First Diary posting, so I'll probably break every rule in the KOSsack community. <Shrugs, since he's on a roll>
I keep reading that the banks don't want your house because it's red ink in their books. Well if they don't want your house, why don't they renegotiate the loans? What's wrong with this picture?
Think about it. Millions of homes world-wide financed under impossible terms, usually to people who the banks knew could not afford the mortgage payments after the "time bomb" of shifting interest rates hits. Some of these people have been paying their mortgage at the initially agreed to amount for years.
So the bank now gets to keep all those years of payments, they get the house, and they get the land. Additionally they get to slice-and-dice that mortgage into several pieces and sell it to investors who are also left holding the bag. AND on top of that they now get to go to Uncle Sam and get re-imbursed for their losses! Am I missing something here? Is something extremely tilted to the Right?
And we are supposed to accept now that Obama is tilted too far left? Rush says we have to take our country back? We just had an election based on the rules as outlined in our Constitution and Bill of Rights and he is inciting people to take their country back? Back from what, or who?
Boehner? Well he's just a Boehner, I dont think even Republicans pay attention to his sales script anymore. Cantor? Can't / Or ? He loves Rush but he won't support his Obama must fail diatribe in public.
Bottom line is... what are they going to do with all this new land they just grabbed? I mean Chavez is doing the same thing in Venezuela, is there a connection? Or is extreme Right, the same as extreme Left?
What do you think?
[Update]
Thanks KOSsacks! You have been really gentle with me and my first diary! Most of you have gently pointed out my lack of knowledge of the existing banking system. And you have done it with existing facts as we know them.
So lets kick it up a notch, shall we? I mean I have stepped in this deep, what's another six inches going to matter?
E = mc2
From basic high school math we know that there are two sides to EVERY equation.
We know that the stock market and banking systems rules are not made by some deity, or space aliens, or by nature. They were made by MAN.
Since there are two sides to every equation I have to assume that in the example above, as applied to the markets, we get to see the mc2 side of the equation. When we go to our financial sites or our financial TV channels we are seeing the mc2 side of the equation. We make our financial decisions based on what is going on with mc2? Right?
Someone else has access to the "E" side of the equation.
Again from basic High School math we know that if you change either side of the equation it changes the entire result.
So, here we are arguing about mc2 when we have no idea where "E" is currently at.
The government handed over control of "E" to the Federal Reserve a long time ago.
The real unknown in our economic crisis is "E". mc2 is just a small picture of the overall scheme of things.