Truth in Lending!

I remember when I sat so excited and exhausted once upon a time while engaged with the lender in purchasing a first home. The banker smoked his cigar - when smoking was still allowed - and made my wife and I feel like this was the American dream come true. This was the ultimate in that life, liberty and pursuit of happiness mission. It meant our own home. It meant that I had a job, which meant an income, which meant that my credit was good enough to allow investing in possibly the biggest asset of a lifetime - thy castle! All was fine until the finale, wherein the banker slipped in this almost forgotten piece of the paper puzzle - at least he made it seem so. Just more paper was my sentiment. By this time my writing hand was sore. If in this pile of paper with complicated legal terms and agreements with fine print "traps" I had given away the dog, it was an innocent mistake. My down-payment check was already signed, sealed and delivered, so everything seemed in order. Now this finale paperwork was this so-called "Truth in Lending" statement. What the hell did it mean? Well it defined in a nutshell the true cost for this 4-walls with a roof structure on a piece of forever taxable property I could call my very own, as long as eminent domain was in hibernation. Wow! This "Truth" stuff was enough to gag me. It made me nauseated. I thought my wife was about to faint! But it was now at the point of no return. We were tired. We were confused, but it meant nothing of interest except "interest" as it was in reality par for the course, something every homebuyer is accosted with. All we wanted was the keys, to go home to our new home and hit the bed, for sleep! Hey, who cared about the "Truth", as it was a figure that made no sense whatsoever and I had 30-years to worry about it. Why the banker waited until the last minute to offer this information was dazing, as it seemed like an awful lot of loot above and beyond the actual cost of the home. Well this statement tells the truth to what it costs you and I to have a bank cover the loan. Just to own a home here in America! My house would in the end cost about 3-times the actual market value, from interest, points, and all that other stuff stuck into the closing papers, just for a home of our own. A home of our own, that American dream it was, even though it made me poor keeping up the house payments, from all that interest, which most likely made the bank rich. What a deal I thought to myself - for these banks! And it was realized then just how much control banks have on this life, liberty and pursuit of happiness thing which is my Constitutional right by birth! The cigar-smoking bankers had a good thing going, until 90’s greed stepped in. See, we were entrapped by the banks’ ways and means, as without their assistance to buy things, there was nothing to buy, as it had become an "on credit" society. Remember when "layaway" was the way to buy things. Yes indeed, at one time in history a potential buyer would put money in a layaway plan, then when the total purchase price was reached, the merchandise was yours - no "interest" from others included. It was the "interest" revolution that changed it all, wherein financial institutes realized a way to make a return on investment killing. "Things are different today I hear every banker say, selling paper for his bank is just a drag". Laugh I will. As it is time overdue that they were caught in their own trap of greed. So now Americans have become alarmed and disillusioned that the taxpayers’ money distributed out uncontrollably to banks is nothing short a crying shame! I am in agreement, as we should not have to shovel out any of the taxpayers’ loot for the banking industry failures. They enjoyed the champagne and caviar on our dime, from interest applied to just about everything. House loans saw interest. Car loans, the same as it was with credit cards. Anything the American capitalist had an interest in so did the banks. So if it is true that most financial institutes are close to insolvency, then so be it, as the aftermath will provide an entirely different set of rules for the road ahead. A new set of checks and balances and "creditability" wherein this truth in lending thing means something for my future, my kids’ future and their kids’ future for generations to come. But it won’t be privatized institutes that will enjoy this new age revival. The losers should be shunned away from enjoying or participating in it forever more, as they had their chance and failed. They had their time, now it is somebody else’s time, like Americas’ time. See, the entire economic shipwreck is in reality a hoax fostered by greed. It started with the Bush family and their control of puppet president son George, wherein the Carlyle Group was bailed out for well above its worth when this entity was showing signs of collapse from the sub-prime fallout. Yes indeed, your money and my money made daddy bush and Jim Baker wealthy as the Sheik! It was free money stolen away from the American taxpayers with no strings attached. So other financial institutes of higher lending saw the writing on the wall, time for a bailout! It meant time to involve Uncle Sam to cover all and any loses in efforts to keep the stockholders happy. It backfired! My sentiment, let the entire banking infrastructure tumble to the ground. Why? Nothing to fear but fear itself! There is only one viable solution to this dilemma, a new age bailout. Not for the banks, but for the "People". Yes it involves government, but so be it. Following the failure of the Hi-Tech stockings, it was the housing market that has kept the entire economy in check. To build a house takes a whole lot of infrastructure. It is something that has not robots in control and outsourcing to a different country just doesn’t work! It is a home grown down home type of infrastructure that keeps the money flowing in all directions. Think about it. It employs so many of the trades. It grows cities, which grows schools, and so on and so on and on. It is by far the ultimate pie as everybody gets a piece. So when the banks saw a pot of gold at the end of the sub-prime "bailout" rainbow based again on the "greed" factor, it was quickly met with disdain from the American taxpayers not at all happy with such a bailout. So it signals a very interesting chapter in American history, as affordable housing is the solution! That was the way banks were trending forward, by supplying this sub-prime market frenzy. It was working! But the greed factor, that truth in lending interest stuff, created a hoax that is now swallowing the banks portfolio down the drain. So we can thank George for a collapse of the economy, by his efforts to make a bunch of family money so his daughters never have to get their hands dirty building houses. But that is where the bailout solution finds this new age credibility, in housing. Yes indeed, affordable housing for all. Remember, it was working! And the best way to get this economy back on track with this so-called shovel ready infusion of taxpayers’ cash is too throw it at the housing market. And this is where the government - whom most of us despise when it comes to this sort of thing - it is the time and place that satisfies such intervention. The government should become the "Housing Bank" for two all-important reasons. If the government bank was instrumental in providing housing "loans" for all, then we could say amen to crowded housing project like living conditions, as everybody could afford a house, no matter what their financial situation amounted to. It would mean an end to trailer trash bashing. It would mean a new age housing market that would keep on giving, over and over again. And I am not talking this Fanny Mae type middleman crap either. I am talking a direct link between the taxpayers’ loot and housing with no bankers allowed to spoil the fling. Now interest taken in, based on one’s income, would be placed right back into the Treasury. It would be as close to a perpetual motion money machine as ever could be realized. And it would sound in equity, as the asset would be a partnership asset, between the taxpayer - house and property buyer - and Uncle Sam. If your income was low, the more Sam would take ownership of that asset, but realized only when the property was sold or the owner passed on. Hey, we never ever really own the land anyway! So why not let Sam in on the plan? Talk about investing in America! We owe it to the country and the country owes it to us, so it would be nothing shy a win, win situation for all to have this kind of program initiated right now. We don’t need "truth in lending" middlemen in control of one of the basic needs, shelter. Every damn American should be allowed to own a home. That is the American dream. When rich bastard CEOs have 3 to 4 homes and trailer parks are overcrowded with cockroaches, there is a reason why banks should fail. So it would be so nice to see a foreclosure sign on Wells Fargo, on Bank of America and other banking institutes, as they have had their time and made their fair share of zealous interest and profits for the stakeholders for way too long, especially in this "Truth in Lending" crap. My shovel is ready and willing. This is by far the "Golden Shovel" of opportunity for all America. And this can happen today, "Truthfully"!

CopyRight 2009 - Dixie Productions/MSK Media/Eagle Rock Press
Contact: Storylineonline@gci.net or www.Storylineonline.com or www.chinookjournal.blogspot.com