A Banking Racket Abetted by the Federal Reserve

The sleaziness of the banking industry in convincing homeowners to convert their unsecured debt to that secured by the very home of the consumer and homeowner is an ugly story that will have broad and deep ramifications for individuals, families, neighborhoods, communities, and the nation as a whole. Ultimately the responsiblility of taking on more debt belongs to the individual, but banks used an unethical and unscrupulous strategy that can only be described as immoral to tempt and convince consumers to take on more debt in the form of credit cards. Many individuals felt confident in their commitment to additional debt as the Federal Reserve pursued policy to drive up home values and create a false sense of complete confidence. Now the gig is up and it has been since late '06. The house of cards, the facade is rapidly crumbling. Millions of foreclosed homes sitting empty and neglected across the nation, and everywhere there are shattered lives for many. Broad and strong regulation of banks and other financial institutions are desperately needed and federal and state laws will need to be enacted soon to respond to the treachery and deceit practiced by banks and financial institutions and prevent any possibility of a repeat of the last decade. The worst is still yet to come, and it is largely unclear what the consequences will be for many, if not most, Americans no matter where they live and what their circumstances are.
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http://www.usatoday.com/money/perfi/credit/2008-06-17-credit-card-trap_N.htm
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http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/18/cnrbs118.xml
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http://www.bloomberg.com/apps/news?pid=20601087&sid=alYak4riQl0c&refer=home
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