by Scott Creighton
When they declared that the certain banks who had colluded with each other, the housing industry, the rating agencies, and the government to create the newest depression we are facing, to be “Too Big Too Fail” what they did was in essence also declare that they were too big too investigate and certainly too big too prosecute.
These banks convinced Vishy politicians on the left and the right to support comprehensive Wall Street deregulation, the repeal of Glass-Steagall, and the unholstering of the derivatives market (derivatives were illegal in this country for 60 years or so after the last depression). Then they pumped and dumped the CDS and other toxic assets they created with their “liar loans” in sub-prime markets and profited off bets they placed on the failure of their own clients. Then they had the gall to threaten martial law if the people didn’t fork over 780 billion in bailouts (which they never used to ease lending restrictions) and got an additional 12 trillion or so in 0% interest loans (which they never used to ease lending restrictions).
And they did the same trick across Europe, wiping out their economies as well.
You don’t have to be a conspiracy theorist at this point to read the writing on the wall. After all, the TARP bailout was the most universally opposed piece of legislation that I can remember in my lifetime ( a close second being the FISA reform which gave retroactive immunity to telecom companies for helping Uncle Sam spy on all of us illegally). Everyone saw this coming and here it is.
No prosecution for Goldman Sachs and no prosecution for Jon Corzine for misplacing 1.2 billion dollars in his customer’s money. No prosecution for war crimes, no prosecution for torture, no prosecution for assassinations and the wanton murder of US citizens. No prosecution for waging acts of terrorism against innocent people across the globe on behalf of global corporations and the financial industry. No prosecution for stealing elections and murdering foreign leaders who oppose our corporate interests.
I don’t know what the word is too describe this. Maybe it’s “barbaric”.
1a : of, relating to, or characteristic of barbarians b : possessing or characteristic of a cultural level more complex than primitive savagery but less sophisticated than advanced civilization
2a : marked by a lack of restraint : wild b : having a bizarre, primitive, or unsophisticated quality
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