Well it seems that the politicians in both parties are falling all over themselves to convince the us that they are dealing with the financial collapse in a sane and rational way. The problem is they are once again treating the rapacious banksters with kid gloves and burying their heads in the sand and not dealing with the very large elephant in the room. They are hoping we all are so ignorant (and they are probably right) that we don't know what is really happening.
The elephant in the room is the mountain of debt caused by the real estate bubble created by the banksters over the past 30 years. The mountain of debt is the differennce between what people had to pay to be able to buy their homes and the current value of those properties. The delusion is that the economy will recover and everything will be just fine. The problem is it won't and the reason is that mountain of uncollectable debt which the banks want to keep on their books as non-performing assets pretending to themselves and Federal Regulators that this mountain of non-existent money is real. It isn't. Their solution is to throw homeowners out of their properties using all sorts of cooked up schemes, a process that destroys communities by destroying neighboring home values, depressing the housing market and worsening the depression oops, I mean the recession.
Throughout history, going back to the Roman Empire, debt forgiveness has been a tool to stop the economic killing force of run away debt. It is time for the government and the banksters to belly up to the bar and do the hard thing. It will mean that the insolvent banks will go bye-bye and it will mean the break up of the too large to fail banks. But seriously, why do banks exist? They exist to further economic activity in a civilization. The current world wide banking system is a giant blood sucking leech killing everything it touches. It's time for serious action.
On the Mortgage Settlement: There Is No Political Solution to a Math Problem
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