Economy still deep in the woods

We are still deep in the woods with the economy.  We have gone beyond what would be considered normal or even a long recession and unemployment is still near 10%.  The government is still trying to spin the reality into a yarn that says that things are turning around.  They statistics the government using are manipulated to push the agenda of the White House and administration that thinks class room economic theory is similar to the real world, but that is for another story. 

Our economy is relying on unemployment checks and aid for food to keep money circulating.   We have turned over control of the economy to the CEO's that put us in this structured depression.  Hopefully the recent cases that ruled in favor of the plaintiff and against the big banks will be a catalyst for real structural change to the banking system.  Kemp vs Countrywide and the recent Wells Fargo case  could set precedent for action against the too big to fail banks.

It is possible that the only way the government will step up to the plate and demand accountability from the banks is if judges make the effort understand the Pooling Service Agreements for the Residential Mortgage Backed Securities.  They will then easily see how the bankers have torn the economy to shreds through fraud and deception.




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Dylan Ratigan making case against the banks on his afternoon show. 

Wells Fargo case

Pennsylvania court decision over RMBS fraud

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Federal Home Loan Bank of Pittsburgh Scores Victory in Lawsuit Over Fraudulent Sale of Securities

More information on Sub Prime loans, secruitization, and the housing crisis at SubPrime Shakeout

Quote From SubPrime Shakeout
"In the first substantive decision handed down in any of the five major lawsuits by the Federal Home Loan Banks (FHLB) over RMBS losses, the Hon. Stanton Wettick, Jr. of the Court of Common Pleas of Allegheny County, Pennsylvania dealt a blow to JPMorgan Chase, Countrywide and other securitizers of subprime and Alt-A mortgage loans, while letting the ratings agencies largely off the hook."

Time will tell if the courts will hold the banks accountable.  The country needs to see some penalties levied against those in the mortgage business in order to restore trust in the financial system.  We are seeing continued kid glove treatment of the banks as the current crisis remains an anchor hindering the economic recovery. 

The ratings agencies have gotten  free pass as well as the appraisers and the home builders who had used their own mortgage financing arms to drive prices higher with inaccurate appraisals and by creating scarcity hysteria that was completed fabricated. 
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