False Hope for Americans' Financial Future

As the stock market index improved in late April 2009, media people forecast that the worst was over. It may be for the financial people who, by their reckless self-interest speculation, plunged the United States and then the world into the worst financial disaster since the great financial depression of the 1930s. But the glimmer of hope was one sided. For instance:

• Much of the trillion and more of borrowed taxpayers' money was used for AIG and other financial houses to pay off the speculators, some of whom had no financial money invested except for the small amount used to speculate on the condition of other financial companies. And some of those companies that they sought insurance protections were companies that the speculators, by their wild speculation, caused the companies to plunge in value. So, the American public−more aptly identified as a feeding trough for every con artist−paid for these practices. It is the borrowed money of the American public that is enriching those who brought about the financial debacle and resulting in a temporary increase in the stock market index
   
• For the American public, these are the conditions that insures for many a lifetime of poverty and related personal tragedies:
   
  •  Continued rise in unemployment.
    
  • Continued decrease in the value of homes and resulting increase in the number of housing foreclosures.
     
  • Continuing increase in the percentage of homes in which the existing loans are more than the market values, in which more people will walk away from the properties. This, among the other factors, which will cause a continuing plunge in the market value and salability of the houses.
     
  • Increase in the defaults of overleveraged buyout firms, such as what happened to Mervyns. Financial con artists took over viable companies, fired employees, and saddled them with huge loans so as to pay themselves huge profits. They knew that with any of the periodic slowdowns in the economy, the businesses will fail, putting still more people out of work, many of whom will then lose their homes.
     
  • Increase in the number of defaults in overleveraged commercial properties.
     
  • Continuing defaults in paying credit cards, some of the defaults arising from the predatory increase in interest rates and other obscene charges preying on those in financial distress.
     
  • Increasing number of unemployed people, with the snowballing effects.
     
  • The eventual financial problems from a possible withdrawal of the trillions of dollars loaned to the United States by communist countries. (Remember the hysteria by U.S. politicians about the dangers that Communist forms of government constitute!!)
     
  • The withdrawal of previously loaned money, and the failure of countries funding the huge bail outs for the financial sectors. This could very possibly bring about conditions worst than the 1930's financial depression, under which this writer grew up.
     
• Paradoxically, virtually no protests from the American public about the enormous amount of corruption by people in the housing and financial sectors, made possible by bribe-taking members of Congress. This is partly due to the fact that unlike other public protests, these issues require the exertion coming with serious reading and understanding of how the public continues to be taken.
   
• For details of how the American public has been repeatedly subjected to multiple financial scams for the past 30 years, see America's Housing and Financial Frauds, available at amazon.com. This, like other books at the following site, is periodically updated to report the continuing hoaxes played upon the gullible American public. More information at www.defraudingamerica.com.