What Went Wrong?

Posted by rockindomp3

I posted this as a sidebar but here it is again. If you want to pinpoint the moment that caused the collapse of the house of cards that was our banking system (March 28, 2004) check out this video footage courtesy of the New York Times.  That's Paulson himself, now head of the SEC (then running Goldman-Sachs) calling for the deregulation that led to these idiots taking on thirty times the debt they'd previously be able to take on legally.
All based on a rigged computer model of risk assessment. 
Why is he still in charge? Why hasn't he been strung up? "If anything goes wrong it's going to be an awfully big mess", no shit.  Notice the nervous laughter in the background. Now we're supposed to pay for it.  A tax revolt seems like a good idea about right now.....
I'm back to Canada for Canadian Thanksgiving, I'll be posting when I get back.

{ 0 comments... read them below or add one }

Post a Comment