John Stossel You Are a Patsy for Credit Scams

I am going to expose John Stossel for the man he really is. If you care to read on you will see, as I prove, that this man is clearly employed by and gets talking points from the predatory order. Or maybe he is just not very bright. However, I doubt the latter.

I am going to prove that Stossel is a crony capitalist because he blames the poor for credit costs in society and because he wants banks to be able to leverage up again, which will cause mainstreet to be scammed in the future. He says he wants the banks to fail and not be bailed out, but the leveraging up is predatory, as Stossel is predatory. Stossel is a bank patsy who wants credit scamming through high usury and easy money loans to continue.

John Stossel of Fox News is blaming the Democrats for higher fees on credit cards. Actually the Democrats did some things to lower the fees. They didn't do enough to help credit card holders, however. But, Stossel believes that the banks must gouge you one way or another. He won't admit it, but he is basically teaching this. If you have a so-called friend of conservative mainstreet telling you that you will get gouged, no matter what, so you may as well lie down and take it, would that be acceptable? Of course it wouldn't be acceptable. John Stossel is no friend of mainstreet.

John Stossel loves the bankers. But what he doesn't realize is that people are on to him. We know what he stands for. He stands for ramming some bank fees down your throats. And he blames poor people for the fees. What people don't realize about Stossel is that he is wrong to state it is the fault of poor people, because in fact, it is a function of the banks giving out credit where they should not have with loans that were doomed to failure. The entire payday loan business is based upon the loans failing with the collection of fees! Stossel won't tell you that, but that doesn't mean he doesn't know it. And if he does know how the scam works, then he is morally bankrupt for not reporting it.

With regard to these payday loans, the government must restructure them, or outlaw them. They must be loans that are not based upon usury, and they must be loans that are based upon the success of the borrower, not the failure of the borrower. John Stossel gives a choice, saying they can either stay how they are or be abolished. That is contemptible of him to not call for restructuring of the loans. Bankers in the past attempted to help borrowers and help their communities. Stossel is defending the indefensible.

With regard to housing, John Stossel actually admits that ACORN/CRA was just a small percentage of the subprime loans. But he dwells on the ACORN issue far longer than exposing the greed of the banks. He can't expose the greed of the banks because he has a 6 part video series where he defends greed as being good. But greed is not good. And Like Faux News itself, he dwells on the smaller CRA scandal of making some regulated banks loan to unworthy borrowers. But as I have proved, the shadow banks that had nothing to do with the CRA did much more to hurt mainstreet and fuel the housing bubble.

But why does Stossel blame government, while seeking to deflect blame off the banksters who caused the bubbles with the help of a government they paid for? Why does he do this? Because he wants the banks to have a business model unimpeded with regulation. Why else would he deflect the blame off the banks that, through Basel 2 in 1998, were clearly at fault for the easy money loans? Is it because he wants the banks to role the dice again on easy money loans? He says he doesn't want that, but by limiting government power to regulate he is like a guy who wants to pull the referees from a basketball game. Now some Republicans want to ban the words "shadow banks" from an official explanation of the credit crisis. These are a bunch of damn traitors and Stossel is playing the same sort of game.

While I would agree with him that the regulators did not do their jobs, we still need regulators. I would like to see stiff and automatic jail time for regulators that allow bubbles and allow banks to become insolvent without bailouts. That would fix this problem of lax regulation. But we know that won't happen. One of the reasons serious regulation will not be implemented is that the big banks are having so much trouble making money, and so they charge these stupid fees coming and going.

The big banks have trouble making money because they handed out way too many bad loans now festering on their books from when they pulled the underwriters. Stossel should know that this bankster-caused housing bubble was the height of irresponsible lending practice! Still, Stossel wants to blame the poor and not the banks. I guess it is all about who delivers your paycheck. This is like a circular nightmare, in that when times are good, the bankers hit mainstreet. When times are bad, they get their wings clipped and look for ways to blow bubbles, and that will hurt mainstreet.

What people need to understand is that John Stossel is not what he represents himself to be. He is a crony capitalist, and wants to protect this predatory system. I know, he says he is not a crony capitalist. But when you blame the poor and the CRA instead of going after the shadow bankers who made the majority of the bad loans and who were coddled by Greenspan and the central banksters at Basel 2, then you are obscuring the issue. And when you don't speak out against Rick Santelli who said that people just made a bad bet and were "losers", when they decided to get a mortgage no money down, then you are crony capitalist. Santelli is the epitome of crony capitalism, because real responsible bankers, not scam artist bankers, actually care what kind of loans their customers get. They actually care to protect their customers from making bad bets and becoming losers.

The Tea Party leaders, Stossel, Santelli and his CNBC buddies could care less about putting a curb on the leverage practice of the big banks.. Their view is that you let the banks leverage up again and then just don't bail them out. While I don't support bailing them out either, think about what that easy money would do to the average guy on the street if he is caught up in another bad mortgage scam! It is the responsibility of bankers to make sure people don't get too much mortgage just like it is the responsibility of a used car salesman to sell you a car that is worth what the dealer says it is worth. The Tea Party, Santelli, and Stossel don't seem to understand that. So they can say they are against crony capitalism but it doesn't mean a thing.

Stossel then makes the case that taxation is stealing. I would say that taxation without representation is stealing, but that taxation in and of itself was never considered by the founding fathers as being theft. Stossel, by using these hot button issues, gives the appearance of being of the people, but don't be fooled. He is for the banksters.