Wednesday, October 5, 2016
Recession nonsense 2008
A republican blaming a democrat president for the weak economic recovery is like the Lakers blaming Luke Walton for the team's crap performance the last decade. (Good luck, Luke. You'll need it. Go Clippers.)
A republican administration - and, post 9/11, one with as free a hand as any since Lincoln's - was on watch as the banking industry, with the help of relaxed regulations, care of the business friendly red team, burned itself to the ground, taking two and a half million of us with it.
And, of course, no one from the administration or the financial industry has been held accountable for any part of the collapse*, though Americans all over bear the withering effects of it still.
*Oh, wait. One guy is in jail Kareem Serageldin was tried and convicted of theft for bundling Credit Suisse crap loans and selling them as prime, but even that is hinky for a couple of reasons.
First, the banking industry is an inbred lot. That money has been managed by old-guard interests from back in the East India Trading Co. Skull & Bones, stuff. Kennedy, Vanderbilt, Rockefeller stuff. Half of the guys in the industry went to the same prep school. You think a guy named Kareem is really part of the pulsing heart of this industry? Sacrificial Lamb, for sure.
And another thing: why one guy?
Did one guy bring down Bear Stearns?
Was one guy responsible for the more than 10,000 suicides as people crawled through the wrecks of their and their families financial lives?