I see an economic diasater coming...

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To people out of work right now ,I would say learn how to grow food or cook food.People always need to eat.Stay with the basics.Food ,shelter,clothing,you get the idea.Even bankers have to eat and live somewhere.triffid

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Gonzalez is not angry about his plight. He says everybody in Spain is to blame â€" consumers hooked on loans, banks that threw around the money, politicians who sat back and watched it all inflate dangerously."In the end," he says, "it is all of us at least a little bit."


Well maybe?But the Politicians were most to blame here for letting the "banks run wild".I don't blame Gonzalez at all.triffid

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16 major banks were involved with the rigging of LIBOR rates.   http://larouchepac.com/ Our USA media is very quiet about Liborgate.




As Mr. LaRouche develops in his recent paper The End of an Imperial System, the LIBOR rigging is criminality of the highest degree. Not a criminality on a technicality, that the rules weren’t followed correctly. Remember: Adolf Hitler wrote new rules of law.

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"If you think we stole, wait till you see what the other banks did." That's the gist of a July 13 internal memo by Barclays CEO Marcus Agius to the bank's staff which went public today. "As other banks settle with authorities, and their details become public, and various governments' inquiries shed more light, our situation will eventually be put in perspective," the Telegraph quoted the memo today. The memo goes on to stridently defend the investment bank master-minded by the disgraced Bob Diamondâ€" known internally as "Bob's baby"â€"in what the bank itself called "an unequivocal statement": "Our strategy and business model were right for Barclays before recent events, and they remain right for Barclays now."
Will the Liborgate killers get away with this "hang tough" line? Barclays Chief Operating Officer Jerry del Missier will be questioned by the British Parliament on Monday; on Tuesday, a hearing will be held to grant Barclays' request to be taken off the panel that sets the interbank lending rate for the UAE (EIBOR); and the Barclays correspondence is exploding in Timmy Geithner's face and threatening to sink Obama himself, even if the mainstream media is working overtime to CY Geithner's A.
"That is very stupid of them," Lyndon LaRouche commented today about the attempted pro-Geithner spin and coverup. "With an angry population, I really would advise them, don't do that."
The U.S. Justice Department's Criminal Division is building cases against several banks, today's NY Times reports today, based on DOJ sources. Congress must demand that they not be settled with an obscene kiss on the rump, as Eric Holder's DOJ did in its agreement not to prosecute Barclays because of its extensive
"assistance" to the DOJ. Though technically reserving the right to prosecute individuals, the DOJ release makes it very clear that there is no DOJ intention to do soâ€"and certainly not the higher-ups.
Deutsche Bank has sought a deal in which it provides evidence to European authorities about the LIBOR rigging in exchange for a lighter penalty, Der Spiegelreports today. It offered EC and Swiss investigators a pact in 2011, which Spiegelsays was recently agreed on. According to a Morgan Stanley study, Deutsche Bank's exposure to lawsuits might total more than $1 billion, and that of all banks together totals $22 billion.
The prospect of criminal prosecution is rattling the banking world in general, theTimes piece reports. The DOJ investigation comes on top of private investor lawsuits and broad investigations by the Commodity Futures Trading Commission (CFTC). More then 10 big banks in the U.S. are under investigation, and at least two European banks are scrambling to arrange deals. NY Times sources say UBS, whose Americas division chairman Robert Wolf is an Obama bundler and golf buddy, is high on the list.

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Home equity time bombs about to go off!!!
Forget any recovery in sales of new or existing homes, based on the 10% increase in sales of existing homes in May 2012, or anything else, says Gretchen Morgenson in today's New York Times.
The reason is that homeowners are strapped with multiple mortgagesâ€"home equity loans in particular. During the initial years of home equity loans, borrowers are required to pay only interest; principal is optional. At Wells Fargo, to take one example, 44% of the bank's home equity borrowers paid only the minimum amount due in the 1st Q of 2012.
This is about to end. The Comptroller of the Currency's "Semiannual Risk Perspective" issued July 3, reports that almost 60% of all home equity line balances will start requiring payments of both principal and interest between 2014 and 2017. While $11b in home equity lines started to require principal and interest this year, that amount increases to $29b in 2014, $53b in 2015, and $111 billion for 2018.
The homes backing these loans are no longer worth the amounts borrowed on them. As borrowers are pressed to pay principal and interest, personal bankruptcies and bank losses will increase.