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Foreclosure Moratorium Is Only Sane Response to Shocking Wall Street Mortgage Scams

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  • So there you have it: the question of whether the Wall Street banks should have to follow the same rules as the rest of us. It is one of the most central philosophical questions underlying politics today.
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  • Investigating Foreclosure Fraud
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Dean Baker, Truthout/AlterNet

As we all know there is a major philosophical divide in U.S. politics. One the one hand there are those who think it is the role of government to help ensure that the vast majority of the population can enjoy a decent standard of living. On the other side are those who believe the role of government is to transfer as much money as possible to the rich and powerful. The latter group seems to be calling the shots these days.

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This is seen clearly in the "liar lien" scandal: the flood of short order foreclosures that ignore standard legal procedures. The banks have been overwhelmed by the unprecedented volume of defaulting mortgages in the wake of the housing crash. Even under normal circumstances foreclosure rates that in some areas exceed ten times normal levels would create an administrative nightmare.

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Related:

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Investigating Foreclosure Fraud, Progress Report, Think Progress
Yesterday (Oct 13), all 50 state attorneys general opened a joint investigation into the ongoing foreclosure fraud scandal that has led some of the country's biggest banks to suspend foreclosures.

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Summary | America's Financial Crisis: Week of October 17

8 New Items including:

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  • The goal? Corporate domination of resources and markets with expanding militarism
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  • Washington at Work--for the Wealthy
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David Culver, ed., Evergreene Digest

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Glenn McCoy

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Investigating Foreclosure Fraud, Progress Report, Think Progress
Yesterday (Oct 13), all 50 state attorneys general opened a joint investigation into the ongoing foreclosure fraud scandal that has led some of the country's biggest banks to suspend foreclosures.

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The goal? Corporate domination of resources and markets with expanding militarism, Bruce Gagnon, Organizing Notes/Axis of Logic

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  • “Either the Transnational Capitalist Class alliance self-destructs, compelled by the conscious mobilization of the working people in solidarity across the continents, those who oppose war and stand solidly together in a counterforce on the side of humanity, or we go further downhill the slope of lower depths, into an abyss.
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  • For every person there are always two choices in life: to accept things as they are or to accept the responsibility to bring about change – from a war economy to a political economy of peace to share, to preserve our environment and to belong to the commons in which every being has an equal stake for our minimum needs.”
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Washington at Work--for the Wealthy, Sam Pizzigati, Other Words

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  • "We cannot avoid the sad irony," as one new report has just concluded, "that government policy aimed at building wealth is largely helping the rich get richer."
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  • Uncle Sam is concentrating America's wealth, not sharing it.
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  • Think Again: Inequality and America’s Antiquated Politics
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  • Americans Vastly Underestimate Wealth Inequality, Support 'More Equal Distribution Of Wealth'
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"Inside Job": Global finance as a criminal conspiracy, Andrew O'Hehir, Salon
It's hard to overstate the importance of this angry, elegant film about the greatest financial swindle in history

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Hey, Small Spender, Paul Krugman, New York Times | NY
Where’s all that spending we keep hearing about? It never happened.
If job-creating government spending has failed to bring down unemployment in the Obama era, it’s not because it doesn’t work; it’s because it wasn’t tried.

That’s Where the Money Is, Bob Herbert, New York Times | NY

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  • Just this past July, Mr. [Jon] Boehner (House MInority Leader] called for a moratorium on new federal regulations, saying it would be “a wonderful signal to the private sector that they’re going to have some breathing room.” Talk about an invitation to a nightmare. Try imagining how the public would be treated by banks, energy companies, food processors and myriad other powerful entities if the federal government were forced by law to ignore even more of their predations.
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  • Corporate America's Race to the Bottom 'Now Official'
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Corporate America's Race to the Bottom 'Now Official', Robert Reich, RobertReich.org/Common Dreams

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  • Wonder what’s happening with bank reform? Watch your wallets.
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  • That's Where the Money Is
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Companies stash cash, but won't hire, Graham Bowley, New York Times | NY

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  • The development presents something of a chicken-and-egg situation — corporations keep saving, waiting for the economy to perk up, but the economy is unlikely to perk up if corporations keep saving.
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  • Pushing working people down
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Section(s): 

Washington at Work--for the Wealthy

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  • "We cannot avoid the sad irony," as one new report has just concluded, "that government policy aimed at building wealth is largely helping the rich get richer."
  • \r\n

  • Uncle Sam is concentrating America's wealth, not sharing it.
  • \r\n

  • Think Again: Inequality and America’s Antiquated Politics
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  • Americans Vastly Underestimate Wealth Inequality, Support 'More Equal Distribution Of Wealth'
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Sam Pizzigati, Other Words

Kahlil Bendib

Scroll through the right-wing blogosphere, or listen in at a tea party rally, and you'll find angry people ranting about an out-of-control federal government that's redistributing the nation's wealth to the undeserving poor.

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Those rants do have one point right: The federal government is shoveling hundreds of billions of dollars into programs that redistribute wealth. But these "wealth-building" programs aren't redistributing wealth from the top to the bottom. They're actually shifting more wealth to the top.

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"We cannot avoid the sad irony," as one new report has just concluded, "that government policy aimed at building wealth is largely helping the rich get richer."

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Related:

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Think Again: Inequality and America’s Antiquated Politics, Eric Alterman, Center for American Progress

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  • Economic inequality in America is growing to proportions we have never seen before, threatening not only our social structure but also our democracy as the U.S. Supreme Court equates the right to spend money on politics with freedom of speech
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  • Americans Vastly Underestimate Wealth Inequality, Support 'More Equal Distribution Of Wealth'
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  • Special Report | Poverty in the U.S.
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Americans Vastly Underestimate Wealth Inequality, Support 'More Equal Distribution Of Wealth' William AldenHuffington Post

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  • Americans vastly underestimate the degree of wealth inequality in America, and we believe that the distribution should be far more equitable than it actually is, according to a new study.
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  • Class Warfare from the Top Down
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  • Third world America
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If you liked reading this article, consider contributing a cuppa jove to Evergreene Digest--using the donation button in the above right-hand corner—so we can bring you more just like it.

Section(s): 

"Inside Job": Global finance as a criminal conspiracy

It's hard to overstate the importance of this angry, elegant film about the greatest financial swindle in history

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Andrew O'Hehir, Salon

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Elliott Spitzer

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"Inside Job" is an angry and elegant new documentary from entrepreneur-turned-filmmaker Charles Ferguson, who took on the mismanagement of America's war in Iraq in his Oscar-nominated "No End in Sight." It might well be the most important film you see this year, and the most important documentary of this young century. In clear, ruthless and specific detail, Ferguson explains how the ongoing financial collapse that began in 2008 was itself caused by the criminal greed of the global financial elite that ordinary citizens had (unwisely) trusted, empowered by government deregulation and by the viral spread of rapacious free-market ideology.

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Angry and elegant is an unusual combination, and as a wealthy, well-connected policy wonk who makes expensive movies aimed at a large audience, Ferguson has gotten a mixed reception from the documentary world and from film critics. But "Inside Job," which was the smash hit of last spring's Cannes Film Festival and reaches American theaters this month, has made me a believer. Ferguson is here to tell the world that the crisis that has wiped out trillions of dollars in wealth, thrown millions of people out of work and out of their homes, and further widened the global gulf between rich and poor was no accident. It was a crime.

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If you liked reading this article, consider contributing a cuppa jove to Evergreene Digest--using the donation button in the above right-hand corner—so we can bring you more just like it.

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