Police Defend Bank that Looted Wrong House, Won't Return Items or Pay

Miss Prepper Potts

Ohio takes the cake again on Activist Post by being a state that defends bank robbers - that is banks who rob.

Katie Barnett of McArthur came home a few weeks ago to find everything in the house gone. She eventually discovered that First National bank mistakenly foreclosed the wrong house -- but kept her stuff. Not only did they clear everything out like the Grinch, but they changed the locks. Their actual foreclosure target had been the house across the street.

This matters not to the bank president who responded to her $18,000 estimate for wrongfully stolen goods with a firm:

We’re not paying you retail here, that’s just the way it is.

But they make no attempt for remedy and the actual translation is: Oops, nothing we can do now. (Without the Oops)

ForeclosureGate Could Force Bank Nationalization

Dees Illustration - Web of Debt

Ellen H. Brown
Web of Debt

For two years, politicians have danced around the nationalization issue, but ForeclosureGate may be the last straw.  The megabanks are too big to fail, but they aren’t too big to reorganize as federal institutions serving the public interest.

In January 2009, only a week into Obama’s presidency, David Sanger reported in The New York Times that nationalizing the banks was being discussed.  Privately, the Obama economic team was conceding that more taxpayer money was going to be needed to shore up the banks.  When asked whether nationalization was a good idea, House speaker Nancy Pelosi replied:

“Well, whatever you want to call it . . . . If we are strengthening them, then the American people should get some of the upside of that strengthening. Some people call that nationalization.

“I’m not talking about total ownership,” she quickly cautioned — stopping herself by posing a question: “Would we have ever thought we would see the day when we’d be using that terminology? ‘Nationalization of the banks?’ ”

Noted Matthew Rothschild in a March 2009 editorial:

[T]hat’s the problem today. The word “nationalization” shuts off the debate. Never mind that Britain, facing the same crisis we are, just nationalized the Bank of Scotland. Never mind that Ronald Reagan himself considered such an option during a global banking crisis in the early 1980s.

Although nationalization sounds like socialism, it is actually what is supposed to happen under our capitalist system when a major bank goes bankrupt.  The bank is put into receivership under the FDIC, which takes it over.

What fits the socialist label more, in fact, is the TARP bank bailout, sometimes called “welfare for the rich.”  The banks' losses and risks have been socialized but the profits have not.  The bankers have been feasting on our dime without sharing the spread. 

And that was before ForeclosureGate – the uncovering of massive fraud in the foreclosure process.  Investors are now suing to put defective loans back on bank balance sheets.  If they win, the banks will be hopelessly under water.

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Most bank fails since S&L crisis, FDIC bleeds red

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Most bank fails in one year since S&L crisis, FDIC bleeds red

Activist Post

Government regulators closed four more banks Friday, which makes the total failures in 2010 to 143. It is the most in a single year since the savings-and-loan crisis.  There were only three bank failures in 2007, twenty-five in 2008, before 2009 exploded with 140 closings. 

The increasing number of failed banks is causing an already bleeding FDIC to go deeper into the red.  Last year the deficit for the FDIC stood at $15.2 billion as of June 30, while the FDIC predicts the cost of bank fails from 2010 through 2014 to be around $52 billion.  However, the deposit insurance fund may suffer a milder loss in 2010, which has reached about $21 billion so far this year, compared with $36 billion in 2009.

What's more, the FDIC's secret list of "problem" banking institutions leaped from 775 in the first quarter to 829 in the second quarter, indicating more failures will occur before the end of 2010.  Despite the implosion of small  independent banks, the industry reported its best quarter since 2007.

Net income for the banking industry rose to $21.6 billion for the quarter with the "too big to fail" mega-banks accounting for $19.9 billion of that income.  In other words, these behemoths represent only 1.3% of the banking industry, yet they now enjoy over 92% of industry profits.

With foreclosure rates soaring, smaller banks are expected to continue to sputter. The FDIC's increased vulnerability is leading some experts to predict bank holidays in our future.  The wave of closings will only put more responsibility for industry failures onto the taxpayer, while the mega-banks continue to consolidate further by gobbling up their discounted assets.  And while the recession relentlessly punishes main street, banksters continue to run away with record bonuses.

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Want to get away with murder? Become a bank

Allan Sloan
Fortune
October 26, 2010

The biggest danger to the U.S. capitalist system doesn’t come from communists or community activists or left-wing academics. It comes from some of the nation’s biggest financial institutions. These companies, which helped create the financial meltdown that touched off the Great Recession, have now found yet another way to undermine the public’s faith in capitalism and markets: the foreclosure fiasco.

Even before the foreclosure problem appeared, the level of public distrust of our financial and political systems was approaching the pathological. It’s going to get even worse when the true lesson of this episode sinks in. To wit: If you screw up big-time when you deal with a giant bank, you’re toast. If the giant bank screws up when it deals with you, it gets a do-over.

Sure, many — probably most — of the people whose mortgages are being foreclosed got in trouble because they overreached or lost their jobs, not because anyone cheated them. But if we’re going to have rules, they ought to be binding on everyone. If I’m supposed to obey the law and pay my bills, the people I’m paying ought to have to obey the law too.

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Time Magazine: Prospect Of Civil War In U.S. “Doesn’t Seem That Far Fetched”

Paul Joseph Watson
Infowars.com
October 20, 2010

With protesters in France entering a seventh day of strikes and demonstrations against draconian austerity measures, many political observers in the U.S. are now wondering how long it will be before similar scenes unfold on American streets, with even Time Magazine now conceding that the prospect of a civil war in the States is “not that far fetched”.

To be clear, Stephen Gandel’s article entitled Will the Federal Reserve Cause a Civil War?largely dismisses the possibility that the Fed’s upcoming November 3rd meeting, during which Ben Bernanke is expected to announce a fresh round of money printing, will prompt national uproar, but it doesn’t exactly debunk the notion of longer term social dislocation as a backlash to the crumbling economy, as many are now forecasting.

As we highlighted yesterday in a piece that was later picked up by the Drudge Report, it’s only a matter of time before Americans are hit with almost identical austerity measures to those that have caused the French to set up fuel blockades, stage running battles with riot police, halt air and rail travel, and virtually shut down some areas of the country.

The question remains – how will Americans react if the Obama administration pushes ahead with its plan to seize all private 401(k) pensions, which will be swallowed up by the Social Security Administration under the banner of mandatory Guaranteed Retirement Accounts? How will Americans react to the upcoming announcement that the Federal Reserve will further eviscerate the value of the dollar by purchasing junk assets from big banks at exorbitant prices with money printed out of thin air?

Time Magazine, which as a guardian of the establishment would normally be expected to disparage the potential of mass civil disobedience, actually lends the notion some spotlight bylinking to a Zero Hedge story which paraphrased economic forecaster David Rosenberg, who warns that the Fed’s plan for more quantitative easing, “positions US society one step closer to civil war if not worse.”

The article also features a quote from a Washington’s Blog piece which warns that the Fed’s policies could lead to the very destruction of the republic.

“In a very real sense, Bernanke is throwing Granny and Grandpa down the stairs – on purpose. He is literally threatening those at the lower end of the economic strata, along with all who are retired, with starvation and death, and in a just nation where the rule of law controlled instead of being abused by the kleptocrats he would be facing charges of Seditious Conspiracy, as his policies will inevitably lead to the destruction of our republic.”

Lending the notion credence, Gandel writes, “With the Tea Party gaining followers, the idea of civil war over economic issues doesn’t seem that far-fetched these days.”

Yes, you read that correctly. EvenTime Magazine is now conceding that the current economic course of the nation could lead to outright civil war and revolution.

Gandel finishes the article by leaving the prospect of widespread civil unrest as an open question.

“So it seems clear what the Fed is likely to do,” he writes. “How the economy, the militias and the rest of us react is up in the air. The count down is on. T minus 15 days to Fedamageddon. See you there, hopefully.”

Of course, people like Gerald Celente and a host of other economic forecasters have been predicting civil unrest, food riots and tax rebellions for the past two years, but to have Time Magazine seriously entertain the notion of civil war in the United States is a shocking reminder of just how close to the precipice we now stand.

How Americans will react to what many see as a make or break moment for the US economy, the Fed’s announcement on November 3rd, largely depends on how well they understand the fact that their financial future and that of their children now hangs in the balance like never before.

As the Economic Collapse Blog points out, QE2 represents the biggest bank robbery in history, and is nothing less than another huge transfer of wealth from American taxpayers to big banks. The money Bernanke prints out of thin air, which will further devalue the greenback and every dollar earned or saved by American citizens, will be used to purchase large quantities of “troubled assets” from U.S. banks at well above market price. Small banks will be allowed to wither and die, whereas the huge megaliths will collect mountains of free money at the expense of hard working Americans.

The long term impact of the Fed buying these toxic junk assets with money printed out of thin air will be an inflationary holocaust that does nothing to rescue the US economy but everything to depreciate the very real assets of the American taxpayer.

We are already on the road to serious inflation and the Federal Reserve has not even fired up the money hoses yet. So what is going to happen after they pump trillions more into the economy?

Printing more money and giving it to the banks is not going to solve our economic problems. It is just going to make them worse.

But unfortunately, American voters get no say about any of this. Our national monetary policy is in the hands of an unelected central bank that does pretty much whatever it wants.

If as many Americans were aware of what the Federal Reserve is about to do with their financial future as are knowledgeable about the intricacies of Dancing with the Stars, then the “civil war” that even Time Magazine is now presenting as a justifiable response to the crisis would be a very plausible prospect.

As it stands, according to the majority of voters in our poll on Prison Planet.com, Americans will react to the situation not by organizing fuel blockades, marching in the streets and shutting down the country, but by scratching their butts and flipping the TV channel.

Watch Matt Taibbi’s explanation of what the Fed is about to do with your money. 

Related Articles:

Why is the White House Against Freezing Foreclosures in the Face of Rampant Fraud?

Darwin’s Law of Maladaptive Corporate Behavior (or, why bailouts are nearly always a terrible idea)

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Bank Sues Bernanke, Fed Over Limits On Fees

Dirk Lammers
Associated Press

SIOUX FALLS, S.D. — TCF National Bank sued Federal Reserve chairman Ben Bernanke and the Fed's board of governors on Tuesday, saying regulations limiting the fees a bank can charge retailers for debit card transactions are unconstitutional.

Minnesota-based TCF National, a subsidiary of TCF Financial Corp., filed the lawsuit in U.S. District Court in South Dakota. The bank said an amendment to Congress' recent financial regulatory overhaul directs the Fed to adopt debit fee regulations based only on the processing costs of authorizing, clearing and settling transactions.

William A. Cooper, TCF Financial's chairman and chief executive, said those costs amount to a fraction of the total amount of money required to manage the debit card system, and the law makes no more sense than regulating the price of a fast-food hamburger based solely on the costs of the meat and the bun.

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