Whereas millions of American homeowners are facing foreclosure, living under permanent anguish, depression and fear under threats of debt and homelessness, and facing ignorance from the government, the crooks on Wall Street, the executives and major shareholders protected by the government are receiving millions and billions of dollars of compensation, money that until 2008 has been soaked from gullible homeowners in mortgage payments, and ever since has been underwritten by taxpayers and the Federal Reserve.
The 99% became poorer and the 1% became richer. Americans are more discontent than ever, inequality is worsening, and the economy is hindered from recovery. Where are our billionaire job creators? Why is recovery not coming back? Because of this massive theft by the 1%, and the huge inequality I just described. Increasing the bottom line for executives and shareholders can only go so far. The next process would be to find investments that yield sufficient profit in the economy. Since 70% of our economy consists of consumption, the consumption of the 99%, beating up the incomes and lifestyles of the 99% means that consumption is depressed, and the 1% that have the money will never furnish that money for consumption (because they already have all they need). Without consumption our economy is in turmoil.
What we need are big investments, rebuilding our infrastructure, investing in alternative energy research and revamping health and education systems. Instead, the rich are calling the shots, and have no interest in making long term investments. After me comes the flood. Instead, the rich are showing enormous anxiety about the money they lent out to the governments and private individuals such as homeowners. How can they extort more from the people without breaking their backs and making them completely incapable of paying them more rent. (Isn’t the whole lending system pure rent extracted from the people and their governments?)
A debt cut would be inevitably the demand of the day, but is prevented by a timid political class that is sucking from the breasts of the billionaires, like a baby sucks from his mother. The rich are also worried about the implications of such a decision, because they fear to lose the money they originally stole from the people. But, no, the job creators can never be made to lose money, even though taking almost all they have will not possibly change their lifestyle. Whereas giving relief to homeowners will dramatically change lifestyle of those people, provide families with peace of mind, and enable people to make other important consumer choices or job choices that would benefit the economy.
“The foreclosure crisis continues. Since January, 26 of the largest American cities have reported surges in foreclosures. Around 2 million Americans currently face the possibility of foreclosure, many of whom may lose their homes this year.
“Ursula, New Jersey – facing foreclosure for 25 months
I was given a mortgage 100% financed in 2005 by Wells Fargo. I wasn’t ready for all the costs that come with home ownership and accrued over $20,000 worth of debt in a year. In 2007 Home 1,2,3, appraised my home for $50,000 more than when I just bought it. I was naive and thought what a great investment, and my debt is gone. My income decreased and I once again refinanced the second mortgage with BofA when I was unemployed. The credit ran out and I filed for bankruptcy in 2008. My sheriff sale is currently canceled due to all my robosigned papers, I assume.
It has been incredibly stressful. I am on antidepressants, antipsychotics, antianxiety medicine. I see a psychiatrist but all the medical expenses add to the stress. I’ve moved out of the home twice, but came back because the house is still there. It’s the biggest burden/nightmare and I see no end in it. I have no plans of where I am moving, I am in limbo. It’s destroyed my life.”
“Michelle, Virginia – faced foreclosure for 44 months
I could not sleep last night because, as usual, the two conflicting decisions from Chase, one written and one verbal, has me so confused and not knowing yet again on what to do for my children and I. I do not sleep well anymore and I began psychological treatment where each week I discuss what Chase did to me that week with my psychologist. I am being threatened by Chase, my whole life has been frozen although I did nothing wrong and I followed their detailed instructions for the last 14 months of my life in order to secure the permanent loan modification. Every single life decision I made was about this and I spent hundreds of hours like a full-time job of my time on this. They kept promising me that if I sent in one more document, one more document, and then finally when they verbally confirmed they got everything, they sent out that written letter rejecting me due to lack of documentation!”