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Title: Greeks Also Disrupting Foreclosure Auctions
Source: Naked Capitalism
URL Source: http://www.nakedcapitalism.com/2011 ... ting-foreclosure-auctions.html
Published: Oct 5, 2011
Author: Yves Smith
Post Date: 2011-10-05 11:19:58 by lucysmom
Keywords: None
Views: 1535
Comments: 2

We pointed to a new front of protests against the banks, namely, efforts in California to obstruct foreclosure auctions. In Greece, they are much more frontal. A translation of how they go about it, from The Greek Streets (hat tip reader Deontos, via Richard Brennman):

The committees ‘I do not Pay’ stopped house auctions at the courthouse on Sep 21 in Athens. They invaded the courthouse where houses confiscated by banks were to be auctioned, with a banner writing ‘No house to end up at the hands of bankers’ and chanting slogans entered the room where auctions were to take place, they made bank lawyers and other scum who went to buy the confiscated houses to leave the room and the judge chairing the auctions had to cancel them.

In the US, I can’t imagine this working. The judge would get a bailiff or cops to haul the demonstrators out. But it serves to highlight an interesting issue. The Greek government is resorting to increasingly draconian measures to collect taxes (attaching them to electricity bill, so you lose your power if you can’t or don’t pay).

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#1. To: Don't Tell Capitalist E, Not Badeye, A K A Stone, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, mininggold, brian s, mcgowanjm (#0)

More broadly, the financial elite seems not to have learned a key message that Marriner Eccles conveyed in 1933:

It is utterly impossible, as this country has demonstrated again and again, for the rich to save as much as they have been trying to save, and save anything that is worth saving. They can save idle factories and useless railroad coaches; they can save empty office buildings and closed banks; they can save paper evidences of foreign loans; but as a class they can not save anything that is worth saving, above and beyond the amount that is made profitable by the increase of consumer buying. It is for the interests of the well to do – to protect them from the results of their own folly – that we should take from them a sufficient amount of their surplus to enable consumers to consume and business to operate at a profit. This is not “soaking the rich”; it is saving the rich. Incidentally, it is the only way to assure them the serenity and security which they do not have at the present moment.

Bottom line

"You post articles- intellectual excrement, really- that support your inane, insipid mentality, on a regular basis. Capitalist Eric

lucysmom  posted on  2011-10-05   11:24:25 ET  Reply   Trace   Private Reply  


#2. To: lucysmom (#1)

Bottom line

That was in the days before there were dynasty trusts.

mininggold  posted on  2011-10-05   11:30:09 ET  Reply   Trace   Private Reply  


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