Riots in the streets of Reykjavik! Where?

Iceland... riots rocked the capital city of Reykjavik again as more than 3,000 people ( 1.5% of the country's population) showed up protesting the austerity measures the government is now considering. Protests began again in earnest in this troubled country when the governments 6 month moratorium on home mortgage payments expired. Meaning that homeowners, who had enjoyed the mortgage payment suspension, found themselves once again faced with having to make mortgage payments they cannot afford. The IMF (International Monetary Fund) has included Iceland together with Spain, Portugal, and Greece as countries who are at the greatest risk of failure. Iceland has never seen such protests in its' history and more austerity (budget control) measures have yet to be considered, let alone enacted. Measures such as decreasing the governments social medical system budget by 40% are sending men, women, and their children into the streets in protest.

The IMF has also placed the USA on the Watch List of countries showing greatest economic stress. All brought to you by the Democratic controlled Congress of the United States who bore all oversight responsibility as banks and Wall Street created the economic instruments the world economy is convulsing from. The Democrats controlled both houses of congress when these investments were sold all over the world.

The world economy is not convulsing from "economic instruments".

No instrument made people contractually agree to pay far more for a house than they were able to.

Millions of people volunteered to take extreme financial risk on themselves by signing mortgages which they knew they couldn't honor.

The packaging and repackaging of these mortgages to try and rebalance the risk was simply rearranging desk chairs on the Titanic. The damage was already done.

The investors who bought CDOs and other complex financial instruments composed of these mortgages were all registered financial advisors - it was their job to do the due diligence.

Many, many people choosing to be stupid or lazy or both created this crisis - and they are now demanding that industrious and intelligent people pay for their mistakes.

The Democrats controlled both houses of congress when these investments were sold all over the world.

By the time Democrats took control in January 2007, the majority of these risky mortgage backed securities had already been sold. Hedge funds owning these securities were already going bankrupt by June 2007. The increase in sales of these securities was associated with the housing bubble which was ending in 2006.

Since our government is for sale and also not very competent, it's not like congress would have done anything to prevent the crisis, no matter which party was in control.

*The world economy is not convulsing from “economic instruments”. *

Sorry, but fiat money itself is an economic instrument, backed by debt and NOTHING ELSE. We have been convulsing under the devaluation of our store of value FRN’s to the point of being only worth 4% of what the worth was when the FED RES was created in 1913.

*No instrument made people contractually agree to pay far more for a house than they were able to.*

BUT, the housing market was leveraged, fraudulent, tax evasion scheme that allowed housing to reach heights that were more than silly, they were fraudulent.

*Millions of people volunteered to take extreme financial risk on themselves by signing mortgages which they knew they couldn’t honor.*

Millions of others didn’t take extreme risk and lost their jobs. Sure they signed mortgages that they thought they could afford, but that isn’t true, now, is it?

*The packaging and repackaging of these mortgages to try and rebalance the risk was simply rearranging desk chairs on the Titanic. The damage was already done.*

The packaging and repackaging was fraud done by our government and the banks, along with avoiding taxes. They are making out like bandits, buying homes for pennies on the dollar from each other and selling them pocketing the difference and NOT PAYING A CENT IN TAXES.

*The investors who bought CDOs and other complex financial instruments composed of these mortgages were all registered financial advisers - it was their job to do the due diligence.*

They were lied to. Really, they were told these instruments would be done in a way to allow them to be tax free. Well, the packagers of these instruments DIDN’T DO WHAT THEY PROMISED AT ALL.

*Many, many people choosing to be stupid or lazy or both created this crisis - *

Ha! That’s a laugh! They knew preciously what they were doing and knowingly committed fraud on borrowers and investors with the government smiling over their shoulders. HA - lazy, they were all lied to.

* - and they are now demanding that industrious and intelligent people pay for their mistakes.*

The industrious and the intelligent have been lied too as well. Fraud, tax evasion banks will ruin us all. Being industrious and intelligent won’t have much to do with what happens when the theft is this massive.

Wake up.

Chew on this, FYI:

Found at this thread at ZeroHedge: http://www.zerohedge.com/article/are-all-mortgage-backed-securities-scam

Here is part of the post:

“The fact pattern is always the same: the “lender”, servicer, etc. reaches out, at least on paper, to the borrower facing or in a foreclosure as to a possible workout with a payment schedule. There is an agreement made, and the borrower makes the first payment on time, receipt and delivery confirmed (e.g. certified mail RRR, Fedex, etc.), but the “lender”, servicer, or whoever made the offer then intentionally sits on the borrower’s payment, does not post it until after the “due date”, and then claims that the borrower defaulted on the agreement and proceeds to foreclosure. To add insult to this injury, many of the so-called “workout” agreements contain waiver of defenses clauses where the borrower gives up the right, by contract, to later contest or challenge the foreclosure.”

Link to the quote: http://foreclosuredefensenationwide.com/?p=297

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