Banks Are Government Victims

Make no mistake, according to Herman Cain, we have too much government interference when it comes to the banking industry and the government should just stay out of attempting to regulate or have anything to do with the banking industry.  He has also stated that banks have no obligation towards mortgage holders.  Unfortunately, he does not seem to be aware that there was a massive bailout of the banking industry in the trillions of dollars and because he does not know that (insert all the dripping sarcasm you can find here) he can't complain about the government interfering in keeping the banks afloat. 


He blames the FDIC for regulations and "the things" banks can and cannot do. Sound bytes: Barriers, restrictions, free market, threat of government regulations prevent banks negotiating with homeowners and my favorite, "The banks cannot get as creative as they could be" Correct me if I am wrong, but isn't the "creative" part what brought Wall Street and the international economy to its kness? For more of Herman Cain's "Blah, blah, blah... " Watch the video below with credit to Think Progress.  


 


The banks, Mr. Herman Cain don't negotiate with homeowners because there is no money in it. Period.  If there was a buck to be made they'd be all over it.  According to the most recent Federal Reserve Bank of Boston study, banks recover more of their money through foreclosures than by adjusting rates or reducing principal so homeowners can stay in and maintain their homes.  So Mr. Herman Cain should get some valid information before he starts spouting the dangerous nonsense about eliminating banking regulations, because what he is essentially saying is that we should trust the thieves to guard the bank volt.


The Banking industry won't find an ally in what would be a much better representative for the GOP in this upcoming election than John Huntsman.  He fully understands the concept of monopolies and warns of the dangers of having institutions considered "Too big to fail"


If it weren't for regulations, Mr. Cain, Citi Group would have gotten Scott-free for perpetrating fraud against consumers.  Thankfully, they are subject to some rules and are subjected to law suits for FRAUD, yes, Mr. Cain, this is what happens when those with all the money take advantage of those who don't have the kind of clout or power the giant conglomerates have.  A settlement of $285 Millions dollars is a drop in the bucket for the Saudi owned corporation who can recoup that kind of cash in a few minutes and then write the entire amount as a tax deduction through the myriad of loopholes in the tax code that was designed to benefit these institutions exclusively.  - Go ahead and tell them you are replacing all this with a 9-9-9 plan and see how far that gets you - But knowing how slick you are and how responsible you are about not biting the hand that feeds you, you will likely keep those loopholes in place and further the greedy agenda of your party to screw only the minions, peons, poor and elderly.  


We fully understand why the 99% of the population is targeted by your party - We can always make more of those pesky people who are causing trouble by Occupying Wall Street and Occupying ... well, everything world-wide because, unfortunately for the majority of us,  we have a segment of the population that is rabid about aiding and abetting in controlling their neighbors and their lifestyle.  These people support any and all types of government intrusion into women's uterus, denying the right to have an abortion and making it impossible to obtain contraceptives.  


It is all these unintended pregnancies that will continue to replenish the pool of desperate people willing to work below minimum wage and keep them looping into a cycle of poverty and unintended ignorance.


It is this cycle of perpetuated ignorance that allows Herman Cain to blame "the little people" for their own miserable failure to become wealthy because he, Herman Cain is a perfect example of how anyone can be become extraordinarily rich by pulling himself by his own bootstraps.  The cycle of ignorance is what allows Cain to double-down on his rhetoric and have an audience of people who make under $50,000 a year cheering widely.


What is appalling is that the cheering took place in my state of Nevada where the unemployment rate is estimated to be close to 25% when we take into account the people who are no longer eligible to receive unemployment insurance, have not worked long enough to qualify for filing claims and have not been able to find work for the past two years.  It is also disturbing that in the state where upper middle-class neighborhoods are eerily silent due to the banking industry schemes and the rush into foreclosures, the members of this audience found it so appealing to blame the victims rather than the perpetrators. 





Image: Herman via Wikipedia Commons public domain