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Thom's blog
The Banksters are cashing in on the mortgage meltdown
The banksters are cashing in off their own disaster. The big banks are buying up distressed real estate by the boat load, and renting or selling it back to the public for huge profits. And, in addition to making it even more difficult for economically-strapped Americans to become home owners, the banksters are increasing the likelihood of another Wall Street-fueled bubble that could crash our economy.
According to the Washington Post, institutional investors account for as much as 70 percent of sales in some markets, and their purchases are increasing home prices in those areas. Some investors are bidding on as many as 200 homes in a single day, crowding out individual buyers, re-inflating prices, and taking on a huge volume of inventory that can't be liquidized quickly if and when big banks get into financial trouble.
Dean Baker, of the Center for Economic and Policy Research, expressed his concern about the risk the banksters are taking on. He said, “This is frightening to me. At some point the music stops. The investors, if they get hurt, that is their problem...but invariably a lot of other people will get caught up in that.”
Because of the risky trading practices and sub-prime mortgage scandals of the big banks, the taxpayers were forced to spend 700 billion dollars bailing out the banksters. Now, they are putting our economy at risk again, and they're making huge profits off of the homes they foreclosed on. And, taxpayers could be left holding the bag, when the big banks get into trouble again.
This practice must be stopped. Let's break up the big banks, and stop the banksters from cashing in on the very disaster they created.
-Thom
(What do you think? Tell us here.) |
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Tonight on The Big Picture on RT TV at 7pm and 9pm... Defining terrorism...media style (check your local listings for stations or stream at RT, and catch past shows on Youtube)
Have a question or comment for Thom? Grab your phone, hit record and send your video to YourTakeMyTake@gmail.com and we may air it on "The Big Picture."
The Best of the Rest...
Can the Keystone Pipeline be stopped?- Anthony Swift, Natural Resource Defense Council 
Daily Take: We should not "balance" our constitutional rights with security
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Monday's Daily Stack 
Quote: "Imagination will often carry us to worlds that never were. But without it...we go nowhere." -- Carl Sagan.
Earth Day 2013
Hour Two: GOP Social Security Cuts/Gun Control Vote..."not what we voted for"- Van Jones, Rebuild The Dream
Hour Three: While all eyes were on Boston...what happened at West, TX fertilizer plant?- Arturo Garcia, Raw Story
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Tuesday on The Thom Hartmann Program, 3-6pm ET
Hour One: NYC considers raising smoking age to 21...how about doing it nationwide?- J.D. Tuccille, Reason 24/7 at Reason.com / author-High Desert Barbecue (a comic novel)
Hour Two: United Health Group...$2.1 billion profit not enough- Wendell Potter, Health Ins. Industry Whistleblower / Author "Deadly Spin"
Hour Three: Healthcare ACO's...
- Dr. William Ellert, MD, Family Practitioner.
And, the best of the rest of the news and your calls right here on...
The Thom Hartmann Program...your media support group for "we the people"...
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Wednesday on The Thom Hartmann Program, 3-6pm ET
We'll have all the news and information that you need to know from Wall Street to Mainstreet and everywhere in between...
Plus, How to Make a Million Dollars An Hour...I'll have a conversation with journalist/author Les Leopold
And, the best of the rest of the news and your calls right here on The Thom Hartmann Program...
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Thom's Poll
Should the legal smoking age be raised to 21?
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Watch & Listen to Thom
Watch the Full "Big Picture" Show...
Full Show 4/22/13: Is Charles Koch Running for President?
Guest host Sam Sacks is in for Thom Hartmann tonight and talks with EPIC's Jeramie Scott about the return of CISPA, with Lee Fang on the West, TX fertilizer plant and with a panel of experts on where we stand on climate change on the 43rd Earth Day. In tonight's "Daily Take" Thom looks at how we need to stop using ancient fossils as energy.
Thom Hartmann on the News: April 22, 2013
Jim Javinsky fills in for Thom Hartmann on the news for Monday, April 22, 2013.
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Thom and Louise Hartmann founded the New England Salem Children's Village (NESCV) in New Hampshire in 1979. With states delaying payment for the children they entrust to the village, they need help with cash flow. Can you help? Now on Facebook. |
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