The other interesting factor in this is that the further one gets from Wall Street and Washington, the less sympathy there is for the banksters and their problems. The best bet for the banksters might be in the venue of the Supreme Court of the United States. However, were I the attorneys for the defendants, I would go to any lengths possible to keep the cases in state courts up to the level of State Supreme Courts. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
OTH: The effects of such a game would be fun to watch. Land of the Free would turn into the Wild West, with the rich of China/Germany/Netherlands/England owning all of the USians and our/their Commons. Never underestimate their intelligence, always underestimate their knowledge.
Frank Delaney ~ Ireland
the rich of China/Germany/Netherlands/England owning all of the USians and our/their Commons
For the SC it would be like the old Jack Benny routine where he is being held up at gunpoint:
Robber: "Your money or your life!"
Benny: "I'm thinking! I'm thinking!" As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
History says that JPMorgan and GS have enough inside info to merely sell off at advantageous times and survive even stronger - being able to watch their moves would be the key. Anyone in ET want to be the mole? Never underestimate their intelligence, always underestimate their knowledge.
Can anyone confirm that such is the case. If what you say is correct, the only thing that will prevent most people in the U.S. from stopping payments on their mortgages is their own individual moral sense. Given what the banks have been up to lately, I'm not sure I'd want to bet on that...
If what you say is correct, the only thing that will prevent most people in the U.S. from stopping payments on their mortgages is their own individual moral sense.
I learned the reality a few years ago in London, talking to a commercial bank strategist there. "We've had an intellectual breakthrough," he said. "It's changed our credit philosophy."... "The poor are honest," he said, accompanying his words with his jaw dropping open as if to say, "Who could have guessed?" The meaning was clear enough. The poor pay their debts as a matter of honor, even at great personal expense. Unlike Donald Trump, the poor are less likely to walk away from their homes when market prices sink below the mortgage level. In today's neoliberal Chicago School language, the poor behave "uneconomically." That is, they make choices that do not make economic sense, but rather reflect a group morality. This sociological gullibility is what made them rich pickings for predatory lenders such as Countrywide, Wachovia and Citibank.
...
"The poor are honest," he said, accompanying his words with his jaw dropping open as if to say, "Who could have guessed?"
The meaning was clear enough. The poor pay their debts as a matter of honor, even at great personal expense. Unlike Donald Trump, the poor are less likely to walk away from their homes when market prices sink below the mortgage level. In today's neoliberal Chicago School language, the poor behave "uneconomically." That is, they make choices that do not make economic sense, but rather reflect a group morality. This sociological gullibility is what made them rich pickings for predatory lenders such as Countrywide, Wachovia and Citibank.
See "Jingle mail:" The Awful Sound Of "Voluntary" Foreclosure - Couric & Co. - CBS News
When I posted a poll asking whether walking away from a bad mortgage is "irresponsible" or "the smart thing to do," 63 percent agreed with "condoblue" - that walking away is the smart choice. And that's a scary trend for banks and lenders.
But nowhere near as scary as people ceasing to make payments on a perfectly good mortgage if there's nothing anybody can do to them.
