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Synopsis

Eight to ten million families are on the verge of losing their homes today. 14. 7 million Americans are unemployed 510.2 Trillion of hard-earned savings have been lost Businesses are closing their doors. What caused all this economic misery? Greed Insatiable greed On the part of banks who preyed on the working poor by abusing them through their pernicious but highly profitable credit card businesses. Then they created and sold unconscionable high interest, adjustablerate, “stated income” mortgage loans to the working poor. To further add to their profits, they engineered, bought, and sold mortgage backed securities and bonds. Finally, to protect themselves from possible losses, they devised, sold and bought “credit default swap” insurance policies. When their working poor victims could not longer pay their suddenly unaffordable mortgage payments, the banks mercilessly foreclosed on them. With dwindling mortgage payments coming in, Wall Street disintegrated In 2008, the $700 Billion Bailout came to its rescue. But out on Main Street, distressed homeowners received not a single cent of the bailout money. By 2009, the 52 Trillion Financial Stability Plan allotted a mere 575 Billion to help homeowners being foreclosed on. This is the ugly face of the Bailout Shame. But there is hope. It lies in the implementation of the pragmatic and speedy Mortgage Bailout Plan and the Job Creation Bailout Plan outlined in the book.

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