I have long considered our entire economic system to be a gigantic Ponzi scheme, dependent on all of us to spend 110% of our net income just to break even - to keep the thing "running". I have also pondered how this whole mortgage debacle, and other aspects of the ongoing fiscal destabilization, is essentially a "looting of the country". Yes, many millions are losing their collective asses, but I'm sure many millions are also cashing in on others' misfortunes.
In this article, the woman's attorney is quoted when discussing the mortgage crisis - using the phrases "giant Ponzi scheme" and "looting of the country".
"Unilateral transfer of wealth" also comes to mind.
Stealing. Legalized robbery.
In theory, because the banks and mortgage companies and investment houses were the "bad guys" in this, conspiratorial in their behavior, predatory in their advertising, policies and lending rules - they should be taking a hit, not being made whole again - a BIG hit.
The recent business-as-usual spending spree by bailed out insurance giant AIG should be evidence enough that these assholes are not taking a hit, but having a grand time on our dime.
Sure the investment houses have disappeared, but there's no doubt in my mind that their chief executives and primary beneficiaries are safely ensconced in their ivory towers. But the banks and mortgage firms - I have a sneaking suspicion they have found ways to make themselves whole again, and continue in their predatory practices, lining pockets in the process.
I could go on and on, but I won't. I'm going to have to do some research and be sure I understand it all, and am able to speak intelligently on the subject.
Greed. Greed. Not a good thing.
Good day my friends.
P.S. I've purposely avoided Madoff's $50 Billion Ponzi scheme. This one is brewing.