Too bad they didn’t do this to the neo-cons when they failed to discover any WMDs in Iraq or told the public there were solid connections to Al-Qa’ida and Saddam when the Head of the CIA at the time told them there weren’t.
Too bad they didn’t do this when the banks took the TARP funds and didn’t use them for the purpose for which the US taxpayer was told they were being given.
Too bad they didn’t do this when Spitzer alleged that Bush used the OCC to shut down multiple investigations by all 50 state attorneys general into the predatory lending practices that led to sub-prime and the GFC. (Everyone of course recalls Bush’s firing of multiple attorneys-general a year or so before the election. Gee, what a coincidence, nothing to see here, folks.)
Was there any mention of Harry Markopolos and his sworn testimony to Congress last week ?
Eight years ago Markopolos an Independant Financial Fraud Investigator & Analyst took his concerns and findings regarding fraudulent activities at Madoff Securities to the Securities and Exchange Commission ( SEC ).
The SEC took no action on this over these past eight years.
Paul: “dismantle regulation and let the free market reign… good luck with that…”
Paul, name me one place in the world where the free market DOES reign. You lefties make me sick, talking about the current crisis as an example of that, when it would not have happened without the sticky beak of government in it all over the show.
If I was a betting man and if it was possible to arrive at some appropriate measurements of economic freedom, I would bet that the nations that are freest will be affected least by the depression now. And I don’t mean some of the existing surveys that weight the factors of less consequence in this particular issue, too highly.
Nations that had the freest approach to housing development and the most affordable housing as a consequence, are way ahead of the pack and that is just the first of several significant factors where government is involved. Another significant factor, is government involvement in the mortgage market, either by guarantee or subsidy or even “social responsibilty” requirements.
Even within the USA, if Texas was a totally separate economy, they have not had a housing bubble and they have not had an equity wipeout. Securities based on Texas mortgages would be some of the soundest investments you could wish for.