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Tying It Together: Massive, Pernicious Fraud

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posted on Oct, 16 2009 @ 02:56 PM
Today's article by Karl Denninger expertly outlines the criminality of the finance and real estate industry. Deregulation and rampant greed are at the core, not to mention failing to learn from past mistakes. The real crash is coming.

The Market Ticker

The entire finance and real-estate "industry" is filled with massive, pernicious fraud, and we now have only one question remaining - will The Government do its lawful and mandated job, that of prosecuting the bad actors, or has it joined with the fraudsters, become one with them, and thus, declare itself as a gang of mobsters rather than a legitimate government? The latter, of course will beg only the question of what should be an ordinary American's response.

Let's start with what may be one of the most outrageous yet least-actionable examples: Alan Greenspan.

Alan Greenspan, the former Federal Reserve chairman, said Thursday that banking regulators should consider breaking up large financial institutions considered “too big to fail.”

Those banks have an implicit subsidy allowing them to borrow at lower cost because lenders believe the government will always back them up. That squeezes out competition and creates a danger to the financial system, Mr. Greenspan told the Council on Foreign Relations in New York, according to Bloomberg News.

This is the "former Fed President" who winked and nodded at what he knew was an unlawful merger of Citibank and Travelers, then personally advocated and lobbied for the passage of Gramm-Leach-Bliley - the law that not only tore down Glass-Steagall but retroactively made that merger legal.

[edit on 16-10-2009 by Leo Strauss]

posted on Oct, 16 2009 @ 04:47 PM
I'm a little ashamed of myself for this, but I seem to have made up my mind about this. There is little question to me that the profits from this madness are shared by those in power, so there is no motivation to correct discrepancies. To do so would damage their cash cow.

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