Beyond ForeclosureGate – It Gets Uglier

Michael Collins

The ForeclosureGate scandal poses a threat to Wall Street, the big banks, and the political establishment. If the public ever gets a complete picture of the personal, financial, and legal assault on citizens at their most vulnerable, the outrage will be endless. (Image)

Foreclosure practices lift the veil on a broader set of interlocking efforts to exploit those hardest hit by the endless economic hard times, citizens who become financially desperate due medical conditions. A 2007 study found that medical expenses or income losses related to medical crises among bankruptcy filers or family members triggered 62% of bankruptcies. There is no underground conspiracy. The facts are in plain sight.

ForeclosureGate represents the sum total illegal and unethical lending and collections activities during the real estate bubble. It continues today. Law professor and law school dean Christopher L. Peterson describes the contractual language for the sixty million contracts between borrowers and lenders as fictional since the boilerplate language names a universal surrogate as creditor (Mortgage Electronic Registration System), not the actual creditor. Other aspects of ForeclosureGate harmed homeowners but the contractual problems that the lenders created on their own pose the greatest threats.

Whom Does the State Represent?

By Numerian

“Where are Margaret Thatcher and Ronald Reagan when you need them?” So lamented CNBC business commentator Larry Kudlow yesterday in response to riots in Greece over proposed financial cutbacks. Greek protesters, numbering over 10,000, shut down commerce, took over the Acropolis – Athens’ ancient birthplace of democracy – and firebombed office buildings and police stations. Three employees died of smoke inhalation in a fire at a bank – the first deaths in a Greek protest since 1991.

Kudlow asserted that these riots were the work of the unions, and what Greece needed was a tough guy in the mold of Thatcher or Reagan who would stand up to the unions. Public sector unions are certainly at the forefront in organizing these protests, but Greek authorities say that the violence is being perpetrated by “anarchists” – youth in their 20s who show up at a protest scene dressed all in black, with black hoods or masks, and who then begin to throw stones at the police and Molotov cocktails at bank buildings.

Understanding Supply Side Capitalism

Part #2 of Understanding Capitalism and Socialism
by Joaquin

Now that Republicans are starting to talk about restoring Reaganomics, it is a good time to review Reaganomics; i.e., Supply Side Capitalism. This is number two of my technical essays about how the world works. Today we will explore how supply side economics will save the world. So let’s get to it.

Supply side economics became so powerful that it was renamed Reaganomics in honor of the president and WW II movie hero. Reaganomics helped poor Americans understand what rich people have been telling us since the Middle Ages i.e., Robin Hood was doing it wrong.

Some people call Reaganomics “Trickle Down theory”. Its kind of like when I went to college; most of the students studied hard to get in to our college and were from middle class families like me, but this one guy got in because his parents bought a new building for the school.

The Impoverishment of the Middle Class: When Empire Hits Home, Part 2

“The world has already, in the past two years, witnessed the greatest transfer of wealth in human history.[78] What will follow is a global restructuring of class structure as the western educated middle class will largely be decimated and liquidated of all its material wealth. This is a new phase of globalization.”

By Andrew Gavin Marshall
Global Research, March 30, 2010
This is Part 2 of the series, “When Empire Hits Home.”

see also Part 1: War, Racism and the Empire of Poverty

and  Part 3:  Riots, Rebellion and Revolution

The western nations of the world have built their great wealth and societies on the exploitation and plundering of the people and resources of the rest of the world. The wealth, freedom, and structures of our societies have been built on the starvation, robbery, deprivation and murder of millions upon millions of the world’s people, both historically and presently.

It seemed for a time that “Western Civilization” had worked, even if only for the west. We saw the emergence and growth of a vibrant middle class, which has its origins in the Industrial Revolution, out of which we also saw the formation of the “nuclear family.” The middle classes of the west grew in wealth, education, and access. While the great problems of the world, and for the majority of the world’s people, persisted and expanded exponentially, the great purpose of the middle class was siphoned and expanded into facilitating the development of a massive consumerist society. The function of the middle class became that of consuming, not necessarily contributing to determining the direction of society.