Run time: 07:07
https://www.youtube.com/watch?v=jSGk-V7OK5A
Posted on YouTube: August 23, 2011
By YouTube Member: TheBigPictureRT
Views on YouTube: 51
Posted on DU: August 23, 2011
By DU Member: thomhartmann
Views on DU: 621 |
Richard J. Eskow, Campaign for America's Future, joins Thom Hartmann. Turning our attention now to the ongoing bankster-fueled housing crisis. In the second quarter of this year - mortgage delinquencies increased - as now close to 10% of all homeowners are on the verge of being foreclosed on - a sign that the housing crisis beginning in 2007 is nowhere near resolved after four years. What has been resolved though? The Wall Street money-making machine. As more records from the Federal Reserve go public - we’re learning that the 2008 bailout of Wall Street - known as “TARP” - was just the tip of the iceberg in public funds going to the banksters. In December of 2008 - the Fed secretly gave more than $1.2 trillion in virtually interest-free loans to big banks like Morgan Stanley - Citigroup - and Bank of America.
That’s $1.2 trillion!
Which - coincidentally - is about how much it would cost to save 6-and-a-half million homeowners who are delinquent on their mortgages and facing foreclosure. In other words - a clear choice was made in 2008 to help banksters or help bilked homeowners - and the Fed chose the banksters. So today - it’s no wonder that banksters are doing just fine again - with 5 of the six largest banks in America reporting soaring profits - like JP Morgan Chase's 13% profit increase - and Wells Fargo's 29% profit increase. Meanwhile - millions of Americans are still being kicked out of their homes - and Republicans refuse to sign on to any sort of relief to help them. So what do we the people need to do now to make sure we see the same sort of recovery that Wall Street saw?
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