From Savings and Loans to Great Recession

First it was the Savings and Loans fiasco, then the Great Recession bailout. The banks got bailed out while ordinary people lost their homes. They had the nerve to blame the recession on homeowners who lost control. It was certainly that but the banks orchestrated the whole blowup and came out still giving dazzling bonuses to its incompetent leaders.

When running for President Hilary Clinton propose that there should be a cap on credit rates to a reasonable limit under ten percent. The banks responded that they lost so much on the savings and loan downfall that they had to recover their losses by raising credit card rates. What? Who caused the Savings and Loan disaster? The banks did. Now they wanted help for their mistakes. Talk about welfare fraud. Like the guy said about banks being worse than robbers. A thief takes what is in your wallet at that time. The banks destroy your whole life.

Banks manipulating interest rates and abusing credit cards.

This is an enormous problem of crime by the banks and cannot be over emphasized. This is the main reason for the great recession and why the economy is in the dumps and housing is in the cellar. What is most outrageous is that the banks have the hubris to fight regulations and are succeeding because congressman and senators have no morals and are afraid of losing financing to to getting elected again. The public rightly holds the banks and congress in low regard. Commonweal’s editorial of June 15 is a step in the right direction. This is a corruption, collusion and cover-up which is bigger than the crimes of the bishops because it has endangered a whole nation and destroyed the Middle Class.

Sharing with Others.

One of the gospel messages of sharing one's material possessions so that one will grow in spiritual riches is largely ignored by most Christians. Especially bishops who regale in their luxurious mansions with plentifule servants. Bishops like Oscar Romero who declare for the poor are ostracized while those who side with the rich are honored and praised. Francis of Assissi made poverty  the mission of his order because he knew that wars were fought over money and that the way to have peace was to renounce wealth. Christianity has been the source for too many to build empires rather than to build up the body of Christ, Christ's people. 






“For you know the gracious act of our Lord Jesus Christ, that though he was rich, for your sake he became poor, so that by his poverty you might become rich. Not that others should have relief while you are burdened, but that as a matter of equality your abundance at the present time should supply their needs, so that their abundance may also supply your needs, that there may be equality. As it is written: Whoever had much did not have more, and whoever had little did not have less.” (2 Corinthians 8: 9, 13-15)