The people who are responsible for our current economic calamity are counting on the citizenry of United States to discuss the issue as a debate between Left and Right, Tea Party versus Occupy, Socialism versus Capitalism. The real perpetrators have been dancing with glee as they silently creep away into the night with the American Dream. And trillions of our cash.
Government policies did not cause this crisis. Criminals did.
And the FBI warned it was coming in open congressional testimony in 2004 that it was coming.
The S&L crisis in the 80s was the largest financial disruption in half a century. It removed $150 billion dollars from the economy and citizens of the United States. The Office of Thrift Supervision referred 10,000 cases to the Justice Department which in turn brought felony fraud charges against the most egregious individuals and companies. DOJ prosecuted them with over 1500 FBI agents to bring these criminals to justice and to recover the stolen funds which made them wealthy. The United States won over 90% of these cases and won over 1000 felony convictions. And 600 elite corporate investment criminals actually went to jail. It shook the highest levels of government.
The 2008 financial crisis was 70 times larger than the S&L crisis, and was the largest economic blow to the nation since the Great Depression. It removed —$11 trillion dollars— of wealth from the economy and the citizens of the United States, leaving almost 50 million people in poverty, 10% of Americans unemployed, millions of retirement funds wrecked, and millions of small businesses shuttered. The Federal Housing Finance Administration has testified there is a documented paper trail showing that the 17 largest financial institutions in this country committed systematic mortgage lending fraud and financial trading fraud from 2004-2008. However, the Office of Thrift Supervision has referred —zero— cases and the Justice Department has brought —zero— charges against these 17 banks and their corporate executives for these frauds. The FBI has only 135 agents assigned nationally to these types of crimes, and they are focused on small street crime level local banks. The funds which made these corporate investment banking criminals wealthy have not been recovered, while our children’s’ generation is obliterated.
No wonder Americans of all shapes, sizes, creeds, and party feel so strongly that something is seriously wrong.
What these 17 investment banks did wasn’t capitalism. It was theft.
These weren’t reasonable legal financial bets that just went bad, it was criminal fraud. Yet with no personal accountability, the largest banks in the land have been shown that there is no incentive to change their ways. How many lives will be crushed next time….200 million? How many small businesses will fail? How many children destitute? How many hopes dashed?
They appear to us as if they are Too Big to Prosecute.
Personable accountability matters. Whether you are red or blue, a fraud is a fraud. A leech is a leech. A crime is a crime. Prosecute them. And get our money back.
We are to believe our fiscal stability is better now, with our financial institutions run by frauds and criminals? That everything is fine? That we should still trust them with our-hard earned money?
They expect the American people to stand by mindlessly and fork over our cash, our retirements, and our children’s futures to cover their losses. They expect us to live out the damage. They expect us to forget, because they think the American people are lazy and stupid. That yet again, they are the smartest ones in the room.
Health care? Important. Environment? Important. Domestic energy policy? Important. War? Important. But small potatoes compared to an $11,000,000,000,000 body slam affecting every corner of our nation.
They think Occupy are a bunch of young hippies.
These culprits are counting on us bickering between our two movements, instead of focusing directly on them and working together to bring them to justice for the largest crimes in the history of our great republic.
If we don’t, they will continue to laugh at the American people…all the way to the bank.