First Posted: 10- 5-10 04:17 PM | Updated: 10- 5-10 07:32 PM
“It just shows the irresponsibility of the banks, so eager were they to securitize those loans they didn’t care almost what they were,” said House Speaker Nancy Pelosi (D-Calif.) in an interview with HuffPost on Tuesday.
Bank of America, JPMorgan Chase, and Ally Financial (formerly known as GMAC) halted foreclosures in 23 states after employees admitted in sworn depositions that they didn’t verify information in thousands of foreclosure documents.
Continue reading New Crimes as Banks Rush to Evict Homeowners: Demand Atty. Gen. Eric Holder Act, Call 202-514-2001
Fed, ECB throwing world into chaos: Stiglitz
On Tuesday October 5, 2010, 5:37 pm EDT
By Walter Brandimarte
NEW YORK (Reuters) – Ultra-loose monetary policies by the Federal Reserve and the European Central Bank are throwing the world into “chaos” rather than helping the global economic recovery, Nobel Prize-winning economist Joseph Stiglitz said on Tuesday.
A “flood of liquidity” from the Fed and the ECB is bringing instability to foreign-exchange markets, forcing countries such as Japan and Brazil to defend its exporters, Stiglitz told reporters in a conference at Columbia University.
“The irony is that the Fed is creating all this liquidity with the hope that it will revive the American economy,” Stiglitz said. “It’s doing nothing for the American economy, but it’s causing chaos over the rest of the world. It’s a very strange policy that they are pursuing.”
Continue reading Global Bankers’ Measures to Increase Profits Destabilizing World Economy: Time to Nationalize the Federal Reserve and the Bailed Out Criminal Banks to Pay for Massive New Jobs Stimulus