When will Wall Street cease to dominate?
Goldman Sachs is in the news again (May 22, 2020). Matthew Goldstein writes in the New York Times reports that Goldman has become one of the biggest buyers of distressed mortgages. They promised relief to homeowners in the wake of the 2008 crash. Now we learn that they are foreclosing on 10,000 homes to finance their “generosity.”
A spokesperson from Goldman said “we need to get the nonperforming mortgages we purchase performing.” Indeed. What could be more useless than a deadbeat who can’t make their mortgage payment? Goldman buys the distressed mortgage at a discount, gets the homeowner to walk out, then sells at a profit.
Our coronavirus crash is showing us how cruel our system really is. How many can’t pay their rent or their mortgage? What if they get sick? Public Citizen reported at the end of April that almost 10,000,000 US citizens lost their employer-funded healthcare because they lost their jobs. In the rest of the world, nobody suffered that fate. Apparently we are expected to die for the Dow and sacrifice our lives to ensure executive bonuses. Besides, do we really need a roof over our head or a doctor’s care? All we need is a stone for a pillow and a can of dog food in our cardboard home under a bridge.
It’s all public relations anyway. Gaslighting the public. The federal government is in on it too. Dennis Kelleher, president of a nonprofit watchdog group, said that Goldman’s promise of consumer relief amounted to a “sweetheart settlement so the Justice Department could claim a big win and the banks could say they were paying for their sins.”
I guess you can’t blame the vultures. It’s their nature to feed on corpses. We can only wonder how it is that we ended up with a system that puts them on top, running everything.