We Now Know U.S. Citizens Bailed Out Banks Around the World

All the numerous tendrils of financial corruption are starting to re-converge on the core of the scandal. Here is what happened and how you got screwed by the bankers and the US Government.

1. Wall Street created the mortgage-backed security as an investment device, sold them, used ponzi scheme tactics to make them look immensely profitable while the SEC looked the other way.

2. In order to meet the demand for MDS created by the illusion of major profits from the Ponzi activity, the mortgage bundlers pledged the same mortgages over and over and over again into different investment bundles.

3. In late 2008 the fraud started to appear in US financial circles. Congress, itself invested in the financial firms that bought those fraudulent mortgage-backed securities, voted through TARP to save their own fortunes at the expense of the US taxpayer.

4. In 2009, the foreign banks began to realize that Wall Street had screwed them and began to demand the repurchase of the bad paper. The Fed started handing out trillions of dollars borrowed against the American people, mostly to foreign banks, to cover the fraud.

5. But cash was flowing out of the nation faster than the Federal Reserve could print it up. Something needed to be done to balance the loss and put the bankers back into the black, so the only real hard assets left n the nation, Americans' homes, were to be sacrificed for the good of the banks' capital structure.

6. By perpetuating tax credits that encouraged the offshoring of American jobs to other countries, the US Government created a situation in which millions of Americans would no longer be able to make their mortgage payments and lose their homes to the banks. The banks would then add the full value of those homes to their balance sheets to keep themselves appearing solvent.

The US Government deliberately killed your jobs, so the fraudulent bankers could save themselves from prison by taking your homes to cover the buybacks from Europe. That is pretty much the story of the last few years. And now that it is out I expect US Government propaganda about how wonderful the economy is doing to hit the flood stage at least until they can get a good war with China going!

By-By Miss American Pie!