HNewsWire-It should be obvious to any fair-minded individual that if you yoke the people with insurmountable debt, they will become enslaved through their paymasters,(banksters)….
To be clear our politicians, our elected officials, the FBI, CIA, DOJ, knows the child sex trafficking epidemic exist but have no intention of putting in the end to this ungodly practice from perverts like Or This DirtBags
The players in the child sex trafficking- in this country use credit cards and ATM cards to run Online ads to sell this child, some take credit card payments and the banking industry gladly accepts their business…
The Department of Justice’s Child Exploitation and Obscenities unit is of little good. The late (DirtBag) Attorney General Holder has refused to prosecute an Assistant U.S. Attorney caught doing child porn on DOJ computers, for heaven’s sake! We have a national crisis that threatens children’s safety, exposing them to potential child sex trafficking rings and according to numerous sources, there is evidence police officers, judges, lawyers, clergy and government employees provide cover for one another.
Virginia’s 10th District Congressman, Frank Wolf, states on his Website that “Human trafficking is a form of modern-day slavery. Not only is it an affront to human dignity, but it is an insidious criminal enterprise. Approximately 800,000 people are trafficked across international borders each year, according to the U.S. State Department. [Emphasis added] This figure does not include the thousands who have trafficked annually within countries, including the United States. While the hidden nature of trafficking makes reliable numbers difficult to come by, we do know traffickers prey on the most vulnerable. Traffickers can make hundreds of thousands of dollars a year selling women and children, according to the Washington, D.C.-based Polaris Project, one of the leading anti-trafficking organizations in the country…” It’s so profitable, in fact, some drug dealers are switching professions.
In Virginia, former Child Protective Service agents have admitted that the agency’s goal is child abduction from the homes of law-abiding parents. These former CPS agents say that state agencies are paid by the federal government for the procurement of each child.
The banking industry knows they’re dealing with child sex trafficking entrepreneurs, Lowlifes, but gladly turn a blind eye to this ungodly practice all for the sake of the dollar.
The banking industry should be considered enablers. They should be prosecuted but the truth, Bankers will do anything under the sun for profit including doing business with child sex traffickers…
Banksters member of the banking industry seen as profiteering or dishonest.” nothing ever seems to happen to any of the banksters who caused all the problems in the first place”
A new law that shuttered websites used by voluntary sex workers to screen clients has already forced some to risk their lives by returning to the streets to find business.
But the broad bipartisan alliance that passed that legislation last month isn’t done. Now, Sens. Elizabeth Warren (D-Mass.) and Marco Rubio (R-Fla.), who both voted for the first bill, are pushing a proposal in the Senate that would impose similar restrictions on sex workers’ bank accounts — a move that sex workers say could further endanger their income, safety, and lives.
Just like last month’s the Allow States and Victims to Fight Online Sex Trafficking Act, Warren and Rubio’s End Banking for Human Traffickers Act is intended to crack down on human trafficking. The bill, which passed the House in overwhelming fashion last month, would increase pressure on banks to shut down the accounts of anyone suspected of engaging in trafficking. Besides Warren, five other Senate Democrats are co-sponsoring the bill; a Senate vote is not yet scheduled.
“Human trafficking generates $150 billion a year in illegal profits,” a representative for Warren told HuffPost. “Our bill would connect federal regulators, law enforcement, and the banking industry to help strengthen existing anti-money-laundering efforts that combat traffickers — Congress should pass it.”
The bill doesn’t put the same restrictions on the banking industry that last month’s bill applied to websites. But by increasing the federal government’s focus on sex trafficking ― including by adding the Secretary of the Treasury to an existing task force on the subject ― it could, some sex workers fear, cause already jittery financial institutions to crack down harder on a vulnerable population’s access to financial services.
Given the frequency with which sex trafficking and voluntary, consensual sex work are conflated, sex workers including webcam performers, adult film actors and business owners, strippers and escorts fear these efforts will hit them too.
Look where we are today. Do you know any bank that pays customers more than 1 or 1 ½ percent interest on savings deposits? You’re lucky to get ½ of a percent! Mission accomplished for the banksters. They wanted to get rid of Regulation Q so they could legally get deposit rates of interest down to almost nothing. Reg Q required banks to pay 5 percent on regular savings and 5.25 percent on-time savings accounts. S&Ls had to pay a quarter-point more than commercial banks. By getting rid of Q, banks decreased their cost of doing business by at least 400 basis points. Over the years, that represents trillions of dollars in profit margin for the too big to jail banksters.
In 1927, Congressman Louis T. McFadden passed legislation to prevent interstate branch banking… The McFadden Act. He saw the criminality of the Federal Reserve System and knew it was dependent upon its ability to cross state lines to solidify its power base. The McFadden Act was modified in 1994 by the Riegle-Neale Interstate Banking and Branching Efficiency Act, which allowed banks to open limited service bank branches across state lines by merging with other banks.
In 1932, Congressman McFadden filed criminal charges against the Fed in the House of Representatives. Those charges can be read here. In addition to being a “vociferous foe of the Federal Reserve” (he said the Fed deliberately caused the Great Depression and that Wall Street bankers funded the Bolshevik Revolution through European central banks), McFadden claimed the Federal Reserve was created and operated by Jewish banking interests “who conspired to economically control the United States.” If one looks at the number of people who hold high-level jobs in the world of banking and also hold dual citizenship in the United States and Israel, it does tend to make one take McFadden’s words more seriously than one might otherwise take them.
In addition to the protections of McFadden, the Glass Steagall Act prevented investment banks – Wall Street stockbrokers – from making loans or taking deposits, and banks couldn’t give investment advice or sell stocks or bonds. After the Great Depression, Congress recognized the natural conflicts of interest that exist between stockbrokers and commercial banks and passed Glass Steagall to prevent the two from intermingling. Those laws protected American investors for almost 70 years – but there were plans on the drawing board to change all of that.
These two key pieces of legislation prevented the moral hazard that results when investment banks mix with commercial banks. And the laws kept long-term mortgage lending at savings and loans and out of commercial banks… so, of course, they had to do away with the savings and loans.
We had the Community Reinvestment Act of 1977 (which would play a role in the mortgage-backed derivatives debacle in 2007/08), then the Depository Institutions Deregulation and Monetary Control Act that passed the Congress in 1980 which was the anchor used by Congress to cause savings and loans to fail.
In 1980, when the Monetary Control Act passed, Congress had a choice. Stockbrokers wanted to offer deposit accounts. Regulation prevented them from doing so and brokers thought it hurt them competitively. The law was changed to allow brokers/investment banks to offer interest-bearing deposit accounts.
The most logical thing for lawmakers to do if their real intent was to benefit consumers was give brokers permission to offer deposit accounts but require them to abide by Regulation Q, just as commercial banks and savings and loans – or, S&Ls – did. Q was a regulation that specified the amount of interest banks and savings and loans had to pay consumers on various deposit accounts so the cost of funds could be kept under control. For many years, the limit was 5 percent on savings at commercial banks (or, 5.25% on long-term savings), and 5.25 percent at savings and loans (or 5.50% on long-term savings). How much do you get on your savings accounts today? You can place the blame for that on the Monetary Control Act.
Why did savings and loans pay better interest rates than commercial banks? Commercial banks are in business to fund businesses and commercial loans are short-term. Mortgage loans last up to 30 years – definitely not short-term. Thus, to get people to put deposits in savings and loans so long-term mortgage loans could be made (this was before fractional-reserve banking, when banks and savings and loans mostly used depositor dollars for loans), savings and loans were allowed to pay higher rates of deposit interest.
When Congress passed the Monetary Control Act in 1980, telling brokers to live with the same rules bankers lived with was the logical thing for Congress to do. They didn’t do that. Instead, they let stock brokers pay any rate of interest they wanted on their money market deposit accounts. At one time, Merrill Lynch was paying 21 percent on its Money Market Account.
What Congress did caused disintermediation – in other words, it pulled all of the money out of banks and savings and loans and into brokerage accounts. It doesn’t take a genius to figure out that if a consumer can get 21 percent interest on a Cash Management Account at Merrill Lynch, and only 5 percent at the bank, consumers will pull their money out of banks put it in brokerage accounts. It seems corporations aren’t the only ones motivated by greed?
Banks and S&Ls then had to ask Congress to eliminate Regulation Q (a planned event, I believe) because it prevented them from paying competitive deposit rates with brokerage firms which were paying 21 percent… more than Q allowed. To get money deposited in banks and S&Ls again, they had to compete with stockbroker money market accounts. They had to pay 15 to 20 percent to depositors, too. Because of the higher cost of funds, bank loan rates jumped to 18 percent for car loans. Mortgages cost 14 percent at S&Ls. Deposit costs were high which meant loan rates were high. People couldn’t afford the loans. Few cars were sold; fewer mortgage loans were written. It caused major economic problems.
Why would Congress do that? Anyone could predict what would happen.
Look where we are today. Do you know any bank that pays customers more than 1 or 1 ½ percent interest on savings deposits? You’re lucky to get ½ of a percent! Mission accomplished for the banksters. They wanted to get rid of Regulation Q so they could legally get deposit rates of interest down to almost nothing. Reg Q required banks to pay 5 percent on regular savings and 5.25 percent on time savings accounts. S&Ls had to pay a quarter-point more than commercial banks. By getting rid of Q, banks decreased their cost of doing business by at least 400 basis points. Over the years, that represents trillions of dollars in profit margin for the too big to jail banksters.
And government’s answer was (something the Federal Reserve badly wanted) fractional-reserve banking. That meant bank loans were no longer funded primarily by customer deposits. Instead, they would be funded by FedRes credit. Until that moment in time, bank growth was dependent upon generating deposits so they had money to loan. This is important because when you are generating new deposits, new jobs are being created within the community. If there are no new jobs, there can’t be new deposits in the bank. Fractional-reserve banking made banks dependent on making loans, not generating deposits, for growth. Job growth ceased as they implemented a debt-driven form of capitalism and prostituted the entire system!
There is no better way to turn a free people into slaves than through debt.
Congress passed legislation that caused us to lose our source of stable mortgage lending. They passed laws allowing the emergence of Fannie Mae and Freddie Mac, which, along with MERS (Mortgage Electronic Registration System — now MERScorp), are the tools used to destroy the value of American real estate. They passed legislation removing the protections of the Glass Steagall Act… allowing brokerage firms to make loans and take deposits, allowing banks to give investment advisory and sell investment products. All of it was specifically designed to get us to precisely this point of about-to-be-economic failure – so we can, as a bankrupt, third world nation, become a proud member of George Bush’s New World Order!
Why are Freddie and Fannie such an important part of the story? Because Wall Street needed to control the number of liar and other sub-prime loans made. To make the money they wanted selling derivatives, they needed volume. To do that, they had to get rid of the S&Ls. They couldn’t control loan policy at thousands of S&Ls. After forcing the S&Ls to fail, they created Freddie and Fannie and gave mortgage lending to these two easily controlled government-sponsored enterprises – and Barney Frank had very close “ties” with Fannie Mae. Freddie and Fannie were early investors in MERS, too. That way, the control of the volume of sub-prime and liar loan mortgages and the credit policies governing them could be solidified. It was a planned takeover but, not just of the United States of America’s financial system. It also gave them control of the most valuable asset of the middle class: real estate. That, all by its self, gave them the power to literally destroy the middle class.
Hope everyone understand the reason the Congress will do nothing about illegal immigration (until we replace the Congress) and how the political powers have been able to manipulate the banking industry into serving as the primary weapon of mass destruction of capitalism, and Yoking the free people of this country.
Welcome to the George H.W. and George W. Bush New World Order. Jimmy Carter (who signed the original Community Reinvestment Act), Bill Clinton (who Amended CRA and put it on steroids) and Barrack Obama (Harry Reid and Nancy Pelosi, too) will also be there to greet you. They all played a major role in the take-down of our country.
The biblical truth revelations right before our very eyes is playing out in this country
“Have I therefore become your enemy by telling you the truth?”
If the greatest warrior of all times, King David was sent back to earth by God Almighty, the Pharisees and Sadducees the hypocrites would be in a frenzy, you see- great warriors like King David, Paul of biblical proportions would expose their ungodly doctoring. Those men would expose the treacherous path most of the world is on(inclusiveness) in other words sin must be accepted Or you’ll go to jail, those pastors in Canada(coming to America soon) are experiencing that following Christ can be by the world standards “dangerous”. Your job as warriors, shepherds of the flock is to speak out, expose ungodly behavior, oppose Injustice for the poor, the weak, Orphans and widows, the battle cry is “justice justice”. But for those Saints, salt of the earth Christians we know our life on earth is temporary, heaven is our eternal home, what’s in your heart, applause from the world which is temporary, Christ outstretched arms which is eternal? StevieRay Hansen
Jesus come quick, there is nothing left in society that’s sacred….
Hunted by the Mob, Found by Christ
The gripping memoirs of the founder of HNewsWire. A binge-worthy afternoon read.
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