The current crisis rocking the markets and global economy could turn out to be the worst since World War II.So What's the big leader in this financial meltdown? They're all having a great time blaming it on the "sub-prime" mortgage market and those low-class scum that can't seem to pay their bills - otherwise known as ordinary working-class Americans - but the real culprit is ARM's, Adjustable Rate Mortgages that recently ramped up their interest rates. Those low-class scum were able to handle their payments up till then.
The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
Remember the term "usury"?
usu-ry 1 archaic: INTEREST. 2 the lending of money with an interest charge for its use. 3 an unconscionable or exorbitant rate or amount of interest; specif : interest in excess of a legal rate charged to a borrower for the use of money.
OK. What you may not realize is that in this country, anything in excess of 11% interest used to be illegal. It was the Mafia that charged 20%, a rate that would double your payback.
But, but, but - you say - my credit card charges 24%! And the loan company charges up to 40%! How can that be?
Simple. When the credit card companies went nuts a few years ago and sent their credit cards to anybody with a heartbeat, they found themselves losing their asses to defaulted accounts. So, they went whining to Congress, saying the usury laws needed to be changed or eliminated, so they could charge more interest to the cardholders that actually paid their bills(the real losers in this drama), rather than have those foolish card companies pay the piper for their stupid policies and decisions.
You guessed it... Congress lifted that 11% usury ban and gave the credit card companies free rein... and the loan companies... and the mortgage companies.
It wasn't hard to do... Congress was already loaded with Senators and Representatives who held big business up as their lord and masters, members who had been bought off with campaign money, perks, sex, offshore bank accounts, Swiss numbered bank accounts... you name it.
Did Congress protect your interests? Hell no, they gave up the farm to the money lenders. Now those same money lenders, awash with greed, find themselves sinking fast, because Joe Public is defaulting on all his bills with those incredible interest rates.
Criminally outrageous interest rates, along with the massive loss of decent jobs - and endless greed - is what was brought the four horsemen to our doorsteps.
Who is responsible for these outrageous interest rates? CONGRESS.
Who is responsible for outsourcing our jobs and industries? CONGRESS.
The president only signs the bills CONGRESS sends him. The president can only do what CONGRESS has authorized.
So if you're looking for the real culprit in this mess, look no further than our very own bought and sold Congress of the United States.
Don't ever forget... It is the Congress who passes all the laws.
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