Economy

http://truth-out.org/opinion/item/16315-economic-weapons-of-mass-destruction-mortgages-in-the-era-of-mass-terror

...As the New York Times reported, “The banks that created risky amalgams of mortgages and loans during the boom — the kind that went so wrong during the bust — are busily reviving the same types of investments that many thought were gone for good.”

In other words, the well-heeled boys are back in town, peddling predatory mortgages to be bundled and sold on Wall Street. Even the Times, generally bullish on business, struck a cautionary tone. “The revival also underscores how these investments, known as structured financial products, have largely escaped new regulations that were supposed to prevent a repeat of the last financial crisis.”

Warnings of a repeat of the last financial crisis — printed on the front page of the New York Times?

Yet, unlike the 24-7 coverage of Boston, the national response to the threat of economic mass destruction has been muted. That’s because almost no one openly discusses the ongoing foreclosure crisis in terms of domestic terrorism. But that’s exactly what it is, and we must recognize this if we want to prevent banks from causing more damage...Why would Wall Street intend to intimidate millions of civilians? The rationale is that if people aren’t terrified of being thrown out of their homes, they won’t continue to repay the astronomical debts that are apparently the only thing keeping our economy afloat.

This argument has indeed influenced the policy of the U.S. government. Ed DeMarco, the head of the Federal Housing Finance Agency has been one of the most vehement opponents of homeowner relief, warning that the government must wield the specter of eviction or everyone will decide to default on their mortgages. As for the issue of “affecting the conduct of a government by mass destruction, assassination, or kidnapping,” bankers don’t need to resort to kidnappings; they’ve already taken the global economy hostage.

...As local pastor Reverend David Bullock explained, “It’s no longer ’68 and ’69 — the hot riot summers. The rich are no longer worried about physical security. They are worried about their money.”

GIVE IT A LITTLE LONGER, AND WE WILL GET TO RELIVE THE LONG HOT SUMMERS OF OUR YOUTH...