Collectively, we American homeowners and business owners owe the banksters about $13.2 trillion in debt. This includes the $10 trillion owed by people living in single-family homes.
This, in a banking system that charges 7 percent compound interest on money it pays no interest on. Since we cannot divide by zero, let's pretend the banksters are paying 1 percent to the U.S. Fed. That's a 700 percent mark-up.
Would you tolerate such a mark-up on a refrigerator, or a new truck or snow-machine? Of course not. But those of us locked into mortgages just have to buck it up.
And if the banksters drive your neighbour out of his home because of a lost job in this Great Recovery, watch these criminals drive your own property value down.
The banksters don't shovel the walks of these empty houses. They won't mow the lawns. They will not shovel the rooftops. They will let the pipes freeze to blow out in late winter. Their repossessed houses stink.
Truth be told, I'd rather have a couple of gang-bangers living next door to me than a Wells Fargo- or Chase Manhattan-owned house. At least the crankers shovel their sidewalks, even if it's at 3 a.m. with the boom-box pounding. (more…)