The following is an opinion piece. Good evening
everyone, and welcome to another fun -filled
edition of I Call Bullshit. We all remember my
rant about Epstein and the client list. Like
I stated before and will again, that dog and
pony show will only go so far. Like I said before,
no convictions. Power protects power, and I can
explain this a little more in depth. Each side,
as in Dems and Repubs, want to show the voters
how the other side steals the splined. They will
point out all the problems, but when it comes
to accountability, you can forget that. They,
as in the elite, all have a gentleman agreement
that for the purposes of getting votes, you can
expose all the theft you want, but there will
never be any prosecution. This political game
was shown out. Forced all to see during Jimmy
Carter's funeral. He had President Trump sit
next to former President Bill Clinton. For mortal
enemies, they sure had a bunch of laughs. These
two looked like they were besties their whole
lives. Now, let's fast forward to now. There
has not been one conviction in regards to Epstein
Island, and there will never be. Now let's go
here to the local Kansas City district. COVID
funds were handed out with money printed off
just for discretionary purposes. Now, children,
discretionary funds is code for money that can
be stolen easily without being tracked. And all
of the government knows this. So now, let's see.
A big investigation at a non -profit's grabbing
all the COVID till? My prediction, not only will
the taxpayers never get the funds recouped, but
there will never be any type of convictions.
for that theft as well. Ladies and gentlemen,
I hope I didn't ruin your TikTok buzz, but while
you're sitting there watching reruns of people
getting kicked in the ass on YouTube, they're
ripping us taxpayers off blind, we're getting
fleeced, and nobody seems to even fucking notice.
Now, let's take a jot down memory lane and look
at when the housing bubble of 2008. The banks
and large insurers were able to put up homes
once again with free money, knowing damn well
that the person they just moved in that house
could never have afforded it in the first place.
The banks purposely sold homes. Low interest
rates following the dot -com crash and the 9
-11 attacks, the Federal Reserve lowered interest
rates significantly, down to 1 % in 2003, to
encourage spending. That may borrow money to
buy a house very cheap. The rise of subprime
mortgages to keep the housing machine running,
lenders began offering loans to subprime borrowers.
People with low credit scores or unstable incomes
who previously wouldn't have qualified for a
mortgage. Many loans required little to no down
payment. Exotic loans like adjustable rate mortgages
offered very low initial teaser rates that would
skyrocket after a few years. As prices rose,
people began buying houses not to live in, but
to flip for a quick profit, further inflating
the bubble. The crisis wasn't just about bad
house loans. It was about how those loans were
sold to investors worldwide. Banks bundled thousands
of individual mortgages into single package and
sold them to investors as a bond. Credit rating
agencies like Moody's and S &P gave many of these
risky bundles. AAA ratings, the highest possible
suggesting they were as safe as government bonds.
These packages were sliced and diced and collateralized
debt obligations and sold to pension funds, insurance
companies, and banks globally. When the mortgages
failed, the entire global financial system was
exposed. Happened 2006 to 2008, the bubble began
to leak in 2006 and officially burst by 2008.
Builders had built Tumay homes and the market
became saturated. The Fed began raising rates
to curb inflation, causing those teaser Morgan
rates to reset to much higher monthly payments.
Borrowers could no longer afford their payments
because their home prices were falling and they
couldn't sell the house for enough to pay back
the loan. So they were upside down or underwater.
As millions defaulted to the value of mortgage
-backed securities crashed, banks that held these
toxic assets began to fail. In 2008, the investment
bank Lehman Brothers went bankrupt, causing a
global panic. The credit crunch followed where
banks stopped lending to each other and to businesses
because they're afraid of hidden toxic debt.
Nearly 9 million Americans lost their jobs and
roughly 10 million lost their homes to foreclosure.
The U .S. government passed a TARP, Trouble Asset
Relief Program, to bail out major banks and prevent
a total systemic collapse. Laws like the Dodd
-Frank Act were passed to ensure banks held more
cash in reserve and to limit the kind of risky
lending that caused the crash. But the laws are
weak and being tampered with again, so look for
more fun and games coming our way. Sorry for
the big bag of truth we just threw on your lap,
but that's what we do here at I Call Bullshit.