Posts Tagged ‘collapse’

Bill Moyers says that Eric Holder has a mixed record as attorney general of the United States. Moyers gives Holder an A on civil rights, but an F on the frauds of Wall Street. Bill Black, a former bank regulator, calls the latter, “the greatest failure in the history of the department of justice.”

No banking executives have been criminally prosecuted for their role in causing the biggest financial disaster since the Great Depression.

“I blame Holder. I blame Timothy Geithner,” Black told Bill last week. “But they are fulfilling administration policies. The problem definitely comes from the top. And remember, Obama wouldn’t have been president but for the financial contribution of bankers.”

“While large banks have been penalized for their role in the housing meltdown, the costs of those fines will be largely borne by shareholders and taxpayers as the banks write off the fines as the cost of doing business. And by and large these top executives got to keep their massive bonuses and compensation, despite the fallout.”

But the story gets even more infuriating, the more Black laid out the culture of corruption that led to the meltdown.

“The Clinton, Bush and Obama administrations all could have prevented [the financial meltdown],” Black tells Moyers. And what’s worse, Black — who exposed the so-called Keating Five — believes the next crisis is coming: “We have created the incentive structures that [are] going to produce a much larger disaster.”

According to Black, that’s because the bankers have not been proscecuted for their crimes, thanks to Obama and Holder, and federal law prohibits people with criminal records to be in charge of banks. So the same people that brought the economic meltdown are doing the same thing with a nod, a wink, and a helping hand from the white house and both houses of congress.

Check out Moyers interview with Black by clicking on the link below.

Full Show: Too Big to Jail? | Moyers & Company | BillMoyers.com.

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The corporate economic system is not sustainable. The US is in the midst of a long term, slow motion economic collapse. For the vast majority of people the system may get marginally better in the short term, especially in the months before an important election, but in the long term things are getting worse. The government will continue to enact policies that redistribute income from working people to the rich. But some people are beginning to realize this, or at least they say so.

click here for the complete story

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Could the US economy go the way of Japan?

Of course it can. But more importantly, the economy could and probably in the long run should collapse. It most likely is in a slow motion collapse brought on by the massive redistribution of income and wealth from the 99 percent to the 1 percent over the last thirty years.

Click here for a comparison of Japan and its two decades of stagnation and the USA

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The answer to the title of this article is simple. The deficit would be gone. Amazing isn’t it? Instead of raising tax rates to previous levels, the corporate controlled congress and president are negotiating what to cut, and it won’t be the military.

However, right now big money runs the government. So we have an economic crisis that is growing, inequality still growing, and eventually a complete economic collapse will occur that shouldn’t happen if the government was responsible to the people, rather than its wealthy and corporate overlords.

To get a feel for how badly corrupted big money has made congress, the president and the corporate wing of the supreme court, we have the example below.

“A revealing historical incident can introduce our conclusion about the capitalist crisis as it enters Year Five. In May 2011, as gasoline prices rose to between $4 and $5 per gallon, a US Senate committee run by Democrats summoned the heads of major oil companies to testify. The senators asked why the federal government should continue to provide them with special tax loopholes and direct subsidies of $4 billion per year when their companies were earning record high profits. The Democrats had offered a meek plan to merely cut those loopholes and subsidies from $4 to $2 billion per year. After the hearings, the US Senate voted not to cut the loopholes and subsidies at all.”

Click on the story below and read the real story.

Click here for the full story

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