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View Diary: A Failed Experiment (136 comments)

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  •  law not being used to reign in fraud (16+ / 0-)

    laws have been changed so the banksters who brought down the world economy in 2008 are out and doing the same stuff. The laws have been changed so even the 1980's seem like ancient history.

    William K. Black thinks President Obama didn't acknowledge a key component in the financial crisis that the bills before Congress won't address — fraud. A former regulator who helped crack down on massive fraud during the savings and loan crisis in the 1980s, Black tells Bill Moyers on THE JOURNAL that, despite evidence of fraud at the top banks, prosecutions seem far away. "If you go back to the savings and loan debacle, we got more than a thousand felony convictions of the elite. These are not, you know, tellers or something. We today have zero convictions, zero indictments, zero arrests of any of the elite, non-prime lenders that, through their fraud, drove this crisis."
    link to Bill Moyers piece

    http://www.pbs.org/...

    The book "Worse Than You Think" contains many other areas where the numbers were rigged so we thought things were better than they are. One needs a framework of the whole economic system to understand and better know what actions to take.

    •  It's "REIN in" (0+ / 0-)

      Not "Reign in" -- You use the reins to stop the galloping horse,   or metaphorically fraud.

      To quote Milton: "I'd rather reign in Hell, than serve in Heaven."

      Reign means "to rule over" and while you might put a stop to things by doing so, it does not mean what "rein in" means.

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