L. Randall Wray: WHY WE'RE SCREWED

Categorized | STOP FORECLOSURE FRAUD

L. Randall Wray: WHY WE’RE SCREWED

L. Randall Wray: WHY WE’RE SCREWED

EconoMonitor-

As the Global Financial Crisis rumbles along in its fifth year, we read the latest revelations of bankster fraud, the LIBOR scandal. This follows the muni bond fixing scam detailed a couple of weeks ago, as well as the J.P. Morgan trading fiasco and the Corzine-MF Global collapse and any number of other scandals in recent months. In every case it was traders run amuck, fixing “markets” to make an easy buck at someone’s expense. In times like these, I always recall Robert Sherrill’s 1990 statement about the S&L crisis that “thievery is what unregulated capitalism is all about.”

After 1990 we removed what was left of financial regulations following the flurry of deregulation of the early 1980s that had freed the thrifts so that they could self-destruct. And we are shocked, SHOCKED!, that thieves took over the financial system.

Nay, they took over the whole economy and the political system lock, stock, and barrel. They didn’t just blow up finance, they oversaw the swiftest transfer of wealth to the very top the world has ever seen. They screwed workers out of their jobs, they screwed homeowners out of their houses, they screwed retirees out of their pensions, and they screwed municipalities out of their revenues and assets.

[ECONOMONITOR]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8687 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

One Response to “L. Randall Wray: WHY WE’RE SCREWED”

  1. Ken Hansen says:

    Banksters are counting on paying fines, having the press dutifully discount organized crime as just business as usual as they do and did with anything housing. Some of our beloved blog-media are already busy assuring the public that these matters are complicated and no one was really hurt, especially those miserable wretches and their delusion of owning a home or paying for school. Here’s hoping a slow torrent of lawsuits breaks up the screw job of TBTF.

Trackbacks/Pingbacks


Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com

Archives