Repeal Glass Steagall Act

Repeal Glass–Steagall Act.

“The eyes of our citizens are not sufficiently open to the true cause of our distress. They ascribe them to everything but their true cause, THE BANKING SYSTEM; a system which if it could do good in any form is yet so certain of leading to abuse as to be utterly incompatible with the public safety and prosperity. The Central Bank is an institution of the most deadly hostility existing against the principles and form of our Constitution. If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.”

~ Thomas Jefferson

Foreclosure Fraud: Megabanks At Risk As Analyst Identifies New Problems With Mortgages.

~ HuffPost Reporting | First Posted: 10-14-10 08:27 PM

Pension funds and other investors who have suffered losses on mortgage-backed securities could have a "strong legal basis" to call into question the very securitized mortgages they purchased stakes in, increasing the pressure facing large Wall Street firms that packaged these securities during the housing boom, a prominent mortgage bond analyst said Thursday.

READ THE FULL STORY – CLICK HERE

The true culprit for this explosion in these securities could be said to be President Clinton - who signed the CFMA in 2000 - thus making this entire, massive derivatives market completely 'black' to any regulation or oversight. Before the CFMA, the regulatory body charged with oversight of these derivatives would have been the CFTC.

"More than $4.4 trillion in mortgages not guaranteed by the federal government were bundled into securities and sold to investors from 2003 through 2007"

01. We have individuals who knowing lied about incomes

02. We have brokers (mortgage) who fraudulently altered paperwork

03. We have real estate agents who obtained fraudulent assessments from fraudulent assayers

04. We have banks fraudulently forcing minorities into sub prime loans when they qualify for better paper

05. We have fraudulent packaging of these mortgages into grade AAA paper that is actually grade F

06. We have home owners fraudulently deciding to not pay their mortgage even if they can afford it

07. We have banks fraudulently foreclosing on folks

Did I miss something?

When did this all get out of hand? Repeal of Glass–Steagall Act. While all of this will take something greater than I am capable of thinking of to fix. But we can stop the bleeding, re-enact Glass–Steagall Act.

~ Robin

The Wall Street Fix - CLICK HERE