Glenn Beck broke a story Tuesday night that has been a long time coming. Yes the unions have finally revealed what they have wanted to accomplish for years. Wisconsin was just the stepping stone to bring it to the limelight. Their plan to take down the capitalist econimic system that has built this economy. What has been shouted from the mountain tops by top conservatives has been shown not as fear mongering but as fact. On Beck’s self titled show on Fox New’s show he revealed the plan, designed by former SEIU operative, to take down JP Morgan/Chase. The plan was given at a forum at Pace University this past weekend. The forum was a meeting of union leaders to coordinate a grass roots movement to stop paying their mortgages and bring down the banks and crash the stock market.
Because of the declining influence and power unions are having Stephen Lerner spoke and said that the only thing we can do is to hit these companies where it hurts, their pocket books. By making a move to crash the stock market and bring down major lenders like JP Morgan/Chase they could once again bring banks to the brink of insolvency like in 2008. With banks at the brink once again they’d only have one choice and that is to re-write those said loans. The effort is all reliant upon attacking an already hurting housing market. Currently there are 25% of all home loans underwater, meaning they owe more than the house is worth. Of these according to Lerner 10% are in “strategic default”, meaning the loan holders are simply refusing to pay. These holders know that because the foreclosure process is so bogged down that it takes a year to get kicked out, they are piling up money and simply living for free.
The plan to get the “strategic default” number to 20% and tell these banks that either they re-write or take the house. This effort would then fall over to stock market for sure. With banks headed downhill in a hurry stock prices would fall. This makes it even more evident of how uninformed the left and union leaders really are. All major unions in this country have their pension plan in the market, so by bring down the market, sure they get a new loan…or they hope, but they also erase any pension they may have had. This isn’t just an attack on America it is an attack on American’s. As unions are making their presence know in Ohio, Michigan and Wisconsin, we have union leaders stepping up and saying either you do what we want or you will pay. Well maybe these unions aren’t hurting for membership or just simply think we American’s are to dumb to think for our selves. But one thing is for sure they are motivated and maybe just maybe willing to go to jail to do it.