skews13
Diamond Member
- Mar 18, 2017
- 10,314
- 13,481
- 2,415
Ever since our nationās founding, capitalism in America has been played in ways that protect stone cold killers. Psychopaths in suits. But itās gotten particularly bad since Big Tobacco was outed in the 1990s.
There was a time when we used to prosecute these criminals.
In the 1980s, Reagan deregulated the Savings & Loan industry; predictably, within a few years, a handful of executives had made themselves multimillionaires while hundreds of thousands of families across America were wiped out.
The Justice Department stepped in and prosecuted 1100 banksters, 839 were convicted, and over a hundred went to prison.
When the so-called āDot-com Bubbleā burst around the turn of the century, dozens of bigshot executives from Enron, WorldCom, Qwest and Tyco, among others, were prosecuted, convicted, and imprisoned. We were still occasionally sending executives to prison as late as 2005.
Not anymore.
After Glass-Steagal was repealed in 1999, banksters spent the next decade lying to investors around the world about the value of their āCollateralized Debt Obligationsā and other recently legalized āexoticā financial instruments that were packed full of āliar loansā and bad mortgages.
That led straight to the Bush Crash of 2008, when guys like Steve Mnuchin (who threw over 30,000 California families out of their homes) got fabulously richer. America bailed out the Wall Street banksters to the tune of over a trillions of dollars
In escapable questions
There was a time when we used to prosecute these criminals.
In the 1980s, Reagan deregulated the Savings & Loan industry; predictably, within a few years, a handful of executives had made themselves multimillionaires while hundreds of thousands of families across America were wiped out.
The Justice Department stepped in and prosecuted 1100 banksters, 839 were convicted, and over a hundred went to prison.
When the so-called āDot-com Bubbleā burst around the turn of the century, dozens of bigshot executives from Enron, WorldCom, Qwest and Tyco, among others, were prosecuted, convicted, and imprisoned. We were still occasionally sending executives to prison as late as 2005.
Not anymore.
After Glass-Steagal was repealed in 1999, banksters spent the next decade lying to investors around the world about the value of their āCollateralized Debt Obligationsā and other recently legalized āexoticā financial instruments that were packed full of āliar loansā and bad mortgages.
That led straight to the Bush Crash of 2008, when guys like Steve Mnuchin (who threw over 30,000 California families out of their homes) got fabulously richer. America bailed out the Wall Street banksters to the tune of over a trillions of dollars
In escapable questions
Last edited:
