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Updated and republished
Written by an American expat living in the E.U. who holds an M.B.A. degree.

Are you ready for the next Wall street bail out?
Here's a better idea this time let's bail out main street! Let's help bail out  underwater home owners and their kids who are living in their parents basements drowning in  $876 billion dollars in student loan debt. Of course as wall street is right now engineering the next crash for you to bail out, if they have their way the the 1 in 3 home owners who are at present underwater will be left to drown.  
Welcome to the lost continent of American Atlantis, the land of underwater mortgages, a country where waterfront property has a new meaning!

Daily Mail UK quote: "Housing market sinks deeper as ONE THIRD of homeowners are underwater on their mortgages and owe $1.2 TRILLION more than their homes are worth........Nearly one third of homeowners are underwater on their mortgages and owe an average of $75,000 more than their houses are worth, according to a startling new report by the real estate research firm Zillow." End of quote.
Daily Mail quote: For now, though, they keep making payments. Nine out of ten underwater homeowners are current on their mortgages." (End quote)
How did all of this happen in the first place? To answer that question we have to go back to the start of the 2008 crash with the help of the Spiegel quote below.
Here is what we see is the bill coming due for the fact that as working class wages have been flat for over 30 years (thanks to the 1%) the only way to find money, for the economy to grow was to convince American home owners to take out mortgages on their homes. The product of which is that 1 in 3 American homes are underwater todate.
Wall Street in what is called equity stripping took $750 billion dollar out of the working class U.S. housing market and put it straight in their own pockets! This dropped home ownership from 70% in America to 40%.  Happy holidays America thanks to Wall Street's gifts that keep on giving!
Wall Street's Central Values: Avarice and Greed
Spiegel quote:  09/30/2008
 The End of Arrogance America Loses Its Dominant Economic Role
  "Wall Street started looking for a new market for its growth machine. This time it discovered the American homeowner, convincing him to take out mortgages at favorable terms, even when there was practically no collateral.

The total value of all outstanding mortgage loans in the United States -- $11 trillion (€7.6 trillion) -- is almost as large as the country's gross domestic product."


There is no better way in the modern day American neo-feudalist state to ensure a compliant population than through debt slavery. Therefore it becomes important to ensure that people are in debt longer. Ergo Wall Street newest gift to America, the underwater mortgage, where you too can become the proud owner of waterfront property like it or not. With that most innovative gift from Wall Street, your 20 year mortgage may now well take you 30 years to pay off, assuming that they don't force you into foreclosure first.

If one third of underwater mortgage holders all stood together, it would be a practical impossibility for the banks to evict everyone and ruin everyone's credit. That's not the problem. The problem is that working class American families en mass to date will not stand together! We must all stand together or surely we will fall apart.

As Wall Street's neo-feudalist gift that keeps on giving, they're also drowning your kids, living in the basement of your underwater mortgage house in student loan debt, whereas in every country in western continental Europe, tuition is so low that it's almost free. In fact American students are more likely to spend more on books than are their European continental counterparts on tuition. Of course the American plutocrat owned media isn't going to tell you that, so this diary just did. It's not just rich Europe, the University National in Mexico is completely free of charge.

 The only way  to effectuate change is through sustained collective action by the public.
To win in America all we have to do is to care about each other and stick together!
If we are looking for change we must look to the Occupy movement to provide
that peaceful nonviolent approach to change in helping to elect better
progressive politicians to public office. The Occupy movement and the
American unions are the last great hope of the American working class dream!



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Originally posted to Democrats Ramshield on Wed Dec 12, 2012 at 08:07 AM PST.

Also republished by ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement.

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