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But there was something telling about that photograph, I thought; our protective glass frame shattered and now here we were, punctured with microscopic holes that might one day tear. Those holes all had names: mortgage, adolescent child, lack of communication, retirement savings, cancer.

Life, Liberty, Property, the Pursuit of Happiness: These are the rights our government was created to protect. When the government confiscates your property to subsidize someone else’s choices, it has gone from protecting your rights to violating them - in the name of giving others what they have not earned. Whether that unearned benefit takes the form of education, health care, Social Security, mortgage assistance or anything else some bureaucrat decides is in the “public interest,” the government’s message is the same: “You earn it, we’ll spend it – your values, rights, and life be damned.

We meet in the midst of a nation brought to the verge of moral, political and material ruin. Corruption dominates the ballot box, the legislatures, the Congress, and touches even the ermine of the bench. The people are demoralized. . . . The newspapers are subsidized or muzzled; public opinion silenced; business prostrate, our homes covered with mortgages, labor impoverished, and the land concentrating in the hands of capitalists. The urban workmen are denied the right of organization for self-protection; imported pauperized labor beats down their wages; a hireling standing army . . . established to shoot them down. . . . The fruits of the toil of millions are boldly stolen to build up colossal fortunes. . . . From the same prolific womb of governmental injustice we breed two classes—paupers and millionaires. . . .

The rest of us, on the ·other hand-we members of the protected classes-have grown increasingly· dependent on our welfare programs. In 2020 the federal government spent more than $193 billion on homeowner subsidies, a figure that far exceeded the amount spent on direct housing assistance for low income families ($53 billion). Most families who enjoy those subsidies have six-figure incomes and are white. Poor families lucky enough to live in government-owned apartments of often have to deal with mold and even lead paint, while rich families are claiming the mortgage interest deduction on first and second homes. The lifetime limit for cash welfare to poor parents is five years, but families claiming the mortgage interest deduction may do so for the length of the mortgage, typically thirty years. A fifteen-story public housing tower and a mortgaged suburban home are both government subsidized, but only one looks (and feels) that way. If you count all public benefits offered by the federal government, America's welfare state (as a share of its gross domestic product) is the second biggest in the world, after France's. But that's true only if you include things like government-subsidized retirement benefits provided by employers, student loans and 529 college savings plans, child tax credits, and homeowner subsidies: benefits disproportionately flowing to Americans well above the poverty line. If you put aside these tax breaks and judge the United States solely by the share of its GDP allocated to programs directed at low-income citizens, then our investment in poverty reduction is much smaller than that of other rich nations. The American welfare state is lopsided.

Old Mama Saturday" “Saturday’s child must work for a living.” “I’m moving from Grief  Street. Taxes are high here though the mortgage’s cheap. The house is well built. With stuff to protect, that mattered to me, the security. These things that I mind, you know, aren’t mine. I mind minding them. They weigh on my mind. I don’t mind them well. I haven’t got the knack of  kindly minding. I say Take them back but you never do. When I throw them out it may frighten you and maybe me too. Maybe it will empty me too emptily and keep me here asleep, at sea under the guilt quilt, under the you tree.

Romantic literature often presents the individual as somebody caught in a struggle against the state and the market. Nothing could be further from the truth. The state and the market are the mother and father of the individual, and the individual can survive only thanks to them. The market provides us with work, insurance and a pension. If we want to study a profession, the government’s schools are there to teach us. If we want to open a business, the bank loans us money. If we want to build a house, a construction company builds it and the bank gives us a mortgage, in some cases subsidised or insured by the state. If violence flares up, the police protect us. If we are sick for a few days, our health insurance takes care of us. If we are debilitated for months, national social services steps in.

Romantic literature often presents the individual as somebody caught in a struggle against the state and the market. Nothing could be further from the truth. The state and the market are the mother and father of the individual, and the individual can survive only thanks to them. The market provides us with work, insurance and a pension. If we want to study a profession, the government’s schools are there to teach us. If we want to open a business, the bank loans us money. If we want to build a house, a construction company builds it and the bank gives us a mortgage, in some cases subsidised or insured by the state. If violence flares up, the police protect us. If we are sick for a few days, our health insurance takes care of us. If we are debilitated for months, social security steps in. If we need around-the-clock assistance, we can go to the market and hire a nurse – usually some stranger from the other side of the world who takes care of us with the kind of devotion that we no longer expect from our own children. If we have the means, we can spend our golden years at a senior citizens’ home. The tax authorities treat us as individuals, and do not expect us to pay the neighbours’ taxes. The courts, too, see us as individuals, and never punish us for the crimes of our cousins. Not only adult men, but also women and children, are recognised as individuals. Throughout most of history, women were often seen as the property of family or community. Modern states, on the other hand, see women as individuals, enjoying economic and legal rights independently of their family and community. They may hold their own bank accounts, decide whom to marry, and even choose to divorce or live on their own. But the liberation of the individual comes at a cost. Many of us now bewail the loss of strong families and communities and feel alienated and threatened by the power the impersonal state and market wield over our lives. States and markets composed of alienated individuals can intervene in the lives of their members much more easily than states and markets composed of strong families and communities. When neighbours in a high-rise apartment building cannot even agree on how much to pay their janitor, how can we expect them to resist the state? The deal between states, markets and individuals is an uneasy one. The state and the market disagree about their mutual rights and obligations, and individuals complain that both demand too much and provide too little. In many cases individuals are exploited by markets, and states employ their armies, police forces and bureaucracies to persecute individuals instead of defending them. Yet it is amazing that this deal works at all – however imperfectly. For it breaches countless generations of human social arrangements. Millions of years of evolution have designed us to live and think as community members. Within a mere two centuries we have become alienated individuals. Nothing testifies better to the awesome power of culture.

Yet each favor and handout and protection of vested interests shifts the direction of capital and labor artificially, resulting in over-investment in, say, mortgaged houses, or over-investment in corruption to get and maintain restrictions on entry to, say, ownership of taxi medallions, or over-investment in a war to protect slavery. Of course, any proposal to drop the mortgage-interest deduction or to let Uber and Lyft compete freely with medallioned taxis raises political storms. Or a Civil War.

In a 2007 cable about Nauru, made public by WikiLeaks, an unnamed U.S. official summed up his government’s analysis of what went wrong on the island: “Nauru simply spent extravagantly, never worrying about tomorrow.” Fair enough, but that diagnosis is hardly unique to Nauru; our entire culture is extravagantly drawing down finite resources, never worrying about tomorrow. For a couple of hundred years we have been telling ourselves that we can dig the midnight black remains of other life forms out of the bowels of the earth, burn them in massive quantities, and that the airborne particles and gases released into the atmosphere - because we can’t see them - will have no effect whatsoever. Or if they do, we humans, brilliant as we are, will just invent our way out of whatever mess we have made. And we tell ourselves all kinds of similarly implausible no-consequences stories all the time, about how we can ravage the world and suffer no adverse effects. Indeed we are always surprised when it works out otherwise. We extract and do not replenish and wonder why the fish have disappeared and the soil requires ever more “inputs” (like phosphate) to stay fertile. We occupy countries and arm their militias and then wonder why they hate us. We drive down wages, ship jobs overseas, destroy worker protections, hollow out local economies, then wonder why people can’t afford to shop as much as they used to. We offer those failed shoppers subprime mortgages instead of steady jobs and then wonder why no one foresaw that a system built on bad debts would collapse. At every stage our actions are marked by a lack of respect for the powers we are unleashing - a certainty, or at least a hope, that the nature we have turned to garbage, and the people we have treated like garbage, will not come back to haunt us.

Speculators, meanwhile, have seized control of the global economy and the levers of political power. They have weakened and emasculated governments to serve their lust for profit. They have turned the press into courtiers, corrupted the courts, and hollowed out public institutions, including universities. They peddle spurious ideologies—neoliberal economics and globalization—to justify their rapacious looting and greed. They create grotesque financial mechanisms, from usurious interest rates on loans to legalized accounting fraud, to plunge citizens into crippling forms of debt peonage. And they have been stealing staggering sums of public funds, such as the $65 billion of mortgage-backed securities and bonds, many of them toxic, that have been unloaded each month on the Federal Reserve in return for cash.21 They feed like parasites off of the state and the resources of the planet. Speculators at megabanks and investment firms such as Goldman Sachs are not, in a strict sense, capitalists. They do not make money from the means of production. Rather, they ignore or rewrite the law—ostensibly put in place to protect the weak from the powerful—to steal from everyone, including their own shareholders. They produce nothing. They make nothing. They only manipulate money. They are no different from the detested speculators who were hanged in the seventeenth century, when speculation was a capital offense. The obscenity of their wealth is matched by their utter lack of concern for the growing numbers of the destitute. In early 2014, the world’s 200 richest people made $13.9 billion, in one day, according to Bloomberg’s billionaires index.22 This hoarding of money by the elites, according to the ruling economic model, is supposed to make us all better off, but in fact the opposite happens when wealth is concentrated in the hands of a few individuals and corporations, as economist Thomas Piketty documents in his book Capital in the Twenty-First Century.23 The rest of us have little or no influence over how we are governed, and our wages stagnate or decline. Underemployment and unemployment become chronic. Social services, from welfare to Social Security, are slashed in the name of austerity. Government, in the hands of speculators, is a protection racket for corporations and a small group of oligarchs. And the longer we play by their rules the more impoverished and oppressed we become. Yet, like

There was more than one way to think about Mike Burry’s purchase of a billion dollars in credit default swaps. The first was as a simple, even innocent, insurance contract. Burry made his semiannual premium payments and, in return, received protection against the default of a billion dollars’ worth of bonds. He’d either be paid zero, if the triple-B-rated bonds he’d insured proved good, or a billion dollars, if those triple-B-rated bonds went bad. But of course Mike Burry didn’t own any triple-B-rated subprime mortgage bonds, or anything like them. He had no property to “insure” it was as if he had bought fire insurance on some slum with a history of burning down. To him, as to Steve Eisman, a credit default swap wasn’t insurance at all but an outright speculative bet against the market—and this was the second way to think about it.

Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society’s virtue. When you see that trading is done, not by consent, but by compulsion—when you see that in order to produce, you need to obtain permission from men who produce nothing—when you see that money is flowing to those who deal, not in goods, but in favors—when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you—when you see corruption being rewarded and honesty becoming a self-sacrifice—you may know that your society is doomed. Money is so noble a medium that it does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot. “Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: ‘Account overdrawn.’ “When you have made evil the means of survival, do not expect men to remain good. Do not expect them to stay moral and lose their lives for the purpose of becoming the fodder of the immoral. Do not expect them to produce, when production is punished and looting rewarded. Do not ask, ‘Who is destroying the world?’ You are.

The state and the market are the mother and father of the individual, and the individual can survive only thanks to them. The market provides us with work, insurance and a pension. If we want to study a profession, the government’s schools are there to teach us. If we want to open a business, the bank loans us money. If we want to build a house, a construction company builds it and the bank gives us a mortgage, in some cases subsidised or insured by the state. If violence flares up, the police protect us. If we are sick for a few days, our health insurance takes care of us. If we are debilitated for months, national social services steps in. If we need around-the-clock assistance, we can go to the market and hire a nurse – usually some stranger from the other side of the world who takes care of us with the kind of devotion that we no longer expect from our own children. If we have the means, we can spend our golden years at a senior citizens’ home. The tax authorities treat us as individuals, and do not expect us to pay the neighbours’ taxes. The courts, too, see us as individuals, and never punish us for the crimes of our cousins.

Romantic literature often presents the individual as somebody caught in a struggle against the state and the market. Nothing could be further from the truth. The state and the market are the mother and father of the individual, and the individual can survive only thanks to them. The market provides us with work, insurance and a pension. If we want to study a profession, the government’s schools are there to teach us. If we want to open a business, the bank loans us money. If we want to build a house, a construction company builds it and the bank gives us a mortgage, in some cases subsidised or insured by the state. If violence flares up, the police protect us. If we are sick for a few days, our health insurance takes care of us. If we are debilitated for months, national social services steps in. If we need around-the-clock assistance, we can go to the market and hire a nurse – usually some stranger from the other side of the world who takes care of us with the kind of devotion that we no longer expect from our own children. If we have the means, we can spend our golden years at a senior citizens’ home. The tax authorities treat us as individuals, and do not expect us to pay the neighbours’ taxes. The courts, too, see us as individuals, and never punish us for the crimes of our cousins.

Romantic literature often presents the individual as somebody caught in a struggle against the state and the market. Nothing could be further from the truth. The state and the market are the mother and father of the individual, and the individual can survive only thanks to them. The market provides us with work, insurance and a pension. If we want to study a profession, the government’s schools are there to teach us. If we want to open a business, the bank loans us money. If we want to build a house, a construction company builds it and the bank gives us a mortgage, in some cases subsidised or insured by the state. If violence flares up, the police protect us. If we are sick for a few days, our health insurance takes care of us. If we are debilitated for months, national social services steps in. If we need around-the-clock assistance, we can go to the market and hire a nurse – usually some stranger from the other side of the world who takes care of us with the kind of devotion that we no longer expect from our own children. If we have the means, we can spend our golden years at a senior citizens’ home. The tax authorities treat us as individuals, and do not expect us to pay the neighbours’ taxes. The courts, too, see us as individuals, and never punish us for the crimes of our cousins. Not

Governments appreciate terrorists, because they provide a good advertisement for the need for government, for its protection. They love wars, because they give government a reason for existing – to save us from the infidel.

Our contributions had made, when it came to it, not the slightest bit of difference. I had been utterly defeated on every front; I should, at that moment of all moments, have been steeped in despair. And yet, as I sat at the window, I did not find myself despairing. For out of the gloom, the hopelessness, the humiliation of the day, certain images kept defiantly floating up: Frank with Droyd in his arms, lurching out of the stinking basement; Frank thumping the Plexiglas, cheering on the dogs; the glorious moment of Frank, tongue tucked between his teeth, crisply punching Harry on the nose. I didn’t ask for them; they didn’t appear to change anything; yet there they were, floating up out of the darkness before my eyes, over and over again, and with them now something Yeats had said once: “Friendship is all the house I have.” I frowned out through my ghostly reflection at the swaying trees, the rain. Friendship is all the house I have. It wasn’t a line I’d given much thought to before. Still, you could see what he meant, given all the problems one encountered with actual houses—heating bills and mortgages and wayward domestics, rack-renting landlords, actors moving in, all that. What kind of house would my friendship make? The day’s events paraded palely by again, like the tapestry of a long-ago battle. On the evidence it seemed that, for all my aspirations to the courtly life, I hadn’t provided much protection from the elements.

In the November 2010 issue of Rolling Stone, Matt Taibbi reported on the special courts established around the country for the express purpose of streamlining and accelerating foreclosure actions. Presided over by retired judges who were unfamiliar with the complexities involved in the mortgage fraud, these courts were not set up “to decide right and wrong, but to clear cases and blast human beings out of their homes with ultimate velocity.” The whole process was designed to transfer the property of ordinary citizens to the nation’s largest banks regardless of entitlement. As Taibbi wrote: The judges, in fact, openly admit that their primary mission is not justice but speed. One Jacksonville [Florida] judge, the Honorable A. C. Soud, even told a local newspaper that his goal is to resolve 25 cases per hour. Given the way the system is rigged, that means His Honor could well be throwing one ass on the street every 2.4 minutes. The following month, the Washington Post reported that similar courts in Virginia were “making it easier for lenders to defend themselves when accused of giving homeowners too little warning of impending foreclosures.” Indeed, “the process moves so quickly in Virginia…that homeowners can receive less than two weeks’ notice that their house is about to be sold on the courthouse steps.” The design of the courts guaranteed that even banks with no legal foreclosure entitlement had an almost insurmountable advantage. In the very short time they were accorded, homeowners seeking to stop foreclosure had to “gather evidence, file a lawsuit and potentially post a bond with the court that could total thousands of dollars.” These arduous requirements, combined with the near-impossible deadlines, meant that many borrowers simply ran out of time when trying to fight invalid foreclosure proceedings. It

The Modus Operandi of THE REGULUS CONCLAVE as spelled out in 1853! “We hold such and such opinions upon one point only; and that one point is, mutual interest, and under that; 1st, that we can govern this nation; 2d, that to govern it, we must, subvert its institutions; and, 3d, subvert them we will! It is our interest; this is our only bond. Capital must have expansion. This hybrid republicanism saps the power of our great agent by its obstinate competition. We must demoralize the republic. We must make public virtue a by-word and a mockery, and private infamy to be honor. Beginning with the people, through our agents, we shall corrupt the State. “We must pamper superstition, and pension energetic fanaticism—as on ’Change we degrade commercial honor, and make success the idol. We may fairly and reasonably calculate, that within a succeeding generation, even our theoretical schemes of republican subversion may be accomplished, and upon its ruins be erected that noble Oligarchy of caste and wealth for which we all conspire, as affording the only true protection to capital. “Beside these general views, we may in a thousand other ways apply our combined capital to immediate advantage. We may buy up, through our agents, claims upon litigated estates, upon confiscated bonds, mortgages upon embarrassed property, land-claims, Government contracts, that have fallen into weak hands, and all those floating operations, constantly within hail, in which ready-money is eagerly grasped as the equivalent for enormous prospective gains. “In addition, through our monopoly of the manufacturing interest, by a rigorous and impartial system of discipline, we shall soon be able to fill the masses of operators and producers with such distrust of each other, and fear of us, as to disintegrate their radical combinations, and bring them to our feet. Governing on ’Change, we rule in politics; governing in politics, we are the despots in trade; ruling in trade, we subjugate production; production conquered, we domineer over labor. This is the common-sense view of our interests—of the interests of capital, which we represent. In the promotion of this object, we appoint and pension our secret agents, who are everywhere on the lookout for our interests. We arrange correspondence, in cipher, throughout the civilized world; we pension our editors and our reporters; we bribe our legislators, and, last of all, we establish and pay our secret police, local, and travelling, whose business it is, not alone to report to us the conduct of agents already employed, but to find and report to us others, who may be useful in such capacity. “We punish treachery by death!” (from YIEGER'S CABINET or SPIRITUAL VAMPIRISM, published 1853)

In response to current events, people often reach for historical analogies, and this occasion was no exception. The trick is to choose the right analogy. In August 2007, the analogies that came to mind—both inside and outside the Fed—were October 1987, when the Dow Jones industrial average had plummeted nearly 23 percent in a single day, and August 1998, when the Dow had fallen 11.5 percent over three days after Russia defaulted on its foreign debts. With help from the Fed, markets had rebounded each time with little evident damage to the economy. Not everyone viewed these interventions as successful, though. In fact, some viewed the Fed’s actions in the fall of 1998—three quarter-point reductions in the federal funds rate—as an overreaction that helped fuel the growing dot-com bubble. Others derided what they perceived to be a tendency of the Fed to respond too strongly to price declines in stocks and other financial assets, which they dubbed the “Greenspan put.” (A put is an options contract that protects the buyer against loss if the price of a stock or other security declines.) Newspaper opinion columns in August 2007 were rife with speculation that Helicopter Ben would provide a similar put soon. In arguing against Fed intervention, many commentators asserted that investors had grown complacent and needed to be taught a lesson. The cure to the current mess, this line of thinking went, was a repricing of risk, meaning a painful reduction in asset prices—from stocks to bonds to mortgage-linked securities. “Credit panics are never pretty, but their virtue is that they restore some fear and humility to the marketplace,” the Wall Street Journal had editorialized, in arguing for no rate cut at the August 7 FOMC meeting.

and we might as well give up, because Standard Oil owns everything. He said they own Standard Brands, which in turn own Safeway Stores, which in turn own Pacific Fruit and Produce, which in turn has mortgages on all the farms. He says they are responsible for all the wars and that we are all just slaves being allowed to exist until the time comes when we can go into the trenches to protect Standard Oil.

The Global Financial Crisis of 2007–08 represented the greatest financial downswing of my lifetime, and consequently it presents the best opportunity to observe, reflect and learn. The scene was set for its occurrence by a number of developments. Here’s a partial list: Government policies supported an expansion of home ownership—which by definition meant the inclusion of people who historically couldn’t afford to buy homes—at a time when home prices were soaring; The Fed pushed interest rates down, causing the demand for higher-yielding instruments such as structured/levered mortgage securities to increase; There was a rising trend among banks to make mortgage loans, package them and sell them onward (as opposed to retaining them); Decisions to lend, structure, assign credit ratings and invest were made on the basis of unquestioning extrapolation of low historic mortgage default rates; The above four points resulted in an increased eagerness to extend mortgage loans, with an accompanying decline in lending standards; Novel and untested mortgage backed securities were developed that promised high returns with low risk, something that has great appeal in non-skeptical times; Protective laws and regulations were relaxed, such as the Glass-Steagall Act (which prohibited the creation of financial conglomerates), the uptick rule (which prevented traders who had bet against stocks from forcing them down through non-stop short selling), and the rules that limited banks’ leverage, permitting it to nearly triple; Finally, the media ran articles stating that risk had been eliminated by the combination of: the adroit Fed, which could be counted on to inject stimulus whenever economic sluggishness developed, confidence that the excess liquidity flowing to China for its exports and to oil producers would never fail to be recycled back into our markets, buoying asset prices, and the new Wall Street innovations, which “sliced and diced” risk so finely, spread it so widely and placed it with those best suited to bear it.

The FHA favored mortgages in areas where boulevards or highways served to separate African American families from whites, stating that “[n]atural or artificially established barriers will prove effective in protecting a neighborhood and the locations within it from adverse influences, . . . includ[ing] prevention of the infiltration of . . . lower class occupancy, and inharmonious racial groups.” The FHA was particularly concerned with preventing school desegregation.

continues: “Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims.

To solve the inability of middle-class renters to purchase single-family homes for the first time, Congress and President Roosevelt created the Federal Housing Administration in 1934. The FHA insured bank mortgages that covered 80 percent of purchase prices, had terms of twenty years, and were fully amortized. To be eligible for such insurance, the FHA insisted on doing its own appraisal of the property to make certain that the loan had a low risk of default. Because the FHA's appraisal standards included a whites-only requirement, racial segregation now became an official requirement of the federal mortgage insurance program. The FHA judged that properties would probably be too risky for insurance if they were in racially mixed neighborhoods or even in white neighborhoods near black ones that might possibly integrate in the future. When a bank applied to the FHA for insurance on a prospective loan, the agency conducted a property appraisal, which was also likely performed by a local real estate agent hired by the agency. as the volume of applications increased, the agency hired its own appraisers, usually from the ranks of the private real estate agents who had previously been working as contractors for the FHA. To guide their work, the FHA provided them with an Underwriting Manual. The first, issued in 1935, gave this instruction: 'If a neighborhood is to retain stability it is necessary that properties shall continue to be occupied by the same social and racial classes. A change in social or racial occupancy generally leads to instability and a reduction in values.' Appraisers were told to give higher ratings where '[p]rotection against some adverse influences is obtained,' and that '[i]mportant among adverse influences . . . are infiltration of inharmonious racial or nationality groups.' The manual concluded that '[a]ll mortgages on properties protected against [such] unfavorable influences, to the extent such protection is possible, will obtain a high rating.' The FHA discouraged banks from making any loans at all in urban neighborhoods rather than newly built suburbs; according to the Underwriting Manual, 'older properties . . . have a tendency to accelerate the rate of transition to lower class occupancy.' The FHA favored mortgages in areas where boulevards or highways served to separate African American families from whites, stating that '[n]atural or artificially established barriers will prove effective in protecting a neighborhood and the locations within it from adverse influences, . . . includ[ing] prevention of the infiltration of . . . lower class occupancy, and inharmonious racial groups.

The semi-liquid status of interval funds also works as a protection for shareholders. When investors hear bad news about a stock, they panic and a massive sell-off follows, which sends the share price down to dirt cheap levels. That can’t happen with interval fund shares because they can’t be sold at will.

A Private Mortgage Montreal protection plan is really the sort of mortgage protection that is utilized close by standard mortgages.

These newly minted right-wingers were rattling off old Birch slogans: Immigrants are the enemy. Protect our borders and deport all illegal aliens. Gays are ungodly. Pray the gay away from children and teens. Unemployed people don’t want to work, and poor people keep themselves poor, on purpose. If we cut the minimum wage and eliminate unemployment compensation, everyone will have a job. Unions caused the economic collapse by shielding lazy, incompetent public employees. Rich folks are “job creators,” and we need to protect their wealth. Social Security is unsustainable, and Medicare and Medicaid have to be restricted so that corporations and “job creators” have lower tax rates. Abortion is murder and must be outlawed even in cases of rape and incest. No exception means no exceptions; even in cases where the mother’s life is in danger. The economic meltdown of 2008 came from high taxes on corporations, too many regulations, and poor people taking out mortgages they couldn’t afford. The government can’t create jobs, so stimulus programs don’t work. Cutting taxes creates jobs. The government can’t limit the right to own or carry guns. If guns are outlawed, only outlaws will have guns. America is God’s chosen nation, but our president can’t understand our exceptionalism. After all, he’s not a “real” American; he’s a Marxist, Socialist, Muslim racist who hates America.

If you sell someone a prime-rate, 5 percent annual percentage rate (APR) thirty-year mortgage in the amount of $200,000, they’ll pay you back an additional $186,512—93 percent of what they borrowed—for the privilege of spreading payments out over thirty years. If you can manage to sell that same person a subprime loan with a 9 percent interest rate, you can collect $379,328 on top of the $200,000 repayment, nearly twice over what they borrowed. The public policy justification for allowing subprime loans was that they made the American Dream of homeownership possible for people who did not meet the credit standards to get a cheaper prime mortgage. But the subprime loans we started to see in the early 2000s were primarily marketed to existing homeowners, not people looking to buy—and they usually left the borrower worse off than before the loan. Instead of getting striving people into homeownership, the loans often wound up pushing existing homeowners out. The refinance loans stripped homeowners of equity they had built up over years of mortgage payments. That’s why these diseased loans were tested first on the segment of Americans least respected by the financial sector and least protected by lawmakers: Black and brown families.

the FHA does require an additional payment, called "Private Mortgage Insurance." This "PMI" insurance protects the lender and is required when the down payment on an FHA loan is less than 20%. The extra PMI payment can make your monthly payment slightly higher, thus reducing your cashflow.

Elite Wealth Management is a firm of independent financial advisers specialising in providing advice on Personal and Corporate Pensions, Mortgages, Equity Release, Investments, Inheritance Tax planning, Corporate, Wealth and Personal Protection. We’ve been helping clients navigate complex financial markets since 2009 as a company, and each adviser has many years experience in their own right having worked for various companies, and from those very early days, our business has evolved primarily through client, accountant and solicitor recommendations.

A WORLD OF SLOWER GROWTH AND HIGHER INFLATION If triple-digit oil prices are the true culprit behind the recent recession, what happens if oil prices recover to triple-digit levels or even close to them when the economy recovers? Does the economy slip right back into recession again? Everything else being equal—or ceteris paribus, as they say in the economics textbooks—that’s probably as good a forecast as any. Every oil shock has produced a global recession, and the record price increase of the past few years may produce the biggest one of all. But recessions, no matter how severe, are finite events. Ultimately, we face a far more challenging economic verdict from oil. Any way you cut it, a return to triple-digit oil prices means a much slower-growing world economy than before. And not just for a couple of quarters of recession. That’s because virtually every dollar of world GDP requires energy to produce. Not all of that energy, of course, comes from oil, but far too much does for world GDP not to be affected by oil’s growing scarcity. And there is nothing at the end of the day that we can do about depletion. Big tax cuts and big spending increases can mitigate triple-digit oil’s bite, but the deficits they inevitably produce ultimately lead to tax hikes and spending cuts that just make the suffering all the more painful down the road. Taking out a loan to pay your mortgage might defer your problems for a month or so, but in the end, it often makes your difficulties more acute. Borrowing from the future just turns today’s problems into tomorrow’s, and by the time tomorrow comes, they’ve become a lot bigger than if we had dealt with them today. Trillion-dollar-plus deficits, just like a near-zero percent federal funds rate, can mask the impact of high energy prices for a while, but ultimately they can’t protect economies that still run on oil from the impact of higher energy prices and the toll that they take.

30 percent—Domestic equities: US stock funds, including small-, mid-, and large-cap stocks 15 percent—Developed-world international equities: funds from developed foreign countries, including the United Kingdom, Germany, and France 5 percent—Emerging-market equities: funds from developing foreign countries, such as China, India, and Brazil. These are riskier than developed-world equities, so don’t go off buying these to fill 95 percent of your portfolio. 20 percent—Real estate investment trusts: also known as REITs. REITs invest in mortgages and residential and commercial real estate, both domestically and internationally. 15 percent—Government bonds: fixed-interest US securities, which provide predictable income and balance risk in your portfolio. As an asset class, bonds generally return less than stocks. 15 percent—Treasury inflation-protected securities: also known as TIPS, these treasury notes protect against inflation. Eventually you’ll want to own these, but they’d be the last ones I’d get after investing in all the better-returning options first.

On the screen, this man is wearing a bespoke suit and a smug grin, holding one of those ceremonial checks, a piece of cardboard the size of a beach towel, showily donating a million dollars to adult literacy. This is a charade, and not even a complicated one, nor convincing, just another everyday lie that everyone pretends to not notice. Another strategy for protecting the hefty bulk of his fortune by shaving off a sliver here and a sliver there, giving away little bits to ensure that he can keep the rest. One of the many manipulations available to men like him, created by men like him for the benefit of men like him, the tax structure and capital gains and mortgage-interest deductions, marriage and religion and capitalism and so-called representative democracy, all constructed so men like him could be not only the players but the house as well, everything about the game fixed in their favor, with not only backup schemes but also backups to the backups, and

we members of the protected classes—have grown increasingly dependent on our welfare programs. In 2020 the federal government spent more than $193 billion on homeowner subsidies, a figure that far exceeded the amount spent on direct housing assistance for low-income families ($53 billion). Most families who enjoy those subsidies have six-figure incomes and are white. Poor families lucky enough to live in government-owned apartments often have to deal with mold and even lead paint, while rich families are claiming the mortgage interest deduction on first and second homes.

As independent certified brokers, we know from firsthand experience how overwhelming it can be to deal with mortgages. However, we also know that it doesn’t have to be this way. TED Mortgages Wilshire specializes in helping you understand all of your mortgage and protection options so you can make smart and informed decisions. Get in touch with us today to see what we can do for you.

BENEFITS OF MSME REGISTRATION There are diverse blessings that groups get after acquiring MSME registration in India below the MSME act. They are as follows: COLLATERAL FREE BANK LOANS Collateral loose loans are loans supplied to the lender through the borrower with none guarantee. One can method a borrower for a mortgage despite the fact that he/she has not anything to spend money on or pledge. The Government of India has made collateral-loose credit score to be had to all small and micro-enterprise sectors. This initiative ensures finances to micro and small-zone firms. Under this scheme, each the vintage in addition to the brand new firms can declare the advantages. REGISTRATION SUBSIDY A big 50% subsidy is given to the status quo having a certificates of registration granted through MSME. This subsidy for patent registration may be availed through filing packages to diverse ministries. CONCESSION ON ELECTRICITY BILLS One of the large advantages to the MSMEs, organizations registered below the MSME act can get a concession on strength payments. For doing this, they should post the payments along side an utility and a replica of the registered certificates through MSME. PROTECTION AGAINST DELAYED PAYMENTS Taking into consideration the uncertainty with the sales technology through diverse groups, the authorities offers a layer of defensive to them in opposition to bills. The Ministry of Micro, Small, and Medium Enterprise has given enterprise proprietors and firms to acquire hobby on bills not on time through the client. Under the MSME registration advantages, a client is predicted to make a fee for the goods/offerings inside 15 days of the purchase. If the client delays, the fee for greater than forty five days, the agency is eligible to rate compound hobby that's three instances the charge notified through RBI.

Understandably, given public anger at bailouts, support had been gathering from both the right and the left for breaking up the largest institutions. There were also calls to reinstate the Depression-era Glass-Steagall law, which Congress had repealed in 1999. Glass-Steagall had prohibited the combination within a single firm of commercial banking (mortgage and business lending, for example) and investment banking (such as bond underwriting). The repeal of Glass-Steagall had opened the door to the creation of “financial supermarkets,” large and complex firms that offered both commercial and investment banking services. The lack of a new Glass-Steagall provision in the administration’s plan seemed to me particularly easy to defend. A Glass-Steagall–type statute would have offered little benefit during the crisis—and in fact would have prevented the acquisition of Bear Stearns by JPMorgan and of Merrill Lynch by Bank of America, steps that helped stabilize the two endangered investment banks. More importantly, most of the institutions that became emblematic of the crisis would have faced similar problems even if Glass-Steagall had remained in effect. Wachovia and Washington Mutual, by and large, got into trouble the same way banks had gotten into trouble for generations—by making bad loans. On the other hand, Bear Stearns and Lehman Brothers were traditional Wall Street investment firms with minimal involvement in commercial banking. Glass-Steagall would not have meaningfully changed the permissible activities of any of these firms. An exception, perhaps, was Citigroup—the banking, securities, and insurance conglomerate whose formation in 1998 had lent impetus to the repeal of Glass-Steagall. With that law still in place, Citi likely could not have become as large and complex as it did. I agreed with the administration’s decision not to revive Glass-Steagall. The decision not to propose breaking up some of the largest institutions seemed to me a closer call. The truth is that we don’t have a very good understanding of the economic benefits of size in banking. No doubt, the largest firms’ profitability is enhanced to some degree by their political influence and markets’ perception that the government will protect them from collapse, which gives them an advantage over smaller firms. And a firm’s size contributes to the risk that it poses to the financial system. But surely size also has a positive economic value—for example, in the ability of a large firm to offer a wide range of services or to operate at sufficient scale to efficiently serve global nonfinancial companies. Arbitrary limits on size would risk destroying that economic value while sending jobs and profits to foreign competitors. Moreover, the size of a financial firm is far from the only factor that determines whether it poses a systemic risk. For example, Bear Stearns, which was only a quarter the size of the firm that acquired it, JPMorgan Chase, wasn’t too big to fail; it was too interconnected to fail. And severe financial crises can occur even when most financial institutions are small.

The cheapskates next door never succumbed to the wave of “debtor dementia” that has swept across America in recent generations. I define debtor dementia as “a semidelusional state commonly triggered by assuming a home mortgage or other large debt.” It’s the body’s way of protecting that portion of the human brain that deals with rational thinking. Because of the size and scope of the transaction, the dollars involved seem like Monopoly money and the idea that you’ll ever live to see the loan paid off seems like a fairy tale. Pretty soon, taking out a home equity loan or racking up a few grand on a credit card you can’t pay off seems to make perfect sense. As

Wisdom is understanding the fear of the Lord and finding the knowledge of God. Wisdom, in Proverbs, is always moral. The fool, the opposite of the wise person, is not a moron or an oaf. The fool is the person who does not live life God’s way. Wisdom is knowing God and doing as He commands. Foolishness, on the other hand, is turning from God and listening only to yourself. So when we talk about wisdom, we are talking about more than witty aphorisms and home-spun advice. We are talking about a profoundly God-centered approach to life. Biblical wisdom means living a disciplined and prudent life in the fear of the Lord. Proverbs 2 not only tells us what wisdom is but what our attitude should be toward wisdom. Our attitude should be one of earnest longing. Wisdom, for the Christian, is more precious than silver or gold. Imagine if someone came to you tonight and said, “I’ll pay off all your bills. I’ll pay off your mortgage. I’ll load up your Roth IRA. I’ll give you money for vacations. I’ll give you 20,000 square feet to live in, and any car you like, or I can make you wise.” What would you say to that person? If you fear the Lord, you’ll take wisdom in a heartbeat. Isn’t it interesting that we are never told in Scripture to ask God to reveal the future or to show us His plan for our lives? But we are told—in no uncertain terms—to call out for insight and to cry aloud for understanding. In other words, God says, “Don’t ask to see all the plans I’ve made for you. Ask Me for wisdom so you’ll know how to live according to My Book.” Wisdom is precious because it keeps us from foolishness. If you turn to Proverbs 2, you’ll notice the “if-then” construction of this chapter: If you do this, you get wisdom. Specifically, if you accept my words (v. 2), and if you call out for insight (3), and if you look for wisdom as for silver (4), then you will understand the fear of the Lord (5), and then you will understand what is right and just and fair (9). Verses 5-11 show you everything you have when you get wisdom. You have understanding and knowledge (5-6) and protecting (8) and a good path (9).

New Deal legislation undoubtedly saved thousands of lives and prevented destitution for millions. New labor laws led to a flourishing of unions and built a strong white middle class. The Social Security Act of 1935 established the principle of cash payments in cases of unemployment, old age, or loss of a family breadwinner, and it did so as a matter of right, not on the basis of individual moral character. But the New Deal also created racial, gender, and class divisions that continue to produce inequities in our society today. Roosevelt’s administration capitulated to white supremacy in ways that still bear bitter fruit. The Civilian Conservation Corps capped Black participation in federally supported work relief at 10 percent of available jobs, though African Americans experienced 80 percent unemployment in northern cities. The National Housing Act of 1934 redoubled the burden on Black neighborhoods by promoting residential segregation and encouraging mortgage redlining. The Wagner Act granted workers the right to organize, but allowed segregated trade unions. Most importantly, in response to threats that southern states would not support the Social Security Act, both agricultural and domestic workers were explicitly excluded from its employment protections. The “southern compromise” left the great majority of African American workers—and a not-insignificant number of poor white tenant farmers, sharecroppers, and domestics—with no minimum wage, unemployment protection, old-age insurance, or right to collective bargaining.

Similar declarations are to be found again and again, in Sumerian and later Babylonian and Assyrian records, and always with the same theme: the restoration of “justice and equity,” the protection of widows and orphans, to ensure—as Hammurabi was to put it when he abolished debts in Babylon in 1761 BC—“that the strong might not oppress the weak.”14 In the words of Michael Hudson, The designated occasion for clearing Babylonia’s financial slate was the New Year festival, celebrated in the spring. Babylonian rulers oversaw the ritual of “breaking the tablets,” that is, the debt records, restoring economic balance as part of the calendrical renewal of society along with the rest of nature. Hammurabi and his fellow rulers signaled these proclamations by raising a torch, probably symbolizing the sun-god of justice Shamash, whose principles were supposed to guide wise and fair rulers. Persons held as debt pledges were released to rejoin their families. Other debtors were restored cultivation rights to their customary lands, free of whatever mortgage liens had accumulated.15