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Big Banks and D.C. Politicians Doing the EXACT SAME THINGS Which Caused the Financial Crisis In the First Place

Posted By admin On April 6, 2013 @ 4:51 am In Money Watch | Comments Disabled

Washington’s Blog [1]
April 6, 2013

Liberals blame deregulation and reckless Wall Street greed for the economic crisis.

Conservatives blame bad government policy.

Now, the D.C. politicians are doing the exact same things which got us into the crisis in the first place.  For example, they are:

  • Indeed, crony capitalism has gotten worse than ever [15] (even though heroes have been fighting it for100 years [16])

And the big banks and financial institutions are engaging in the same risky behavior which got us into the crisis in the first place.  For example, they are:

What could possibly go wrong [45]?

 


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URLs in this post:

[1] Washington’s Blog: http://www.washingtonsblog.com/2013/04/big-banks-and-d-c-politicians-doing-the-exact-same-things-which-caused-the-financial-crisis-in-the-first-place.html

[2] Pushing banks to make home loans to people with weaker credit: http://www.washingtonpost.com/business/economy/obama-administration-pushes-banks-to-make-home-loans-to-people-with-weaker-credit/2013/04/02/a8b4370c-9aef-11e2-a941-a19bce7af755_story.html

[3] familiar?: http://www.washingtonsblog.com/2009/10/barney-franks-bad-loans.html

[4] Deregulating and even promoting insane levels of derivatives: http://www.washingtonsblog.com/2013/03/congress-never-fixed-the-financial-system-and-is-about-to-make-it-even-worse.html

[5] bell?: http://www.washingtonsblog.com/2012/05/top-derivatives-expert-finally-gives-a-credible-estimate-of-the-size-of-the-global-derivatives-market.html

[6] Following policies which lead to rampant inequality: http://www.washingtonsblog.com/2013/04/poverty-spikes-in-america-while-the-government-throws-money-at-the-super-elite.html

[7] last time: http://www.washingtonsblog.com/2010/12/extreme-inequality-helped-cause-both-the-great-depression-and-the-current-economic-crisis.html

[8] Letting white collar criminals know that they have free rein to do whatever they want, and they won’t be prosecuted: http://www.washingtonsblog.com/2013/03/the-government-has-it-bass-ackwards-failing-to-prosecute-criminal-fraud-by-the-big-banks-is-killing-the-economy.html

[9] once again: http://www.washingtonsblog.com/2010/10/fraud-caused-great-depression-and-this.html

[10] get bigger and bigger: http://www.washingtonsblog.com/2012/04/giant-banks-now-15-bigger-than-when-dodd-frank-financial-reform-law-was-passed.html

[11] helped them get big in the first place: http://www.washingtonsblog.com/2009/10/debunking-the-too-big-to-fail-myth.html

[12] Bailing out the banks with hundreds of billions of dollars a year: http://www.washingtonsblog.com/2013/03/top-banking-analyst-subsidies-to-giant-banks-exceed-780-billion-year.html

[13] like before: http://www.examiner.com/article/nobel-prize-winning-economist-described-the-root-of-the-financial-crisis-1993

[14] destroys sovereign nations: http://www.washingtonsblog.com/2008/12/the-central-banks-central-bank-says-bailouts-putting-nations-at-risk-as-confirmed-by-higher-credit-default-swap-spreads.html

[15] worse than ever: http://www.washingtonsblog.com/2011/12/protesters-worldwide-demand-an-end-to-crony-capitalism.html

[16] 100 years: http://www.washingtonsblog.com/2012/08/roosevelt-to-dissolve-the-unholy-alliance-between-corrupt-business-and-corrupt-politics-is-the-first-task-of-the-statesmanship-of-the-day.html

[17] suck money out of the U.S. economy … and ship it abroad: http://www.washingtonsblog.com/2013/03/money-is-being-sucked-out-of-the-u-s-economy-but-big-bucks-are-being-made-abroad.html

[18] 50-plus years: http://www.washingtonsblog.com/2009/11/one-reason-that-the-stock-market-is-rising-while-unemployment-is-soaring.html

[19] discourage people from even trying to find work: http://www.zerohedge.com/news/2013-04-05/people-not-labor-force-soar-663000-90-million-labor-force-participation-rate-1979-le

[20] been bad: http://www.washingtonsblog.com/2012/09/are-people-too-stupid-to-fight-back-or-even-get-out-of-the-way.html

[21] long time: http://www.washingtonsblog.com/2009/08/the-rising-tide-of-unemployment-in-america-how-bad-will-it-get-and-what-can-we-do.html

[22] more power than ever: http://www.washingtonsblog.com/2012/11/the-real-winner-of-the-presidential-election.html

[23] riddled with corruption: http://www.washingtonsblog.com/2011/10/federal-reserve-riddled-with-corruption.html

[24] caused many of our problems in the first place: http://www.washingtonsblog.com/2011/06/bernanke-is-either-not-very-bright-or-not-very-honest-he-admits-he-doesnt-know-why-we-have-a-weak-economy-but-hes-the-one-who-weakened-it.html

[25] too much power for the good of the economy: http://www.washingtonsblog.com/2011/10/economists-occupy-and-end-the-fed.html

[26] Blowing insanely large speculative bubbles: http://www.denverpost.com/business/ci_22957201/k-c-federal-reserve-president-esther-george-warns

[27] caused the last crisis: http://www.washingtonsblog.com/2009/08/bis-slammed-federal-reserve-and-other-central-banks-for-blowing-bubbles-and-then-using-gimmicks-and-palliatives-which-will-only-make-things-worse.html

[28] see this: http://www.washingtonsblog.com/2012/11/grantham-worst-housing-bubble-since-807-a-d.html

[29] back to pre-crash levels: http://wonkwire.rollcall.com/2013/03/07/leverage-back-to-pre-recession-levels/

[30] main causes of the crash: http://www.washingtonsblog.com/2011/04/excessive-leverage-helped-cause-the-great-depression-and-the-current-crisis-and-government-responds-by-encouraging-more-leverage.html

[31] intentionally allowed fraudulent accounting: http://www.washingtonsblog.com/2012/07/european-and-american-governments.html

[32] here: http://www.washingtonsblog.com/2010/04/proof-that-regulators-knew-of-and-allowed-debt-hiding-accounting-tricks-like-lehmans-repo-105.html

[33] here: http://www.forbes.com/sites/robertlenzner/2011/01/12/us-banks-reporting-phantom-income-on-1-4-trillion-delinquent-mortgages/?boxes=Homepagechannels

[34] deja vu all over again: http://www.washingtonsblog.com/2010/11/fraud-started-at-very-top-with.html

[35] even more risky derivatives than at the height of the financial crisis: http://online.barrons.com/article/SB50001424053111903463204578044510029675872.html

[36] this: http://www.cbsnews.com/8301-505123_162-57570311/big-banks-are-as-risky-as-ever-economist-warns/

[37] this: http://www.reuters.com/article/2013/01/15/britain-boe-idUSL6N0AKAEX20130115

[38] this: http://www.pbs.org/newshour/bb/business/july-dec12/bailouts_09-14.html

[39] money that we deposit into our bank accounts: http://www.washingtonsblog.com/2010/01/less-than-a-tenth-of-bank-of-americas-assets-comes-from-traditional-banking-deposits.html

[40] our bank deposits: http://www.washingtonsblog.com/2013/03/it-can-happen-here-the-bank-confiscation-scheme-for-us-and-uk-depositors.html

[41] Getting back into “synthetic” financial instruments: http://online.wsj.com/article/SB10001424127887324685104578388752833852178.html

[42] here: http://www.businessweek.com/news/2013-04-05/boe-says-investors-may-be-taking-too-rosy-a-view-of-stresses

[43] no-document mortgage loans: http://www.zerohedge.com/news/2013-03-05/ninjas-are-back-buy-life-insurance-get-no-doc-mortgage-loan-free

[44] ever-larger crime spree: http://www.washingtonsblog.com/2012/08/big-banks-worse-than-you-think.html

[45] possibly go wrong: http://www.washingtonsblog.com/2010/03/greenspan-100-%E2%80%A2-geithner-40-%E2%80%A2-dimon-7-%E2%80%A2-johnson-economic-crises-happen-every-5-years-in-our-current-system.html

[46] Insane Levels of Leverage by the Too Big to Fail Banks – Not Deadbeat Borrowers – Caused the Financial Crisis: http://www.prisonplanet.com/insane-levels-of-leverage-by-the-too-big-to-fail-banks-%e2%80%93-not-deadbeat-borrowers-%e2%80%93-caused-the-financial-crisis.html

[47] Financial Crisis Inquiry Commission Slams Greenspan, Bernanke, Geithner, Paulson, Summers, SEC, Rating Agencies and Big Banks for Causing Crisis: http://www.prisonplanet.com/financial-crisis-inquiry-commission-slams-greenspan-bernanke-geithner-paulson-summers-sec-rating-agencies-and-big-banks-for-causing-crisis.html

[48] The next financial crisis will be hellish, and it’s on its way: http://www.prisonplanet.com/the-next-financial-crisis-will-be-hellish-and-it%e2%80%99s-on-its-way.html

[49] Derivatives: The Quadrillion Dollar Financial Casino Completely Dominated By The Big International Banks: http://www.prisonplanet.com/derivatives-the-quadrillion-dollar-financial-casino-completely-dominated-by-the-big-international-banks.html

[50] The Financial Crisis Was Foreseeable … Thousands of Years Ago: http://www.prisonplanet.com/the-financial-crisis-was-foreseeable-%e2%80%a6-thousands-of-years-ago.html

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