Pay Us Back Now!
Corporate America put us in the shape we're in right now by any reasonable standard of measurement and they are doing well, unlike the rest, so, they have a large debt to pay in taxes by any fair measurement. They totally influenced policy and they crashed our economy. We did deregulate the financial industries in the 1980's and 90's and that was largely at the behest of Corporate American lobbying and donations.
It was the unregulated Ratings Industry which allowed millions of unscrutinized mortgages to be put in gold plated bundles and rated Grade A. This is the exact type of thing that goes all the way back to just before the Great Depression.
Corporate American donations and lobbying has MADE policy in the USA since Reagan took office.
Now they're stacking up against President Obama in every way shape and form.
How's that workin' for ya USA?
I'm not saying that people didn't get mortgages they couldn't afford. That's true, but the BIGGER PROBLEM that caused the whole global economy to bottom out was that the unregulated ratings agencies bundled rotten mortgages up into mega financial products and gave them perfect AAA ratings WITHOUT SCRUTINIZING THEM which is required by law! But since we had DE-REGULATED the finance industry in the 80s and 90s they weren't caught and then finally the xhit hit the fan!
Here are two links for proof. The first link is to a brilliant spot from 60 minutes on the subject that is a MUST SEE and it's only about 10 minutes. The second link is to a graph showing how bank failures virtually disappeared after the Glass-Steagall regulatory act was passed in 1932 and then failures surged again after that act was repealed in 1980.
60 Minutes on Cause of Crash:
http://www.cbsnews.com/stories/2010/03/12/60minutes/main6292458.shtml?tag=contentMain;cbsCarousel
Video in two parts.
1. http://www.cbsnews.com/video/watch/?id=6298082n&tag=contentMain;contentBody
2. http://www.cbsnews.com/video/watch/?id=6298084n&tag=contentMain;contentBody
Bank failure Graph:
http://www.hbs.edu/research/pdf/09-087.pdf
I'm not saying that people didn't get mortgages they couldn't afford. That's true, but the BIGGER PROBLEM that caused the whole global economy to bottom out was that the unregulated ratings agencies bundled rotten mortgages up into mega financial products and gave them perfect AAA ratings WITHOUT SCRUTINIZING THEM which is required by law! But since we had DE-REGULATED the finance industry in the 80s and 90s they weren't caught and then finally the xhit hit the fan!
Here are two links for proof. The first link is to a brilliant spot from 60 minutes on the subject that is a MUST SEE and it's only about 10 minutes. The second link is to a graph showing how bank failures virtually disappeared after the Glass-Steagall regulatory act was passed in 1932 and then failures surged again after that act was repealed in 1980.
60 Minutes on Cause of Crash:
http://www.cbsnews.com/stories/2010/03/12/60minutes/main6292458.shtml?tag=contentMain;cbsCarousel
Video in two parts.
1. http://www.cbsnews.com/video/watch/?id=6298082n&tag=contentMain;contentBody
2. http://www.cbsnews.com/video/watch/?id=6298084n&tag=contentMain;contentBody
Bank failure Graph:
http://www.hbs.edu/research/pdf/09-087.pdf
That link to 60 Minutes took me to an article. The article had some links in it, but they didn't look like a ten minute clip, so i didn't click on any of them. Which one is the ten minute clip?
ReplyDeleteThe article is related to the same interview, but the clips are at the bottom of it...here they are, part one and part two...
ReplyDeletehttp://www.cbsnews.com/video/watch/?id=6298082n&tag=contentMain;contentBody
http://www.cbsnews.com/video/watch/?id=6298084n&tag=contentMain;contentBody