Confidence will not be restored until the US again shows the world that they're ready to enforce the basic laws of the land.
Mortgage fraud used to be a crime.
Insider stock trading used to be a crime.
Falsifying financial documents used to be a crime.
But not under Alberto Gonzalez, Michael Mukasey, Chris Cox, Robert Mueller and George Bush. No, those silly laws just got in the way of doing good business. Or launching stupid wars.
The first step toward calming these markets is to arrest the two most guilty parties in this whole mess - Angelo Mozilo from Countrywide and Michael Perry at Indymac. They called them liar's loans, they knew they were enabling mortgage fraud in order to enrich themselves, and they should be in jail. Period. Frog march them for a mile live on every TV in America.
Get them into custody, seize their assets, and make them squeal.
And those two are just the start. Thousands and thousands were involved at high levels and need to go to jail, including some of your Senators and Representatives. And then millions were involved at the lower levels and at a minimum need to be noted and fined.
The people and the markets demand perp-walks. We demand frog-marches. We demand that America becomes a nation of laws, ENFORCED LAWS, once again.
Today. Right now. This day. No more waiting. The markets DEMAND that the laws of the land be enforced. Finally.
Or we simply fall into the abyss.
October 10, 2008
A SPECIAL HOUSINGPANIC MESSAGE TO THE MONKEYS IN DC: ARREST ANGELO MOZILO. ARREST MICHAEL PERRY. START THE PERP-WALKS. THE MARKET DEMANDS IT.
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Hey, it's a democrat majority is Congress. If they don't want to do it...
Ask your hero Barney Frank and Pelosi to do it.
Maybe there won't be a bailout plan.
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Long Bonds have turned.
Sell rallies in US Bond futures is now likely to prove profitable, imo.
True liquidity crisis is soon to be upon us.
RE: I think you are right SCB
This is going to be the next blow to the world, as the bill to bail out the world will be almost impossible to fund as anything other than a swap of assets or monetization by the Fed.
The government is going to have to decide if it is going to survive damn fast.
Yes these people will need to be arrested . Yes the rule of law will need to come back . I have said it all along that the laws on the books were violated .This is the real truth .
Nobody said a word about the fraud they saw going on around them ,apparently every one joined in .
Its a cesspool of crime from the bottom all the way to the top . The black swan event is that you would have no force that objected to it . "Why is that", you might
ask ?I mean this baby went World wide . The World allowed a mania whereby money would be created by using real estate and stocks as the asset . Money creation was the name of the game . Leverage was the name of the game .
I blame the money market creators to a point .It was a event were all factors converged to created a fake economy . Greenspan lowering the rate ,new models of risk and leverage created by Wall Street that was high risk while rating agencies rated it low risk .Lenders breaching their duty to underwrite loans , borrowers going on faulty risk models . Borrowers willing to commit fraud . Fake demand by speculation and unqualified borrowers driving over building and inflating prices . Greed ,greed ,easy money .Builders in bed with lenders . Faulty government loan programs and low down loan programs . Real Estate agents selling real estate as a investment and willing to aid borrowers in fraud applications .The media and the advertisers brainwashing people that real estate was a great no lose investment . The advertisers and the real estate and money business selling a faulty concept of debt and leverage ,thus mass brainwashing of the sheep that debt and leverage is good .People wanting the get rich quick BS.
But the guys at the top , the guys making millions and billions were the most evil . The market makers in the big Casino .
A lot of innocent people were hurt by this mania of greed and fake money creation . It affected
every one ,just by the inflation of prices and taxes and higher rents and you name it .
The 1929 stock market crash and following Great Depression took everyone down ,even if a person never bought a stock .
This is why you have to have enforced regulations ,especially when it come to the money world .
But ,this Global economy doesn't have proper regulations . The labor markets aren't equal .The money markets weren't regulated . People shouldn't spend more than 25% to 30% of their income on housing. It became a mad mad mad World .
You don't arrest the hand that feeds you, it's just not done.
1776 1789 1917 2009?
Voter fraud used to be a crime too.
Realtor Barbara Corcoran, self-professed bull-shitter and (former)Queen of New York Real Estate, was on the Today Show hawking energy saving methods. She has nothing else to sell at this point. How the mighty have fallen. She should be tarred and feathered with the rest of her ilk. I personally never want to hear from another realturd about ANYTHING.
Note to Politicians:
It's YOUR ASS on the line now.
Mozilo and Perry must go to prison. Call them domestic terrorists, whatever.
Either you get busy or you are gone.
That means YOU, Pelosi, Feinstein and Boxer.
Do it now Grandma Brigade.
“I'd really love not to go to prison. I can't even begin to describe how much I would love not to go to prison.”
“Someone's got to go to prison, Ben.”
Hey Keefer,
We already fell into the abyss 8 years ago, remember. Now we are free falling in the dark waiting and wondering what the bottom will feel like. Will it be solid rock? Spikes that impale? Or spongy moss or cool yielding water? Only time will tell but we are definitely already in the abyss.
-Mike
Keith - What exactly is the crime that you allege Mozilo and Perry committed?
Those of you calling for Mozilo and Perry to be arrested are ignoring the fact that first there must be some credible evidence that they violated a criminal statute. The fact that the markets are responding negatively to the unwinding of the housing bubble is not prima facie evidence that a crime has been committed.
The truth is that mortgage lending has been almost completely unregulated in this country for many years. There is no federal law that would have prohibited the relaxation in underwriting guidelines that the market saw from 1999 to 2006. In fact, federal laws that were designed to lower barriers of entry into the housing markets by first time home buyers actully encouraged it.
There are state consumer protection laws that prohibit predatory lending, but those laws are generally focused on whether the terms of the loan are adequately disclosed to the borrower, not whether the underlying loan makes sense.
It is human nature to look for scapegoats, and I am not suggesting the Mozilo and Perry are blameless, but what exactly did they do that you believe was criminal?
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