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Bank Says You Can’t Afford a $1000 Mortgage, So You Pay $1500 Rent Instead
Banks are some of the most corrupt intuitions in the world
Banks are full of shit — there I said it. I mean, an institution that has the gall to charge someone with no money a $35 fee because they overspent $1 in their checking account is by far the worst.
What kind of mental gymnastics does it take to tell you that they won’t lend you money to buy a house because you can’t afford the mortgage when you have been paying rent for years without a hitch? It’s because they are geared towards lending people who are already rich the money to become landlords so they can become richer.
“Since the foreclosure crisis that swept the nation after the 2008 crash, America’s biggest banks have been involved in a never-ending spree of abuse, scams, and crime.” — TheWeek.com
Just to give you an idea of how corrupt banks are here is an excerpt from TheWeek.com outlining only three years of facts about Wells Fargo Bank, which holds assets worth 1.95 trillion:
2012: The bank agreed to a $175 million settlement with the Justice Department over allegedly racist lending practices.
2013: It agreed to pay Freddie Mac $869 million over allegedly bad loans.
2016: Wells Fargo agreed to a $1.2 billion settlement with the Justice Department over allegedly illegal mortgage lending; and it was fined $100 million by the CFPB for illegally opening two million secret credit card and deposit accounts for its customers, according to its own internal analysis (it later found 1.7 million more accounts).
This is just one bank, if you read the article, it outlines many more of these stories about other banks as well. These institutions are corrupt to the core, and get away with it because they have lobbyists who throw money at politicians to look the other way.
In America, whoever has the most money decides what justice is, and calls the shots.
In America, the banks and the rich get to say what is illegal and what is not, how much taxes they should pay, and who gets the benefits of loans and good interest rates.
In fact, you can look at banks around the world and find the same things over and over. These are some of the most corrupt institutions that operate “legally” and are only allowed to do this kind of business because they know the right people to pay off.
The banks have the rest of the population by the balls because no one can afford to be able to buy anything without high-interest credit and predatory mortgages. Without banks, capitalism fails, and the rich would not allow that to happen.
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The rich need banks to legitimize their money and banks need the rich to keep them afloat. And we poor people keep feeding their accounts because we need to have flat screens and iPhones. We need to lease new cars every three years and go out to eat at fancy restaurants with a credit card. We need to spend thousands on credit at Christmas so we can make our family think we love them, instead of just spending time with them.
There is no way that banks will ever change their ways because they have been getting away with it for so long. When they cheat people, they get a slap on the wrist because the politicians are unwilling to put their meal tickets in jail.
The whole system of capitalism is corrupt and ruthless and banks are just a small part of the whole. They prey on the very people that can least afford to be taken advantage of and we let them.
What can we do?
According to The World Bank:
“Short of sweeping reform efforts, progress can be achieved through better and more open processes, professional accountability systems, and the use of the latest advanced technologies to capture, analyze, and share data to prevent, detect, and deter corrupt behavior.”
But, as long as capitalism is the law of the land, we will need banks and they will continue to be corrupt because there is no downside for them. They can continue to cheat people because they are allowed to stay in business, despite years of unethical actions and policies.
As long as we practice capitalism, the banks will keep exploiting the poor and benefitting the rich. The banks will continue with business as usual as long as we allow them to.
Isn’t it time for this madness to end?
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