Daily Blog 11/27/2011

  • It is clear to anyone who has studied the financial crisis of 2008 that the private sector’s drive for short-term profit was behind it. More than 84 percent of the sub-prime mortgages in 2006 were issued by private lending. These private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year. Out of the top 25 subprime lenders in 2006, only one was subject to the usual mortgage laws and regulations. The nonbank underwriters made more than 12 million subprime mortgages with a value of nearly $2 trillion. The lenders who made these were exempt from federal regulations.

    tags: financial crisis

  • As well as the mask, Occupy protesters have taken up as a marrying slogan “We are the 99%”; a reference, originally, to American dissatisfaction with the richest 1% of the US population having such vast control over the country. “And when you’ve got a sea of V masks, I suppose it makes the protesters appear to be almost a single organism – this “99%” we hear so much about. That in itself is formidable. I can see why the protesters have taken to it.”

    tags: alanmoore protest

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