The U.S. Economy Is Being Called A Big Ponzi Scheme

U.S. President Barack Obama Has Failed To Curb Fraud And Theft In Corporate Sector

Over the past week, both the Al Jeezera news network and convicted fraudster, Bernie Madoff, have called the U.S. economy a "ponzi scheme." That’s a very serious indictment, regarding the state of the nation’s financial affairs.

There is some merit to their statements. For years the Judiciary Report has stated, there are many companies on the stock market in Corporate America that are fraudulent and serving no real function, other than defrauding and gouging people.

They are eating away at the country’s productivity and national output. The SEC and FBI, charged with investigating and weeding out criminals in the marketplace, have become so corrupt, blatantly crooked companies are allowed to remain in the corporate sector, among legitimate corporations. These fraudulent companies that thrive on stealing are wreaking havoc on the economy.

The conflicts of interest present are astounding as well. Last week, U.S. Attorney General, Eric Holder, announced there would be no charges against Angelo Mozilo, the former head of Countrywide, a company that played a significant role in the 2008 Financial Crisis. Mozilo made off with close to $200,000,000 in ill-gotten gains, after helping to destroy the top economy in the world.

A few days ago, it was announced, the top lawyer at the SEC, David M. Becker, was personally profiting from Bernard Madoff’s crimes and has been sued as a result. However, he should be indicted. The Judiciary Report was the first to state after Madoff's arrest, the US government knew of his criminal conduct for some time, but looked the other way. There’s a reason for that - they were getting paid to do so. It's called bribery and "Too big to fail."

America still has a number of real companies churning out successful products in the marketplace, but gone are the days when the nation was number one in this regard, dominating international trade and finance. This is due to the fact, the government has allowed criminals to take root and fester in the corporate sector, who are in essence, stealing a living, not earning one. They are criminally taking from hardworking people, to fund their lavish lifestyles, while deteriorating true wealth via theft.

A new breed of crooks have mixed in with genuine companies on the stock market and in the marketplace, with the motto of "steal, steal, steal!" Some may refer to such criminal conduct as shrewd and clever, but how good can it be in light of the fact it brought down a whole nation and destroyed its once prosperous, top ranked economy. This ought not to have happened, but it did, because the government foolishly allowed it for devious reasons that have not panned out.

STORY SOURCE

Al Jeezera On US economics: One big Ponzi scheme

Madoff to NY magazine: Government a Ponzi scheme

Attorney General Eric Holder Is Countrywide Chief's Most Valuable Friend

SEC's Top Lawyer Becker Sued for Inheriting Madoff Ponzi Profits

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Obama Refuses To Sign Foreclosure Bill

Barack Obama

U.S. President, Barack Obama, has refused to sign legislation regarding homeowners, as he has been told it will make it easier for banks, other lending institutions and their legal representatives, to foreclose on people's homes. Over the past few years, America has faced an unprecedented number of foreclosures, far surpassing anything that occurred during the Great Depression. The current foreclosure crisis seems to get worse as each month goes by. In short, something is wrong.

There are reports of people all over America, especially elderly couples, who had their homes fraudulently foreclosed on by law firms, acting on behalf of banks, when there was no mortgage or debt on said properties, as they were paid off years prior.

There was a notable case in the Miami Herald last year, regarding a woman that went on vacation for a few weeks and returned to find, the now defunct, Washington Mutual, had foreclosed on her home, which was not in arrears and had sold it at auction. She came home to find what was left of her possessions on the sidewalk and the new owner threatening to call the police to arrest her for trespassing.

The aforementioned cases represent the sheer lawlessness and thievery law firm foreclosure mills are capable of, to the public's detriment. This is what America has been reduced to, due to poor government oversight, during the previous and current administrations.

This month, it was revealed, many U.S. foreclosures were rubberstamped by banks and judges, not paying attention to the contents of the documents foreclosure law firm mills have been bringing before them.

To make matters worse, a questionable judge in West Palm Beach, Jack S. Cox, has unethically and inexcusably, shutdown a lawsuit, attached to an investigation, by Florida Attorney General, Bill McCollum, into one of the state's most notorious foreclosure mills, the law firm of Shapiro & Fishman LLP. The law firm has put hundreds of thousands of homeowners out on the streets and in some cases, under dubious circumstances.

FBI Director Robert S. Mueller, knew in advance of the developing problems in the mortgage sector and did nothing to stop it

Judge Cox tossed a subpoena by the Attorney General, demanding financial information from Shapiro & Fishman LLP, regarding their dealings in kicking many homeowners out of their properties, under strange circumstances. Some of the foreclosures were legit, but some were not. However, Cox is crazily claiming the Attorney General has no authority to investigate the law firm, which is a lie.

Judge Cox needs to be voted out. The people of Florida need to remember him for what he has done in this case and whose side he is on, as it certainly is not the people of the state. Through the ruling he has rendered, Judge Cox, has aided a corrupt law firm in fraudulently tossing people out of their homes. No judge should be able to impede an investigation and it was done with no constitutional or legal basis to support it. Some of these judges are so bold with the bald-face corruption, they are giving all judges in the nation a bad name.

I've stated it before and I shall state it again, judges have played a major role in the deterioration of the U.S. economy, as so many lawsuits have been crookedly shutdown, because they threatened to expose corruption and financial fraud in the corporate sector. It's not about justice anymore. It is about who has the most money to buy it.

Some judges are taking massive bribes in the form of cash passed to them by lawyers on behalf of clients, stocks, clandestine real estate deals and valuable favors for their family members. It is all leading up to a terrible disaster. Furthermore, with the way the Obama Administration is spending and sending the deficit sky high, coupled with the fraud in the court system, the entire federal government is in jeopardy and at risk of extinction, in favor of state governance, which is cheaper.

The Bush and Obama Administrations have handled criminals in corporate America with kid gloves, which is why the problems in the economy keep growing worse. The ponzi schemes, thievery, fraud and gouging has not been eradicated from Corporate America. Now the nation is facing stimulus fraud as well, watching billions in taxpayer dollars squandered, misappropriated and hoarded, which is of no use to the economy.

High profile criminals believe there will be no significant consequences for their criminal misconduct and so, they continue. Once again, the bank accounts of a handful of rich is being given precedence, over the financial health of millions of people, who could end up homeless.

Kerry Killinger	Angelo Mozilo

Two and a half years ago, the Judiciary Report, offered a simple solution to the mortgage crisis, before it reached the horrible state is has at the present time. It was contained in the the March 17, 2008 article "You Need To Give Them Their Homes Back."

I stated, the banks needed to give people their homes back, who were recently foreclosed upon, reduce some of the debt and it will bring in revenue, to set banks back on the right financial path. It was either that or accumulate millions of foreclosed homes, which would be a nightmare for the nation. Showing off, they did the opposite of what the site suggested and I thought to myself, "Watch this blow up in their faces in 5,4,3,2,1..."

A year later, both Countrywide and Washington Mutual, mentioned in the article two and a half years ago, spectacularly collapsed and were bought out for a mere fraction of what they were worth. Their arrogance destroyed the companies and negatively impacted the economy.

To date, none of the bankers responsible for the mortgage crisis, Agnelo Mozilo (Countrywide), Kerry Killinger (Washington Mutual) and several foreclosure mill law firms representing them, have done a single day in prison or paid a dime in restitution, for the extensive damage they have caused a nation of 305,000,000.

These acts of corporate theft and fraud, constituted the illegal redistribution of wealth, stealing people's homes, they put their hard work, blood, sweat and tears into and it is not right. Where is the accountability. Where is the "liberty and justice for all."

RELEVANT READING

Judge Halts Investigation In Corrupt Law Firm Stealing Homes

The Foreclosure Mess Could Last for Years

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Florida Foreclosure Law Firms Under Investigation

You Need To Give Them Their Homes Back