Posted on 12/03/2010 1:47:43 AM PST by Scanian
All of a sudden, liberal pundits are getting worked up about the influence of Wall Street. From the concern expressed, one would think that the contributions from Goldman Sachs have suddenly dried up now that the Republicans have taken over the House of Representatives. Here's William D. Cohan in The New York Times worrying about "The Power of Failure."
"Despite the very dire consequences of the latest financial crisis that Wall Street perpetrated on the world, America cannot seem to shake its infatuation with Wall Street bankers and traders.
We continue to shower them with riches, prestige and glory...
The question is why? Why do we tolerate the questionable morality and behavior that too many on Wall Street get rewarded to exhibit?"
Perhaps the purpose of the article is merely to buttress the narrative, copyrighted by Sgt. Schultz of Hogan's Heroes, that liberals know nothing -- nothing about Fannie and Freddie. But really, what does Cohan expect? This is not that hard. Big Government equals Big Debt, and when government wants to borrow, it needs Wall Street.
It's not just the feds that need money. The United States has a huge bestiary of governments, special-purpose districts, and state and local governments, and they all need to borrow money. Whom do you think they call?
Closer to the truth is Charles Gasparino and his Bought and Paid For. He tells Shawn Macomber that Wall Street is actually not that capitalist, but that "The people at the top have political beliefs that are strongly aligned with progressivism."
(Excerpt) Read more at americanthinker.com ...
Democrats and other communists hate waking up every morning and thinking that they don’t control ALL the means of production.
I would consider it beyond immoral. As far as I’m concerned, it’s outright theft from the U.S. taxpayer.
Agreed, and some of the cheerleading on this site for these criminals and these is equally appauling.
If you want to read a great book, get creature from jekyll island.
Truly shocking.
I missed all this.
I thought the crisis came from the Dems shaking down banks and mortgages companies to suppport their "urban housing program" after having bankrupted the savings and loan industry to fill their pockets with cash.
Potential nice silver lining here that we may get Democrats on board with legislation requiring more oversight for the out-of-control Fed.
I agree with your analysis.
Tell me everything u know what was wrong (”from the start”) about what I said...
Now to make it easy for you.. ..””IF YOU WERE IN CHARGE”””...
would you have approved of those securitized mortages and estoric financial instruments you know so much about!
It's a yes or no question...Don't respond without leading with one or the other...
THEN WE CAN TALK!
BANKS SAID....HELL YESS,,,THATS A NO LOSE PROPESITION!!
Guess Who's on the hook for Fannie and Freddie?? YOU AND ME....Do your own DD!
I’m familiar with the real estate markets in both Las Vegas and the Tampa area as well as NY. The foreclosures are not confined to “redlined” areas. The majority are in middle class and wealthy areas.Google “Lake Las Vegas”. It’s a wealthy enclave with six figure and over price tags on homes that’s slowly turning into a ghost town.
You really believe that the foreclosures are occurring in the poor part of town only? You got to be kidding. In fact you have to know that’s not true.
With no risk to the bank, any warm body was qualified and welcomed...EASY MONEY for the banks
Janet Tavakoli Explains How Banks Converted US Housing Into “Fraud As A Business Model”
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