What Went Wrong?

I posted this as a sidebar but here it is again. If you want to pinpoint the moment that caused the collapse of the house of cards that was our banking system (March 28, 2004) check out this video footage courtesy of the New York Times.  That’s Paulson himself, now head of the SEC (then running Goldman-Sachs) calling for the deregulation that led to these idiots taking on thirty times the debt they’d previously be able to take on legally.

All based on a rigged computer model of risk assessment. 

Why is he still in charge? Why hasn’t he been strung up? “If anything goes wrong it’s going to be an awfully big mess”, no shit.  Notice the nervous laughter in the background. Now we’re supposed to pay for it.  A tax revolt seems like a good idea about right now…..

I’m back to Canada for Canadian Thanksgiving, I’ll be posting when I get back.

9 thoughts on “What Went Wrong?”

  1. U.S. Economist:”The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I’ve been doing my part.’


Spit it out, partner...

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