Implement The White Paper To Mitigate Our Housing Crisis 

Over the last year you have been here to sign various petitions on the housing crisis, on the credit markets and on Ben Bernanke's tampering with various parts of our financial system, including the bail out of Bear Stearns.

Today, once again we ask that you sign a petition, this time to implement the recommendations of a "White Paper" intended to get at the root of the housing crisis - pernicious, intentional fraud served up upon both Americans and investors the world over.

America, unfortunately, has a "template" for what happened during the 2003-2007 period.

It was known as the 1920s.

During the "Roaring 20s" speculation of all sorts ran rampant, with the most outrageous being land speculation in places like Florida. Then, as in this last housing "boom", exotic mortgages, then "interest only balloon notes" were the preferred vehicle. Then, as in our present housing boom, people were told "home prices only go up", "they aren't making any more land!" and similar platitudes that were just one step shy of an all-out admission of Ponzi-style finance. The 1920s also featured the real Mr. Ponzi, of course, who put that term into our American lexicon, after bankrupting tens of thousands of people with his "IRC" scheme.

In the 1930s when the Depression hit most of the people who had used these to try to buy real estate were wiped out.

Just like this time.

We do not yet have a Depression in this country. But if we are not careful, and if we do not implement immediate reforms both going forward and in correction of some of the worst excesses, we risk it happening again.

The same excesses, even with some of the same firms on Wall Street, are responsible for it today just as they were in the 1920s. Willful efforts to tear down protective regulations designed to prevent asset bubbles that were passed in the 1930s were mounted in the 1980s and 1990s and led directly to what we now face. Despite being warned, Congress did what those bribing, er, making "campaign contributions" wanted.

We now face the real possibility of a credit market dislocation that could turn what cannot be avoided - a deep, serious recession - into something much worse. If that occurs it will come with little or no warning, and once the event occurs there will be nothing that can "stuff the genie back into the bottle."

You can help stop it. Read the White Paper. Then, sign the petition.

CLICK HERE TO GO TO THE PETITION

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