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At this point, is this surprising? No, the incestuous relationship between the politicians, the C.E.O.’s of big banking and the regulatory agencies have created an environment that lends itself to such blatant fiscal irresponsibility. Alan Greenspan said it himself when he said that he had made a mistake about deregulation and its outcome. He said “I thought that they would regulate themselves because it was in their self-interest, I guess I was wrong”. Attitudes like that and the banker’s knowledge that they will never be criminally prosecuted for any shenanigans and that they have created banks so huge that no matter what if they go down we have to bail them out or risk economic armageddon makes for a pass for them to do as they please. I don’t see how this is going to change, it’s been decades in the making and the climate in D.C doesn’t appear to want to change it either.
Read the Article at HuffingtonPost
Well Aware Of Bubble, WaMu Boosted Bad Loans, Report Finds
15 Friday Apr 2011
Posted in Uncategorized