The United States Government wanted to settle accounts with the banking industry. When the accounting began, Lenders owed billions and could not pay. Uncle Sam ordered them to reduce executive compensation, quit throwing wild parties and paying extravagant bonuses or they would have to sell of their assets and perhaps file bankruptcy.
The banking industry fell on its knees and implored Uncle Sam, "Have patience with me, and I will pay everything." And Uncle Sam had pity on the banks, forgave them, paid the debt himself.
But when the banking industry went out it found tax paying consumers that owed hundreds of thousands, seized the consumer, began to choke him saying, "Pay what you owe." The tax paying consumer fell down and pleaded with the banking industry saying, "Have patience with me and I will pay you." The banking industry refused, foreclosing on his homes and raising credit card and consumer interest rates.
Maybe the day will come when someone becomes greatly distressed and will report to Uncle Sam all that has happened and on that day Uncle Sam will summon the banking industry and say, "You wicked lenders! I forgave you because you pleaded with me. And should you not have mercy on the tax paying consumer as I had mercy on you?" And Uncle Sam will deliver them to their fate.
He that has ears to hear, let him hear.
Mike Fair, Director
Illinois Academy of Real Estate
Real Estate Classes Since 1979
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