Welcome to Financial and Credit Crisis Information


Most of the links at Dontpaycreditcards.com  are directed to articles written by me in response to the greedy and unprecedented behavior by the too-big-to-fail banks. I offer on these pages insight into how the credit crisis started, who started it, and why people can change their behavior in such a way as to make sure banks never do the evil things they have done to us again. In addition I have added this great store below, which offers more in depth resources regarding personal finance and the credit crisis. I recommend the book, Web of Debt. There are a few other links on the store to popular items needed for business and everyday life.

Fox News and others attribute all the bank ponzi loan problem to Fannie and Freddie, the GSE's. Yes they had a lot to do with subprime, but Alt A, option arms, securitization of crap bonds labeled AAA throughout the world was not their domain. The investment banks drove this process. When Henry Paulson thought that the housing crisis was contained, he thought it was contained to subprime. It wasn't.

Off balance sheet banking allowed by Basel 2 in 1997 opened the door and the Fed refused to oversee underwriting. All they wanted was to sell the securities. Again, had it just been subprime it would have been contained. BTW, Fannie and Freddie were not the first to offer liar loans in a big way, and Fannie and Freddie didn't write much in California because their max was under 500k and the average price in Cali was over 500k. Not any more.

Yes Fannie and Freddie bought some Cali mortgages, but the people most guilty are the  shadow banks, the investment banks and the rating agencies. It was a big scam and they did it. See my website for more info about it.

Please, readers, don't be fooled, the international bankers are not your friends. The more you can learn and teach about this crucial issue of our time, the more you can defend yourselves from economic devastation. It was recently reported that the Chinese have threatened their citizens with jail if they default on their credit cards. As they are starting out with credit cards this is a help to citizens, albeit painful for some in trouble, and will keep greedy Wall Street from taking advantage of the Chinese like they have done with Americans now deeply in debt to the biggest banks. Here we can just walk away from the usury if we can get by without a high credit score. Check the link above for more information about that approach. These unprecedented times of bank bad behavior are truly class warfare from the top of the economic food chain upon most of us who are vulnerable.