In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘Banking crisis’

Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks

Posted by smeddum on September 24, 2009

Landmark Decision: Massive Relief for Homeowners and Trouble for the Banks

by Ellen Brown

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Global Research,

September 21, 2009

A landmark ruling in a recent Kansas Supreme Court case may have given millions of distressed homeowners the legal wedge they need to avoid foreclosure. In Landmark National Bank v. Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called MERS has no right or standing to bring an action for foreclosure. MERS is an acronym for Mortgage Electronic Registration Systems, a private company that registers mortgages electronically and tracks changes in ownership. The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S. residential mortgage loans are registered with MERS and recorded in its name. Holdings of the Kansas Supreme Court are not binding on the rest of the country, but they are dicta of which other courts take note; and the reasoning behind the decision is sound. Read the rest of this entry »

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Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman

Posted by smeddum on September 14, 2009

Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman

By Mark Deen and David Tweed

Sept. 13 (Bloomberg) — Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc.

“In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today in Paris. “The problems are worse than they were in 2007 before the crisis.” Read the rest of this entry »

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The Secret of China’s miracle economy: the government owns the banks rather than the reverse

Posted by smeddum on August 18, 2009

Ellen Brown,

August 17th, 2009

www.webofdebt.com/articles/secret_of_china.php

“The banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. They frankly own the place.”

— U.S. Senator Dick Durbin, Democratic Party Whip, April 30, 2009

While the U.S. spends trillions of dollars to bail out its banking system, leaving its economy to languish, China is being called a “miracle economy” that has decoupled from the rest of the world. As the rest of the world sinks into the worst recession since the 1930s, China has maintained a phenomenal 8% annual growth rate. Those are the reports, but commentators are dubious. They ask how that growth is possible, when other countries relying heavily on exports have suffered major downturns and remain in the doldrums. Economist Richard Wolff skeptically observes: Read the rest of this entry »

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Radio: Jim Willie and Rob Kirby on losing faith in the dollar

Posted by smeddum on May 9, 2009

http://www.contraryinvestorscafe.com/broadcast.php?media=233

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