No Toto, we’re not in Whoville anymore!
Together these classic films, “The Wizard of Oz” and “The Grinch Who Stole Christmas,” one in magnificent color, written by L. Frank Baum, and the other an incredible story by the irrecusable Dr. Seuss, definitively describe what banks have done to the economy, the middle-class, the country, and—oh yes, Christmas.
The “UnAmerican Activities” of American banks have stolen Christmas, and Christmas cheer, from millions of Americans—and even more millions of children. They are, at the same time, the Wizard of Oz and the Grinch.
As the Wizard of Oz banks fooled unsuspecting and naive consumers into believing the American Dream was tied up in a 6.9% interest rate. Banks enticed everyone down the Yellow Brick Road, in search of the Emerald City.
But the road, like in the movie, wasn’t paved with gold. And there is no Emerald City to behold.
Bankers deceived hard-working Americans, convincing them the way to prosperity was cheap credit and burdensome debt. They tricked customers into massive obligation through subprime mortgages and credit cards with limits well beyond the cardholder’s means. And then the curtain was pulled back and revealed their deception.
Bad gambles, made with the play money they issued to all the ungrateful fools, began to unravel. The economy began to slide, and with it the banks’ profits disappeared.
With the falling economy their affable clients began to default and the bankers could see their ginormous bonuses fading. Years of fake prosperity were gone. The Wizard had been exposed, and banks found themselves in a dubious pinch.
That’s when they turned, into the petulant Grinch. Read the rest of this entry »