corruption

The Evil Doers of the Financial Crisis

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Many folks are asking what the hell is going on, how did we get here and who is responsible?

The Washington post has named names on what and who are responsible for this disaster.

The issue at hand was regulation of the derivatives market and Brooksley E. Born wanted to regulate it. This is 1998, the Clinton administration.

It seems Federal Reserve Chairman Alan Greenspan, Treasury Secretary Robert E. Rubin and Securities and Exchange Commission Chairman Arthur Levitt Jr. didn't want any regulation on the growing shadow banking system called derivatives.

Friday Movie Night - It's all about the Money

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hot buttered popcorn

It's Friday Night! Party Time!

Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!

This weeks video clip theme is Corruption and Conventions, brought to you by Corporate Lobbyists (and now a word from our sponsors):

ABC News aptly called this spectacle Lobbyists Gone Wild:

CountryWide: Rigged Game

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Why would Bank of America buy out irresponsible Countrywide?

Well, to avoid paying any taxes by writing off the massive bad loans, that's why.

And the Countrywide CEO? He gets $88M for running a major company into the ground, requiring a buyout, causing millions to lose their homes, setting up greedy, predatory mortgages where no one could pay them off.

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