Comments on: Congress unlikely to reform root cause of economic crisis http://minnesotaindependent.com/36418/congress-unlikely-to-reform-root-cause-of-economic-crisis News. Politics. Media. Mon, 23 Nov 2009 02:52:24 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: EK http://minnesotaindependent.com/36418/congress-unlikely-to-reform-root-cause-of-economic-crisis/comment-page-1#comment-32154 EK Thu, 11 Jun 2009 06:09:31 +0000 http://minnesotaindependent.com/?p=36418#comment-32154 Start by retaking control of the banking system. Do something about greedy, rapacious, anti-competitive, predatory practices by banks. We need usury laws. We also need a well-organized watchdog system to oversee investment vehicles and to make the bond rating system meaningful again. The FICO system is virtually worthless and needs to be overhauled. Congress will have to figure out some way of rehabilitating those whose credit has slipped, otherwise we will not see any sustained recovery for a very long time. Start by retaking control of the banking system. Do something about greedy, rapacious, anti-competitive, predatory practices by banks. We need usury laws. We also need a well-organized watchdog system to oversee investment vehicles and to make the bond rating system meaningful again. The FICO system is virtually worthless and needs to be overhauled. Congress will have to figure out some way of rehabilitating those whose credit has slipped, otherwise we will not see any sustained recovery for a very long time.

]]> By: jonerik http://minnesotaindependent.com/36418/congress-unlikely-to-reform-root-cause-of-economic-crisis/comment-page-1#comment-32005 jonerik Mon, 08 Jun 2009 16:16:53 +0000 http://minnesotaindependent.com/?p=36418#comment-32005 All Congress needs to do is repeal all of the Reagan era laws on banking, like the Garn-St. Germain Act of 1982 and crap like the "alternative mortgage transactions" act and allow states to reinstitute usury controls on mortgage transactions. Usury defenses to mortgages would be as good or better than cramdown allowing judgments to void and forfeit the entire amount of the loan, if not impose treble damages. All of these "mortgage brokers" and their fees would be voided as simply usurious. It's hilarious that this parasite "industry" is complaining about appraisal fees driving up the cost of housing. All Congress needs to do is repeal all of the Reagan era laws on banking, like the Garn-St. Germain Act of 1982 and crap like the “alternative mortgage transactions” act and allow states to reinstitute usury controls on mortgage transactions. Usury defenses to mortgages would be as good or better than cramdown allowing judgments to void and forfeit the entire amount of the loan, if not impose treble damages. All of these “mortgage brokers” and their fees would be voided as simply usurious. It’s hilarious that this parasite “industry” is complaining about appraisal fees driving up the cost of housing.

]]> By: johnhkennedy http://minnesotaindependent.com/36418/congress-unlikely-to-reform-root-cause-of-economic-crisis/comment-page-1#comment-31996 johnhkennedy Mon, 08 Jun 2009 14:45:54 +0000 http://minnesotaindependent.com/?p=36418#comment-31996 A Democratic Congress that refuses to Enforce Our Federal Laws and Protect Our Constitution will never have the courage for real reform or the courage to get us Single Payer Health Care. Push Congress to enforce Federal Law. Maybe we can train them to have courage. SIGN THE PETITION To Prosecute Those Who Tortured In Our Name AT ANGRYVOTERS dot ORG http://ANGRYVOTERS.ORG Over 250,000 have signed Join them and call yourself a Patriot . A Democratic Congress that refuses to Enforce Our Federal Laws and Protect Our Constitution
will never have the courage for real reform or the courage to get us Single Payer Health Care.

Push Congress to enforce Federal Law. Maybe we can train them to have courage.

SIGN THE PETITION To Prosecute Those Who Tortured In Our Name
AT ANGRYVOTERS dot ORG

http://ANGRYVOTERS.ORG

Over 250,000 have signed
Join them and call yourself a Patriot

.

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