American corporations are deeply involved with government officials and elected politicians, which gives big business access to knowledge that can be used for unfair advantage , and are often a part of criminal activities. The mortgage fiasco, for example, caused the collapse of large companies, our economy and other institutions globally in 2008.
For example, in 2004 I took out an ARM (adjustable rate mortgage) loan that gave me a low loan rate on a house for five years with a 25 percent down payment, then a jump in house payments 3 to 4 times higher than my starting rate (which I could cover). I knew what I was doing and since I needed it for only a few months, I never made a payment and sold the house a few months later at a nice profit.
I did my homework and knew that most of the people buying homes couldn’t afford them and that the system was illegal. Democrats and Republicans both encouraged Americans to buy a house, even though most did not qualify. Applications for loans were filled with lies and the assistance of the mortgage lender. Stories began to appear, such as an illegal alien fruit picker who made $14,000 a year received a home loan for $720,000. The guilt was with the mortgage official, who encouraged or made up the false information. He had the authority to turn down the loan. But it appears everybody was qualified for this temporary gravy train.
The bogus loans were made up into tranches and distributed around the world. Some of the mortgages were sold without houses behind them. They were made out of thin air. I knew it would all collapse because no one seemed to care. The authorities in charge, meanwhile, said they knew nothing after the bottom fell out. Of course they knew and so did I. If they didn’t know, why are they still employed? If they did know, why aren’t they in prison?
Howard Kunstler, a writer, also knew it would come crashing down and in a 2005 interview he said that the economy would collapse in three years because of the criminal activity taking place. That was 2008. But government regulators seemed to have no clues to the impending disaster. Sure. For those Wall Streeters and the members of both parties who supported it, deregulation caused the collapse.
An insider sums up the mess in 2008, CAE:
“I’ve bought and sold many types of real estate from 1993 to 2007 and I can tell you that when the mortgage business came out with “no money down” and “no doc” loans, I knew the game changed for the worse. This is because Wall Street got into it. They could securitize the paper and move it around the world to all kinds of investors. With the help of the big ratings companies, they could get buyers virtually anywhere in the world. And that’s how it got down….But the Wall Street boys are the ones that made it all happen. And here we are today. And they got bailouts when the first wrecking ball took out Bearstearns and then Lehman.” (Nothing’s changed.)
And the criminals are still running free.
The continuing tragedy is that the corporate criminals are still in charge of this North American public/private partnership, with the corporations being the senior partner. With this integrated trading region of North America in progress, Barack Obama announced the construction of a North American perimeter ( a new common outer border for North America) on Feb. 4, 2011. Continental working groups from Canada and the United States are now putting the integration plan into effect without the approval of Congress or the American people. Meanwhile, corporations are still breaking laws whenever they can.
Corporations can continue business as usual and the economy will never recover. And of course, they can continue paying Congress to keep passing trade agreements, thus sending more American jobs to overseas cheap labor while bringing in foreigners under visas to work in America. Finally, the U.S. government/corporate partnership will make all Mexicans legal so they can work and live in the United States. That is part of the official plan in building a North American Community. On page 27 you will find:
“Canada and the United States should consider eliminating restrictions on labor mobility altogether toward solutions that, in the long run, could enable the extension of full labor mobility to Mexico as well.” Toward this goal, President Obama has made agreements to allow Mexicans to use the North American Border Pass to be issued to Mexican citizens who have their biometric ID card. The Mexican government began issuing the national ID cards to children from 5 to 18 years old this year. No need for an amnesty bill. Obama just took another road without permission of the American citizens.
When the southern border opens to Mexico, our nation will be filled with a huge mass of angry, desperate, unemployed American men and women. So desperate that it will be impossible for “law and order” to be maintained. When you add 150,000,000 more Mexicans to our overcrowded nation, the jobless will overwhelm our government. But corporations will have plenty of labor to choose from for cheap wages, no benefits, long hours.
Jeffrey D. Sachs, economist:
“The world is drowning in corporate fraud, and the problems are probably greatest in rich countries-those with supposedly ‘good governance.'”
“Hardly a day passes without a new story of malfeasance. Every Wall Street firm has paid significant fines during the past decade for phony accounting, insider trading, securities fraud, Ponzi schemes, or outright embezzlement by CEOs. A massive insider-trading ring is currently on trial in New York, and has implicated some leading financial-industry figures. And it follows a series of fines paid by America’s biggest banks to settle charges of various violations.” And all of this with “scant accountability.”
Sachs says that “big companies are now multinational, while governments remain national. Big companies are so financially powerful that governments are afraid to take them on.”
That’s not exactly true. Governments are ready to help corporations in any way they can, if the price is right. Congressmen, presidents and political parties welcome corporations. Many Republicans were always on board. And the Clintons greeted corporate America with open arms and picked up a lot of contributions for getting NAFTA passed. And now Obama has embraced the corporations and pushed hard to get the trade agreements with Columbia, Panama, Peru and South Korea passed-even though it means more jobs lost for American workers.
Now Obama is working on the integration of North America for corporations, and the bigger integration of the Americas, 34 nations of the Western Hemisphere, also known as the PPA. But when it comes to continental integration, hemispheric integration, global governance, bad trade agreements and a house for every American, G.W. Bush was the leader of the pack. The problem for American citizens is that the criminal corporations, along with the Republicans and Democrats, are all on board the same train.
Everybody’s on the take. Wall Street needs to be monitored closely and kept in line. They can’t be trusted. But then, neither can elected officials.