[FoRK] The Wrecking Crew - A Low, Dishonest Decade

Aaron Burt aaron at bavariati.org
Mon Jan 18 12:24:25 PST 2010

On Mon, Jan 18, 2010 at 10:51:22AM -0500, Michael Cummins wrote:
> Bill Moyers:
> > President Obama's made plenty of mistakes during his first year, and 
> > we've critiqued them frequently here on the JOURNAL
> I'm not a fan of Obama's policies, but I was thinking more long term.  There
> are villains on both sides of the aisle going back many years. 

Not a lot of villians on either side of the aisle, mostly just whores.

> Fannie Mae?  Freddie Mac?  The changes made to the Community Reinvestment
> Act?  

The changes to the CRA are a red herring.

> What about the S&L earlier on?  It's not like this is the first bailout.

Not nearly.  S&L debacle was a result of a basic scam being opened up by
deregulation, where folks like Neil Bush and John McCain played with loans
that were never meant to be repaid.
Much like the mortgage securitization scam, really.

> Would it be wrong to just let the failures fail?  How can you actually have
> a "free market" if there are no consequences to failure?

In casino capitalism, the game is to separate the risk from the reward, and
pawn the risk to the suckers or lobby the gov't to take it on.  The system
worked exactly the way it was rigged to.

Heck, the only "free market" is right next to the "frictionless bearing" in
the Land of Academic Abstractions.  Speaking as an engineer, the export
duties are really high.

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