America's Repeated Financial Frauds:
An Extension of Endemic U.S. Corruption
The current housing and financial frauds, the end of which is nowhere near in sight, will inflict greater personal and financial harm upon millions of Americans than since the financial depression of the 1930, and very possibly, much worse. The pathetic aspect of what is being inflicted upon the people of the United States, and which is putting the nation in peril, is the sheer number of people complicit in either bringing it about, or who were enablers that made it possible.
Another aspect which the American people have not recognized is that the greed and corruption in the housing and financial sectors is only an extension of the corruption and cover-ups that many government insiders have been bringing to the public's attention for years via books and radio-TV appearance. And as usual, the vast majority of the people have chosen to remain unread about these matters, and when they do hear of some part of the corrupt activities, they have been either too lazy, too apathetic, too cowardly, to show any concern. Now, they are, again, paying for the decades of corruption and tragedies. And this is only ONE of the many areas of corruption and related tragedies inflicted upon them.
The constantly updated book, America's Housing and Financial Frauds, names the players in the real estate field, in the financial fields, and the members of Congress that made it all possible. And some of those members of Congress now showing the greatest outrage are the same ones whose misconduct−aided by the usual bribes from industry−brought this debacle down upon the American people.
Further, if, instead of being obsessed with trivia, more adult Americans had devoted time to reading books on serious matters, they could have helped prevent what is now probably the greatest financial crisis the United States has ever faced. with the outcome worse than the financial depression of the 1930s. This writer grew up during those days, and is well aware of the hard times ahead for millions of Americans.
To understand the broader picture, the extent of the endemic corruption, and the cover-ups, other books associated with this site must be read and understood.
Home Foreclosure Outlook
Home mortgage foreclosures will continue to occur, further depressing the market value of homes, and deepening the economic outlook for millions of people.
A majority of all homes in the United States have mortgages in excess of the market value.
With the continuing decrease in the market value of houses, the number of houses with mortgages in excess of the market value will continue.
In December 2008, it had been reported that one out of ten homes were either in foreclosure or at least one month behind in their payments. That number will be expected to increase with the huge number of job losses and economic downturn.
Many home owners that have mortgages greater than the decreasing market value of the property will simply walk away rather than continue making payments.
One remedy is to give bankruptcy judges the authority to alter the mortgages that are in default. But this will bring many problems with it.
Bailing out homeowners whose mortgages are greater than the decreasing value of their homes is definitely not the answer. Using taxpayer money−money hopefully that can be borrowed from China−to pay the banks that brought about the debacle in which the American people are now embroiled, is impractical. Trillions of dollars would be necessary, while the value of homes will continue to decrease. There isn't enough money, borrowed in most cases from foreign countries, to cover the cost of such changes.
With more homes becoming underwater−the mortgages more than the market value of the homes−it is probable that a major percentage of all home mortgages will be greater than the plunging property values.
Many people are to blame for these conditions. the same culture responsible for the present financial debacles as has been and will continue to be responsible for other tragedies, It is this culture that has made it so easy for a group of insiders to write 19 books on the subject.
Other Tentacles of Endemic Corruption
Government aviation safety offices.
Department of Justice.
Members of Congress.
CIA. They almost look like the good guys after the conduct of the above.
Media people and media corporations that for years continued to cover up for the crimes of the above.
Sampling of Documentary Books On
Systemic Corruption in the United States
More information about these books by clicking here.
Sampling of prior books reviews.
Sampling of reader comments.
American Public: Feeding Trough
For Endless Series of Frauds
Tentacles of Corruption in Financial Sectors
Plunging Americans into Financial Ruin
The root of the multi-faceted corruption had tentacles in a series of major financial debacles that preyed upon and harmed the American people. During the 1980s it was highly publicized savings and loan frauds and starting in 2002, with the bubble bursting in 2007, it was the housing and financial frauds, the end of which may be years away (except for the privileged few in major financial houses who survived nicely with taxpayer money provided with no strings attached by Washington politicians. Even the bailout, using taxpayers' borrowed money, have provisions that bailed out many speculators that had no business being bailed out. Again, bribes to members of Congress produce results!
During this time many victims will be plunged into the depths of financial and personal despair, with some, not able to cope, committing suicide. Families evicted from their homes, living in cars, or tents, without money for food or basic necessities. Entire lives ruined, with the help of bribe-taking members of Congress and others.
Former federal agent Rodney Stich lived through the financial depression of the 1930s and know how people suffered. His broad insider knowledge of the endemic corruption responsible for many American tragedies motivated him to write two books on the matters:
America's Housing and Financial Frauds.
Congress and Other Cesspools.
Included in the contents of America's Housing and Financial Frauds are the misconduct of such people and groups as:
Real estate sales people, appraisers, mortgage brokers, lenders, and Wall Street financial houses.
Wall street financial houses.
Credit ratings agencies that inflated the safety of the product in order to receive millions in fees.
Government regulators who were in bed with the Wall Street firms, and regulators involved in the revolving door syndrome, as in the FAA and other government entities.
Exotic financial products, including CDOs, CDS.
Effect of huge bonuses causing financial personnel to make huge gambles with other people's money, so as to show a huge paper profit at the end of the year, knowing that the financial products would fail.
Buyout firms that loaded acquired companies with huge debt−which brought them fabulous profits−knowing that the companies would go bankrupt when business slowed down.
Well-known members of Congress who accepted millions in bribes to repeal prior legislated safeguards that brought about the savings and loan and present housing and financial debacles. Or who passed legislation allowing fraudulent financial practices to occur. And who, thanks to the public's lack of knowledge, or apathy, still are in Congress, and still receiving bundles of bribes.
The billions in no-strings-attached taxpayers' month to pay off speculators and others who made reckless gambles with other people's money, to bring about the worst financial crisis since the great financial depression of the 1930s−or possible worse!
Although this is no way to win friends and influence people, none of this could have occurred if more Americans had shown some semblance of responsibility and became informed. And with the obsession with video-type media existing today, conditions are even worse than when the prior corruption was rampant. Compounded by the elimination of investigative reporters, and their replacement with cheaper and biased political pundits. The future looks dismal for the American people, who in a way, earned what they are not reaping.
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