Doright
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- Jan 3, 2012
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- Independent
8. All derivative positions held by the insolvent bank will be unwound immediately, and counterparties who fail to make good on their claims will also be closed, given to the FDIC and liquidated.
You know what this is, of course: a return to trustworthy, transparent accounting. And you know what the consequences would be, too: all five “too big to fail” banks would instantly be declared insolvent, and most of the other top-25 big banks would also be closed and liquidated.
At least $3 trillion in impaired residential mortgage debt would be written off, maybe more, and $1 trillion in impaired commercial real estate would also be written down. Derivative losses are unknown, but let’s estimate it’s at least $1 trillion and maybe much more.
If $5.8 trillion of fantasy “value” is wiped off the nation’s books, that’s only a 10% reduction in net household and non-profit assets, which total $58 trillion. Even an $11 trillion hit would only knock off 20%. If that’s reality, if that’s what the assets are really worth in the real world, then let’s get it over with. Once we’ve restored truthful accounting and stopped living a grand series of debilitating lies, then the path will finally be clear for renewed growth.
The net result would be the destruction of the political power of the “too big to fail” banks, the clearing of the nation’s bloated, diseased real estate market, and the restoration of trust in institutions which have been completely discredited.
Bank credit would flow again, and we could insist on a healthy competitive system of 250 small banks instead of a corrupting system of 5 insolvent parasitic monsters and 20 other bloated but equally insolvent financial parasites.
Those who lied would finally get fried. At long last, those who misprepresented income, risk, etc. would actually pay some price for their malfeasance. Criminal proceedings would be a nice icing on the cake, but simply ending the pretence of solvency would go a long way to restoring banking and real estate and ending regulatory capture by TBTF banks.
What’s the downside to such a simple action plan? Oh boo-hoo, the craven politicos would lose their key campaign contributors. On the plus side, the politicos could finally wipe that brown stuff off their noses.
I have nothing mutch more to say except I think the man hit the nail on the head.
b.)Court system/Correctional system
Our correctional system is broken and needs an overhaul for far to long polotitions have been allowed to write laws taking away and Impareing our Judges ability to do their jobs with mandatory minemum sentances, Its time to allow our Judges to do there jobs to protect and too serve, No judge, Parol board or Probation officer can forsee what a person will do when released, and they cant be held responsible nor can the system.
It is our correctional system that needs to be based upon true rehabilitation and returning americas prisoners back to society NOT imprising them forever. Our Jails and Prisons ARE not Hospitals for the Mentaly disturbed. For far too long Mentaly ill patiants have been inprisond with out treatment. We need to once again bring back our hospitals for the mentaly ill not imprison them without treatment.
The Federal Prison system needs a Parrol system that works! We need to bring back Federal Parrol to allow our people to be released when they have done the work to be rereleased by proving they can once again be contributers to sociity. YES there are going to be repeat offenders yes inocent people will be hurt but far more will be returnd effectivly to society, are system is not perfectand it is broken but we cant just continue to lock people up and throw them away either. America imprisons more people in america than any country in the world its time for that to end. Americas drug laws and a faild war on drugs has Failed this country by filling our jails and prisons with Drug users. NOT Drug dealers!
Its time to leagalize drugs and tax them and allow sociity to rule with education not laws wich imprison drug users. Ileagal drug dealers should be imprisoned not adicts or users. I am not saying Heroin, Cocain, and LSD should be totaly leagalized but access should be controlled with education. I am not saying Heroin,Cocain and LSD are good by any means but I would like to know that my kids arnt getting it on the streets.
For far to long americans have tride to fix things with More stringent laws controliing prison sentances for repeat offenders and Carreer criminals and it just doesnt work! its time for education to work with the correctional system to rehabilitate not just lock them up forever.
I am in no way saying let all the MURDERS, RAPISTS, Bankrobbers out but at the same time there is no way to protect americans from repeat affenders, just like theres no way to protect people from the first time offender. Its time for REAL change its time for TRUE rehabilitation in our correctional system.
c.)Bankruptsy codes and regulations
Corprat Bankruptsy code must be rewriten to were employees and there pensions are first before any other creditor. There is no such thing as to big to fail, The The Pension board gauranty fund (The american people are not a catch all for american corporations too just dump there pensions and continue to do buisness!) Its a shame! They choke are wages, force us to compeet with 3rd world countrys cheap labor, dump our pensions, and then begg for bailouts from the American people! And our crooked polotitians make laws for them to allow this and rationalize how we have to do this or the sky will fall Martial law will be called into effect and that their to big to fail!!!
When is enough? ENOUGH?
Those corporations wich have used the Bankruptsy codes in the last 40 years to get out of their pensions can either reactivate those Pensions and fully fund those programs or be Liquidated, It was there Employees who made these corporations great NOT there Board of derectors OR there CEO's or there creditors. IT WAS and IS THE AMERICAN WORKER that make our companeys great!
Personal Bankruptsy code must be rewritten to protect americans benifiting those who really are in need of writeing off any and all dept, And restructuring that dept when its benifitial too, The American people are saddled with Bankruptsy laws wich protect Banks not the people. Its time for Bankruptsy laws that allow Home owners to restructure there home mortgages and force banks to accept the bankruptsy Judges descisions, When Practicul. Its time once again for the bankruptsy code to allow people to write off school loans, Mortgages and credit card debt.
I am not saying that a household that had a $200,000 a year income with a $400,000 mortgage will be saved in bankruptsy when that household in bankruptsy currently only has A $20,000 year income, But when a Housholds income takes a big hit there creditors need to understand that bad things happen to good people, Our Judges must use common sense and we must trust them in there decisions. Its up to Our Judges to allow whats written off and whats not and when restructuring dept is good for all concernd or when total write off happens Our citesens and comunitys are better off when people stay in there homes and find new jobs.
You know what this is, of course: a return to trustworthy, transparent accounting. And you know what the consequences would be, too: all five “too big to fail” banks would instantly be declared insolvent, and most of the other top-25 big banks would also be closed and liquidated.
At least $3 trillion in impaired residential mortgage debt would be written off, maybe more, and $1 trillion in impaired commercial real estate would also be written down. Derivative losses are unknown, but let’s estimate it’s at least $1 trillion and maybe much more.
If $5.8 trillion of fantasy “value” is wiped off the nation’s books, that’s only a 10% reduction in net household and non-profit assets, which total $58 trillion. Even an $11 trillion hit would only knock off 20%. If that’s reality, if that’s what the assets are really worth in the real world, then let’s get it over with. Once we’ve restored truthful accounting and stopped living a grand series of debilitating lies, then the path will finally be clear for renewed growth.
The net result would be the destruction of the political power of the “too big to fail” banks, the clearing of the nation’s bloated, diseased real estate market, and the restoration of trust in institutions which have been completely discredited.
Bank credit would flow again, and we could insist on a healthy competitive system of 250 small banks instead of a corrupting system of 5 insolvent parasitic monsters and 20 other bloated but equally insolvent financial parasites.
Those who lied would finally get fried. At long last, those who misprepresented income, risk, etc. would actually pay some price for their malfeasance. Criminal proceedings would be a nice icing on the cake, but simply ending the pretence of solvency would go a long way to restoring banking and real estate and ending regulatory capture by TBTF banks.
What’s the downside to such a simple action plan? Oh boo-hoo, the craven politicos would lose their key campaign contributors. On the plus side, the politicos could finally wipe that brown stuff off their noses.
I have nothing mutch more to say except I think the man hit the nail on the head.
b.)Court system/Correctional system
Our correctional system is broken and needs an overhaul for far to long polotitions have been allowed to write laws taking away and Impareing our Judges ability to do their jobs with mandatory minemum sentances, Its time to allow our Judges to do there jobs to protect and too serve, No judge, Parol board or Probation officer can forsee what a person will do when released, and they cant be held responsible nor can the system.
It is our correctional system that needs to be based upon true rehabilitation and returning americas prisoners back to society NOT imprising them forever. Our Jails and Prisons ARE not Hospitals for the Mentaly disturbed. For far too long Mentaly ill patiants have been inprisond with out treatment. We need to once again bring back our hospitals for the mentaly ill not imprison them without treatment.
The Federal Prison system needs a Parrol system that works! We need to bring back Federal Parrol to allow our people to be released when they have done the work to be rereleased by proving they can once again be contributers to sociity. YES there are going to be repeat offenders yes inocent people will be hurt but far more will be returnd effectivly to society, are system is not perfectand it is broken but we cant just continue to lock people up and throw them away either. America imprisons more people in america than any country in the world its time for that to end. Americas drug laws and a faild war on drugs has Failed this country by filling our jails and prisons with Drug users. NOT Drug dealers!
Its time to leagalize drugs and tax them and allow sociity to rule with education not laws wich imprison drug users. Ileagal drug dealers should be imprisoned not adicts or users. I am not saying Heroin, Cocain, and LSD should be totaly leagalized but access should be controlled with education. I am not saying Heroin,Cocain and LSD are good by any means but I would like to know that my kids arnt getting it on the streets.
For far to long americans have tride to fix things with More stringent laws controliing prison sentances for repeat offenders and Carreer criminals and it just doesnt work! its time for education to work with the correctional system to rehabilitate not just lock them up forever.
I am in no way saying let all the MURDERS, RAPISTS, Bankrobbers out but at the same time there is no way to protect americans from repeat affenders, just like theres no way to protect people from the first time offender. Its time for REAL change its time for TRUE rehabilitation in our correctional system.
c.)Bankruptsy codes and regulations
Corprat Bankruptsy code must be rewriten to were employees and there pensions are first before any other creditor. There is no such thing as to big to fail, The The Pension board gauranty fund (The american people are not a catch all for american corporations too just dump there pensions and continue to do buisness!) Its a shame! They choke are wages, force us to compeet with 3rd world countrys cheap labor, dump our pensions, and then begg for bailouts from the American people! And our crooked polotitians make laws for them to allow this and rationalize how we have to do this or the sky will fall Martial law will be called into effect and that their to big to fail!!!
When is enough? ENOUGH?
Those corporations wich have used the Bankruptsy codes in the last 40 years to get out of their pensions can either reactivate those Pensions and fully fund those programs or be Liquidated, It was there Employees who made these corporations great NOT there Board of derectors OR there CEO's or there creditors. IT WAS and IS THE AMERICAN WORKER that make our companeys great!
Personal Bankruptsy code must be rewritten to protect americans benifiting those who really are in need of writeing off any and all dept, And restructuring that dept when its benifitial too, The American people are saddled with Bankruptsy laws wich protect Banks not the people. Its time for Bankruptsy laws that allow Home owners to restructure there home mortgages and force banks to accept the bankruptsy Judges descisions, When Practicul. Its time once again for the bankruptsy code to allow people to write off school loans, Mortgages and credit card debt.
I am not saying that a household that had a $200,000 a year income with a $400,000 mortgage will be saved in bankruptsy when that household in bankruptsy currently only has A $20,000 year income, But when a Housholds income takes a big hit there creditors need to understand that bad things happen to good people, Our Judges must use common sense and we must trust them in there decisions. Its up to Our Judges to allow whats written off and whats not and when restructuring dept is good for all concernd or when total write off happens Our citesens and comunitys are better off when people stay in there homes and find new jobs.
