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FORECLOSURES ACCELERATE AS BANKERS LUXURIATE
Allen L Roland
Bankers have greedily taken their bonuses and are literally walking away from a new tsunami of foreclosures which may lead to a fiscal doomsday for America:
As Martin Weiss, Money and Markets, reported on October 5th ~ " Last year, banks provided new credit at the annual pace of $472.4 billion in the first quarter and $86.7 billion in the second. This year, they're not providing ANY new credit ~ they're actually LIQUIDATING loans at the rate of $857.2 billion in the first quarter and $931.3 billion in the second. So if you're running a business, you may want to think twice before asking your bank for more money. Instead, they may decide to TAKE BACK the money they've already loaned you ! "
Ditto for mortgages. " Last year, mortgages were being created at the annual clip of $522.5 billion and $124 billion in the first and second quarters, respectively. This year, on a net basis, mortgages haven't been created at all. Quite the contrary, the Fed reports that, on a net basis, they've been liquidated at an annual pace of $39.3 billion in the first quarter and $239.5 billion in the second." http://www.moneyandmarkets.com/three-government-reports-point-to-fiscal-doomsday-4-35722
Watch this two minute You tube Video of Bill Moyer interviewing Ohio Democratic Congresswoman Nancy Kaptur who shares her experience, as a representative of the people of her district, to get the attention of and help from James Diamond ( CEO J.P.Morgan Chase ) who literally ignores her plight regarding the accelerating mortgage foreclosures in her district. http://www.iptv.org/video/detail.cfm/5308/bmjl_20091009_preview_simon_johnson_2
If you're not outraged ~ you're on life support.
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Allen L Roland http://blogs.salon.com/0002255/2009/10/12.html
Freelance Online columnist Allen L Roland is available for comments, interviews and speaking engagements ( allen@allenroland.com )
Allen L Roland is a practicing psychotherapist, author and lecturer who also shares a daily political and social commentary on his weblog and website allenroland.com He also guest hosts a monthly national radio show TRUTHTALK on www.conscioustalk.net
Cartoon courtesy of Tom Toles / Washington Post
Allen Roland’s weblog: http://blogs.salon.com/0002255/
Website: www.allenroland.com
ONLY THE TRUTH IS REVOLUTIONARY
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