Comments on: The Crimes of Wall Street: What Are We Going To Do Before Its Too Late? http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/ As The Media Watches The World, We Watch The Media Sat, 30 Aug 2008 08:59:11 +0000 http://wordpress.org/?v=2.0.5 by: Eric http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5537 Tue, 18 Sep 2007 21:54:56 +0000 http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5537 Those who say a depression could never happen, better look at history. Frauds on a huge scale generally leads to the public losing faith. In this case, people are losing faith in the US dollar. If that happens on a wide enough scale, a depression can easily happen. A financial free fall may go even further, leading to a completely worthless dollar, as everyone abandons ship. Someone is clearly VERY WORRIED, or 100 Billion would not have been pumped into the banking system practically overnight, and interest rates would not have been reduced. The only problem with this strategy is that it promotes inflation, which makes the worthless dollar worth less and less... accelerating the problem even more. It is like pouring gasoline on the fire... We will wait and see. Those who say a depression could never happen, better look at history.

Frauds on a huge scale generally leads to the public losing faith. In this case, people are losing faith in the US dollar.

If that happens on a wide enough scale, a depression can easily happen. A financial free fall may go even further, leading to a completely worthless dollar, as everyone abandons ship.

Someone is clearly VERY WORRIED, or 100 Billion would not have been pumped into the banking system practically overnight, and interest rates would not have been reduced.

The only problem with this strategy is that it promotes inflation, which makes the worthless dollar worth less and less… accelerating the problem even more. It is like pouring gasoline on the fire… We will wait and see.

]]> by: Larry Gonick http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5530 Tue, 18 Sep 2007 20:18:55 +0000 http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5530 Danny, Danny, Danny... You say, "the predators who came up with all these securitization and derivative scams were enabled by big Wall Street investment houses with the Bush Administration looking the other way." The Clinton Administration looked the other way too. This, um, creative financing has been going for more than seven years, hasn't it? Who was President when Enron was going at full throttle? Danny, Danny, Danny…

You say, “the predators who came up with all these securitization and derivative scams were enabled by big Wall Street investment houses with the Bush Administration looking the other way.”

The Clinton Administration looked the other way too. This, um, creative financing has been going for more than seven years, hasn’t it? Who was President when Enron was going at full throttle?

]]> by: LT http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5518 Tue, 18 Sep 2007 18:02:00 +0000 http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5518 The national psyche has been held hostage in a phase of what might be described as both: Imperial and Empirical autism. Our national conscience seems to not exist. While at the same time learning and comprehemsion of "new" information and knowledge has been effectively neutralized. We as a culture are expected not to assess/value consequence. The inability to self-reflect, or differentiate outcomes, are diagnostic indicatorss for psychiatric professionals when looking at developmental diagnoses. So once again our nation is stuck in the hell of imperial/empirical autism. This special gift is brought to us by corporations, the Bilderberger group, and self-serving leaderships worldwide. The only solution is local organizing and action. Self-empowerment is the salve to the searing blade of, elite self-interest, an interest whose consequence are born by the poor and the environment. The national psyche has been held hostage in a phase of what might be described as both: Imperial and Empirical autism.
Our national conscience seems to not exist. While at the same time learning and comprehemsion of “new” information and knowledge has been effectively neutralized.
We as a culture are expected not to assess/value consequence. The inability to self-reflect, or differentiate outcomes, are diagnostic indicatorss for psychiatric professionals when looking at developmental diagnoses.
So once again our nation is stuck in the hell of imperial/empirical autism.
This special gift is brought to us by corporations, the Bilderberger group, and self-serving leaderships worldwide.
The only solution is local organizing and action.
Self-empowerment is the salve to the searing blade of, elite self-interest, an interest whose consequence are born by the poor and the environment.

]]> by: Patricia http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5509 Tue, 18 Sep 2007 16:25:37 +0000 http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5509 No more "business as usual"! It was clear to me when they announced the outcome of the 2000 election what was in store, so crystal clear in my gut intuition that I told a gloating coworker, "get ready for a recession". Now if I who have no real economic savvy, or extensive knowledge of economy and politics, knew this and what was happening with the buying up of mortgages, why didn't the experts? It really doesn't take a rocket scientist, just an open eye, and eclectic mind to "see" the "big picture". If people would stop narrowing the scope of their knowledge base to Fox News and News Corp monopolized media, maybe they too would have "a clue". In other words, why is everyone so surprised? No more “business as usual”! It was clear to me when they announced the outcome of the 2000 election what was in store, so crystal clear in my gut intuition that I told a gloating coworker, “get ready for a recession”. Now if I who have no real economic savvy, or extensive knowledge of economy and politics, knew this and what was happening with the buying up of mortgages, why didn’t the experts? It really doesn’t take a rocket scientist, just an open eye, and eclectic mind to “see” the “big picture”. If people would stop narrowing the scope of their knowledge base to Fox News and News Corp monopolized media, maybe they too would have “a clue”. In other words, why is everyone so surprised?

]]> by: Bigelow http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5507 Tue, 18 Sep 2007 13:57:01 +0000 http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5507 Mr. Schechter, Economic literacy is discouraged in America. Why would the criminal elites have it any other way? Mr. Schechter,

Economic literacy is discouraged in America. Why would the criminal elites have it any other way?

]]> by: C Pedersen http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5496 Tue, 18 Sep 2007 04:31:03 +0000 http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5496 "Your fine article defines a well-known Mafia: the Godfathers who run Wall Street, the financial structure of this country. But your appeals will fall on deaf ears, for the media is simply an adjunct of the Robber Barons." Frank's comment is spot on. The notion that the MSM will take on the corruption and responsible elected officials will respond with prosecutions and tougher regulatory standards is the stuff of fantasy. We are way past that now. As Americans, we are left with few tools to address the criminal enterprise that has its tentacles around every major institution in this country, whether public or private. The only effective tools for dissent at this point are work stoppages and boycotts. With corporate power now concentrated into oligopolies and monopolies, even these few remaining methods of protest are becoming increasingly difficult or impossible. The growing trend of a fascist stranglehold on the financial affairs of the country, with their private equity groups, selling off our public infrastructure to foreign interests, and a rigged stock market, further erodes our ability to strike at the root of the problem. The only thing that seems to be standing in the way of the long term plans of the global ruling elite for their "International Economic Order" is the problem of energy scarcity and the fierce resistance to their plans for a "New Middle East" in a bid to control the vast oil reserves of that region. Individually, it is important for us to continue to enlighten those around us. We should also support movements that encourage decentralization of political and economic power. We need to be ahead of the curve to restore our civil liberties and representative government. The good news is the backlash against globalization is just beginning. I recall reading a article in Vanity Fair several years ago that described how the Italian American Mafia finally disintegrated from within when the spoiled and lazy scions of the mob bosses inherited "the business" and were simply too incompetent to manage its affairs. The FBI easily picked them off one by one like shooting inebriated ducks in a barrel. I just hope the extreme over-reaching, corruption, and unimaginable hubris of today's ruling elite is their Achilles' heel. I know the world's Corporate Mafia has a lot more power, knowledge, and self-discipline than the Italian American Mafia ever had, but they are still subject to the same basic laws of nature and physics as the rest of us. Wasn't it Rove who said something like: "We are an empire now, we make our own realities."? Yeah, time will tell. “Your fine article defines a well-known Mafia: the Godfathers who run Wall Street, the financial structure of this country. But your appeals will fall on deaf ears, for the media is simply an adjunct of the Robber Barons.”

Frank’s comment is spot on. The notion that the MSM will take on the corruption and responsible elected officials will respond with prosecutions and tougher regulatory standards is the stuff of fantasy. We are way past that now.

As Americans, we are left with few tools to address the criminal enterprise that has its tentacles around every major institution in this country, whether public or private. The only effective tools for dissent at this point are work stoppages and boycotts. With corporate power now concentrated into oligopolies and monopolies, even these few remaining methods of protest are becoming increasingly difficult or impossible. The growing trend of a fascist stranglehold on the financial affairs of the country, with their private equity groups, selling off our public infrastructure to foreign interests, and a rigged stock market, further erodes our ability to strike at the root of the problem.

The only thing that seems to be standing in the way of the long term plans of the global ruling elite for their “International Economic Order” is the problem of energy scarcity and the fierce resistance to their plans for a “New Middle East” in a bid to control the vast oil reserves of that region.

Individually, it is important for us to continue to enlighten those around us. We should also support movements that encourage decentralization of political and economic power. We need to be ahead of the curve to restore our civil liberties and representative government.

The good news is the backlash against globalization is just beginning.

I recall reading a article in Vanity Fair several years ago that described how the Italian American Mafia finally disintegrated from within when the spoiled and lazy scions of the mob bosses inherited “the business” and were simply too incompetent to manage its affairs. The FBI easily picked them off one by one like shooting inebriated ducks in a barrel.

I just hope the extreme over-reaching, corruption, and unimaginable hubris of today’s ruling elite is their Achilles’ heel. I know the world’s Corporate Mafia has a lot more power, knowledge, and self-discipline than the Italian American Mafia ever had, but they are still subject to the same basic laws of nature and physics as the rest of us.

Wasn’t it Rove who said something like: “We are an empire now, we make our own realities.”?

Yeah, time will tell.

]]> by: Cord;ey Coit http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5490 Tue, 18 Sep 2007 01:42:07 +0000 http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5490 Remember that W made 250 million himself on Savings and Loan and his brothers about Two Billion on Silverado-Richmond Homes. That does not include the cocaine brought into the Denver Art Museum by his mule Herr Strassnor. The Bushes are no strangers to housing fraud. Where is Marvin Bush in the light of the press? Nothing will be done except to evict the dumb schmucks caught in the bait and switch, maybe the odd loan company exec will walk the plank. The tax payer will be the ultimate gull. Our brothers and sisters in the press will do nothing. They are too busy kissing butt to keep their miserable jobs. Who gets to play Judith Miller, Paris Hilton? Remember that W made 250 million himself on Savings and Loan and his brothers about Two Billion on Silverado-Richmond Homes.
That does not include the cocaine brought into the Denver Art Museum by his mule Herr Strassnor.
The Bushes are no strangers to housing fraud. Where is Marvin Bush in the light of the press?
Nothing will be done except to evict the dumb schmucks caught in the bait and switch, maybe the odd loan company exec will walk the plank.
The tax payer will be the ultimate gull.
Our brothers and sisters in the press will do nothing. They are too busy kissing butt to keep their miserable jobs.
Who gets to play Judith Miller, Paris Hilton?

]]> by: Allene Swienckowski http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5489 Tue, 18 Sep 2007 01:23:29 +0000 http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5489 I love what you are trying to expose in this article but I also believe that two of your assertions didn't go far enough to state the obvious: 1) The Bush Administration looking the other way..." This administration is rife with making sure that their buddies make an economic killing, whether it is the porlific Halliburton and their profits from providing services to the military to their so-called clean-up after Katrina in Louisiana. 2.) "They figured it would only entrap poor people they didn't care about..." The people who have gained financially by these economic ponzi games don't care about anyone; poor, middle-class or rich just so long as they can continue to increase the boundaries of their wealth. I'm certain that there are journalists who would love to tackle this subject but where are they going to have a such story published in the national press that might reach enough people to make a difference? What this administration has done to not only undermine our civil liberties but also our economic viability in the global market is heinous and will probably never be prosecutible because no one cares or are too afraid to effectively go after the main players to make them repsonsible for the next twenty-years that it will take to shovel our way out from under to the massive debt and the loss of freedoms that we have all suffered under this administration. And the guys that have made all the money at everyone else's expense? They'll relocate, with their businesses to Dubai and never worry about prosecution. I love what you are trying to expose in this article but I also believe that two of your assertions didn’t go far enough to state the obvious: 1) The Bush Administration looking the other way…” This administration is rife with making sure that their buddies make an economic killing, whether it is the porlific Halliburton and their profits from providing services to the military to their so-called clean-up after Katrina in Louisiana. 2.) “They figured it would only entrap poor people they didn’t care about…” The people who have gained financially by these economic ponzi games don’t care about anyone; poor, middle-class or rich just so long as they can continue to increase the boundaries of their wealth.
I’m certain that there are journalists who would love to tackle this subject but where are they going to have a such story published in the national press that might reach enough people to make a difference?
What this administration has done to not only undermine our civil liberties but also our economic viability in the global market is heinous and will probably never be prosecutible because no one cares or are too afraid to effectively go after the main players to make them repsonsible for the next twenty-years that it will take to shovel our way out from under to the massive debt and the loss of freedoms that we have all suffered under this administration.
And the guys that have made all the money at everyone else’s expense? They’ll relocate, with their businesses to Dubai and never worry about prosecution.

]]> by: Frank Espada http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5481 Mon, 17 Sep 2007 19:32:23 +0000 http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5481 Your fine article defines a well-known Mafia: the Godfathers who run Wall Stree, the financial structure of this country. But your appeals will fall on deaf ears, for the media is simply an adjunct of the Robber Barons. For these crooks and liars, there is never "enough", making a billion only leads to the second one. And, of course, there will be some "hot air" moves in the direction of, as you say, locking the barn. The hypocrisy is mind-blowing. Regulation is the only answer, along with enforcement. Lock up a few of them if we want to see at least the beginning of some ethics and responsibility. Frank Espada Your fine article defines a well-known Mafia: the Godfathers who run Wall Stree, the financial structure of this country.
But your appeals will fall on deaf ears, for the media is simply an adjunct of the Robber Barons.
For these crooks and liars, there is never “enough”, making a billion only leads to the second one.
And, of course, there will be some “hot air” moves in the direction of, as you say, locking the barn. The hypocrisy is mind-blowing.
Regulation is the only answer, along with enforcement. Lock up a few of them if we want to see at least the beginning of some ethics and responsibility.

Frank Espada

]]> by: Deacon Elurby http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5480 Mon, 17 Sep 2007 19:06:03 +0000 http://www.mediachannel.org/wordpress/2007/09/16/the-crimes-of-wall-street-what-are-we-going-to-do-before-its-too-late/#comment-5480 Read my essays: http://corporateamericawhatwentwrong.blogspot.com/ Read my essays:

http://corporateamericawhatwentwrong.blogspot.com/

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