Stiglitz: We Have to Throw Bankers in Jail or the Economy Won't Recover

I couldn't agree more however the article is a dis-info piece. The problem has nothing to do with bad loans every loan is a fraud because nothing was ever loaned. They create the so called funds out of thin air on your signature. The whole system needs to be scrapped and we don't have enough jails for all the criminals involved because that would entail the entire congress except Ron Paul, the presidency, and a host of other bureaucrats and politically connected cronies not to mention the bankers themselves.

Throwing a bunch of bankers in jail but leaving the basic system in place will solve nothing. Nothing will change and we will continue to degrade until complete chaos unless we scrap the federal reserve fraudulent fractional reserve money from nothing system and go to honest money, All else is just feel good rhetoric to keep people in the dark till it all comes crashing down.

Originally posted by hawkiye
Throwing a bunch of bankers in jail but leaving the basic system in place will solve nothing.

Apparently prosecutors in Colorado agree with you.

Morgan Stanley financial adviser escapes felony charges for hit-and-run 'because it could jeopardise his job'

By Daily Mail Reporter
Last updated at 10:21 PM on 6th November 2010

A financial manager for wealthy clients will not face charges for a hit-and-run because it could jeopardise his job, it has been revealed.

Martin Joel Erzinger, 52, was set to face felony charges for running over a doctor who he hit from behind in his 2010 Mercedes Benz, and then speeding off.

But now he will simply face two misdemeanour traffic charges from the July 3 incident in Eagle, Colorado.

His victim, Dr Steven Milo, 34, is meanwhile facing 'a lifetime of pain' from his injuries.

But prosecutors claim the decision is theirs to make....

Dr Milo is a physician living in New York City with his wife and two children, where he is still recovering from his injuries, court records show.

He suffered spinal cord injuries, bleeding from his brain and damage to his knee and scapula, according to court documents.

Over the past six weeks he has suffered 'disabling' spinal headaches and faces multiple surgeries for a herniated disc and plastic surgery to fix the scars he suffered in the accident.

'He will have lifetime pain,' his lawyer Harold Haddon told the court.

'His ability to deal with the physical challenges of his profession - liver transplant surgery - has been seriously jeopardised.'

Link

My friends, this type of legal malfeasence is one reason Gold is approaching 1400oz.

reply to post by hawkiye


Ah yes, you've reached the crux of the situation.

Once we realize just how valuable our signature is and how to properly utilize it, we'll have a leg up. At the same time, we are surrounded by those who have taken over the system, don't give a damn and are in need of a "bath". I say a quick dip in tar followed by a roll in feathers ending with their meeting with a hemp rope is just the beginning.

Until that point, a .308 steel core round can also speak from a distance.

Originally posted by bozzchem

I personally feel jail for those intending to destroy our economy a bit more benevolent than they deserve but it's a start.

I think a quick chopping off of their heads is best, but that's just me.

They're too much of a magnificent parasite to be trusted with another second of breathe.

We must behead every one of these bastards, and with a quickness.

Then, we'll loot all their trust funds and private stashes, and give it back to the people, starting with those who need it most.

Originally posted by bozzchem
www.businessinsider.com...

As Stiglitz told Yahoo’s Daily Finance on October 20th:

This is a really important point to understand from the point of view of our society. The legal system is supposed to be the codification of our norms and beliefs, things that we need to make our system work. If the legal system is seen as exploitative, then confidence in our whole system starts eroding. And that’s really the problem that’s going on.

I personally feel jail for those intending to destroy our economy a bit more benevolent than they deserve but it's a start.

I envision an enormous pile of rocks that need to be made into usable gravel for roads. Hand each of the bankers a 20lb. sledge and tell them to get started. Considering their hands are probably as soft as those of a newborn baby, actually getting the gravel will probably take many years. That's fine. At least it's a win/win situation. We get the gravel and they get the callouses they have made the rest of the population get so they could live in their ivory towers.

Then we'll have them start sledging their ivory towers. Talk about a bonfire and popcorn event!

edit on 7-11-2010 by bozzchem because: (no reason given)

Not only that but take their ill gotten games/profits they made in doing this fraud and it definitely would make it not a cost effective endeavor for them. The only reason they do it is because they believe they are protected, take that protection away and then take away their lifestyle and their family lifestyle they won't do it.

Interesting concept for a solution to the economic problems of today. However, before the mob goes out and gets the torches and pitchforks, before there can be justice on who is to blame for the mess and the lack of a recovery, the question must be asked who started this problem and where it got aggravated to become the large mess of the economy. The reality of the economic problem today is that this mess, is that it started with the deregulation of the banking industry by the federal government, under pressures of special interest groups and organizations. The ideas that they professed are noble in its intent, but the follow through failed badly, combined with the issue of cheap credit and a population lacking in the discipline to use it did not help matters at all. When this all started, before the first rumbling signs of trouble started, it should have been apparent that bubbles that inflate will pop, as it does so many times before, starting more notably with the savings and loans market that collapsed between 1980’s and 1990’s. There the signs were happening with over 474 different institutions all failed at the same time. The institutions were there to take savings, make mortgages and other loans. Cheap credit and deregulations combined with a real estate market made it ripe for trouble. The S&L’s would broker deposits for their customers with other banking institutions, offering higher amounts of interest than the rest of the financial institutions, along with the inflation that the country was going through. A lack of net worth, decline of regulation. Fraud ran rampant through 20% of the S&L’s, along with bad management, and then the end of inflation, collapsed the S&L’s.
The current problem comes from many points as well, and these are very numerous, from the banks for making risky loans, and the practices of selling the debts to different institutions, to the lack of oversight and regulations, to special interest groups demanding that credit be cheap and easy to get, and ultimately the people who could not afford the loan, taking advantage and those who took advantage of people. All of these things are to blame for the problem, and unfortunately the solution is not what anyone wants, it means that if a person can not afford a house, then they should not get the loan, credit should not be so easy as anyone can get it, and ultimately it requires that all of us take responsibility for the money we have and spend.

Originally posted by unityemissions

Originally posted by bozzchem

I personally feel jail for those intending to destroy our economy a bit more benevolent than they deserve but it's a start.

I think a quick chopping off of their heads is best, but that's just me.

They're too much of a magnificent parasite to be trusted with another second of breathe.

We must behead every one of these bastards, and with a quickness.

Then, we'll loot all their trust funds and private stashes, and give it back to the people, starting with those who need it most.

I can't argue with your logic. It's the joy that would be missed having a more hands on approach.

Looking into Ben's eyes as the hemp rope is fitted and letting him know the bottom will soon drop...ah, I digress.

Pot, meet kettle.

Even Greenspan Admits that Moral Hazard and Fraud are the Main Problems

Even Alan Greenspan is confirming what William Black, James Galbraith, Joseph Stiglitz, George Akerlof and many other economists and financial experts have been saying for a long time: the economy cannot recover if fraud is not prosecuted and if the big banks know that government will bail them out every time they get in trouble. - More

The problem began with policy makers, extended through captured regulatory authorities, and eventually engulfed every facet of the Wall St financial structure. Madoff' aren't spawned in a vacuum. Troublemakers (whistle-blowers) like Brooksley Born were systematically ignored, or silenced through intimidation...alarm systems intentionally dismantled.

Lets see who "they" eventually toss under the sacrificial bus.