Merry Olde England is launching itself down the path of austerity at all costs. Since they operate under a parliamentary form of government, once they decide to do something there are no checks or balances. Reports are that they are making draconian cuts to the poor and middle class that Maggie Thatcher could have only dreamed of. Thatcher was of course Ronald Reagan’s role model so it’s no wonder Great Britain is in similar straights as the US but with fewer resources they are getting panicky.
Ireland has already embarked down this path into the dark forest and it hasn’t worked out for them but this doesn’t deter Englishmen from going in search of this holy grail of prosperity through austerity. They might as well be banging coconuts together to make horse hoof sounds. The evidence is right in front of them, “Look at the bones man, look at the bones!”
It’s been proven over and over again that you can’t bring an economy out of recession by cutting spending. Soon enough we will likely start down this road as well. Even if the Dems hang onto the House there will be a report from Obama’s deficit commission coming out soon after the election. Obama has loaded the commission with conservatives who think the answer to everything is to create more poor people and privatize the public commons for the benefit of the very few.
The big mortgage banks are coming under increased scrutiny over the home securitization as well as their foreclosure fraud activity. The FBI is pursuing instigations that could well lead to charges against so-called robo-signers who processed the paper work without reading any further than to check if their name was below the signature line. In some sets of documents all carrying the same bank officials name had different hand writing on every signature. The Sheriff of Cook County (Chicago, Illinois) has reviewed 400 foreclosure orders he has pending and found only 7 had the proper documents attached and he is refusing to serve them.
Bank of America has close to 50 billion in securitized mortgages that investors are demanding that they buy back, BoA says, who us? It isn’t just whining suckers like your pension fund manager that want their money back, this angry mob is being led by the Federal Reserve Bank. Talk about poking the bear. Among the charges is that they sold the same mortgage to two and even three different investors.
The banks involved in this multi-trillion dollar ponzi scheme are issuing various degrees of denial for their culpability. Anybody who is rating their stock as anything but SELL, SELL NOW AND RUN FOR THE DOOR, likely rated Bear Sterns as a excellent buy right up until the end. Do I hear horse’s hooves? www.prairie2.com