Bernanke Got it Right - Again

  • Posted by a hidden member.
    Log in to view his profile

    Oct 05, 2015 8:01 PM GMT
    Bernanke's new book on the financial meltdown, published today, Bernanke says that some of the financial execs that caused the crisis should be in jail. And repeated in a TV interview today on CNBC.

    http://www.usatoday.com/story/news/politics/2015/10/04/ben-bernanke-execs-jail-great-recession-federal-reserve/72959402/

    So why didn't any of these master criminals who ruined the lives of hundreds of thousands of Americans, destroying much of the financial assets of the country, and causing the depression by their criminal acts even get indicted, let alone prosecuted? Because Obama and his Attorney General preferred not to - too much bother - and wouldn't want to lose campaign contributions from Wall Street crooks - and now the statute of limitations has run on most ot the crimes committed.

    Of course, Congress could lengthen the statute of limitations on these financial crimes any time it wanted to (it has made that sort of change before, and it's perfectly legal) - but they won't, of course. Because they, too, wouldn't want to jeopardize any campaign contributions from Wall Street.

    If there is ever to be any justice regarding these crimes, it certainly won't come with Hillary as President - like Bill, the big friend of Wall Street. Perhaps with Sanders in office.
  • Lincsbear

    Posts: 2605

    Oct 05, 2015 10:04 PM GMT
    Perhaps with Sanders in office some of these banksters will get their just desserts.
  • tj85016

    Posts: 4123

    Oct 05, 2015 11:40 PM GMT
    they can't prosecute them without taking taking down Bill Clinton and Andrew Cuomo (among others) with them

    the government was complicit in the entire mortgage mess/scandal, in fact, it was their idea
  • Posted by a hidden member.
    Log in to view his profile

    Oct 05, 2015 11:58 PM GMT
    HikerSkier saidBernanke's new book on the financial meltdown, published today, Bernanke says that some of the financial execs that caused the crisis should be in jail. And repeated in a TV interview today on CNBC.

    http://www.usatoday.com/story/news/politics/2015/10/04/ben-bernanke-execs-jail-great-recession-federal-reserve/72959402/

    So why didn't any of these master criminals who ruined the lives of hundreds of thousands of Americans, destroying much of the financial assets of the country, and causing the depression by their criminal acts even get indicted, let alone prosecuted? Because Obama and his Attorney General preferred not to - too much bother - and wouldn't want to lose campaign contributions from Wall Street crooks - and now the statute of limitations has run on most ot the crimes committed.

    Of course, Congress could lengthen the statute of limitations on these financial crimes any time it wanted to (it has made that sort of change before, and it's perfectly legal) - but they won't, of course. Because they, too, wouldn't want to jeopardize any campaign contributions from Wall Street.

    If there is ever to be any justice regarding these crimes, it certainly won't come with Hillary as President - like Bill, the big friend of Wall Street. Perhaps with Sanders in office.



    Yes, it's got to be the crime of the century but since it was Obama's deal , not a Republican's it's OK . No republican could have ever gotten away with this level of corruption.
  • thadjock

    Posts: 2183

    Oct 06, 2015 12:26 AM GMT
    Alpha13 said


    Yes, it's got to be the crime of the century but since it was Obama's deal , not a Republican's it's OK . No republican could have ever gotten away with this level of corruption.


    The George W. Bush administration and Bush's boy Hank Paulson were the architects of the deal, (Obama wasn't president when the suitcases of cash were handed out on wall st.) and they got away with the biggest swindle in the history of the US.

    You can fault Obama for not prosecuting the criminals (and I do whole heartedly) , but lets get history right and put the blame for the bailout on those who brokered it.
  • tj85016

    Posts: 4123

    Oct 06, 2015 12:34 AM GMT
    ^^

    wrong, Bill Clinton and Andrew Cuomo were the original architects of the deal, Bush just rode it's corrupt coattails

    see Dick Bove for the best comments on the topic of HUD/Federal Regulators/Banks/mortgages
  • Posted by a hidden member.
    Log in to view his profile

    Oct 06, 2015 1:34 AM GMT
    tj85016 said^^

    wrong, Bill Clinton and Andrew Cuomo were the original architects of the deal, Bush just rode it's corrupt coattails

    see Dick Bove for the best comments on the topic of HUD/Federal Regulators/Banks/mortgages


    This Dick Bove?

    americanbanker.comThe longtime bank analyst [Dick Bove] has been on a somewhat solitary mission to defend the banking industry, and especially its largest companies, against many of the criticisms it has faced since the financial crisis.


    Doesn't sound like an unbiased source to me. But in either case, you can't blame Republicans or Democrats for kowtowing to Wall Street. Without the money from there, you can't win any election.

    The answer, as so often when it comes to preferential treatment of any industry, might just be to remove money from elections.

    Given a majority on the Supreme Court that is willing to overturn Citizens United, the Next Meltdown might just be on Wall Street's dime.
  • tj85016

    Posts: 4123

    Oct 06, 2015 1:39 AM GMT
    ^^

    actually, it didn't have anything to do with elections

    Clinton, Cuomo et al had the "brilliant" idea of goosing the economy by undoing 200+ years of banking and underwriting standards which then led to massive fraud, massive profits, millions of foreclosures and finally - financial collapse
  • Posted by a hidden member.
    Log in to view his profile

    Oct 06, 2015 3:28 AM GMT
    tj85016 said^^

    actually, it didn't have anything to do with elections

    Clinton, Cuomo et al had the "brilliant" idea of goosing the economy by undoing 200+ years of banking and underwriting standards which then led to massive fraud, massive profits, millions of foreclosures and finally - financial collapse


    And Bush 43 tried to fix some of it in 2003 before it all went to hell as predicted, but couldn't get it through congress mostly because of the CBC.
  • Posted by a hidden member.
    Log in to view his profile

    Oct 06, 2015 3:35 AM GMT
    Yes, this is the book to read.

    Lehman Brothers spent millions on lavish bonuses, parties and more. Sadly, they "were" a good client of mine!! LOL DAM!
  • Posted by a hidden member.
    Log in to view his profile

    Oct 06, 2015 3:36 AM GMT
    When Barack Obama ran for president in 2008, no major U.S. corporation did more to finance his campaign than Goldman Sachs Group Inc. contributing almost $1 Million dollars. By the end of January 2008, Obama had raised well over $7 million from the securities and investment industry.

    CEO Lloyd Blankfien is now a major Hillary supporter.

    AP644633657014-540x397.jpg

    Hillary's son in law is a Goldman Hedge Fund Manager.
  • tj85016

    Posts: 4123

    Oct 06, 2015 3:41 AM GMT
    lol how much did old crooked Lloyd chip in for Chelsea's $3 million wedding to that idiot? (who got creamed trading Greek bonds not too long ago for his crappy hedge fund)
  • thadjock

    Posts: 2183

    Oct 06, 2015 6:14 AM GMT
    tj85016 said^^

    actually, it didn't have anything to do with elections

    Clinton, Cuomo et al had the "brilliant" idea of goosing the economy by undoing 200+ years of banking and underwriting standards which then led to massive fraud, massive profits, millions of foreclosures and finally - financial collapse


    Actually three republicans wrote and sponsored the bill that repealed the major parts of Glass-Steagall and unwound depression era protections in the financial markets you describe above: Phil Gramm, Jim Leach, and Thomas Bliley Jr

    Clinton did sign the bill into law, but Phil Gramm is universally credited with engineering the financial deregulation legislation and credit default swap exemptions that led to the meltdown.
  • tj85016

    Posts: 4123

    Oct 06, 2015 7:17 AM GMT
    ^^

    depression-era regulations and protections? really?

    they completely erased 600 years of prudent lending practices

    no income verification
    no documentation
    no collateral

    the Mafia didn't even make loans that bad

    that went way beyond Phil Graham
  • thadjock

    Posts: 2183

    Oct 06, 2015 5:20 PM GMT
    tj85016 said^^


    they completely erased 600 years of prudent lending practices



    so is it 200 or 600? are you done at 600 or can u go 800?

    and is it Obama's deal or Clinton and Cuomo's deal? maybe it's FDR's ?
  • beachboyrye

    Posts: 174

    Oct 06, 2015 11:03 PM GMT
    Actually it can be traced back to Jimmy Carter and the Community Redevelopment Act. Bottom line, the mess was created by career politicians, both Democrats and Republicans. Most should be in jail and none should be getting a pension.