Tag: mortgages

Why Carney’s Appointment as Bank of England Governor Should be Challenged By Hugo Radice

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5 December 2012 — The Bullet • Socialist Project • E-Bulletin No. 739

The appointment of Mark Carney as next Governor of the Bank of England has been greeted with universal acclaim. In the House of Commons Ed Balls was quick to congratulate Chancellor George Osborne on his choice, and on the evening TV news both former Chancellor Alistair Darling and self-styled monetary maverick David Blanchflower were of the same opinion. Here was a giant of financial regulation, with a PhD in economics, ten years at Goldman Sachs, singlehandedly responsible for guiding Canada to the quickest post-2008 recovery among the G7 countries, and appointed in 2008 to chair the Financial Stability Board set up by the G20. So what’s not to like?

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Obama and Bush Administrations Complicit With Bankers’ in Massive Foreclosure Scheme

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5 October 2011 — Black Agenda Report

A Black Agenda Radio commentary by Glen Ford

A new report shows the Obama administration has been just as protective as its Republican predecessor of bank robo-signing: forging the signatures of millions of homeowners in order to foreclose their homes. ‘Theft and fraud were standard practice on Wall Street, and both the Bush and Obama administrations knew it, and protected the criminals.’ Obama didn’t just ‘inherit’ Bush’s entanglement with Wall Street robo-gangsters. He joined the criminal enterprise. Continue reading →

The Beginning of the End of the American Empire By Tanya Cariina Hsu

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4 December, 2010 — Global Research

Excerpt from Tanya Cariina Hsu’s chapter.

The following text is a preview from Global Research Publishers’ recent book on the Global Economic Crisis.

Michel Chossudovsky and Andrew G. Marshall (editors)

The following is a sneak peak of Tanya Cariina Hsu’s chapter in the new book from Global Research, “The Global Economic Crisis: The Great Depression of the XXI Century.” Order now from Global Research.

“I sincerely believe… that banking establishments are more dangerous than standing armies.” – U.S. President Thomas Jefferson; Letter to John Taylor, May 1816

America is dying. It is self-destructing and bringing the rest of the world down with it.Often referred to as a sub-prime mortgage collapse, this obfuscates the real reason. By associating tangible useless failed mortgages, at least something ‘real’ can be blamed for the carnage. The banking industry renamed insurance betting guarantees as “credit default swaps” and risky gambling wagers were called “derivatives”. Financial managers and banking executives were selling the ultimate con to the entire world, akin to the snake-oil salesmen from the 18th century but this time in suits and ties. And by October 2008, it was a quadrillion-dollar (that’s 1 000 trillion dollar) industry that few could understand.[1] Propped up by false hope, America is now falling like a house of cards.

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The end of (capitalist) history? By William Bowles

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17 September 2008

After the Soviet Union collapsed, Francis Fukuyama published his now utterly discredited book, ‘The End of History’, which told of a glorious future, a capitalist paradise, where we would all be rich, eventually, when the wealth unleashed by an unfettered capitalism would ‘trickle down’ to us in that best of all possible worlds, ‘free market’ capitalism, where the market would take care of everything.

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