My critics in San Francisco are cowards. Deleted entry #6.

The webpage has been created as promised. (Nationwide.)

The web page has been created as promised.

Https://MyCriticsInSanFranciscoAreCowards.Blogspot.com

Now all of my flagged SF entries will be web searchable for years to come. Say that reminds me.

The first sub-prime loans were issued in 1994. It was a gimmick to sell more homes, artificially inflate the market, sell more homes at higher profits, foreclose on those who could not pay when the ARM rates readjusted, take their homes leaving them with nothing to show for their payments, resell the homes at a higher profit and so on. It was a cruel and calculated plan to sell more homes and artificially inflate the market. Those loans were incredibly profitable for well over a decade before the house of cards finally collapsed. In the meantime, bankers got richer along with the richest one percent who made off with higher dividends. It was a sham.

The biggest player in the game was Countrywide. Endorsed by Oprah Winfrey, Ellen Degeneres, and Dr Phil. If you have their shows from '04' to '06' on tape, watch them again. All three were paid millions specifically to endorse Countrywide by name. The biggest sub-prime player in the game. They issued more ARM loans than anyone else. Foreclosing on those who could not make their monthly payments when the rates suddenly went through the roof. It was a cruel and calculated plan to sell more homes, artificially inflate the market, foreclose, and resell for a higher profit. The sham worked like a charm for 12 years before the house of cards finally fell in.

At this approximate time, the worthless paper was sold to unsuspecting investors.

So where did the money go? Again, it went to the rich. That's where. It went to the rich for approximately 12 years uninterrupted until the market finally collapsed. The difference was simply lost in market value which again, was artificially increased to begin with.

By the way, there never would have been such a market for sub-prime if it weren't for the record high concentration of wealth and income. That underlying cause still hasn't been resolved and it never will be but the $780 billion dollar bank bailout in 2008 along with over a trillion in government stimulus since then has been keeping the economy on life support.

We do have the illusion of a recovery which is a lot better than nothing short term but it's not a true recovery. The lower majority have not gained any ground whatsoever. Not one inch in terms of net worth or actual buying power. There will be no true recovery without a significant redistribution of wealth. If we are to keep treading water, then government stimulus will be necessary for years to come.

I don't see that happening. I fully expect another crash followed by another Great Depression. It will take place in the near future. Almost certainly within 5 years. Sooner and more severe if we end up with more conservative economic policies.

Either way, the resulting hardship will be endured almost entirely by the lower majority. Not the rich. Just like it was during the first Great Depression.

You may be asking yourself how we ever recovered from the first Great Depression if what I say is true.

That's easy. Because of a massive infusion of new currency under FDR, government stimulus paid primarily to the low end, WWII, and higher taxes, primarily on the rich to help pay for it, we had a significant and absolutely necessary redistribution of wealth (double digits) from the early 40's to 1976. This final year was the best ever for the middle class. Most households had sufficient income on just one provider. They had home equity and money in the bank.

This was the recovery. A TRUE recovery. A partial redistribution of wealth.

Unfortunately, all of that progress has been reversed because of tax breaks for the rich and their golden corporate geese, the bloated PIG health care industry, the energy and finance industries, the entertainment industry, the electronics industry, the corrupt government, and the dumbest generation of celebrity worshiping, pill popping, 'gotta have it', consumer junkie morons ever. Now, once again, we have the highest concentration of wealth in US history.

It can't work this way. The equation is mathematically impossible to sustain. The depression will come by 2020. Sooner and more severe if we end up with more conservative economic policies.