The Muckraker

Muckraking; Origin of the term, Theodore Roosevelt, “... you may recall the description of the Man with the Muck-rake, the man who could look no way but downward with the muck-rake in his hands; Who was offered a celestial crown for his muck-rake, but who would neither look up nor regard the crown he was offered, but continued to rake to himself the filth of the floor.”

BANKERS DAY

Problem; Named after our country, Bank of America, this institution holds no responsible action due to its shareholders or our citizens. As shareholders, the Board of Directors and upper management should have at least disclosed the fact that underwriting standards of their bank, Fannie Mae, Freddie MAC and Countrywide Mortgage were in terrible danger of causing the biggest financial failure of our retirement accounts and endanger everything valuable to our futures.

Instead they continued the process of over lending to a portion of our society that can not & could not repay their loans. Meanwhile the average interest rate in Detroit was lower than Sacramento. A statistical impossibility by lending and accounting standards. This only goes to show that our banking community was in fact being used as a social welfare program.

At the head of the assassination of our economy, A of E Groups, are people running for re-election. Barney Frank, Nancy Pelosi, Harry Reid and many others. Most of which are now saying WHAT EVER IT TAKES to be re-elected.

The best investment most people make is their home. Lenders will tell you the MONSTER in their mortgage is the interest rate. Not the rate of interest but the time spent to pay the loan off. A 30 mortgage at 5% interest for a loan of $300,000 has a total payment of 360 months and $579,768 in total payments. The same loan for 15 years has a total payment of $427,029.

Now that our value in homes has been stripped, we find out the values of every financial retirement account has been impacted and our future looks bleak at best.

Enron officers were put in jail over a multi billion dollar fraud, our bankers and government are asking for more bailout funding AND RE-ELECTION. Meanwhile stock analysts promote the share values of every bank “Too big to FAIL”.

Fail being the operative word, if we fail and elect to support any of these A of E Groups we deserve what we ask for. But should we ask for something that supports our country and our future then we can win back our future?

Solution; The Federal Reserve sells cheap funds to large banks; they in turn charge us more for the use of these funds. Then these people and others destroyed our economy. So let’s send a few to jail, refuse to allow incumbents to gamble with our futures by not reelecting them, and allow the Federal Reserve to lend us all money to refinance our homes at 1% interest for 30 years.

If there are 160 million homes in the US and the average payment were $1,000 each from a 5% interest, then the new payment amount would be $599 per month. Taking the $401 in savings times 100 million homes, then that would put $40,100,000,000 a month back into our economy, which we control, and it would all be taxable. The markets would come back, the Bush tax cuts could be made permanent and we all save our homes and gain back equity.

The political out cry would be the banks and the Federal Reserve would suffer. That inflation would run out of control. Everything is now out of control, bankers should suffer and we need to take control of our own futures and homes.

The Fed should carry the cost of servicing these loans and be thankful for being allowed to maintain the role of servicing our banking community. If they don’t like this agreement then their position would go to the lowest bidder. They are a private corporation after all and should our businesses have failed so drastically our holdings would have been adjusted and opened to taking new bidders.

I believe it is time to close the door on the money holders and their strong hold on our life. Let us put this money back on the streets and in our hands again and recapture our economy. The Federal Reserve was established to protect our banks from financial meltdown, so they charged interest for that rainy day, no other reason. However when that rainy day came we got left with the tab. Where did 80 years of interest payments to the Federal Reserve go, foreign loans?  Double dipping, TARP, Stimulus and interest?  Sounds like a triple to me!

How would the health of our economy be if the $40 Billion/month that currently goes to banks went back into our small businesses instead? Sounds like my kind of wealth distribution…