THIS DEBT IS A DIRECT RESULT OF MEDDLING BY THE US GOVERNMENT INTO BANK LENDING PRACTICES WHEN IT CAME TO HOME MORTGAGES. WHEN THE DO GOODERS AT HUD AND THE OTHER GOVERNMENT AGENCIES BECAME "CONCERNED" THAT NOT ENOUGH BLACKS AND OTHER MINORITIES WERE BEING GIVEN ENOUGH ACCESS TO HOME MORTGAGES [SUPPOSEDLY BECAUSE THEY WERE BLACK OR SOME OTHER DOWNTRODDEN MINORITY AND NOT BECAUSE THEY HAD SHITTY CREDIT, LACK OF AN ADEQUATE INCOME TO PAY THESE LOANS BACK WITH ETC.], THEY STEPPED IN WITH "NEW GUIDELINES" THAT BASICALLY FORCED BANKS TO TAKE ON RISK THAT IN THE PAST THEY WOULD SEE AS "UNSOUND LENDING PRACTICES". BUT THE GOVERNMENT MEDDLERS OUT TO RIGHT THIS PERCEIVED "INJUSTICE" WITH THESE NEW GOVERNMENT REGULATIONS MADE PEOPLE WITH LOW CREDIT SCORES, SHITTY CREDIT AND LOW INCOME BECOME ELIGIBLE FOR THE FIRST TIME TO QUALIFY FOR HOME MORTGAGES FOR THE FIRST TIME EVER! [ALTHOUGH THE INTEREST RATES WERE IN THE HIGH SINGLE DIGITS AND IN THE LOW TO MID-TEENS! - CAN YOU SAY SUB-PRIME?] CAN YOU IMAGINE HAVING YOUR MORTGAGE AT SAY 14.99%? THE FUCKING INTEREST RATE ALONE WOULD KILL YOU, BUT THE SUCKERS FLOCKED IN AND THE GOVERNMENT WAS ABLE TO FORCE THE BANKS TO MAKE THESE LOANS BUT THE BANKS PRICED IN THE RISK THEY TOOK ACCORDINGLY, AFTER ALL IT WAS THEIR DEPOSITORS AND INVESTORS MONEY! AND AS A RESULT, HOUSING PRICES SOARED MAKING IT A SELLERS MARKET AND THE LENDERS HAD TO COME UP WITH CREATIVE WAYS TO MAKE ALL OF THESE SUB-PRIME BORROWERS "ELIGIBLE" IN ORDER TO STAY WITHING THE NEW GOVERNMENT GUIDELINES. BUT WHEN YOU BREED SHIT WITH SHIT YOU GET SHIT, THESE BANKNOTES AND LOUSY SUBPRIME MORTGAGES ALL WENT BAD WHEN HOUSEHOLDS REALIZED THAT AFTER PAYING THEIR HIGH INTEREST MORTGAGES EACH MONTH, THEY HAD NOTHING TO LIVE ON AND ABANDONED THEIR HOMES IN DROVES, LEAVING THE LENDERS HOLDING THEIR PROMISE TO PAY AS A BAG OF HOT WIND WORTH ABSOLUTELY NOTHING! SO THE MORTGAGE MELTDOWN CRISIS HAPPENED AND HOME PRICES IMPLODED, MILLIONS ENDED UP INSOLVENT AND TECHNICALLY IF NOT LEGALLY BANKRUPT AND CREDIT WHICH HAD ONCE BEEN SUB-PRIME WAS RUINED FOR THE NEXT 10 YEARS! THE SMART BANKERS UNLOADED THEIR SHITTY MORTGAGE DEBT TO WALL STREET INVESTORS AND MADE A TIDY PROFIT AT THE SAME TIME, WHILE THOSE STILL HOLDING THESE WORTHLESS SECURITIES LOST IT ALL! THEN CAME THE WALL STREET CRISIS! THE IDIOTS WHO PACKAGED AND SOLD THESE SUB-PRIME MORTGAGES AS "INVESTMENT VEHICLES" FOUND OUT THAT THEY WERE UTTERLY WORTHLESS AND PERHAPS ONLY 1 OR 2 OUT OF EVERY 100 MORTGAGES HAD ANY VALUE AT ALL. THEY WERE RUINED, THE BANKS WERE RUINED. IT HIT HARD AND THE DOW WAS DOWN BIG GOING FROM OVER 14,000 TO 6,200 IN A FEW SHORT MONTHS. THE BUSH ECONOMIC MIRACLE HAD TURNED TO SHIT AS AMERICA HAD SIMULTANEOUS WARS ON IT'S HANDS AND THE ECONOMY WAS GOING NOWHERE FAST. BUT "W" DID ISSUE A COUPLE OF "JORGE CHECKS" TAX REFUNDS, ALL WHILE BORROWING HUNDREDS OF BILLIONS FROM THE CHINESE TO FINANCE THOSE WARS! HA, HA WHAT A JOKE! ISSUING TAX REFUNDS WHILE BORROWING HUNDREDS AND HUNDREDS OF BILLIONS! WOW! IS THAT FUCKED UP OR WHAT!? POLITICAL EXPEDIENCY AND BUYING VOTES! WHAT A BUNCH OF DUPES THE AMERICAN PUBLIC ARE! CAN YOU SAY SUCKER!?
SURE A BUNCH OF BLACKS AND MINORITIES GOT THEIR MORTGAGES THAT THEY WOULD HAVE NEVER GOT OTHERWISE TO BEGIN WITH, BUT LOOK AT ALL THE PAIN IT CAUSED! THIS WAS BECAUSE A BUNCH OF GOVERNMENT DO-GOODERS THOUGHT THAT THESE OPPRESS MINORITIES NEEDED A BREAK! TO HELL THEY SAID ABOUT "SOUND LENDING PRACTICES" THE BANKS HAD DEVELOPED OVER YEARS AND YEARS OF BEING IN BUSINESS, LET'S JUST GIVE "FREE MONEY" TO PEOPLE WITH LOW FICO SCORES, MARGINAL CREDIT AND LOW INCOME! THAT'LL GET THE ECONOMY MOVING AGAIN AND GET THESE POOR, DESTITUTE PEOPLEINTO THEIR OWN HOUSES SO THAT THEY CAN ENJOY THE "PRIDE OF HOME OWNERSHIP"! THESE MEDDLING BUREAUCRATS TRYING TO RIGHT A PERCEIVED RACIAL WRONG WHEN NONE EXISTED, IT WAS ONLY TRUE THAT BLACKS AND OTHER MINORITIES HAVE SHITTY CREDIT AS A WHOLE AND STILL DO TO THIS DAY! YOU CANNOT CHANGE THE SPOTS ON A LEOPARD EVEN IF YOU USE HAIR COLORING THE SPOTS ARE STILL THERE! WHY DO BLACKS AND OTHER MINORITIES HAVE SHITTY CREDIT, WELL I'M NOT THE ONE TO ANSWER THAT, BUT IT IS AN INCONVENIENT FACT AND FACTS ARE NOT RACIST, JUST INCONVENIENT.
THIS IS THE WAY THESE BUREAUCRATS THINK, WITH WITH NO BASIS IN THE REAL WORLD, THEY CAN MAKE MORTGAGES AVAILABLE TO PEOPLE WITH LOUSY CREDIT AND HOME OWNERSHIP PROBLEMS WILL BE SOLVED LIKE THAT!. WHEN I READ THAT THERE ARE MORE THAN 2X AS MANY GOVERNMENT WORKERS AS MANUFACTURING WORKERS HERE IN AMERICA, IT MADE ME THINK, WHY DO PEOPLE PREFER WORKING FOR A GOVERNMENT ENTITY RATHER THAN A PRIVATE EMPLOYER? WELL THE ANSWER IS SIMPLE, MOST GOVERNMENT WORKERS ARE UNIONIZED, THEREFORE THEY HAVE LUCRATIVE CONTRACTS WITH AN ANNUAL PAY RAISE WRITTEN INTO THEM, THEY GET FREE MEDICAL, EYE AND DENTAL CARE..., THEY HAVE A PENSION FUND THAT GIVES THEM THEIR FULL SALARY WHEN THEY RETIRE AFTER A CERTAIN NUMBER OF YEARS, THEY ARE LAVISHED WITH PAID HOLIDAYS AND VACATION TIME AS WELL AS PERSONAL TIME AND OTHER TIME OFF. THE LIST OF BENEFITS IS STAGGERING! THEY ARE TAKEN CARE OF FROM CRADLE TO GRAVE AND WHEN THEY DIE THEY CAN GET BURIED IN A VELVET LINED COFFIN! ALL PAID FOR OF COURSE, BY YOU THE TAXPAYER!
OUR MASSIVE DEBT CAN NEVER BE REPAID, ONLY MANAGED. SHOULD THE PRIME RATE SOAR INTO THE TEENS LIKE IT DID IN THE EARLY 1980'S ALL OF THE INCOME TAX REVENUE GENERATE EACH YEAR WON'T EVEN TOUCH THE INTEREST ON THE DEBT. IF IT GET'S THAT BAD, IT WILL BE TIME TO CLOSE THE FED WHICH IS OWNED BY THE ANCIENT JEWISH RUN BANKING HOUSES OF MEDIEVAL EUROPE AND CREATE A STATE OWNED BANK WHERE WE CAN LEND MONEY TO OURSELVES AT ZERO INTEREST. IT'S THE ONLY WAY. BUT FOR NOW, THE JEWISH BANKING HOUSES AND THEIR FAMILIES WHO ARE THE DIRECT BENEFICIARIES OF THE AMERICAN GOVERNMENT BORROWING ALL THIS MONEY CAN'T EVEN STAND THE THOUGHT OF THEM BEING PUT OUT OF BUSINESS! THEY'RE ARE REAPING HUNDREDS OF MILLIONS OF DOLLARS IN PPURE PROFIT EACH YEAR PAID FOR BY US TAXPAYERS! THEY JUST MAKE TOO MUCH DAMNED MONEY OFF OF OUR STUPID POLITICIANS AND GREEDY CORPORATE ELITE!
GEE UNCLE O'BAMA, THANKS FOR BORROWING MORE MONEY IN YOUR 7.5 YEARS IN OFFICE THAN ALL THE PRESIDENTS WHO PRECEDED YOU. I THOUGHT "W" WAS BAD, BUT YOU'RE THE WORST!
ONLY IN AMERICA!
IDIOT AMERICA!
A NATION OF IDIOTS!
HA, HA, HA, HA, HA!!!!!
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