The credit markets (banks , investors, brokers, fund guys, and "others") screwed each other and lied about the value behind their "commercial paper". (Like lying on a credit form, and misrepresenting your self.) It started with appraisers, banks, real estate sellers, real estate agents, (and "others"), sitting across the table from each other and misrepresenting their real estate. Brokers then "commercialized over-valued real estate with "Triple AAA" security derivatives, and the "securities" and "credit" markets, - fell in line; and bought it, sold it, and traded it. The "Credit" and "Securities" markets did not take the time to think; "Huh, maybe this future equity doesn’t exist?"; No - they pumped it up.



The amount of debt equity that "does not exist", except for "on paper"; and is now at use in the markets, is the problem.



Like real estate appreciation; the "mass media" has not, and is not handling this story very well; they are losing their money, and "reality" might cause (them) to lose more.

If you have over-spent your equity on credit, if you bought a house for zero down, this "crisis" is going to hurt. The more you are "into" credit, the more you will probably hurt. To buy a home with zero down and no equity, you were a renter who had hopes that real estate would go up, and up, and up; even though you and most people could not afford it - already.

(I was wondering, with the falling property values, if anyone would get a tax refund for overpaid property tax’s. If you think you will, please, hold your breath.).

Kenn Spacefield





Sickened By The Federal State of America

The Sickened State of The Federal Government

TWO WARS; A 100,00 Missing Arms and Legs; A Million Young People Killing and Being Killed; A Million Broken Lives; Torture; Illegal Imprisonment; Court Appointed President; Terrorist WAR; Drug WAR; Immigration WAR on "Aliens"; Federal Government Border Patrol Checkpoints; Failing Economic Model of Debt Appreciation; Federal IRS Property Confiscation; EARMARKS;

Election Campaign Financing; United States Federal Government Corporate Shmoozing of Lobbyists and Money; Housing Up and Wages Down; United States Over-consumption, Credit, and Greed; - Causing Global Meltdowns; Threats Intimidation and Fear Produced and Created by The United States Federal Government; Leaders Concerned With Elections More Than Life .

Drugs (politics, religion, or economic theory) will not cure this illness; people will.

The United States Federal Government suffers from a total disconnect from most people. Most people in the United States when asked if they trust the US Federal Government with their personal money collected through taxes; their answer is NO. Even most "employees" of the Federal Government, their answer is; NO. (I did my own survey and everyone I asked said; NO.)

Most Federal Income Tax money goes to support WAR and the military past, present, and future. I can honestly say that the United States Federal Government does not speak for me. I am saddened and ashamed of the United States Federal Government.

Who came up with this stupid plan? Lets tax land into development. Lets close down the 100 year old family farm because we can. Lets tell them their land is worth 10 million dollars even though they bought it for 10 thousand dollars. Lets tax the land at 10 million dollars, and if they do not pay the taxes; we will steal it from them, because they cannot "afford" to stay their anymore; and now they are non-taxpaying low-lifes, - who just don’t understand the nature of this new modern world. (It is a common occurrence for older people all over the United States).

THIS IS SICK!

It is sick and gross and ugly and we are doing it. Forced development because of taxation is sick!!!

Confiscation of property due to "future" equity and value of that property developed - is illegal and unconstitutional; to me.

It is an illness and it is sick to think because of "future" value and "future" development; land is valued and taxed and stolen, if need be; into development.



I am much more of a "patriotic" towards other human beings, than I am a "patriot" of nationalism and development. I am finding at this time in my life, I am glad most "patriots" own guns..

Bankruptcy and irrelevance happens to anyone who totally screws up their credit, and they start over. (I feel a receivership of governors should dismantle the FED when it goes under.)

The saddest thing about the United States of America LLC, is no one is to blame, their is no one responsible, isn’t that convenient?

Things are happening faster and with more necessity between states and cities; than the United States Federal Government can even comprehend.

The United States Federal Government should not be making all my decisions for me, let alone trying to control them; I work much better with my neighbors - we drink the same water!

Kenn Spacefield



United States IRS Federal Property TAX Liens Underwater

http://perth.indymedia.org/?action=newswire&parentview=133614

article follows:

Federal IRS TAX Collection CRISIS Averted

The major Federal tax enforcement and collection system in the United States is in jeopardy. Billions of dollars in IRS property liens are "underwater". IRS property lien collection payments and wage garnishments, based on a persons employment and property ownership, is in a catastrophic state of failure.

The United States Federal Government has averted this failure by buying the mortgages and banks that hold these liens and write the paychecks.

Do you trust the United states Federal Government with your money ?

(Maybe we should ask "Joe the Plumber" or "Joe Sixpack"? I think they owe the IRS money.)



The terrifying way the collection of tax’s is now being practiced by the United States Federal Government; is no worse than torture, war, illegal imprisonment, or a stolen election. So don’t you worry, the "Animal Farm" economics being set in place, will be paid for by your children.

Illegal Use of Equity - Average and Normal

http://perth.indymedia.org/?action=newswire&parentview=133033

Economic Fascism and The United States

http://www.indymedia.org.uk/en/2008/10/410488.html

Animal Farm Economics - Economic Fascism in the United States of America

https://israel.indymedia.org/newswire/display/9675/index.php

http://chicago.indymedia.org/newswire/display/84196/index.php

http://arkansas.indymedia.org/newswire/display/22705/index.php

The Terrorist Among U.S.

http://maineindymedia.org/newswire/display/6710/index.php

It's the Derivatives, Dumb Ass; not the duped victims of amoral lenders.

The banks which used these 'Tripple Rated Bond Instruments' to create a big bang effect of fictive capital, now collapsing in flames are in effect performing blatant criminal insider fraud.

With a real estate failure of 100 billion that requires multi Trillion dollar bailout, we can see that professional thieves are at work.

Too bad they have many "spacefields" pushing the blame on the victims who are ripped off when banks control congress and provide psycho-babble to muddy the waters.

It's not just the derivatives.

It's not just the securitized mortgages, or the credit default swaps.

It's due in large part to the high rates of profit, combined with the wages that didn't grow. The wealthy had more and more political power to deregulate capitalism. They also had more money they needed to keep in growing assets.

The big money kept chasing the latest fad. The latest fad being whatever market or product had rising asset values. Each thing inflated in price, then the bubble burst. The money then went to the next market or product.

The original post really ignores something about mortgages: they're complex.

When people are sold mortgages, they don't always read the whole document. Most people don't understand them. They just assume that a bank is fiscally conservative, and would not lend the money to someone if they could not afford it.

Likewise, many people who fall into debt with credit cards simply lack basic math skills to understand interest. They may have other skills, like, poetry, or deep knowledge of history, or can fix cars, or play music but they don't grasp compounding interest or money. (Okay, the mechanic and musician can usually handle math, but you get my point.)

Furthermore, when people overextend themselves on credit, it's often during times of crisis, when a bill needs to get paid.

Are they irresponsible? Yes they are. However, it takes two to tango with credit, and the other part of the problem is "easy credit lenders." When there's capital accumulated by the wealthy, they start to lend it out. First, they lend it to low-risk, low-return borrowers. When that group of borrowers is satisfied, they find higher-risk borrowers. The richer they get, the riskier their lending habits become. The lenders eventually become dishonest - and then the end is near.

The simplest way to fix this was to prevent the wealthy from accumulating so much money. Levy a high capital gains tax. Levy a tax on different types of sales of assets. Help laborers negotiate get higher wages, and reduce the profit margin. Levy a windfall profits tax. Make these taxes redistributive, so they pay for necessary things, like universal health insurance.

"Furthermore, when people overextend themselves on credit, it's often during times of crisis, when a bill needs to get paid.

Are they irresponsible? Yes they are."

And maybe Alen Greenspan pushing to make Derivatives legal and unregulated and even non reportable had something to do with it?

Real estate default 100 billion +/- and derivatives are cascading to default [ the investors pulling margin calls ] in an estimated many trillion balloon of fictive capital [ don't ask how many because no one knows for sure ] bailout. They don't want to write off this imaginary capital and instead are acquiring real assets through default and bank crafted legislation.

Yeah sure the people are responsible in the same way a child is responsible for getting into the wrong car,