Wednesday, August 3, 2011

The mechanics of the economic collapse of 2008

If you choose the lesser of two evils, you're still choosing evil. - Abbie Hoffman

Now that we've all had our ration of the Kool-Aid, bought into the drama and emerged without letting the facts get in the way of a good story, The Legendary determined to let veteran investigative journalist Robert Scheer give it a go.

Mr. Scheer has published a book titled "The Great American Stickup" and it's all about how the politicians from both sides of the aisle let Wall Street fleece the American people of their wealth through a concentrated deregulation of the banking system that took place over a period of 20 years.

Who benefited and by how many billions of dollars? It's best to let a true analyst of the situation answer that question. Essentially, the key to the understanding the status quo is to keep concentrating on the fact that the politicians and career bureaucrats in the West Wing of 4 Presidential administrations allowed investment bankers to commingle their activities with those of commerical and consumer banking institutions - with little or no regulation in most cases and with totally relaxed regulation in others.

He will appear on Link TV on Thursday at 6:30 p.m. to give what will be essentially the same lecture as appears below, taped at Powell's Books in Portland, Oregon, in October of last year. We re-broadcast it here because not everyone has access to satellite television and Link TV.

It's a fascinating story. One may watch a condensed version of the same presentation by clicking here.

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