The Bailout Shame: How to Solve America's Foreclosures and Jobs Crises

Eight to ten million families are on the verge of losing their homes today.
14. 7 million Americans are unemployed 510.2 Trillion of hard-earned
savings have been lost Businesses are closing their doors.
What caused all this economic misery? Greed Insatiable greed On the
part of banks who preyed on the working poor by abusing them through
their pernicious but highly profitable credit card businesses.
Then they created and sold unconscionable high interest, adjustablerate,
"stated income" mortgage loans to the working poor. To further
add to their profits, they engineered, bought, and sold mortgage backed
securities and bonds. Finally, to protect themselves from possible losses,
they devised, sold and bought "credit default swap" insurance policies.
When their working poor victims could not longer pay their suddenly
unaffordable mortgage payments, the banks mercilessly foreclosed on
them.
With dwindling mortgage payments coming in, Wall Street disintegrated
In 2008, the $700 Billion Bailout came to its rescue. But out on Main
Street, distressed homeowners received not a single cent of the bailout
money. By 2009, the 52 Trillion Financial Stability Plan allotted a mere
575 Billion to help homeowners being foreclosed on. This is the ugly
face of the Bailout Shame. But there is hope. It lies in the implementation
of the pragmatic and speedy Mortgage Bailout Plan and the Job
Creation Bailout Plan outlined in the book.