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May-10-2010 15:22printcomments

Middle Class Destruction: Destroyed by Bank Bandits

This “recession” looks worse than the crash of 1929.

The Middle Class

(MOLALLA, Ore.) - I was profoundly shocked when the current recession hit the fan. I dropped about 100Gs. The bad news continues to float in, about 10,000,000 have lost their homes by mortgage foreclosure and much worse is coming. I heard yesterday on TV News that in Arizona 50% of homes were “under water” facing foreclosure and/or bankruptcy, and 66% in Nevada.

In the meantime, close to 10,000,000 persons have been laid off and/or let go permanently and may never work again at their usual jobs. Some may never find ANY job.

The houses in which they live have declined in value so that the tenants owe much more than the houses are worth based upon the recession reduced value.

This reminds me that the houses were grossly overpriced at the time of sale which made much more money for the Real Estate Bandits AND the Bank Bandits.

A rational person would think that the Bank Bandits would make an effort to keep the house holders in by re-negotiating the decreased price of the houses. It appears that the Bank Bandits are holding tightly to these properties even though many are being burgled for anything the other bandits can sell like refrigerators, washers, dryers, et cetera. I guess the “bailout money” the government gave them is protecting their ill gotten gains and losses.

This aforementioned 10,000,000 plus or minus folks represent a major part of the middle class who have been condemned to the lower class – no job, no money, no house, and now also condemning them to not being able to send their children to college to get a “white collar union card”. This is also condemning their children to “burger flipping” low wage jobs with almost no way to elevate them to true white collar status.

Even recent college graduates can rarely find jobs to utilize their very expensive college educations. The future does not look any better for the next few years so that only the highest 10% of the socio-economic persons will be able to hold on to what they’ve got and even prosper at the expense of the rest of us.

This “recession” looks worse than the crash of 1929. I survived that but it took a lot of blood, sweat, tears and calluses. My four children were able to get student loans and graduate from college but there is no such hope for their children.



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Vic May 11, 2010 6:28 pm (Pacific time)

Sad, but oh so true.....Good piece!

Daniel Johnson May 11, 2010 12:40 pm (Pacific time)

"Money-grubbing" is the dominant ethic of American society which appears to be reaching its inevitable conclusion and the picture is not pretty. The poor can console themselves that at least they still have the First and Second Amendments.

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Sean Flynn was a photojournalist in Vietnam, taken captive in 1970 in Cambodia and never seen again.

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