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View Diary: Forbes Magazine: Why Occupy Wall Street is More than Just a Protest & Hootenanny (86 comments)

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  •  A little transcript from Stiglitz and Madrick (25+ / 0-)
    FBI told the "powers that be" that there was an EPIDEMIC OF FRAUD in 2004 in the mortgage market... the "powers that be" had the power to fix that and they did not.

    Let me name names... Alan Greenspan, the Chairman of the Federal Reserve... was able to retire in glory. Is there something wrong with this picture?

    ...

    After the bubble broke... they continued in their way of disobeying the law in a sense...  throwing people out of their houses... even in some cases when they didn't owe money.

    The balance of rights has been distorted.

    We bailed out the banks with an understanding that there would be a restoration of lending. All there was... was a restoration of bonuses.

    Unless we deal with the anti-competitive practices... with the reckless lending and speculative behavior... with the anti-competitive practices... unless we restore finance to a function in which it should serve we won't have a robust recovery.  

    There have been few civil suits by the federal government. Even when they make them (civil suits), they settle.

    There may be some hope. Someone's lighting a fire under prosecutors and Attorney Generals.

    Not all of Wall Street broke the law. But, it is hard to believe that some didn't.  And it's important so that all of us can understand that not all that happened was simply well-meaning gigantic errors.  

    By prosecuting where there was serious unethical practices, we may provide another deterrent.

    Unethical practices were a major contributor in my view (Jeff Madrick) to the crisis we had and to the difficult future we face.


    Bridge Closed: Republican Tax CUTS At Work

    You just gonna stand there and bleed
    Or you gonna do something about it?

    by bronte17 on Mon Oct 03, 2011 at 07:36:39 PM PDT

    [ Parent ]

    •  I carefully chronicled the choreography of crime (18+ / 0-)

      Beginning here

      2002:  Bush Launched Housing Crisis w/Bully Pulpit

      The 10 Step: Choreography of the Housing Crisis, Collusion by All

      The biggest culprit was the run away appraisal fraud.  None of the AGs stopped this, btw.  Appraisal fraud continues.

      2002-2009:  Appraisal Fraud Victims Widespread?  Check Maps and Charts

      BS Bernanke, BS:  The Fed Knew About Appraisal Fraud Day #1

      I have the whole story spreadout in my diaries.

      But Congress is not interested in the truth, neither is Eric Holder.  They are conspirators.

      The California AG is going after B o A anyway.

      California Pulls Out Of 50-State Foreclosure Talks

      Harris said California will go it alone in negotiating a settlement with the banks that would keep more families in their homes. She also promised to seek regulations and legislation to prevent future problems.

      Assistant Iowa Attorney General Patrick Madigan said California had been an important part of the negotiations, which already have had lasting effects, delaying foreclosures in many states.

      "However, the multistate effort is pressing forward and we fully expect to reach a settlement with the banks," he said in a statement. The settlement will still be presented to all 50 states, he said.

      Hard to believe the States are going to settle with the Bangstas.  We need to strip all legislatures and just start over.

      Shred the laws of the last 35 years, and start over.

      The law has been totally obfuscated by the state and federal legislatures, all in favor of the corporations of course.

      It's difficult to be happy knowing so many suffer. We must unite.

      by War on Error on Mon Oct 03, 2011 at 08:20:47 PM PDT

      [ Parent ]

      •  the rule of law (0+ / 0-)

        is now the rule of the jungle with a police state to enforce the lawlessness of the owner's of the place. Just the fact that they own our government should be a crime. what kills me is both sides refuse to put regulations back in place. Glass Steagal? or even use the ones still there. The fact the Insurance companies are granted immunity and allowed to be monopolies is insane.

        The fact that the pharmaceutical giants get money to develop their drugs and then are able to get legislation which allows them to gouge sick people is also nuts. Healthcare for profit is an oxymoron. Prison's for profit is just disgusting. Education is no under the gun. Even our military is used as an enforcer for neoliberal geopolitical  dominance  Privatizing everything that is public isn't in our national interest's it's handing over our country to multinationals that work against our societies interest.

        A bunch of kids who are willing to stand up and speak the truth that most of us no matter where we stand in our rigged political system know. We know because we have to live  under this lawlessness that makes criminals out of the poor and see's all labor as a profit loss.    

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