Wall Street - The Truth
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Flaser
OCD Hentai Collector
http://www.pbs.org/moyers/journal/04232010/watch.html
www.pbs.org -- Well, first, when you deregulate or never regulate, mortgage bankers were never regulated, you effectively have decriminalized that industry, because only the regulators can serve as the sherpas, that the FBI and the prosecutors need to be able to understand and prosecute these kind of complex frauds. They can do one or two or maybe three on their own, but when an entire industry is beset by wide scale fraud, you have to have the regulators. And the regulators were the problem. They became a self-fulfilling prophecy of failure, because they, President Bush appointed people who hated regulation.
So summed up: without anyone watching over their shoulder and all regulators in their pocket Wall Street turned bandit, selling us snake oil and robbing us blind.
www.pbs.org -- Well, first, when you deregulate or never regulate, mortgage bankers were never regulated, you effectively have decriminalized that industry, because only the regulators can serve as the sherpas, that the FBI and the prosecutors need to be able to understand and prosecute these kind of complex frauds. They can do one or two or maybe three on their own, but when an entire industry is beset by wide scale fraud, you have to have the regulators. And the regulators were the problem. They became a self-fulfilling prophecy of failure, because they, President Bush appointed people who hated regulation.
So summed up: without anyone watching over their shoulder and all regulators in their pocket Wall Street turned bandit, selling us snake oil and robbing us blind.
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Not much point to regulation when the regulars would rather look at porn.
Doesn't help that government policies leading back to the carter administration artificially inflated real estate and other market prices and forced banks to put people into homes they couldn't afford (i.e people who didn't make enough to even afford the payments). Which helped lead to this nasty mess we've been dealing with the last two years.
Oh and it also doesn't help that government officials were manipulating the market and bilking us through their own corrupt legislation. Wonderful isn't it?
Everybody with authority is to blame, not just Wall Street.
Doesn't help that government policies leading back to the carter administration artificially inflated real estate and other market prices and forced banks to put people into homes they couldn't afford (i.e people who didn't make enough to even afford the payments). Which helped lead to this nasty mess we've been dealing with the last two years.
Oh and it also doesn't help that government officials were manipulating the market and bilking us through their own corrupt legislation. Wonderful isn't it?
Everybody with authority is to blame, not just Wall Street.