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View Diary: Yves Smith’s Devastating Takedown Of BofA’s Not-So-Independent Foreclosure Review, Part I of V (87 comments)

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  •  The moral to the story... (3+ / 0-)
    Recommended by:
    bobswern, elwior, Don midwest

    ...of the Great Bank Failures of 2008 is....what?

    Maybe for now the best we can hope for is a boldly honest lesson taught in every school from elementary through college and grad schools teaching the moral to the story - with institution names and names of their chiefs and boards - with unequivocal crimes named, with a list of the harm done to families and generations, and finally the state of the nation's rule of law summed in a phrase about how nothing could be adjudicated in a court of law and no punishment, reparations, or justice was ever done.

    Teaching the moral to this historical event can have tangible results that are enduring and reformative, something the public can you know, take to the bank, so to speak.

    •  OK, I'll bite. The moral is (1+ / 0-)
      Recommended by:
      elwior

      if we follow what Japan did and ignore the corruption and all the bad debt, we'll AT BEST get what Japan got.

      Hint: Since the world economy was doing OK as a whole during Japan's deflation, and during ours much of the world is NOT DOING OK, the odds are that our "lost decade" will be much longer than a decade. Not just writing off the bad debt, cleaning up the corrupt practices, holding C-level officers and boards to account, but the decade or more of young people who may be mid 30s before they find their first job that taps their many talents and skills in any kind of meaningful way.

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