Government no longer working

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Cesar Figueroa


This is a very interesting article and worth reading, if only to realize how corrupt we have become over the last 60 years from the top down and on both sides of the isle. Paul Volcker says mortgage market will have to be reconstructed.

Most people don't remember that Paul Volcker was the Fed Chairman under president Jimmy Carter, the guy who took the interest rate to 20 percent ( my ex-wife and I bought a home in 1983 at 18 7/8 % - and nobody in the family on either side said a word to us about not doing it - which I gave back to the bank after 10 yrs and nothing happened to us because of it).

Our government knows it has a problem and they might have to bring interest rates back up to say 20% (that's one of the reasons that Vocker is on board) but, if there is no economy now at 0% how in the hell will there be anymore at 10% or 20%. If it wasn't for Fannie/Freddie/FHA and all government backed loans there would not have been 1/2 the economy that we had over the last 60 yrs and it was the white collar, so called educated welfare recipients - corporations- (big builders like TULL BROTHERS, etc.) and their dividend earners that made out (or they thought because they reinvested in the stock market and most have lost it all). And then the white collar blames the working poor white & black at the bottom for all the problems. We have been robbing ourselves and it does collapse--we are here and now.

The Government has become all-- it can't work; it will be ugly and we will muddle on. Nothing has changed; Wall Street and the 2% have not missed a step.