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The 10 Ways Wall Street Bankers Waged Class Warfare Against Main Street
I hope you take seriously this summary of the top ten ways the banker class took advantage of Main Street and weakened the middle class. Glenn Beck and the demagogues, some of whom say they are Tea Party people, will tell you that corporations are the victims and borrowers are the ones who took advantage in the credit bubble.
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I am here to tell you that these people are liars and that they support thieves. I can prove that Wall Street has waged class warfare against Main Street, or Mainstreet. Here are the Top Ten Ways that Wall Street bankers, in collusion with the central banks like the Federal Reserve Bank, have waged relentless war against the average guy in America, and will likely continue to do so:
They offered Ponzi lending loans to Main Street, in a way that they never had before. This Ponzi lending was a premeditated scam established at Basel 2 in Switzerland. Loans reserved for people of means were handed out to everyone, sans sound underwriting. People need to understand that this easy money scam played out in unique ways country by country, but that it was a worldwide scam; the biggest Ponzi scam in the history of the world. Ireland, Spain, the US and more countries are victims, or soon could be victims of this scam.
They offered exorbitant and immoral usurious payday loans to the poor with obscene financial returns. These loans were set up to fail so that the banks could maximize the fees that they charged. The Ponzi, doomed-to-fail mortgage loans that followed were patterned after these Ponzi payday loans. Fees became the way banks made a lot of money off of an unsuspecting borrower.
They use QE (quantitative easing) to inflate the price of assets and commodities like gasoline. This is basically a direct theft from the pocketbooks of mainstreet and the poor.
They seek government guarantees of all loans through Fannie Mae and Freddie Mac, leaving the taxpayer on the hook and putting at jeopardy programs that help Main Street. This creates moral hazard, because lenders will take the liberty to loan recklessly as they did leading up to the credit crisis. It is the plan of Basel 3 and the central banks to continue to put governments and taxpayers at risk through these guarantees.
They rig the stock market so that Wall Street insiders win and Main Street patsies lose, according to an esteemed professor, Peter Morici. I have also warned about this manipulation of the stock market.
They made foreclosures on properties in default without proof they even owned the mortgages. They did this to avoid paying fees to state governments each time the note was transferred in the Ponzi scheme to defraud investors the world over. They hid the notes from the investors in the first place, not transferring them to the trusts when the mortgages were originally packaged. This was a massive scam.
They have restarted securitized loans leading to no-money-down ABS (asset backed securities). This is certain to cause failures in car loans, in easy money credit cards and in home equity loans that are included in the ABS market.
They seek to restart dangerous securitized lending in the private MBS (mortgage backed securities) markets which could lead to the same banking crisis that we had before.
They seek cuts in government services for people who need them even though the Ponzi housing loans, unregulated derivatives markets and bank bailouts led to the government financial crisis in the first place. In other words, these thieves got their money and they don't give a damn about the collateral damage to mainstreet.
They attack anyone who seeks to correctly place the blame for the credit crisis as being engaged in class warfare. Well, what did we expect! They continue to lie about who is to blame for the credit crisis!
The complete article with videos and links was first published on Hubpages.com
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