Pam Martens covers all things Wall Street, and if you want to stay in a permanent state of despair about the country generally, and economic fairness specifically, you should read it religiously. She has been covering the Senate hearings on the foreclosure “settlement” and you won’t believe this:
Not to put too fine a point on it, it appears that the banks engineered a deal where they get to decide who they scammed, and then they get to call one dollar 500 dollars. (I wonder if I can repay my own mortgage using that kind of accounting?) For that matter, if they can find a million dollar mortgage out there they can convert a dollar into a thousand dollars. Plus, and why is this no surprise, they can get this rosy outcome by comforting the most comfortable among those they scammed (or decide that they scammed, and they are incentivized to decide they scammed the rich) while ignoring the most strained. What a great country.
A consumer-rights leader and expert sends the following comment:
John Gear is a Salem attorney in solo practice