Foreclosures

Foreclosures
New record foreclosure rate in Florida! With a staggering economy, and unsustainable wealth in the top one percent of the population, the rape of the middle class and the working class continues in this our classless society.

The whole sub-prime housing crisis was and continues to be a ponzi scheme making the banking barons richer at the expense of the government. The not wealthy tax payer -- the rich don't pay much tax -- will ultimately pay the debt.

Where are our economists who should clearly understand this travesty? Are they as void of common sense as  preachers, lawyers and  legislators?

One solution would have been to let the banks go under. That didn't happen. What could put wealth back in the hands of the exploited now, would be to void all foreclosures on sub-prime mortgages, and nullify the sub-prime mortgages themselves. Such action would force the banks to pay back subsequent buyers and allow the original owners back into their homes mortgage free.

This event would, in an instant, put wealth back in the hands of the people without increasing the money supply -- non inflationary.

The strategy would devastate the banking industry, but they would recover, no help from the government -- tough love. Would that be fair to responsible home owners who pay their mortgages? No, but the responsible home owner would not be hurt, and in fact would profit by rising values and a resurgent economy. Additionally the banks would be less inclined to reach for all of our chips, and, hopefully, the banking industry would have less lobbying power.