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Sunday, April 3, 2011

Wisconsin- A New Fight Back Plan!!!!


Could the people of Wisconsin, and the other states, who are being victimized by these Rethuglickcons in the State Houses be stopped by actions other than rally protests? I believe so. I believe there is another way. A way that would probably freak the crap out of Wall Street, and the thugs inside local and state governments. What would be required would be nothing less than a strong effort by grassroots groups to push this possible solution forward. It would require numerous press releases announcing this action.

What I am talking about is allowing the banks to foreclose on your mortgage. If there are people who are underwater on their mortgages, or who are behind in their mortgage payments, or who feel that they will never see a dime of home equity after paying off their mortgages, then I would suggest such people stop paying their mortgages. JUST STOP!

If there was a massive Wisconsin statewide effort to stop paying mortgages, I believe the state legislature would totally freak out. If the grassroots organizers were to demand that the state legislature, and Governor Walker-stalker begin protecting worker rights, such as collective bargaining, along with other supports, instead of harming such rights, then, if unsuccessful, the people might want to use the very tactic that the mega-bankstas, corporate elite, and hedge fund predators used to destroy our jobs, destroy our savings and our retirement funds, and destroy our economy, which was directly connected to securitizing, collateralized debt obligating, derivative making without collateral, and use their same mortgage scamming methodology against them.

If mortgages were used to take down the economy in 2008, then we could now just give back mortgages as a way to fight back in 2011. Leading up to the economic crisis they did not really care if a homebuyer could or could not afford the mortgages issued because their goal was only to steal huge fees and gambles off of them. Workers were being abused by the very Republickers who devised the con, and now, we should give it right back to them.

If there were hundreds of thousands of mortgages no longer being paid on, and the legislature was given a warning about the pending “Stop-Payment-Protest”, then just maybe workers could take control back without ever leaving home!!!

How long would it take before the sheriff would come and take the keys from the mortgagee? Six months? A year? One could live in their home for maybe a year free, while placing their payment into an escrow account that the homeowner sets up at their local credit union. And, what would be wrong with renting a place to live during such a bad economy?

It appears that the Federal Reserve has done everything it could to reward those predators in the corporate Wall Street elite zombie club, who had purposefully stolen the economy away from working and retiring people by putting it into their own pockets, and by bailing them out with $700B in taxpayer dollars, and offering near zero percent interest rate loans totally around $3T so as to gamble on Wall Street, and elsewhere, in hopes to make back their losses without ever helping the victims of their Planned Disaster Capitalism Assault Schemes. These cash sucking thieves have been rewarded by the Fed and Treasury to the tune of trillions of dollars without ever repairing the real economy, restoring lost jobs, or repaying stolen retirement savings and funds.

President Obama has done virtually nothing, either. Actually, he has been supportive of the corporate welfare scamming game, too.

Since Obama has taken office, no reparations have been paid to those who were harmed by the economic predatory class of elite. Nor, have there been any indictments of those involved in the economic collapse. The Obama financial reform bill does little to reform the selling of derivatives in a transparent way. Geithner has been diligently working to make sure the corporate elite is allowed to buy and sell derivatives through a Shadow Banking process. Also, leveraging is still way too high. This bill is just a paper tiger. In addition, Elizabeth Warren, the person who Obama appointed to set up a consumer watchdog agency, has been squeezed by Geithner and his field marshals by weakening any power she might amass. And, Obama does nothing.

What has been happening with the commanding support of Barack Obamadier and his good foot soldier pal, Ben Bernanke, is to make sure that the predator class doesn’t suffer, or share in the “shared sacrifice” that the rest of working America must accept by swallowing their poison pill austerity programs. It is all the fault of working people who have paid taxes to support Social Security, Medicare and Medicaid programs. It is all the fault of such programs that have ruined this country’s economy. This is the message that the Walker-Stalker Rethugs have delivered.

I guess they feel it is perfectly fine that 5% of the income earners own 72% of the wealth. I guess they like the fact that 80% of the people control only 7% of the wealth. I guess they like the fact that 400 people have more wealth than the other 150 million people below them. They feel just fine that nearly 80% of all the economic gains are in the hands of 1%! They like the fact that for 82.4% of non-farm private sector employees their wages have declined by 9% between 1975 and 2010. But for the top 1%, their share of the income has risen to over 23%.

The predator class in Wisconsin elected their bad boy henchman, Scott-the- Walker-Stalker to make sure that the working classes pay for the damage done by the predatory class of elite corporate royalists.

I now believe it is time for payback. It is time to give back the house keys, or actually, let them come and get them from Ya!

Bank of America, a recipient of Federal Reserve Fed Fund Freebees, and bailout handouts, paid no income taxes. Not a penny. Nor has General Electric, the very corporation, which has been given a place in the White House thanks to the appointment of Jeffery Immelt, its former CEO. GE paid virtually no US income tax, either. "We expect to have a small U.S. income tax liability for 2010," GE chief spokesman Gary Sheffer was quoted saying.

While most of us paid plenty, they paid none to little. We are paying for those Treasury bills and bonds that were monetized into bailout handouts, and other sweet cash treats passed out to the corporate elite who paid no US income taxes, either. So, where is their “shared sacrifice”? As a matter of fact, BoA and GE found themselves with huge profits, but paid no income taxes. But, BoA actually received $1B in tax benefits!!!! It paid not taxes but got money back!! WOW! How sweet the taxpayers were to BoA by presenting them with $45B in relief funds when it was heading into the abyss. The IRS allowed BoA to declare what it paid back to the government as a deduction, as well. I believe it is time for payback time!

The CEOs of Americans multi-national corporations were busy, over the last couple of years, buying back their corporate stock and gobbling up competitors through mergers and acquisitions in order to create larger mega-corporations that would be too-big-to-fail, again.

Yet, in 2010 Bank of America slipped into the hands of legislators around $2.2M in campaign contributions, yet did very little to reduce the actual value of homes with eroding home values.

While working people get punished for being the victims of the economic collapse with Ground Zero being the securitization of home mortgages, those who still want to buy a home must put up, at least, 20% as a down payment are often rejected by that very bank for that mortgage because they just don’t have that much cash laying around, since their wages have been stagnant over the last 12 plus years, and inflationary costs have harmed their surplus cash reserves.

I believe it is time to give it all back to the predatory elite. Give back your house keys-which might take a year for them to come and get them.

Currently, there is now around an eight-year backlog of existing homes that cannot get sold. Home price values continue to decline, and experts say that they could easily fall another 20%, and foreclosures will climb another 20% just this year. I don’t believe that these Wall Street predators would like another two years worth of empty homes sitting on or off their tipsy-turvy balance sheets. Many of these mega-banks already have unpaid mortgages on their off-balance sheets and would rather not have more weighing down their already piled up debt.

I do believe that for Wisconsiners to declare that tens of thousands more will “Stop Paying” their mortgages until the changes they desire get done, will shake up the Rethugs in a jarring way. So, JUST DO IT!

What does Wisconsin, or Ohio, or Pennsylvania have to lose by possibly creating a nationwide momentum for a “Stop Paying Your Mortgage” protest until real progressive reform gets done NOW?


As the people demand change, they also push for mortgage bankers to perform "cramdowns" on mortgages that are underwater, and worth less than what the property is worth. When local banks, which also hold mortgages, start to show concern, have them demand the legislature stop regressive actions and move toward progressive changes. This might get local and regional banks on the side of the progressive movement, as well.

I say, clog the system. Do what the truckers do when they clog up the roads with idle trucks to protest their concerns. How about workers clogging the system with unpaid mortgages! Let’s Roll On This One!

http://eye-on-washington.blogspot.com

3 comments:

Dan.Eliot said...

When Buying a home, Discuss the interest rate outlook with your loan officer and try to learn as much as you can about how ups and downs in interest rate quotes might affect your mortgage payment and your ability to qualify for that loan.


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anton said...

I like this comment. I had been in Washington once and that was a wonderful experience there. I love to be there one more time.
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spider veins said...

Wisconsin is my favourite city. I'm glad you had a wonderful time, I wish that someday I could spend a nice day with you guys since you all are very talented writers and I love reading your blogs.