Bank of America needs $80 Billion to clear balance sheets of bad mortgages.
Citibank plans to establish two separate banks– one black, one white.
Financial giants are lobbying congress to purchase bad mortgage assets, in hopes that one day, the real estate market will rebound and the government will make money from these ‘investments’.
There are more Americans who work in government than in manufacturing. How can we ever recover?
Surely the second great depression is upon us.
Let us not forget the burdens that financial institutions inflicted upon America’s working poor during the first great depression. Banks that owned the land exploited share croppers, forcing poor farmers to move west to pick fruit for unfair wages. White American children starved. Families lost everything. The banks did nothing, nor would they lend so that poor white farmers could purchase seed nor would they permit the poor to stay on the land that they farmed for the banks.
Forty Acres and a mule…? My ass!
There are millions of Americans who work outside of government– those who make just a little above the minimum wage; yet we have been forced to rent for decades simply because we did not have a job that was considered “secure” by lenders who followed HUD lending guidelines.
We were the new slaves.
In order to get a government job and a mortgage, one had to be of specific social-economic status or know someone like Bernard Madoff!
What is in these massive bank bailouts for those who did not bleed our country dry by taking on debt beyond our means?
There are many who did not suck our treasury dry with unending requests for welfare benefits from generation to generation. There are some who did not have children for tax incentives. There are many who did not take on mortgages just because of the color of our skin.
If the economy recovers and the real estate market returns to a beaming utopia upon the hill again, what recovery has taken place for those of us who have worked and paid taxes all our lives, yet can’t get a HUD loan or a good government job because we’re not a minority?