CSNbbs

Interesting post by Charles Hugh Smith at Of Two Minds, which has become one of my favorite blogs. Not sure I agree with all of them, especially #2, but it would definitely achieve the stated goal of taking down the banking oligopoly. Goldman Sachs might even have to sell off their subsidiary known as the Obama Administration.

Quote:A simple 8-point plan would restore both the banking and the real estate sectors, and end the political dominance of the parasitic "too big to fail" banks.

http://www.oftwominds.com/blogjuly11/fix...-6-11.html

Not enough man hours in the court system to police #5. I'm all for getting rid of the politically connected "too big to fail" system.

As for #2 nobody would ever qualify for a student loan. Ever. Or a mortgage either.

Quote:5. Any mortgage, loan or note which was fraudulently originated, packaged and sold, including the misrepresentation of risk, the manipulation of risk ratings, fraudulent documentation by any party, etc., will be discharged as uncollectable and the full value wiped off the books and title records without recourse by any of the parties.

If a bank fraudulently originated a mortgage and the buyer misrepresented material facts on the mortgage documents, then both parties lose all claim to the note and the underlying asset, the house, which reverts to the FDIC for liquidation, with the proceeds going towards creditors' claims against the bank.