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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Little Joe who wrote (149968)	11/13/2010 11:32:04 AM
From: Suma	Read Replies (2) \| Respond to of 541878

IT is a HUGE SORE SPOT with me. It's the same ole same ole. Those who are the culprits get off Scot free and are even rewarded for their fraudulent practices... It takes money and power to be able to shed ever paying for miss deeds. I think Obama's choice of some of those with whom he surrounded himself was dreadful. He lost a lot of his progressive base by his poor decisions.. AND I heard last night on Progressive Radio that if he allows the tax for the rick bill to be extended he is dead in the water. for 2012 as far as those persons who are considered progressives... Let the Republicans have it all. They got us into this with deregulation and excesses like the wars. Let them get us out. Ha little chance.

To: Little Joe who wrote (149968)	11/13/2010 1:32:01 PM
From: wonk	Read Replies (1) \| Respond to of 541878

Why hasn't Obama gone after them, why aren't the Republicans demanding that Obama prosecute. Joe, the Progressives are furious about this stuff. The Republicans are 100% in the pocket of the moneyed interest and the Democrats are 50% (pick your own number here) in the pocket. The two best financial blogs are on this stuff are: ritholtz.com nakedcapitalism.com A sampling on big lefties screaming into the wind... emptywheel.firedoglake.com thinkprogress.org balloon-juice.com digbysblog.blogspot.com ritholtz.com nakedcapitalism.com boomantribune.com dailykos.com openleft.com huffingtonpost.com talkleft.com rawstory.com This interview and book review was on the most lefty blogs out there. FDL Book Salon Welcomes Simon Johnson, 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown The authors begin their book with two quotations that implicitly raise the question of why we are suffering recurrent, intensifying crises. You have to love a book that begins with an excerpt from Fitzgerald’s The Great Gatsby. "They were careless people, Tom and Daisy – they smashed up things and creatures and then retreated back into their money or their vast carelessness, or whatever it was that kept them together, and let other people clean up the mess they had made." …The authors show us the high cost of this failure to even understand the concept of accountability. Accountability is essential to a just world… ….People hate elites that abuse their power to enrich themselves through fraud and crony capitalism. They particularly hate it when the elites do so with impunity. Effective Presidents throughout our history have channeled this outrage and demand for justice (accountability) to create the political space that led to passage of many progressive measures that are so much a part of our world today that we no longer even recall that their opponents once claimed they were the vanguard of Marxism….. …..And so, despite what the FBI has rightly called an “epidemic” of mortgage fraud, with 80% of the losses arising when industry insiders are involved in the losses, not a single senior officer of a major nonprime lender has been arrested (much less convicted) of mortgage fraud or securities fraud. Despite bailing out with federal funds every major bank, the regulators did not insist that any of the CEOs lose their jobs or return the massive bonuses they obtained via false accounting. The regulators have even failed to bring civil suits and administrative actions for restitution against the officers of the massive banks that drove the financial crisis. No prominent banker complicit in the nonprime scandals has even been “removed and prohibited” from the industry…. ….The authors show how dangerous the financial oligarchy is to democracy and to the global economy. Their answer is the one that I think is the only workable answer – no bank should be allowed to become (or remain) a systemically dangerous institution (SDI). They end, as they began, with the effort by the Rubin wing of the Democratic Party to label and dismiss any position in favor of effective reform as naïve and “pitchforky.”…… firedoglake.com