Tuesday, 14 May 2013

Ninjas with nothing to lose

I think the ninja was a warrior that often had
nothing in the world except his skills. He had
nothing to lose and therefore was particularly

" you have broken the rules and now you must
pay the price"

This is the line in dubbed karate movies that
indicates that somebody is gonna get their
ass whupped.

In the modern, American sense, the NINJA is
a person who has fallen victim to the sub-
prime loan monster banks that were part of
a massive multi-level derivatives scam which
brought us the neo-liberal financial crisis.

NI- no income
NJ- no job (or)
A- assets (as in 'none')

dangerous because he has nothing to lose,
so they were given something to lose; a house.
These people, under normal circumstances
would not qualify for a mortgage, even if
they happened to ask for one. They had
to be lured into the bank.
These NINJAs
got house mortgages because the
feeder banks needed fresh blood. A contract
made by somebody with a pulse. The banks
fudged all the rest of the information.

The last thing needed was the rubber stamp
of the ratings agencies, Standard & Poors, Fitch
and Whatever, that work FOR the banks.

the Ninjas are part of the discussion on the
Keiser Report [too busy to find it]