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Ellen Brown

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  • Foreclosuregate Could Force Bank Nationalization [View article]
    I'm not currently practicing law. I'm writing. And what does being an attorney have to do with whether we nationalize the banks? Nationalization is done by the FDIC. It's not an ambulance chaser. Nationalizing them doesn't mean we're underwriting them. The FDIC has 3 choices with bankrupt banks: shut down the little ones and sell off the assets; have some other bank take them over; or, with the banks that are too big to let collapse, put them into receivership and take them over as public entities. In each case, they are first put through bankruptcy, which means the shareholders generally take nothing and the bondholders take a serious haircut. It does NOT mean the taxpayers pick up the tab. The bank is nationalized after it has been purged of its bad debts through bankruptcy. Bailouts are NOT nationalization OR putting them through bankruptcy. The AIG bailout cost a bundle because we did NOT force the shareholders to take nothing and the creditors to take serious haircuts.
    Nov 8 11:05 AM | 5 Likes Like |Link to Comment
  • Foreclosuregate: Time to Break Up the Too-Big-to-Fail Banks [View article]
    The Bank of North Dakota is the only state-owned bank in the country. It is also one of the most solvent banks. It doesn't have a foreclosure problem. It has the lowest default rate in the country. The state is the only state boasting a surplus. And it has the lowest unemployment rate in the country. It has a mandate to serve the state (not Wall Street or its CEOs) and it does.
    Oct 15 07:30 PM | 20 Likes Like |Link to Comment
  • Foreclosuregate: Time to Break Up the Too-Big-to-Fail Banks [View article]
    They can be as big as they want as long as we don't have to underwrite them, but "too big to fail" means we the people have to pick up the tab when they get in trouble. So when they DO get in trouble, it's time for a reset. We should own the banks. There are a lot of useful things we could do with some publicly-owned banks, like generate the credit to get the economy whirring again.
    Oct 15 06:36 PM | 15 Likes Like |Link to Comment
  • Foreclosuregate [View article]
    There is a class action pending in Kentucky, filed just this week. Should be interesting!
    Oct 8 12:51 PM | 4 Likes Like |Link to Comment
  • The Shadow Banking System: The Bank Run Basel III Missed [View article]
    They do in North Dakota. The Bank of North Dakota is a brilliant model of what can be done -- they're the only state running a budget SURPLUS, they have the lowest unemployment rate in the country, and the lowest default rate in the country.
    Sep 28 01:51 PM | Likes Like |Link to Comment
  • The Shadow Banking System: The Bank Run Basel III Missed [View article]
    Yes I agree with that. There's the famous quote from Carroll Quigley for evidence.
    Sep 27 10:25 PM | 3 Likes Like |Link to Comment
  • The Shadow Banking System: The Bank Run Basel III Missed [View article]
    Gary Gorton also has a new paper out called "Regulating the Shadow Banking System," with regulatory suggestions, here --

    papers.ssrn.com/sol3/p...
    Sep 27 04:46 PM | 1 Like Like |Link to Comment
  • Basel III: Tightening the Noose on Credit [View article]
    Interesting! That's what happened in Argentina when the currency collapsed -- a huge barter system developed, then the world's largest "community currency."
    Sep 19 12:07 PM | 1 Like Like |Link to Comment
  • Basel III: Tightening the Noose on Credit [View article]
    Writing a book on that.
    Sep 19 12:05 PM | 1 Like Like |Link to Comment
  • Basel III: Tightening the Noose on Credit [View article]
    Yes I'm writing a new book on that now; thanks.
    Sep 19 12:05 PM | Likes Like |Link to Comment
  • Basel III: Tightening the Noose on Credit [View article]
    North Dakota. Great model! California should do that.
    Sep 18 07:55 PM | Likes Like |Link to Comment
  • Basel III: Tightening the Noose on Credit [View article]
    I think we need state-owned banks as an alternative source of credit, since banks aren't filling that need now. A number of politicians and groups are working on that.
    Sep 18 11:55 AM | 1 Like Like |Link to Comment
  • Basel III: Tightening the Noose on Credit [View article]
    Hi, I'll be following this article with part 2, on how the real crisis in 9-08 was in the shadow banking system, which isn't regulated by Basel III at all. And yet we NEED that $14 trillion banking system (which is actually the repo market for large institutional investors). The economy needs credit, lots of it. My concern is that credit is being shut off with regulations without providing an alternative, and without regulating the real systemic weakness, the shadow market.

    The solution in a nutshell: publicly-owned banks issuing public credit ("the full faith and credit of the United States"), obviating the need for capital or reserves. The U.S. does not need reserves of its own credit, and it is its own guarantor. Public credit is the answer to the private credit monopoly just as alternative energy is to the oil crisis.
    Sep 17 09:33 PM | 4 Likes Like |Link to Comment
  • Homeowners’ Rebellion: Could 62 Million Homes Be Foreclosure-Proof? [View article]
    I think -- correct me if I'm wrong -- title passes to the homeowner when the papers are first signed, subject to the liens of the lenders. If the liens evaporate, the homeowner has title free and clear.
    Aug 24 10:15 AM | 2 Likes Like |Link to Comment
  • Homeowners’ Rebellion: Could 62 Million Homes Be Foreclosure-Proof? [View article]
    Well, if nothing else there are claims that can be brought in equity for unjust enrichment. The investors put up the money that paid off the mortgage, allowing the home buyer to own the home without paying (because of the break in the chain of title). The home can't be collected as collateral, but the debt is still owed. Party A got a windfall and Party B is out of pocket. Neil Garfield's point though is that the investors are going to have to go to court to get their money back, and if they're pleading in equity, they're going to have to do equity, so we're finally going to see some settling and negotiating going on.
    Aug 24 01:15 AM | 3 Likes Like |Link to Comment
COMMENTS STATS
159 Comments
632 Likes