2018-10-07

This is a relatively long and quite depressing read, showing just how bad things are in the "land of the free".

This is a relatively long and quite depressing read, showing just how bad things are in the "land of the free". For the average citizen, the greatest worry should be neither Russia nor China...

Next up came the 10th anniversary of the financial crisis – a meltdown that laid waste to the global economy, while providing lucrative taxpayer-funded bailouts to Wall Street firms.

To mark the occasion, the three men on whose watch it occurred – Fed chair Ben Bernanke, Bush treasury secretary Hank Paulson and Obama treasury secretary Tim Geithner – did not offer an apology, but instead promised that another financial crisis will eventually occur, and they demanded lawmakers give public officials more power to bail out big banks in the future.

In a similar bipartisan show of unity, former Trump economic adviserGary Cohn gave an interview in which he asked “Who broke the law?” – the implication being that no Wall Street executives were prosecuted for their role in the meltdown because no statutes had been violated. That suggestion, of course, is undermined by banks’ own admissions that they defrauded investors (that includes admissions of fraud from Goldman Sachs – the very bank that Cohn himself ran during the crisis). Nonetheless, Obama’s attorney general, Eric Holder – who has now rejoined his old corporate defense law firm– subsequently backed Cohn up by arguing that nobody on Wall Street committed an offense that could have been successfully prosecuted in a court of law.
https://www.theguardian.com/commentisfree/2018/oct/05/americas-new-aristocracy-live-accountability-free-zone-david-sirota

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