Banking Fraud: Now We Have the Proof
Since 2007, everyone has had their suspicions about the banks. The role they played in lending to the less than qualified, the no money down mortgage and the 125% home equity loans. This was a huge contribution to the real estate bubble that led the way to the Great Recession that we are still mired up in six years later.
This week on MSN’s home page an article was written proclaiming, “Bank America former employees were told a lie”.
After eight years, the truth is beginning to surface as to the extent of the banks’ underhanded dealings with underwater mortgages. Much of that which was done in the dark is now coming to the light.
Part of the stimulus the government put into place was given to the banks. This government money, i.e. your tax dollars and mine, was to help the underwater mortgages, the defaulted credit card debt and to extend loans to small business. However, it appears that the majority of the banks did not use the earmarked money for these purposes.
I guess this comes as no surprise to anyone. It seems that the banks really answer to no one on any serious kind of basis. I am sure there are agencies in charge of this, but do they really ever show their teeth? Or is it a quid pro quo and business as usual of the wealthiest sector?
As a citizen and a taxpayer, I would like to know why no one has gone to jail over these offenses yet. Especially in light of the fact that all this money (ultimately our tax dollars) that was handed over to the largest banks was used according to their whims and not properly regulated by the entity that bestowed it.
Canadian banks did not erode the way ours did. This is due to very serious regulating by the Canadian government. It is my understanding that an official regulator from the government has an office in the individual banks.
If things are to change in the way the government does business as usual, more of The People, are going to have to demand an accounting. Our government was set up to answer to the taxpaying citizen, not vice versa.
Since it has been alleged that our electoral system is vulnerable to fraud, we must think of another way to clean up and hold accountable our elected officials.
I suggest the tried and true method of letter writing and petition signing. Another form to push change is the protest. We the People have to get together en masse and protest.
Isn’t it funny how the smallest majority that squeals the loudest, gets the most attention.
The last three decades found us happy and content with the lifestyle we enjoyed here in the United States of America. We have grown complacent. We have urged tolerance. We have thought to let someone else do something. We are busy with our own lives. We do not have the time. All of these are excuses and are not good enough.
If we are not informed, if we are not active, we are surrendering to the small majorities that think they can run our lives, since they think they know best. Our government is full of this kind of “know it alls” and so is our community. This kind of apathy of the larger majority has led to an adulteration of the government, the media and the average uninformed citizen.
The smallest steps taken by one person can make a difference. Wake up in the morning and decide to make a difference today. Get involved or risk losing the voice you still have today.