Daily Truth Pills

Hosea 4:6 My people are destroyed for lack of knowledge…

Goodbye Private Property Rights in the United States

Posted by truthpills on 2012/07/10

by John Galt
July 5, 2012 09:00 ET

Upon reflection, perhaps I should have just stayed on vacation. The disastrous rulings from the United States Supreme Court (I’ll comment on that later) along with the spineless wonders known as the Republican Party refusing to act in a decisive manner to block America from falling from Banana Republic status into Socialist Banana Republic status akin to 1970′s France demonstrates just how screwed we are.

Then this story by Nick Timiros grabs my attention in the Wall Street Journal this morning:

Cities Consider Seizing Mortgages

The United States has fallen mightily since 2002 but that story just takes the cake. First the supposedly moderate to conservative US Supreme Court issues the landmark Kelo decision which pretty much guaranteed that petty bureaucrats could seize private property without due process and for the reason of political donations and graft. That ruling is still being used to intimidate property owners and turn the idea of home ownership into the myth that it is and the individual into nothing more than a serf paying tribute to the state.

Then we had the Bush regime approving the unconstitutional seizure of Fannie Mae and Freddie Mac by the Federal government leaving shareholders with worthless paper and bondholders wondering what happened to that pesky damned piece of paper which guaranteed their private property rights. This was followed up by forced mergers under the guidance of the Federal Reserve and former Goldman Sachs CEO then Treasury Secretary Hank Paulson ordering the mergers of Merrill Lynch and Washington Mutual without shareholder approval nor consideration.

After the idiot departed the White House, the socialist entered and he liked the Bush policies of creating a police state and nullifying the Constitution so much he continued the practice by nationalizing General Motors and Chrysler and giving them to the UAW so they can survive against better non-union competition. Amazingly enough the quasi-capitalists on Wall Street and the hopeless fools who supported this move failed to understand the usurpation of the 4th Amendment to the Constitution but to those chasing dollars and Marxist ideology that damned piece of paper is now irrelevant.

The story from the Wall Street Journal clearly outlines the fallacy of private property ownership be it by a homeowner or an investor as illustrated in this excerpt:

A handful of local officials in California who say the housing bust is a public blight on their cities may invoke their eminent-domain powers to restructure mortgages as a way to help some borrowers who owe more than their homes are worth.

Investors holding the current mortgages predict the move will backfire by driving up borrowing costs and further depress property values. “I don’t see how you could find it anything other than appalling,” said Scott Simon, a managing director at Pacific Investment Management Co., or Pimco, a unit of Allianz SE.

Read the full article

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