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Money Henchmen and the Sub-Prime Fiasco
(The cartoon at the bottom of this page is appropriate!)
It's really been a very inetresting couple of days this past week, hasn't it?
Here Mayor Jackson is, in one week, going after the thugs, guns, illegal drugs and to top it all off, those major banks that have been linked to all of the subprime lending practices. Well, at first look, it may seem that way, at least! Let's back it up a bit and ask a few simple questions, shall we?
Just who created that subprime market to begin with? Was it not Dr. Alan Greenspan, the former Chairman of the most powerful privately owned corporation in America, known as the Federal Reserve Bank? After the "dot.com" bubble went south, what else could the Master do to keep Wall Street happy?
But wait... it doesn't stop there! We then were constantly pushed to get all of that equity that's been "built up" in those homes we occupy, and cash it out!
But wait! It gets better! Now these money henchmen go after the most overextended, tapped out homeowners, not only here in Cleveland, but throughout the entire nation!
But wait, it gets even better! Just how did all these homes here in Cleveland quailfy for that "easy money"? Fabricated appraisals, phony docs, bogus verification of incomes, right? However, if the City of Cleveland enforced its housing codes, would it not have required a pre-sale, in-house home inspection BEFORE THE LOANS CLOSED? Imagine someone actually inspecting these homes in person and on site! Now there's a something I think we should all ponder on, before our esteemed administration takes on those Money Henchmen!
Finally, the last item I want to convey is: EVERYBODY CASHED OUT, from that devious borrower at the bottom of this financial Ponzi scheme to the Money Henchmen at the very top - and what I know about them is, they never lose! NEVER! For more insight into this matter, visit povertycenter.case.edu.
