Here is a great sesh🍕 with Tim Dillon talking about 08 Mortgage fiasco game of musical chairs and hot potato with entire families’ life savings.
There’s a lot here but I’ll focus on the mortgage bit a little more. You see, Timmy D was in the Loan originator (or some shit) business prior to being a Comedian or something. Idk, you can read more about his bio on the internet and not-here.
So basically, people loaded up all their debt into jumbo loans in a mortgage (around the three minute mark in the video).
These mortgages were financed by some shit broker in the sticks.
Those sticks Brokers were financed by some small shitty bank.
Those Small banks were financed by big named Banks.
When people couldn’t pay the mortgages and foreclosed, and the shit brokers couldn’t flip the houses, the shit brokers got left holding the debt-bag. The Shit Brokers sunk in debt and eventually foreclosed on themselves leaving the small shitty banks to owe money, making them hold the bag. Then small shitty banks went bank-rupt, and left the Big Banks holding the bag.
So when the music stopped, then the big banks got fucked. The Central Daddy bank decided to bail out the big banks in a round of economic stimulus or whatever -insert lie here- and that was 2008 in a nut shell. (minus the degeneracy of gambling in the finance side of the CDOs and Swaps and Slicing and dicing Mortgages into baskets and Insert more Degeneracy here).
A similar story;
Let’s take a view in about, let’s say, about 100 years ago when we look at the banking degeneracy that existed before.
This is an excerpt from the “Grunch of Giants” by Buckminster Fuller;
“As I explained in Critical path, the bad hog market of 1926 hit farmers financially, causing many to be unable to make their monthly payments on their time-purchased farm machinery.-“Grunch of Giants”
The country banks not only replevined the machinery by foreclosed on the farms, which were mortgaged to guarantee the time payments– the country banks found the farms unsalable, as there were no other U.S.A. individuals eager to go into farming.
(“How You Gonna Keep ‘Em Down on the Farm After They’ve Seen Paree?”- World War I Song)
When he says ‘country banks’ he means the country, like the sticks, red-neck, not National sized banks. So basically the Farms were mortgaged out to Banks, and due to issues, the Farms couldn’t make payments meaning that the Banks owned a farm they didn’t want.
Since no one wanted to be a farmer no more, because of the culturification of the War and the melting pot mixture of realizing that farming is a hard life, people didn’t buy farms from the small banks.
Meaning the Small banks were left holding the bag.
Then the bigger city banks, which had loaned the small banks money based on the “soundness of physical land and machine collateral,” foreclosed on the small country banks. The larger city banks also found their foreclosure properties unsalable. No cash funds were available to accommodate their depositors’ withdrawals.
“Runs” on banks multiplied. There came a crisis moment when over five thousand banks closed in one day.-“Grunch of Giants”
So the small banks foreclosed, and then the bag holder became the larger banks that financed the smaller banks.
Are you seeing a pattern here? This domino effect of fuckery?
Finally the big Chicago banks closed and only the big New York banks remained open.
Then it was discovered that they, too, having loaned their deposits for industrial ventures, now lacked cash monies with which to refund their depositors and the New Deal and FDR declared the “Bank Moratorium,” thereby avoiding admitting the bankruptcy of the U.S. banking system and with it the end of U.S.A. capitalism.-“Grunch of Giants”
Basically, even the big banks got fucked holding the bag. Which of course the United States Government loaned and bailed out these banks under the ‘New Deal’. This, my friends, is Capitalism -Manifest.
There’s a reason why the figure-of-speech or expression “Don’t Bet the Farm” exists.
Good thing we created the Glass-Steagall act to make sure this dumb shit doesn’t happen again. . . Oh wait, we got rid of that act in 1999? It’s almost like 2008 was a product of us being retarded and greedy.
American Degeneracy at it’s finest.
Back to 2008, all of the above jazz really sounds familiar to what was going to happen in the 21st Century. It’s almost like our problems are not new (Tribute to Paul Harvey btw).
Because of this Bail out in 2008,
Turns out, a lot of these banks invest into -like- the entire stock market and the ‘real’ economy. So it wasn’t necessarily just a big bank problem, but the entire American Financial system. . .
-And because of Oil-petro-dollars, the UN, NATO, Treaties and trade deals, and Bretton-woods-Fiat-EuropeanUnion, and Global Reserve Currency being pretty much the US-fucking dollar -This ball of fuck-shit meant that this was also a Global issue.
So for damage control, uh, the Gubernment in their infinite wisdom bailed out the big banks into being zombies (again), and by virtue of their actions, they also inflated the stock market financially, and inflated the USD (again).
Adversely, this created a steroidal stock market of fucking Losers. No more wolves of wall street, just a bunch of Loser-Street, and cheaters as evident by the counterfeiting share fiasco going on in today’s time (the year 2021).
Essentially the stock market became a no-lose casino knowing that the Daddy Central Bank would bail em out. Resulting in Degeneracy of Wall Street, leading to the degradation of moral character and further degeneracy all for ‘profits’ and made up numbers called ‘finance’.
It’s not like another bailout created a No-Lose Casino. . . Again. . .
Welcome to the war zone of today’s finance war, Are you gunna pick up a money gun and start playing too? Or be a pansy and hide in the shadows as some wage cuck slaving for cuck-bucks?
My world’s been on fire ever since I ate that apple of knowledge of good and evil. Oh boy, I’ve been seeing a lot of pain and suffering, and I’m reveling in it.
The Title of this article actually came about after inventing the phrase “American Degeneracy at it’s finest.” and the ‘Slice of NY’ part was a reference to Pizza and Wall Street. Because, NY.
I might make shirts with this tag line;
American Degeneracy at it’s finest.
Simply because it’s real, and fuck bankies, and people are retarded and our problems are not new. Whatever, Death, Taxes, and the usual stuff. I guess what I’m trying to drive at is that history often rhymes as evident by 1926 and 2008 and probably a bunch of other like-kind Bank bailouts that the government should use a 1031-exchange on because, Taxes.
Here’s a question before I send you off. If we bail out every business and bank into becoming zombie losers. Who is going to bail out the Central Banks? And Who is going to bail out the US Government?
Lmao, just -uh-, Don’t bet the farm
*Not Valid Financial, Legal, Life, or Any Advice