Four Things Plaguing the Middle Class

All four things above are plaguing the middle class. All four are caused by federal legislation that redistributes income from the 99 to the 1 percent, such as free trade treaties, privatization scams, tax cuts for the rich, tax hikes on the middle class, etc….

Read Full Post »

New York State Sues Banks Over Fraudulent Foreclosures

The state of New York sued major US banks on Friday for fraudulently foreclosing on thousands of homeowners in the state in the wake of the nationwide housing crash.

The state is suing JPMorgan Chase, Bank of America and Wells Fargo, along with Virginia-based MERSCORP, which it called a “shell company” set up by the banks to process home loans they made but which became a dumping ground for poorly documented and mishandled mortgage records.

Click here for the complete story

Read Full Post »

US Housing Prices Now At Lowest Level Since 2003, But the Bubble May Still be Bursting

The housing bubble continues to deflate. As the deflation continues, so too, do the hopes of 99 percent of the American people.

The housing bubble history is interesting, mainly because that bubble began during the Clinton regime, around 1993, or so. By 2003, the bubble was huge, but according to the US Census Bureau, all home equity had been spent. That tells you one thing. The housing bubble covered up the massive redistribution of income and wealth from working people to the rich during the Clinton regime. The wages and salaries of working people didn’t keep up with the always underrated inflation rate. Spending the growing home equity was the way to continue their life style, even if it meant getting into progressively more debt with home equity credit lines and 2nd and 3rd mortgages and refinancing their homes at the growing, higher levels. The same process accelerated under the Bush regime. And all of the equity had been spent because the Bush regime continued to redistribute income away from working people to the affluent, just as had occurred under President’s Ronald Reagan, Clinton and Bush I.

Click here for the complete story

Read Full Post »

Florida’s housing crisis: ‘There’s not a politician out there willing to help’

Like the rest of the United States middle class, years after the housing bubble burst, residents in the Sunshine State continue to face the heartbreak of home foreclosure. That’s because Wall Street owns both political parties.

click here for the rest of the story

Read Full Post »