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What/Who Caused the Economy to Tank (for everyone except big corporations & the rich)?

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(Click here to watch the highly rated Charles Ferguson documentary, Inside Job, narrated by Matt Damon.  It provides a very comprehensive explanation of the origins of the mortgage meltdown and the financial crisis that ensued. )

So yes, the mortgage meltdown added to our woes, and was largely a matter of outright theft -- theft from the gullible by the clever -- theft that is, so far, still unmitigated by policy changes from Washington.     And this one fact alone justifies the hammering that politicians like Obama, Chris Dodd and Barney Frank take, from disappointed progressives.

As Bill Sardi recently said at, "The government wants Americans to believe that the greatest economic collapse in history was the result of "ineptness and mistakes," and yet still have confidence in their financial institutions."

So, should American bankers be let off the hook because they self-declare, before an investigational panel, that the failure of their new and cleverly-invented "risk swaps" and other highly leveraged investment schemes were simply due to "mistakes"?   Not malfeasance -- just every-day mistakes?   Bankers just fell asleep at the helm at a critical juncture in American history?   Is that what they want us to believe?

Oh well, it's just 18 million American homes that now lay empty in the wake of unprecedented numbers of foreclosures, with the bankers having collected obscene bonuses for reckless lending of their depositors' money.     It's like the captain and crew of a ship saying not to worry:   twenty-percent of the passengers may have been lost overboard, but this was due to unavoidable mistakes that simply couldn't be helped -- and then the captain and crew are rewarded with bonuses when they reach port?    How much sense does that make?!   And yet that's what we are being asked to swallow when it comes to the banksters, and those in government regulatory agencies, and in Congress, who allowed if not abetted their crimes.

Specifically, Americans are now being asked to believe that while:

-          the Federal Reserve lowered interest rates to create a bubble in the economy, and

-          the Securities Exchange Commission allowed investment banks extremely risky reserve ratios and exerted lax control over investment tycoons like Bernie Madoff ,

-          the credit rating agencies (Fitch, Moody's and Standard & Poor's) handed out sterling A+ credit ratings on risky mortgage-backed securities, and

-          the US Treasury Department stood by and chose to do nothing about any of this?!  

Only the most credulous observer could believe that all this was done by pure accident.     Yet this is what Americans are being asked to believe and accept, as many try to put their shattered lives back together in an economy where, as a result of all this larceny and swindling:

-          25 million people are desperately looking for full time jobs that don't exist,

-          50 million Americans are now living in poverty,

-          including an unprecedented (since the Great Depression) 22% of all of America's children, now living below the poverty line!

Are Americans really supposed to believe that the world's largest economy is beyond the management skills and regulation of virtually every financial arm of government and the private sector?  

Whatever or whomever did bring down the American economy, it would appear to be an orchestrated effort.     If even one arm of the financial industry had objected, or performed their job responsibly, the larger part of this economic collapse could easily have been averted.     The credit rating agencies alone could have put an abrupt halt to what sometimes seems it might still become the financial collapse of western civilization.  

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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)

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The members of the congressional deficit committee... by Richard Clark on Wednesday, Sep 21, 2011 at 11:22:33 AM
Wall St. and our corrupt government caused the col... by Patricia Gray on Wednesday, Sep 21, 2011 at 2:02:42 PM
"Bastards" fits perfectly, Patricia --  good ... by Ernie Messerschmidt on Thursday, Sep 22, 2011 at 9:00:09 PM
As chairman of the Senate Banking Committee, Repub... by Ron Brassfield on Saturday, Oct 1, 2011 at 4:48:56 PM
Quick review paragraph:   As most reade... by Richard Clark on Wednesday, Sep 21, 2011 at 4:24:45 PM
Back in 1982 someone saw some very ominous signs o... by E. J. N. on Wednesday, Sep 21, 2011 at 7:03:53 PM
Austrian economists provided ample warning to... by Richard Clark on Wednesday, Sep 21, 2011 at 8:49:38 PM
I am half way through with it and already sent an ... by Mike Preston on Wednesday, Sep 21, 2011 at 10:14:47 PM
...the link to "Inside Job," which until today, I ... by JimZ on Thursday, Sep 22, 2011 at 3:49:58 PM
It serves as a simplified model of what happe... by Richard Clark on Thursday, Sep 22, 2011 at 4:25:08 PM
...I have sent the link to my students, which fits... by JimZ on Friday, Sep 23, 2011 at 11:18:50 AM
Meltdown - The men who crashed the world AlJaze... by Mike Preston on Thursday, Sep 22, 2011 at 9:37:13 PM
The global economic crisis of 2008 cost tens o... by Richard Clark on Friday, Sep 23, 2011 at 11:18:35 AM
The banksters must be jailed if not otherwise ... by Richard Clark on Sunday, Sep 25, 2011 at 11:19:44 AM
..., as I have suspected for decades, unfortunatel... by Ron Brassfield on Saturday, Oct 1, 2011 at 5:02:43 PM