Debt burden Transferring From Local and State To Federal Level
CIGA Eric
It is this tranfer that many have come to view as leadership in America.
As Jim wrote earlier today on jsmineset.com,
There is no question about if we will experience the event of states failures on debt. In truth it already locked and loaded into many states of the USA.
Expect spin to give the impression that the currency devaluation, called quantitative easing to soften truth, will be highly controlled while simultaneously implying that the markets will be given whatever is necessary to promote success – whatever that may be. It should be an interesting week. I suggest securing your computer monitors and mobile devices from the air turbulence cause by extreme lip flapping.
Municipal Meltdown in Harrisburg, Pennsylvania
Dear Eric,
If financial entities get away with clear and unquestioned CRIME, this society has ended.
Bankruptcy law is state law. Only a massive takeover of state rights would allow Washington to declare what is criminal (backdated false documents, false testimony in writing, etc.) as legal.
Right now this matter is fully the bastion of state Attorney Generals.
Regards,
Jim
Big Banks Told Not To ‘Fix’ A Fraud
CIGA Eric
A student of history will notice that while technology advances, certain things within the core of society remain the same. The boom bust cycle, while maintaining subtle differences in description, remains largely the same. Extended periods of easy money based on lax credit terms tends to culminate in what few call acceptable rewards relative to the risks and many other’s depict as outright fraud. The description chosen depends always depends on who received those rewards.
In two letters released Friday, Attorney General Richard Cordray criticized a number of banks and loan-servicing companies, including Wells Fargo & Co.; Ally Financial Inc.’s GMAC Mortgage; Bank of America Corp.; and J.P. Morgan Chase & Co. Mr. Cordray said the banks are trying to paper over fraud committed in foreclosures with temporary fixes that don’t address underlying problems in the banks’ practices.
Source: online.wsj.com
