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'The Great American Stickup’: It Was The Economy, Stupid
Robert Scheer
Huffington Post
Sept 14, 2010
“How did this happen?” –President George W. Bush“It was a humbling question for someone from the financial sector to be asked–after all, we were the ones responsible.”
–Treasury Secretary Henry M. Paulson Jr., former Goldman Sachs CEO
They did it.
<--- http://www.huffingtonpost.com/robert-scheer/the-great-american-sticku_b_715928.html
Yes, there is a “they”: the captains of finance, their lobbyists, and allies among leading politicians of both parties, who together destroyed an American regulatory system that had been functioning splendidly for most of the six decades since it was enacted in the 1930s.
The big cop-out in much of what has been written about the banking meltdown has been the argument by those most complicit that there was “enough blame to go around” and that no institution or individual should be singled out for accountability. “How could we have known?” is the refrain of those who continue to pose as all-knowing experts. “Everybody made mistakes,” they say.
Nonsense. This was a giant hustle that served the richest of the rich and left the rest of us holding the bag, a life-altering game of musical chairs in which the American public was the one forced out. Worst of all, legislators from both political parties we elect and pay to protect our interests from the pirates who assaulted us instead changed our laws to enable them.
The most pathetic of excuses is the one provided by Robert Rubin, who fathered “Rubinomics,” the economy policy of President Clinton’s two-term administration: The economy ran into a “perfect storm,” a combination of unforeseen but disastrously interrelated events. This rationalization is all too readily accepted by the mass media, which is not surprising, given that it neatly absolves the majority of business reporters and editors who had missed the story for years until it was too late.
The facts are otherwise. It is not conspiratorial but rather accurate to suggest that blame can be assigned to those who consciously developed and implemented a policy of radical financial deregulation that led to a global recession.
Robert Scheer
Huffington Post
Sept 14, 2010
“How did this happen?” –President George W. Bush“It was a humbling question for someone from the financial sector to be asked–after all, we were the ones responsible.”
–Treasury Secretary Henry M. Paulson Jr., former Goldman Sachs CEO
They did it.
<--- http://www.huffingtonpost.com/robert-scheer/the-great-american-sticku_b_715928.html
Yes, there is a “they”: the captains of finance, their lobbyists, and allies among leading politicians of both parties, who together destroyed an American regulatory system that had been functioning splendidly for most of the six decades since it was enacted in the 1930s.
The big cop-out in much of what has been written about the banking meltdown has been the argument by those most complicit that there was “enough blame to go around” and that no institution or individual should be singled out for accountability. “How could we have known?” is the refrain of those who continue to pose as all-knowing experts. “Everybody made mistakes,” they say.
Nonsense. This was a giant hustle that served the richest of the rich and left the rest of us holding the bag, a life-altering game of musical chairs in which the American public was the one forced out. Worst of all, legislators from both political parties we elect and pay to protect our interests from the pirates who assaulted us instead changed our laws to enable them.
The most pathetic of excuses is the one provided by Robert Rubin, who fathered “Rubinomics,” the economy policy of President Clinton’s two-term administration: The economy ran into a “perfect storm,” a combination of unforeseen but disastrously interrelated events. This rationalization is all too readily accepted by the mass media, which is not surprising, given that it neatly absolves the majority of business reporters and editors who had missed the story for years until it was too late.
The facts are otherwise. It is not conspiratorial but rather accurate to suggest that blame can be assigned to those who consciously developed and implemented a policy of radical financial deregulation that led to a global recession.
