduce underwater mortgages laughable.  And indeed it is.

But it’s a neat measure of how the rank and file of the nation, the Main Streeters, the rubes with no lobby in Washington, are really and truly thought of by the overlords.

When the banks need a jubilee we fork over $12.8 trillion.  The scraps falling from that table for everyone else?  $20 billion – about 1/1oth of 1% of what we do for the banksters.

As I keep saying, there has already been a big jubilee of debt forgiveness with champagne corks popping and everything.  It happened on Wall Street and in Washington.  Not for you.  That much is now out in plain view, for anyone with eyes to see.

Are you mad yet?  Do you understand that your “representatives” are never going to be fair and equitable, that in fact they are criminals who are stealing the bread out of your childrens’ mouths while you watch and maybe think about carrying a placard to a tea party rally?

Your founding fathers gave you a constitution to help you control these evil bastards.  I suggest you use it.

 

3 Comments

Filed under financial crisis

3 responses to “Bankster Jubilee v. Popular Jubilee

  1. apberusdisvet

    Remember the deck of cards during the Iraq invasion. We need a new one. The A of spades for Bernanke and the whole suit for the Fed criminals. Next comes the diamond suit. How appropriate to have Jamie the King of Diamonds and Blythe the Queen. The rest of JPM can fill out the suit. Next comes Hearts, which should be for all those regulators that just LUV market manipulation and watching porn 24/7. I’m talking to YOU, SEC and CFTC (in my best Travis impersonation). Finally the clubs (which they should be beaten to death with) for the executive suites at GS, BAC and WF.

    The guillotines, stonings, etc (we should have an American Idol type vote) await America. Let’s do it!

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  2. Mike

    How much money would move through the economy if people weren’t forced to make debt payments? The recovery would be instantaneous. Yet it would ruin banks, and thus one sees, yet again, that speaking of banks with terms any less severe “enemies,” makes no sense.

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    • Exactly. Boehner calls debt a “leeching and destructive force” and he’s right again. At this point lenders absorb an incredible amount of the nation’s income, because the debt levels are so high. And worse, since people are constantly rolling over old debt into new debt, and since new debt payments are largely interest and not principal, the income to lenders is maximized even as the hole for everyone else gets deeper. And as with all these things, it’s a downward spiral: readily available borrowed money more and more displaces hard to get earned money, and as this happens earned money becomes more and more difficult to obtain. Soon the only realistic way to obtain money is to borrow it, and then of course debt levels explode, as they have. There is no economic remedy for this, only a legal one. But this requires a faith that has largely been lost: the faith that the law can right wrongs.

      To those that have sold their souls to power a jubilee is unthinkable: all in one shot, the power differential is reversed. Earned money will be the order of the day, flowing to people who actually do something other than adjust ledger entries in their favor. It wouldn’t be an exaggeration to say that social life would become more meaningful, since profit would accrue to those who produced meaningful things or rendered meaningful services, rather than just the dispensers of made up “money”.

      Still, it’s a difficult change. We’re used to a faux economy.

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