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FORECLOSURES ACCELERATE AS BANKERS LUXURIATE
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Bankers have greedily taken their bonuses and are literally walking away from a new tsunami of foreclosures which may lead to a fiscal doomsday for America: Allen L Roland
As Martin Weiss, Money and Markets, reported on October 5th ~ " Last year, banks provided new credit at the annual pace of $472.4 billion in the first quarter and $86.7 billion in the second. This year, they're not providing ANY new credit ~ they're actually LIQUIDATING loans at the rate of $857.2 billion in the first quarter and $931.3 billion in the second. So if you're running a business, you may want to think twice before asking your bank for more money. Instead, they may decide to TAKE BACK the money they've already loaned you ! "
Ditto for mortgages. " Last year, mortgages were being created at the annual clip of $522.5 billion and $124 billion in the first and second quarters, respectively. This year, on a net basis, mortgages haven't been created at all. Quite the contrary, the Fed reports that, on a net basis, they've been liquidated at an annual pace of $39.3 billion in the first quarter and $239.5 billion in the second."
If you're not outraged ~ you're on life support.
Allen L Roland
Allen L Roland is a practicing psychotherapist, author and lecturer who also shares a daily political and social commentary on his weblog and website allenroland.com He also guest hosts a monthly national radio show TRUTHTALK on www.conscioustalk.net
Cartoon courtesy of Tom Toles / Washington Post
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