Sunday, February 20, 2011

The Housing Crisis reveals continuation of wealth transfer to the rich

 Being wealthy used to be the right of every American.  The old adage work hard and then work harder and do the right things and you can be rich one day.  It is all up to you.  This is still is the case but now you have to be very aware and ready to get out of whatever you are in as soon as the elites on Wall Street decide it is one more thing they need to pillage.  The fact that Wall Street and the Big Banks created the system that collapsed the housing market is revealing.  Even more revealing is that no one is being held accountable for the fraud and illegal activity that ruined the investments of millions of middle class Americans.  Real estate was the one thing left that was still available for the little guy.  It was a place where you could start with very little and become very wealthy over time.  Housing also served as a nest egg for many people who would have had to rely on social security if wasn't for their home equity.  Wall Street and Washington had to get control of housing because it was such a good thing.  Now it will be years before we see normal appreciation and many people were wiped out completely.

What could be a better example of wealth transfer than what happened in housing?

 The banks and the derivatives specialists created a system destined to collapse and the only people losing their wealth and often their home is the hard working citizens of the United States. The entire burden of the trillions of dollars in value lost has been dumped on the shoulders of the Middle class as the banks get bailed out and the politicians get their palms greased and the American homeowner gets fleeced. Of course as banks make record profits.....

The Banks are running the country and driving policy. It is likely never going to stop at this rate because no one has the stones to stand up and speak the truth. All the new blood in congress is apparently not much different than the old. they are all bought and paid for by the banks and their lobbyists and Obama is such an elitist it is comical. He wouldn't know middle class if it slapped in in the face.
Try Neat.Net

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