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1. Wall Street CEOs discover they can make money from the housing market via processing fees (you know the ones that are supposed to pay for documentation and title, etc to keep things legal? yea those fees).
2. The secret is moving paper. You need to move paper to collect fees.
3. To collect more fees, they had to sell more loans and have higher home prices. You can't collect fees sitting on piles of bad debt so you sell the paper into the market.
4. To sell more loans they came up with crazy day loans and incentives for loan companies.
5. To make more percentage, they jacked house prices up with BS appraisals.
6. Real Estate agents tell buyers market is going up/up/up, all that equity will pay the bills. Agents then steered unqualified clients to con men dressed up like loan officers. Everyone took their cut.
7. After building up millions of crappy mortgages, CEOs figured they could bundle it up and sell it because greedy SOBs saw all those 20% balloon payments and thought it would be easy money.
8. With cash pouring in, CEOs knew they were selling time bombs, so they shorted their own paper.
9. CEOs then continued to outsource millions of jobs to India and China
10. CEOs then demanded lower taxes for CEOs.
11. CEOs start foreclosing against homeowners and hold vacant property until market improves, write losses off as tax deductions.
12. While CEOs accumulated trillions in personal wealth, banks suddenly had no money.
13. This creates Global economic collapse.
14. Mass joblessness, health care inflation pushes 20%
15. Tax payers to the rescue, trillions to banks
16. CEOs demand more tax cuts and demand to take over social security and medicare
17. Govt. prints more money, offers "stimulus" of tax cuts and tax credits
18. Spending increases on various wars.
19. Right wingers demand more tax cuts.
20. CEOs continue hemorrhage of jobs to Asia.
21. CEOs demand more pollution, so we get drill baby drill, Gulf of Mexico sacrificed, air pollution regulation killed.
22. New jobs package of tax cuts and tax credits and outsourcing via trade deals, because NAFTA worked so well for CEOs
23. Right wing politics in both parties cuts services and taxes like crazy while CEOs get rich.
CEOs deserve the French Revolution style justice but, thanks to our plutocratic "centrist" government, they won't even get as much as a parking citation.
That SOB jobs czar CEO Immelt should be tossed out on his ass with Geithner and the rest of the neo-lib/neo-con centrists right behind them.
How do we fix it?
We move Wall Street to Afghanistan or some other impoverished Middle Eastern country. Once there, we can shoot predator missiles at CEOs. It's perfectly legal. We need to focus our efforts at containing the top leadership in any criminal organization and, apparently, this is a legal and proven method for success.
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