Saturday, February 16, 2008

Thomas Gillooly noticed Mark C's letter to the editor in the P-G about mortage fraud.

Today's Post-Gazette carries an excellent letter to the editor by Mark
Crowley on the Fed's responsibility for the mortgage 'crisis'. It packs a great deal of information into a few words, and points out an extremely important aspect of the situation that the mainstream media generally ignore. Great letter -- and the P-G highlighted it by putting it conspicuously into a box in the corner of the Letters section.

Congratulations, Mark!

Mortgage fraud prime suspects are the feds themselves

If U.S. Attorney Mary Beth Buchanan really wants to prosecute subprime criminals ("24 Indicted as Mortgage Fraud Probe Widens," Feb. 5), then two prime suspects from the Federal Reserve warrant her attention.

Former Chairman Alan Greenspan bailed out technology firms and investors with easy credit to soften bad investments. This distorted the marketplace, rewarding and encouraging more bad investments. It also levied an "inflation tax" that robbed honest savers and made the poor even poorer. Think theft and counterfeiting.

Current Chairman Ben Bernanke continued this bailout scheme for the banking and mortgage industries. Easy credit generated more bad debts further ravaging our currency. In 2007 the dollar index fell from 85 to 75 -- 12 percent inflation. Imagine the national magnitude of that theft. Think RICO (Racketeer Influenced and Corrupt Organizations Act).

Messrs. Greenspan and Bernanke had partners. Multiple Congresses and administrations distorted, hid and quietly accepted inflation statistics that in no way represented the drastic decline in the dollar's purchasing power. In exchange the partners received debt-generated revenue that funded unconstitutional warfare, welfare and wealth transfer scams.

Think evidence tampering, conspiracy and treason.

Unfortunately, Ms. Buchanan is part of the same syndicate. It focuses her attention far down the food chain. So when might she investigate a prime suspect?

Think never.


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