Fraudclosure — You Have Been Sold Out

By Karl Denninger

And people wonder why there are more and more folks who are saying (or should say) “**** it”, throw their hands in the air, make no investment in capital formation and just walk off?

A multistate settlement with five large U.S. banks over foreclosure practices would include as much as $17 billion in mortgage debt forgiveness and loan modifications and take three years to complete, according to a letter describing the deal.

The draft letter to stakeholders from state attorneys general outlines an agreement among large mortgage servicers, states and the Department of Justice, which are continuing talks to finalize the proposal.

Perjury is, in most states, a felony.  Uttering (forgery) is also, in most cases, a felony.

But now it is being reported that both NY and California have caved – making a “deal” all but inevitable.

And you, dear reader, are going to (again) take it in the ass.

What do you think the banks held over these folks?  Might it have been their state bond financings?  Oh, probably.  Property rights and a property registration system that literally pre-dates the Revolution?  No problem, we’ll give it all to you, Sir Greedy Bastard, so long as you keep presenting your bare member for us to perform an obscene act upon.

Then we will tell our constituents that we “got the best deal possible” and that “we couldn’t have prosecuted.”

In point of fact what the states had to do was stop the ridiculous overspending and tell the banksters to pound sand.  But they didn’t because you insisted they keep making promises to you they couldn’t keep, and so once again the so-called “elected” turn out to be a bad joke.  Representation of the people, by the people and for the people falls again to those who do whatever the hell they want, law be damned.

There is no law any more folks.  Not when it really matters — when systemic and rampant violations are committed by big business and your fundamental liberty interests are ignored.

We, the people of this nation, deserve this.  We vote for Attorneys General in 43 states and in all but two of the others they’re appointed by the governor (and we vote for the governor.)

So get out of your chair this evening, my friends, and go stand in front of the mirror to identify the problem.  Then decide for yourself whether you’re going to keep consenting, because up until now, you have and this crap will not stop until you decide you’ve had enough and insist that the law that applies to you is also applied equally to these institutions and their executives.

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