The Power of the Purse
Nancie Koerber, Foreclosure Defense Advocate, 27.07.2010 04:23
The Power of the Purse.
With so many businesses shutting down on our main streets here in Southern Oregon, is there anything we can do about it?
We can always shop local but even more powerful is to bank local. Credit Unions and local owned banks keep our money local and build the economy.
Keep Reading to learn what Wall Street will do with $100.00 of your hard-earned cash.
Move Your Money
Here is what Wall Street will do with $100.00 of your hard-earned cash:
1. Make a loan of $1,000.
2. Instantly, they securitize that loan into bonds and probably sells for at least $3,600. I support free enterprise and capitalism but that seems like undue enrichment. Our research shows that less than 11% of the trades on Wall Street ever benefit commerce or Main Street.
3. So where does it all go? They buy credit default swaps (bets) that the borrower will not pay. They could turn that $100.00 deposit into up to 100,000 worth of swaps. Some is used to make the payments that they know the borrower can’t make until they can charge it off, then collect on those swaps. Isn’t that the definition of a Ponzi? Get a pal and do it together NOW! Move your Money!
Nancie Koerber, Central Point, Oregon 541-664-8332
