The Rule of Law is Sacrosanct: Our system of private property has developed due to the rule of law. The ability to demonstrate ownership, pass clear title, resolve disputes has worked for 100s of years. The recent frauds we have seen from law firms, process servers, bank legal departments, even drive through RE courts has put the nation at risk of becoming a lawless banana republic.It sure seems obvious to me. And it seems pretty clear to me that if this isn't enforced then America is well on its way to "banana republicdom". But I'm willing to bet that Obama won't move on it. He has surrounded himself with lackeys who are a "why rock the boat" type who know their bread is butter by Wall Street and the banks. They don't care that these sleezoid organizations have raped and pillaged the land. They are going to keep Wall Street and the banks on the pedestal while everything else goes under. Sick.
There is only one solution to this threat: For the rule of law to be in force, those people who violate it — previously known as “criminals” — must suffer the painful consequence of their illegal actions.
If you falsified documents that where used in foreclosures, you must be prosecuted for criminal fraud. If your firm’s primary purpose was this illegal activity, it must be put down. This means loss of professional licenses, corporate death penalties and jail time for offender . There is no deterrent to criminality of there are no significant penalties.
Barry Ritholtz has a simple set of facts he is trying to get across. The message is simple:
The United States has been living a lie.But Ritholtz is like an old time Jewish prophet down from the hills trying to get the sinners to reform. Nobody is willing to listen. He is telling them that if they don't repent, they will be marched off in chains into a long, long exile. But they only laugh at him. But I would put my money on Ritholtz. I think he's got it right. A time of retribution is at hand if America doesn't repent of its wastrel ways.
As a nation, we have been kidding ourselves, repeating myths, hoping that if we say something enough times, it will become reality — no matter how untrue. The credit crisis and now foreclosure debacle has revealed to anyone who cares to look what we have sought to ignore: That the past decade has been based on a set of fundamental beliefs that are intrinsically false.
Its time for an intervention. We need someone to force us to stop hitting the bottle, lose the bimbo, skip the dessert cart, visit the gym. Its time to stop bullshitting ourselves about Financial Engineering, and face both the Truth & Consequences of our legacy financial system.