Redistribution

of wealth;

During Mr. Killinger’s tenure, WaMu pressed sales agents to pump out loans while disregarding borrowers’ incomes and assets, according to former employees. The bank set up what insiders described as a system of dubious legality that enabled real estate agents to collect fees of more than $10,000 for bringing in borrowers, sometimes making the agents more beholden to WaMu than they were to their clients.

WaMu gave mortgage brokers handsome commissions for selling the riskiest loans, which carried higher fees, bolstering profits and ultimately the compensation of the bank’s executives. WaMu pressured appraisers to provide inflated property values that made loans appear less risky, enabling Wall Street to bundle them more easily for sale to investors.

The entire housing bubble was created by executives that were reaping astronomical amounts of money through commissions and bonuses. They really didn't give a shit that it would fail eventually, because the loss would be the share holders of the defunct companies.

I'm sure it's all quite legal as well (shades of gray).. and will be a great case study for new business students on how to get fabulously wealthy without really having to actually do anything productive or beneficial to society.

And then the tax payers "bail out" the whole operation.. while it's all forgotten.. and then it'll all happen again.

Here's a tip.. if you want to make a bunch of money, honestly, anticipate how the big pile of shit is going to come crashing down, and position yourself to be a part of the clean up.. and charge a lot of money to do it.

That house that I mentioned that John was assigned to sell.. the foreclosure.. just one of many houses.. many many many houses.. and he'll probably spend a total of about 20 hours or so to sell it... for a 60 grand commission. The real challenge was competing with the other real-estate brokers for the assignment. He's better at the business than they are, so he gets the listings.

Also.. remember.. that people are not always in business to do the right thing. I think the majority are just trying to make money, and they will do just about anything for it. Most big business is a fundamental evil.. most.

and no.. believing in Jesus is not going to change that.

...

Here's an example;

Corporate-turnaround experts and bankruptcy lawyers are predicting a wave of retailer bankruptcies early next year, after being contacted by big and small retailers either preparing to file for Chapter 11 bankruptcy protection or scrambling to avoid that fate.

....AlixPartners LLP, a Michigan-based turnaround consulting firm, estimates that 25.8% of 182 large retailers it tracks are at significant risk of filing for bankruptcy or facing financial distress in 2009 or 2010....Recent changes in the bankruptcy code make it more difficult for retailers to emerge from bankruptcy reorganization....Lawrence Gottlieb, a New York bankruptcy attorney at Cooley Godward Kronish LLP says that only two retailers have successfully emerged from bankruptcy proceedings since the amendments to the code were passed.

That's 25% of all large retail in the United States.

A smart person should think about what that means, what will happen, and how to cash in on it honestly.

How about that Bankruptcy bill that the Republicans pushed through Congress? Awesome, isn't it? It was designed to exempt credit card debit from chapter 11, thereby fucking most Americans in favor of the credit card companies.. but it seems to have had a side effect of fucking up the entire economy.

Go go Republican Capitalism!