Economic collapse just happens–no one is at fault. Don’t listen if you hear otherwise.
There was no wrong doing at all in the current economic crash, nor in the subsequent $X trillion dollar giveaways bailouts:
Did you know that in the aftermath of the Savings and Loan (Thrifts) scandal there were more than a thousand felony convictions of financial elites? The cost of the wrongdoing associated with the rip-off and closure of nearly 800 Thrifts cost taxpayers more than $160 billion. The current sub-prime/mortgage-backed security scandal is 40 times bigger according to Economics professor William Black.
Can you guess how many indictments there have been on financial elites who created this enormous mess? Zero, none, nada, zip. Yes, not one single prosecution or conviction has been started or achieved.
That is simply outrageous considering the width and breadth of the many crimes committed. (Source)
Where are the fact finding commissions, the grand juries?
Where is any accountability at all?
“The banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. They frankly own the place.” — U.S. Senator Dick Durbin, Democratic Party Whip, April 30, 2009 (Source)
People have an incentive sometimes to behave badly, because they can make more money if they can cheat. If our economic system is going to work then we have to make sure that what they gain when they cheat is offset by a system of penalties. . . . We cannot solve the economic crisis unless we throw the criminals who committed fraud in jail. (Source)
Nobel prize winning economist George Akerlof has demonstrated that failure to punish white collar criminals – and instead bailing them out- creates incentives for more economic crimes and further destruction of the economy in the future. See this, this and this. (Source)
One of the things that’s most troubling to people is there seems to be very little relationship between who drove this crisis, the big financial institutions, the CEOs, regulators who didn’t do their job, and the people who are paying the price, which are millions of people who have lost their jobs, lost their homes, lost their life savings. (Source)
Where are the police when you need them?
Any fairytale notions of the United States being a democratic republic built on the rule of law have been utterly dispelled. . . . United States government has been taken over by a financial terrorism network. (Source)