Category: bank

Financial News: Cyprus In Layman’s Terms

Cyprus In Layman’s Terms

cyprus bank runIn case you’ve heard it and didn’t understand or have been living under a rock, in terms of financial news, not that everyone pays attention to financial news, the tiny nation of Cyprus is doing something unprecedented. They are stealing depositors money.

The news is reporting it and the most casual way possible. If they told you exactly what was going on, and what other options were available, a widespread panic would ensue.

So here’s the basics of this report. The tiny nation of Cyprus, basically serves as the offshore banking for much of Europe. They are the Cayman Islands of Europe. People deposit their huge sums there, and pay very little taxes. Because the island’s banks gets huge sums of money, they thought to make even more money by investing it themselves. Who did they invest in? Greece. Wait, are you thinking what I’m thinking? That’s right, Greece is insolvent and can’t pay its creditors, including Cyprus.

Continue reading Financial News: Cyprus In Layman’s Terms

The Single Most Important Issue Facing America

The Single Most Important Issue Facing America

I’ve read over all of the comments on facebook, twitter, etc. It saddens me that most widely miss the mark.

Government corruption, and its complete capture, by those that they are supposed to regulate, is the single most prevalent issue. It goes deeper and is far more complex than a stupid sound bite or a one sentence explanation.

Signers of the U.S. Constitution

After the repeal of the Glass Steagall act, financial institutions were allowed to merge cross platform industries. Retail banks could merge with commercial and investment banks. They argued that when the economy was good, the population invested in the market. When the economy was bad, they saved. In order to allow a one stop shop, they wanted to merge the two. Some senators and congressmen immediately saw that this would create monolithic entities that would crash the system, but no one listened.

Let’s go back even further to understand today. The banks put out propaganda saying “the banks don’t want your house, they want your payments.” During the 1800s the banking community was a bit more overt. They passed around a “memo” saying, “if you mess with the banks we will crash the economy and buy all the property up, pennies on the dollar.” Fast forward 100 years, and guess what happened? In fact, they have done this over and over and over.

Also remember, they finance the wars, they finance the crashes, they finance the middle-class slipping into the lower-class, they finance the democrats, they finance the republicans. Only a fool looks at our system and thinks there is someone somewhere who is honest and pure and just isn’t being listened to. No politician is paying attention to you. They are being financed.

The american citizen is under direct assault. They are financing your freedom right out the door.

Anyone saying anything other than the economy is the single-most important issue, is a fool. This is america, the dollar is king. Yes it can buy happiness. It can buy power. And, with enough of it, it can buy freedom.

I’m amazed no citizen groups have pooled their money to finance and float their own candidates. You call yourselves adults? Don’t you realize what’s going on?

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RANT: I Bet You Only Know of Two Ways to Buy a Home

RANT: I Bet You Only Know of Two Ways to Buy a Home

It pisses me off that the american public is so miopic that they have bought into the brainwashing that you cannot buy a house without a bank. I happen to be a real estate investor and my team only buys houses without banks, i.e. cash, direct from sellers. We can buy seller notes, carry notes for people that want to buy from us, or just outright buy houses.

You should NEVER go into debt to buy a house. Some people don’t learn until they are out of money completely.

51% of all transaction of home purchases in Vegas for the past 2 years has been in cash. Way back when, think grandparents, nearly everyone bought their house with cash.

The banks have tried to attract people to take out loans to buy homes and cars on credits for decades now. Even at 0% interest rates, still 30% of the country, before the housing bubble collapse, bought houses in cash. And, we’re not talking rich people. People saved their money and bought houses, as it should be, and should have always been.

As far as ponzi schemes, you’re talking about fractional banking, where a bank has only $1,000 in reserves, but can lend out $10,000 in “loans” based on money they do not have. To keep this working, the lendee is afraid that if he doesn’t pay up he’ll ruin his credit. However, the interest rate he pays BACK to the bank has to come from thin air. So the bank writes a bad check to you, on money that comes out of thin air, and you pay back the bank on money that comes out of thin air. So as you pay back the bank $15,000 dollars, he then turns around and lends out $150,000. And so on.

What really makes it a ponzi scheme is that the people paying back the interest have to take money OUT of the system to pay back the loan.

Let’s pretend that we could actually have a stopping point in time, to this game:

  1. you go to work and make a table
  2. your employer sells the table to john
  3. your employer gets money from john
  4. your employer pays you a salary
  5. you put your money in the bank $1,000
  6. john takes out a loan for $10,000 for a home improvement
  7. John pays back $15,000 from money he gets from work
  8. the extra $5,000 isn’t even in the system and before john can pay it back he runs out of money
  9. the bank did not have $10,000 to lend out in the first place so
  10. the wood john bought doesn’t get paid for
  11. the nails john bought doesn’t get paid for
  12. the paint john bought doesn’t get paid for

So after about a  year the system collapses from fraud. The only real money in the system was the $1,000. And, that is a ponzi scheme BY DEFINITION.

Madoff did the same thing, just with fewer steps and with less cooperation from banks.

  • He got the first round of investors to invest.
  • Here comes the second round and he pays off the first
  • the first reinvest
  • here comes the 3rd round and he pays off 1 and 2
  • by the 50th round, he cannot pay off 30% more than 1-49 have invested and runs away with millions, because it’s paper money and fake returns that they all keep reinvesting.

This is exactly what the banking system does. They keep making loans every hour and people pay off the loans every hour.

The government is in on it, because they have to pump money into the pool every hour, by the millions. By them pumping millions back into the pool of money, it means your 2 dollars is now only worth 50 cent, because it takes 4 dollars now, to buy what 2 dollars could buy before.

Madoff = ponzi
bank = ponzi
government = ponzi
social security = ponzi
income tax = ponzi

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For Blacks: Be Your Own Boss

Starting Your Own Business

( Pictured below are all African Kings, most are very much alive. Wonder why you don’t see them in the news? )

You will never get ahead being the employee of someone else.  Well, unless that is of course you work directly for Bill Gates or some situation like that.  However, I am fairly positive, noone who works for Bill Gates reads Shakaama Live.  I could be wrong, but being a perfect being, I know I am not wrong.  It stands to repeat in another way, en employee is someone that a person hires so that they do not have to work as hard to make THEIR money.  Let’s put it another way.  You are making someone else wealthy by getting hired on to do a “job”.  Understanding the dynamics of what a job is, is the beginning of understanding how the rich get richer.  Once you understand it, then you can turn around and do it yourself.

What is Trade?

The entire concept of the market place is based upon trade.  It is a simple concept, really.  I make cakes and you buy them from me.  You make shoes and I buy them from you.  It used to be that everyone used precious metals to trade with, once we did away with the bartering system.  But, gold and silver are in short supply in the world and the big greedy bankers came up with a fake money system [but that’s a story for another time]  Long, corruption, story short, we now deal in currency and not precious metals.  So you give me money for my cakes and I give you money for your shoes.  We all come out fairly equal.

See what happun was…

Someone got the bright idea that instead of them physically standing there selling cakes, they could hire some lackey to stand there for them.  Then they went a step further.  They came up with the bright idea that instead of them baking the cake AND standing there selling them, they could hire one person to bake the cakes, and another person to sell the cakes.

Well with all this free time, they could then go open up a pie shop.  After the success of the cake shop, the pie shop was a breeze.  They didn’t have to make a whole bunch of money off of each cake, because now they could buy all the ingredients from someone else and have their employees make them money.

Along came a thing called a revolution.  After the dust was settled and people didn’t want to listen to kings and queens any more they wanted to own their own land.  See, before they didn’t own their own land.  The duke or lord owned all the land.  Yeah so after that was over, people were supposed to own their own land.  Well, as luck would have it, the dukes and lords didn’t take kindly to that and thought that perhaps they could just keep the land and charge people rent or sell them land.  People went for it, for some reason.  I don’t know why.  I mean they did fight a revolution to get from under the very people they now agreed to give their money to.  Thus the landlord was born.  Instead of him being a duke or lord, he was now called a landlord.

The landlord gig is quite an impressive way to make money.  You basically have nearly nothing to do but collect money.  It’s a fantastic way to sit back and make money.  I don’t know why everyone doesn’t do it.

Not to be outdone, the banks [yeah the corrupt ones] did not want to be put out of the game.  So they plotted to be the middle man between the landlord and the tenant / buyer.  They got the bright idea that they could ask the landlords to jack up land prices and then offer credit to the tenant / buyer.  The landlords, of course, loved the idea.  So they tripled land prices overnight and banks then advertised that they would offer credit to … wealthy people.

Wait!  What?

Yeah, credit wasn’t such a big hit for EVERYONE.  I mean, who in their right mind would lend money to a poor person.  It just doesn’t make sense right?  So they gave credit out to all the wealthy people.  The whole idea of jacking up the price of land sort of backfired.  You see what they had wanted to do was get in between all the landlords and the buyers.  But, poor people were never offered credit like rich people.  Poor people still bought their land directly from the landowner.  For a couple of centuries then, poor people were immune from banks.  Banks didn’t give credit to poor people and poor people were not at the mercy of horrible stories of banks coming for poor people.

See wha happun was…

Someone got the bright idea of giving poor people credit.  Why? Because poor people do not understand credit.  Credit, as it goes, is a fairly new concept anyway.  And, poor people were never historically given credit.  So, if you offer credit to a poor person, you can explain it however you want him to understand it.  The basics of the idea is that money is lent to a person just for having a good reputation.  That money lent is done so at interest.  The payback is the money lent plus the interest.  Well, there are a million ways to go about those 3 steps.

What’s ridiculous is, being a landlord does not require a bank.  Yet, people think that it is the only way to be a landlord these days.  The old way of buying land directly from a landlord never “went away”.  You simply have to remember that banks wanted to be included inside of that “trade”.

His Majesty Otumfuo Osei Tutu II, king of the Asante people of Ghana

Now, what’s a real tragedy is that landlords offered to rent properties to people.  So everyone fought in these revolutions to not be under dukes and lords and yet they turned right around and started renting the very land they fought for.  Selling off parcels of land is not such a bad idea.  You fight the revolution, and the land has to be distributed somehow right?  Buying it from the duke or lord is as good a system as any to distribute that land.  Renting land is just … well it’s just stupid really.

Let’s fast forward to 2008 in the U.S..  Prices of homes fall to such a degree that people are going crazy.  But, wait, this is what the home values SHOULD have been.  So now you can buy a home directly from a landowner for about $500.00 / month.  Yeah the landowner carries the note and you PURCHASE the land, like everyone used to do.

Now, if you’re smart, you’ll buy a few homes yourself and rent out to people more stupid than you.

So, we got you hiring folks for a pie shop; hiring folk for a cake shop; and renting to idiots that don’t know they can buy land from people directly.  If you’re working for someone else, you are trading your time and energy for a fraction of the money you could be making.

Going to college and business school is simply making yourself a bigger target for getting a job to make someone else richer.  I am not advocating not getting an education, but I AM advocating not wasting your or your parents hard earned money and 4 years of your life JUST to make someone else richer for the rest of your life.  If you’re going to spend money on college, it should be to get a business degree on how to START your own business.  It is time out for Black people to tell their OWN children to go to college to get a degree to get A JOB!!!  No other race tells their children this.  None.  Only Black people say this to their children.  It is a shame and a tragedy.

Think for one second.  You tell your kid to pay for college and then spend time there just so he can get a damn job working for someone else, for the rest of their life.  Are you really that stupid?  That is not how to GET AHEAD.  You want your children to get ahead of you don’t you?  If you don’t you shouldn’t be a parent.  You should shoot yourself in the head before you have kids and bring the rest of us down.

I’m just sayin *laugh*  [ I do not condone suicide ]

This is how you can be your own boss.

Any questions?

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Who Oversees the Federal Reserve Bank

Who Regulates the Fed

In a word, noone.  Officially, we have the propaganda that the federal reserve system is a quasi-governmental entity, but with semi-private privileges.  The explanation however goes in loops and tries to circumnavigate a very concise explanation. No one in government oversees the Fed.  No one in government can overrule the Fed.  No one can hold accountable the Fed.  No one in government can bring to justice the Fed.  In fact, the Fed is untouchable.  In fact, the Fed is above the law.  In fact, the Fed operates with impunity.

The Official Explanation of Who Regulates the Federal Reserve Banks

The Federal Reserve is a unique legal entity that can be described as an independent government agency with member bank participation. It is organized with a 100% government agency at the top (the Board of Governors), and branches beneath them that are organized like corporations with member banks as shareholders.(Ref: http://www.federalreserveeducation.org/fed101/structure/ , http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#4 )

The Board of Governors are all appointed for 14-year terms by the president and confirmed by congress. It operates per it’s charter and laws set by congress. it is overseen by congress. There is no structure or mechanism for private ownership at this level; it is a government agency. You can confirm this from a number of government sites that list it as a government agency (e.g. http://www.whitehouse.gov/government/independent-agencies.html) Board members are forbidden by law to have any economic interest in a private bank. (Ref: Title 12 chapter 3 of the U.S. Legal Code). The Board determines monetary policy and provides high level oversight of the branches.

The 12 branches can be considered highly regulated private corporations. Member banks are required to buy shares in their branch. Each bank has one vote. They can vote for 6 of their 9 board members, the other 3 are appointed by the Board of Governors. Though the branches are called non-profit, the member banks get a standard 6% dividend on their shares. The remaining ‘profit’ is turned over to the Treasury at the end of the year.

For confirmation on this, check out how Hoovers classifies them:
http://www.hoovers.com/free/search/simple/xmillion/index.xhtml?query_string=Federal+Reserve&which=company&page=1&x=91&y=2# HooversCompanyNameMatchesH2

And those shares that the member banks own? Some say there are so many restrictions that it falls short of true ownership

From Edward Griffin, noted anti-fed intellect (http://www.bigeye.com/griffin.htm)

“It’s a hybrid, part corporation and part government, part private, part government.
..
Every bank that’s in the system is an owner of the Federal Reserve… But that’s as far as it goes because those stock certificates do not carry with them any of the attributes of private ownership. For example, the holders of these certificates cannot sell them. If you can’t sell something then you don’t really own it, that’s one of the tests of ownership, your ability to dispose of it. You cannot sell it. Furthermore the larger banks put up more money than the smaller banks, it’s a ratio to their assets, so the larger banks have more stock certificates in the system than the small ones and yet regardless of the number that they hold, every bank has just one vote. There’s another violation of the principle of private ownership. Furthermore that vote doesn’t buy them anything. They can’t vote for anything of substance; they cannot vote for their national management which is the most important thing, isn’t it? The board of directors and chairman of the Federal Reserve System are appointed by the President, they’re not elected by the banks that are part of the system, the President does that.”

But, let’s go over a couple of things in this explanation.  Bear in mind what I said earlier, that noone can oversee them.

The Board of Governors are all appointed for 14-year terms by the president and confirmed by congress

This is a red herring.  It assumes that because of some appointment power, that the government has some authority over the bank.  On print that looks great.  In practice, this is nothing more than Napoleon making the Pope crown him.  The “appointees” are hand picked and given to the president and congress.  They wouldn’t dare choose anyone but those who they were told to choose.

  It operates per it’s charter and laws set by congress. it is overseen by congress.

Again, this looks great on paper, but in practice it is just not done.  No congressman can sit in on any federal reserve meeting.  Congress is not advised of the goings on of the meetings.  In fact, congress is told, quite frequently, to shut-up asking about the meetings.  Not only that, but should congress hand the Fed something, congress is well aware that they cannot then ask about the very object they handed to the Fed.

Board members are forbidden by law to have any economic interest in a private bank. (Ref: Title 12 chapter 3 of the U.S. Legal Code). The Board determines monetary policy and provides high level oversight of the branches.

If I sent a simpleton to your house to borrow your sugar, and then fed the simpleton cookies, made from the very sugar I had him borrow, can it be said that the simpleton has not profited from the sugar?  Much is made of this clause that the Fed members cannot have interest in a private bank.  But, what is not said that there are many “non-private” banks.  In fact, as we’ll see, the board holds interest in the Federal Reserve Banks.

Member banks are required to buy shares in their branch. Each bank has one vote. They can vote for 6 of their 9 board members, the other 3 are appointed by the Board of Governors. Though the branches are called non-profit, the member banks get a standard 6% dividend on their shares.

 This might look standard until you valuate how much profit the Fed makes each year.  And, again the board does in fact hold interest in a bank, just not a private one.  Where do the Fed profits come from?  The Federal Reserve Bank makes profits off of the taxpayers of America.

And those shares that the member banks own? Some say there are so many restrictions that it falls short of true ownership

Who cares about the restrictions of ownership if you have 6% of every dollar ever printed in America.  This is just another red herring.  The “restrictions” in question forbid the holder of the shares from being able to sell them.  But, correct me if I am wrong but, who on the planet would be insane enough to sell a share in the monetary system of America?  It is literally like having a share in God, with a restriction that you cannot sell a share in God.  What exactly would you trade a share in God for?  It is literally, by definition, the logical fallacy of false dilemma. This line of “reasoning” is fallacious because if both claims could be false, then it cannot be inferred that one is true because the other is false.

  • I have shares in the Federal Reserve Bank
  • I cannot have a conflict of interest when dealing with taxpayer money, which the bank makes profits off of
  • I cannot trade my shares
  • therefore I must be trustworthy and have absolutely no conflict of interest

This was literally drafted into the article creating the Fed, to confuse people and give a sense of propriety to an organization that is literally pillaging the entire country.

We literally have a private bank that is funneling money through it’s coffers and then doling it out to its friends, its own banks.

If it can be believed, the bank has had people killed that came against it.  Some even say Lincoln and Kennedy were shot by the bank.

Bankers killed Lincoln: In this conspiracy scenario, John Wilkes Booth was the “hit man,” the “hired gun” for the powerful British bankers, the Rothschilds. According to this assassination theory, the Rothschilds had offered loans to the Lincoln administration at very high interest, assuming that the Union had no choice other than to accept their outrageous terms. The frugal and resourceful frontiersman spirit in Lincoln caused him to refuse the Rothschilds’ offer and to acquire the necessary funds elsewhere. Although his refusal only stung their sense of pride and greed, the true reason for their planning his assassination was their knowledge that after the war Lincoln’s policies indicated a mild Reconstruction of the South that would encourage a resumption of agriculture rather than industry. Additional post-war policies destroyed the Rothschilds’ commodity speculations. With Lincoln out of the way, the Rothschilds planned to exploit the weaknesses of the United States and take over its economy.

“…Predictably Lincoln, needing money to finance his war effort, went with his secretary of the treasury to New York to apply for the necessary loans. The money changers wishing the Union to fail offered loans at 24% to 36%. Lincoln declined the offer. An old friend of Lincoln’s, Colonel Dick Taylor of Chicago was put in charge of solving the problem of how to finance the war. His solution is recorded as this. ‘Just get Congress to pass a bill authorising the printing of full legal tender treasury notes… and pay your soldiers with them and go ahead and win your war with them also.’

When Lincoln asked if the people of America would accept the notes Taylor said. ‘The people or anyone else will not have any choice in the matter, if you make them full legal tender. They will have the full sanction of the government and be just as good as any money; as Congress is given that express right by the Constitution.’

Lincoln agreed to try this solution and printed 450 million dollars worth of the new bills using green ink on the back to distinguish them from other notes. “The government should create, issue and circulate all the currency and credit needed to satisfy the spending power of the government and the buying power of consumers….. The privilege of creating and issuing money is not only the supreme prerogative of Government, but it is the Government’s greatest creative opportunity. By the adoption of these principles, the long-felt want for a uniform medium will be satisfied. The taxpayers will be saved immense sums of interest, discounts and exchanges. The financing of all public enterprises, the maintenance of stable government and ordered progress, and the conduct of the Treasury will become matters of practical administration. The people can and will be furnished with a currency as safe as their own government. Money will cease to be the master and become the servant of humanity. Democracy will rise superior to the money power. The solution worked so well Lincoln was seriously considering adopting this emergency measure as a permanent policy. This would have been great for everyone except the money changers who quickly realised how dangerous this policy would be for them….”

On Kennedy:

On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. The Christian Law Fellowship has exhaustively researched this matter through the Federal Register and Library of Congress. We can now safely conclude that this Executive Order has never been repealed, amended, or superceded by any subsequent Executive Order. In simple terms, it is still valid.

When President John Fitzgerald Kennedy – the author of Profiles in Courage -signed this Order, it returned to the federal government, specifically the Treasury Department, the Constitutional power to create and issue currency -money – without going through the privately owned Federal Reserve Bank. President Kennedy’s Executive Order 11110 [the full text is displayed further below] gave the Treasury Department the explicit authority: “to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury.” This means that for every ounce of silver in the U.S. Treasury’s vault, the government could introduce new money into circulation based on the silver bullion physically held there. As a result, more than $4 billion in United States Notes were brought into circulation in $2 and $5 denominations. $10 and $20 United States Notes were never circulated but were being printed by the Treasury Department when Kennedy was assassinated. It appears obvious that President Kennedy knew the Federal Reserve Notes being used as the purported legal currency were contrary to the Constitution of the United States of America.

“United States Notes” were issued as an interest-free and debt-free currency backed by silver reserves in the U.S. Treasury. We compared a “Federal Reserve Note” issued from the private central bank of the United States (the Federal Reserve Bank a/k/a Federal Reserve System), with a “United States Note” from the U.S. Treasury issued by President Kennedy’s Executive Order. They almost look alike, except one says “Federal Reserve Note” on the top while the other says “United States Note”. Also, the Federal Reserve Note has a green seal and serial number while the United States Note has a red seal and serial number.

President Kennedy was assassinated on November 22, 1963 and the United States Notes he had issued were immediately taken out of circulation. Federal Reserve Notes continued to serve as the legal currency of the nation. According to the United States Secret Service, 99% of all U.S. paper “currency” circulating in 1999 are Federal Reserve Notes.

Kennedy knew that if the silver-backed United States Notes were widely circulated, they would have eliminated the demand for Federal Reserve Notes. This is a very simple matter of economics. The USN was backed by silver and the FRN was not backed by anything of intrinsic value. Executive Order 11110 should have prevented the national debt from reaching its current level (virtually all of the nearly $9 trillion in federal debt has been created since 1963) if LBJ or any subsequent President were to enforce it. It would have almost immediately given the U.S. Government the ability to repay its debt without going to the private Federal Reserve Banks and being charged interest to create new “money”. Executive Order 11110 gave the U.S.A. the ability to, once again, create its own money backed by silver and realm value worth something.

In the intelligence community, there is a saying,  “In the business of covert ops, there are no such things as coincidences.”.  Putting forward a very easy scapegoat for the public to see is the “birdie” the photographer uses to placate the public.  Keep your eyes on the conveniently placed presidential assassin that suddenly appeared on the doorsteps of the FBI.  Pay no attention to the man behind the curtain.  It could not possibly be that these presidents sought to overthrow the banking power houses and ended up dead by their hands.

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New Jersey State Supreme Court Orders Mortgage Lenders to Answer for Fraudulent Foreclosures

Mortgage Lenders Ordered to Appear in NJ Court

By DAVID PORTER, Associated Press NEWARK, N.J. – Six lenders who have combined to file nearly 30,000 foreclosure actions in New Jersey this year face the possible suspension of their operations next month under a court order announced Monday by state Supreme Court Chief Justice Stuart Rabner.

The action follows a report submitted to the Supreme Court that, citing depositions and court filings in other states, paints a picture of systemic abuses in the filing of foreclosures that include so-called “robo-signing,” in which employees signed hundreds of documents without checking them for accuracy.

In one instance cited in an administrative order, an employee of OneWest Bank, formerly IndyMac Federal Bank, said in a deposition that she signed 750 documents a week, taking no more than 30 seconds per document and relying on others to check the documents’ accuracy prior to signing.

Employees testifying in other depositions said they were authorized to sign documents despite having no background in the mortgage industry and little or no understanding of what they were signing.

OneWest and five other lenders were ordered to appear in state Superior Court in Trenton on Jan. 19 to demonstrate why the state shouldn’t suspend their foreclosure actions. The others are Ally Financial, formerly GMAC; BAC Home Loan Servicing, a subsidiary of Bank of America; JP Morgan Chase’s Chase Home Finance; Wells Fargo Financial New Jersey and CitiResidential Living, a subsidiary of Citibank.

“It’s important that the judiciary ensures judges are not rubber-stamping documents that may not be reliable,” Rabner said in a conference call Monday.

He said he believes New Jersey is the first state to take such action against mortgage lenders, a view echoed by Ira Rheingold, an attorney and executive director of the Washington-based National Association of Consumer Advocates, which has tracked the foreclosure crisis.

“To have a state Supreme Court haul in these lenders, it’s something I have not seen reach this level,” Rheingold said.

Spokespeople for Bank of America and Ally Financial said the companies wouldn’t comment on the order. Wells Fargo spokesman Jason Menke said the company “intends to comply with the New Jersey court’s order and demonstrate why the foreclosures scheduled in New Jersey should move forward.” The other companies didn’t immediately respond to e-mail or phone messages seeking comment.

Rabner announced that 24 other lenders will be required to submit documentation to a special master, retired state Superior Court Judge Walter R. Barisonek, to demonstrate that there are no irregularities in their handling of foreclosure proceedings. Rabner stressed that that group of lenders has not been accused of wrongdoing and was selected because each had processed at least 200 foreclosures this year.

The six lenders scheduled to appear in court next month have processed more than 29,000 foreclosures in New Jersey this year, Rabner said. The other 24 have filed about 16,000. The total represents nearly three-quarters of the 65,000 foreclosures filed in New Jersey, a number that has tripled since 2006, Rabner said.

More problematic, he said, is that 94 percent of the foreclosures have been uncontested, often due to homeowners’ inability to afford legal counsel.

“That means there’s no meaningful adversary process to protect them,” Rabner said.

The Supreme Court on Monday also issued an order requiring attorneys in all residential foreclosures to certify that lenders have reviewed documents for accuracy and confirmed the accuracy of all court filings.

Homeowners in several states have filed lawsuits recently alleging their homes were foreclosed on even though they were up to date on mortgage payments. In some cases, banks carted away belongings and changed the locks on the wrong homes.

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What is the Single Most Effective Way You Personally Can Help Get America Out of this Economic Depression

What Can You Do

I do not think a lot of people are aware of what is really going on with the economy right now. They do not want to hear any more about the economy. They do not want to watch the news talk about the economy. But, the truth of the matter is, regardless of all the speeches, talks and news broadcasts, not one person is telling you: what really is going on; why it is going on; and what you can do to stop it. I have already gone over in my economic blog what were some of the reason of this economic depression. What I would like to discuss today is what you can do personally to take control of your financial destiny, AND in so doing it, help your fellow citizen take control of his financial destiny by proxy.

You might be wondering, why you would be influenced to help your fellow citizen take control of his financial destiny. The answer is simple. By doing what I am about to reveal to you, you are helping yourself. If just 30% of the population helps themselves, this economic depression will be over.

That sounds rosey and merry does it not? But, what I am about to reveal is going to take America through some very hard times and the medicine will be painful. But, let me assure you that, the reason it will be painful, is because the system we have set up now is fraudulent. What I will reveal will result in probably hundreds of thousands of people losing their jobs. You might ask, “how can that be a good thing?” The problem is, they should not have been hired in the first place.

Let me give you a real world example.

A vast majority of Americans used to work in factories for some time. While most would think, on the GRAND scale, that factory jobs are low paying, the fact is that factory work does not require an advanced degree. So, you had quite a large segment of the population making far more money, with only adult level education, than they would in any other segment of industry or business. Because of this the American lifestyle changed drastically. Most people were able to afford what only the rich could afford before. And, with cheaper production methods, whole segments of consumer goods were made available to people that could never dream of owning them before. It was never the same quality as it was when the goods were limited to those that could afford them, but they looked just like them.

With this heightened lifestyle, the American living habits changed. Instead of living off the land and cooking for themselves and eating at home19 out of 20 nights, they began to eat out more and more. This created the fast food industry.

Finally the captains of industry but the wagon before the horse. In order to chase the dollar of the general public, they started cutting corners to make production cheaper. In this pursuit, they finally removed labor altogether as the ultimate means to cut expenses. They did this by automation and / or outsourcing to lower income nations.

[giving them the benefit of the doubt and not assuming this was on purpose to strip the country of its wealth] They cut out the very workers that were their largest clientele. They had undone, what was their bread an butter before. However, the jobs that were lost in manufacturing now switched over into the service industry, including the same fast food industry which saw a big boom when workers were paid more and had leisure money.

Due to not taking a look at their finances and not noticing they could no longer afford it, and being creatures of habit and bending to peer pressure, most Americans continued to buy consumer goods as they had just learned to do. They continued to eat out, making it now a normality to eat out, and an unusual occasion to cook at home. Now it switched to eating at home 6 out of 20 nights. More and more of the population sought jobs and were hired into the very service industry they had helped create to service them, due to their former lifestyle.

That is a real world example of what happened in America. In a very short time, Americans forgot that the items they now bought were once luxury items that only the well to do and rich could afford: television; cars; eating out. Instead of going back to their previous lifestyle when their money was less, they continued to purchase these luxury items. They had been brainwashed into thinking that they were not, in fact, luxury items, but every day items needed for living.

The manufacturers of course did not care that they had done away with a lifestyle that could have continued on growing and growing, but they turned around and egged people on to continue purchasing luxury items. They removed all notion of what luxury was and what normalcy was.

Fast forward to more recent times.

One of the luxuries that became common place were homes. Some of you might be shocked at such a notion. But, let me tear the wool blanket from over your eyes.

Homes were never and will never be a consumer good. From the beginning of the modern homestead, homes have always depreciated in value. This is what realtors, brokers and the government wants you to forget. Why is there a tax write off for buying a home? Because of the depreciation of the home. As soon as you buy land, break it up and plop houses on it, the value goes down. Yes you might be able to sell them for more with brand new houses on it, but from that moment on the value depreciates. Because, the land could have been used for an entirely different project. Also a home depreciates anyway due to its age, maintenance costs and general upkeep.

Realtors, brokers and the government rely on the general population NOT doing their homework and going through the math to figure out the real cost of a home and how much a home depreciates. Let’s say you purchase a home and you think you will live in it and then sell it when you get ready for retirement. Let’s say the original purchase price is merely $300,000.00 and you think you will sell it for a cool $1 million when you get ready in 30 years. Do you think you would have made some money? Look at the chart below.

As you can see in the chart, even if you sold the house for $1 million you would be actually losing money. But, wait, I have even worse news for you.

The chart doesn’t account for taxes going up. The chart doesn’t account for the inflation of the dollar over 30 years. So even if you sold your home for $1 million in 30 years, due to inflation it would be worth $2 million after you account for inflation. So you are double, no triple, no quadruple screwed. None of this is even accounted for in the chart.

Inflation is the single most theft of wealth in the whole nation. Who has control of inflation?

Banks! Namely, the federal reserve.

So what can you do about this mess were in?

  1. take your head out of the sand, sit down to your kitchen table, grab your wife, husband and kids and everyone grab a calculator, pencil, erasers and paper
  2. figure out the real cost of how you live from day to day, week to week, month to month
  3. you are going to adding the cost of inflation to all your calculations, including your paycheck
  4. remove any and all money you have from big banks
  5. buy a house safe and put the money in the safe and only you should know it, not even your kids should know it
  6. keep 10 months worth of cash in there at a minimum, remember to account for inflation
  7. if you must keep money in a bank, put it in a local credit union, and you just CAN’T find one, put it in a LOCAL bank
  8. if your local bank gets bought out by a large bank, remove your cash and find another credit union or local bank
  9. pay off all loans in full, as soon as you possibly can, remember you are calculating everything with inflation
  10. rip up, cut up any and all credit cards [credit is a financial farce and a hoax played on the American population]

You are to pay for everything in cash. If you do nothing else out of the list, because you’re too stupid to breath, at least pay for everything in cash, in full. This practice alone will save you thousands of dollars.

Remember what NOT paying in cash gets you:

  • bank fees
  • over draft fees
  • taxes on items you pay in installments
  • inflation raises the cost of an item you pay in installments
  • interest rates on items you purchase, even minor inexpensive items

Paying in cash would remove 30% of your financial worries.

If 30% of America followed the list of 10 things we would be out of this financial crisis this year. I guarantee it. I put my first-born’s life on that.

Let me leave you with this. I’ve said this before in one of my reports here. The value of houses circa 2008 were dramatically INFLATED. It was a scam to make money and keep making money. Home values should not have been anywhere near where they were. Homes were selling for $100,000 that were worth maybe $35,000. Homes that were selling for $1 million were worth $300,000. And, after looking into they found that everyone was in on it. Noone thought of it as wrong because it seems innocent to say a home is worth a certain amount. The more a home is worth, the more houses will sell in general; inspectors will have more work; more construction; brokers can pawn off loans to big banks; big banks can package and sell the loans as financial instruments to investors who either do not care or who are too stupid to handle their money anyway.

When they say there was fraud, don’t point the finger at the buyer without point the finger at everyone from the house appraiser all the way up to the president of the United States. And, make sure you go all the way back to Clinton, not just Bush, and Obama is just as lying as they are.

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Everything You Wanted to Know About Your Bank Account

Bank Scams 101

“Welcome to First International Bank sir. So you have your minimum requirement to open a savings account and checking account with us? Please sign here. Now enter a pin number for your debit card. Would you also like to sign up now for overdraft protection? As a valued customer we allow you a $1,000 allowance to be over on your checking account. You can also sign up for our 5 year CD, which starts at a $10,000 minimum and give you 0.75% interest. Make sure however, to maintain a $5,000 minimum in savings and $5,000 minimum in checking, otherwise there is a balance fee against your CD, plus a minimum balance charge on both checking and savings. If you make more than 2 withdrawals from savings in any one quarter, there is a quarterly fee. Would you also like to purchase checks now, with our complimentary check log. If you upgrade right now we can give you monthly money orders for only $20.00. That’s a $5.00 savings monthly. Lastly, we’re going to run your credit right quick to make sure you qualify for the debit card and credit card that comes free with a checking account.”

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Some of you might be laughing at that scenario, but it is very very real. Millions of Americans have this experience daily with banks. With the advent of the internet and increased security that has come on board, banking online with an online banker has made the above scenario obsolete. Brick and mortar banks know that they exist, yet they still stick to the above scenario day in and day out. Offering low interest returns on savings account and charging outrageous fees on top of fees is their bread and butter. Each year banks make billions on just the overdraft charges alone. Banks also make you think that the checking account is a burden on them and that’s why it earns no interest, when in fact the checking account is how most banks earn their money.

Fees and Avoiding Overdraft Fees

Banks will often smoothly opt you into a credit limit on your checking account. This means, you can go in the red on your checking account before a complete stop or denial is placed on the account. This credit limit comes at a hefty price called overdraft charges. This is the most lucrative invention the banks have ever come up with. While loans may make some money, they run the risk of going into default and no return is received by the bank. However, overdraft fees are a sure thing and cost the bank nearly no risk. It should be illegal to opt you into this credit limit without your express consent, but… there you have it.

I’m sure you’ve read the laundry list of how to’s on how to avoid overdraft fees but the single most sure way to avoid them is to OPT OUT. This means you would opt out of having a credit limit placed on your checking account completely. Normally this requires filling out a form with your signature, in writing. This means you no longer receive overdraft fees at all, but your card will be declined should you go over. Also, should you write checks the normal bounced check fee still applies. If your bank does not offer an opt out option, take your business elsewhere and do not bank with them for anything.

While keeping a checkbook log is admirable, keeping your own personal buffer is the only way to adequately maintain a checking account that does not go delinquent. Balancing your checkbook, however does add the benefit of catching the bank should they make a mistake in calculations.

Another unspoken fee is the merchant fee at the point of sale. If you run your debit card as debit, the merchant sometimes charges you for the debit transaction. He may have a sign posted somewhere that tells you about it. Make it a habit to run your debit card as a credit card instead. This not only avoids the merchant fee, but it put the transaction in chronological order in your bank. As a side note, running your card as a credit card has the added benefit during a return of merchandise, of going back on your card, which makes bookkeeping all that much more easy.

You can, at least open a savings account with a brokerage firm or a credit union which do not charge anywhere near the fees that these horrible national name brand banks do.

Interest Rates

Banks are completely at liberty these days to offer whatever interest rates they want. If they want to offer under 1% return on a savings account with $50,000 in it, no one will say anything. However, it is on you to discover the bank that offers 5%. They are still out there. I would that you gave your business to them, instead of giving your business to someone that does a good marketing job and creates great brand recognition, i.e. Bank of ScrewAmerica.

There is no excuse for your to save one dime with a bank that does not offer you at least 5%. Even with 5% you’re still below the inflation rate.

Conclusion

If you’re trying to save with a bank and incur even 1 fee from the bank, I would advise removing your money from that bank. If, however, you go to several other banks with the same result, you would be better served to simply buy a safe and keep your money at home. Even 1 fee can knock out and entire 5 year interest rate return on a savings account, depending on the size of the account. If you admit to yourself that you are not responsible enough to have a savings account, which does not incur any fees, then I do recommend purchasing a safe.

[click on the picture to purchase a home safe]

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