The causes of this crisis are now so obvious to most Americans it’s almost insulting to reiterate these truths. But for posterity’s sake here I go – our banking system, with the blessing of our government vis-a-vis the repeal of the Glass-Steagall Act, ratcheted up bank profits on the backs of our paychecks by way of our mortgage payments, auto loans, student loans, credit cards, and any other form of interest bearing instrument they could conjure up to suck the lifeblood out of this nation. And if that weren’t bad enough then they went out and leveraged the crap out of the whole thing with credit default swaps and special purpose vehicles and financial derivatives creating a shadow economy of $600 trillion dollars. When it all went down the toilet they turned on us, cried foul to the incumbent administration with their own boy sitting at the helm of the US Treasury and then put the screws to the very people they’d just taken for a ride – the American taxpayer. The middle class. The people who just wanted to taste the American dream being sold to them in every bank branch and at every cocktail party and barbecue and television commercial across this land. Everybody wanted in. Hell, Alan Greenspan dangled exotic mortgages in front of an entire nation just so he wouldn’t have to suck it up after the Dot-Com bubble crashed and he was faced with a little old recession. And the sickest thing is that our government is so stupendously stupid they let these bankster whores get away with it all. Every one of these mega-morons should be on trial for fraud or at the very least banned from any involvement in the financial markets for perpetuity. [click to continue…]
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