Failure to Prosecute Fraud Causes Economic DownturnsWashington's Blog
The Government Has It Bass-Ackwards: Failing To Prosecute Criminal Fraud by the Big Banks Is Killing – NOT Saving – the Economy
WashingtonsBlog
Wednesday, March 6, 2013
Washington's Blog — The Government Has It Bass-Ackwards: Failing To Prosecute Criminal Fraud by the Big Banks Is Killing – NOT Saving – the Economy
The Government Has It Bass-Ackwards: Failing To Prosecute Criminal Fraud by the Big Banks Is Killing – NOT Saving – the Economy
WashingtonsBlog
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7 comments:
Someone told me that their business line of credit LOC with Bank of America may have been originated as an LOC but then internally classified as a HELOC which did not make any sense.
To top it off, the interest rate was supposed to be prime plus 4.75% but mysteriously the rate stayed up in the old 2008 prime rate high of 8.0% and never followed the prime rate decline thereafter.
There are some examples of the DOJ going up against the big banks just google Bank of America and government
More 'banker hate' isn't going to get us out of this....
This is absurd.
Only banker hate is going to get us out of this. Unless voters rise up angry politicians will follow the money instead of promoting the good of their country.
Look back to the lead up to Progressive Era, when the public demanded that politicians do something about the robber barons. That led to the election of Teddy Roosevelt and trustbusting.
The country is in a similar condition today, and only politicians that will stand up to the banking cartel can fix it.
BIG bank hate is fine. May our few benevolent overlords commence with the dismantling asap. Not holding my breath in wait, however.
Tom,
Before we can put bankers in their place, we first need humans in positions of authority in govt who have a view of authority in general...
Look at the metal-loving libertarian moron Wash. Blog quote from James Galbraith here:
"The main relevance of The Great Crash, 1929 to the great crisis of 2008 is surely here. In both cases, the government knew what it should do. Both times, it declined to do it. In the summer of 1929 a few stern words from on high, a rise in the discount rate, a tough investigation into the pyramid schemes of the day, and the house of cards on Wall Street would have tumbled before its fall destroyed the whole economy."
Government is the basic problem, our government people are either stupid or corrupt... I think much more the former.
Cracking down on fraud and mis-management and incompetence in the FIRE sector will NOT employ 20M people here...
Until we get less libertarian people in government (both sides), this economic malaise will be allowed to continue imo.
Get the right people in govt first, they will know by nature how to effectively deal with fiscal policy and then corruption...
rsp,
Matt, without removing the money from the political system the wealthy and powerful will continue to corrupt it. There's a reason that Washington is FUBAR and it's always "Follow the money." Same in EZ, same in UK, same in Japan, etc.
"Capitalism" is a failed economic system and it corrupts democracy.
That doesn't mean that the alternative is socialism is state ownership of the means of production, as the advocates of "capitalism" would have the public believe.
The basic requirement for a post-"capitalist" society is one that puts an end to cronyism, corruption and the privilege and double-standard that goes with it.
Again, take a look at Strauss & Howe and Ravi Batra. They foresaw this predict a social reaction that will have drastic political and economic consequences.
When the AG stands up and says that the govt cannot prosecute wrong-doing by the money creators, that sends a signal that the entire system is dysfunctional.
When a social, political and economic system becomes dysfunctional it becomes a free-for-all until order is restored.
And when the elite have militarized domestic security and created a surveillance state, it will be interesting to see how this is going to play itself out.
The basic requirement for a post-"capitalist" society is one that puts an end to cronyism, corruption and the privilege and double-standard that goes with it.
Tom Hickey - Dead on! A free and fluid society is one that provides an equal opportunity for all to succeed and/or fail.
When the AG stands up and says that the govt cannot prosecute wrong-doing by the money creators, that sends a signal that the entire system is dysfunctional.
Yes. Sounds like capitulation for AG Holder and a dog whistle for financial elites to plan for more privatization of profit and socialization of loss.
And when the elite have militarized domestic security and created a surveillance state, it will be interesting to see how this is going to play itself out.
Chickens coming home to roost?
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