Wednesday, January 26, 2011
You know all those big important people
The ones who know everything about ruling the world because they make huge amounts of money? I turns out they don't really know shit from shinola either. The Angelides Commission has examined the banking collapses that gave us the Great Bush Depression and their conclusion was that it was all avoidable.
The commission that investigated the crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans.The details are ugly and no one in a position to change things escapes without a smack oh the head but unless some changes are made, which is not likely with the GOP fucking up the House, it will all happen again.
“The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done,” the panel wrote in the report’s conclusions, which were read by The New York Times. “If we accept this notion, it will happen again.”
Subscribe to Posts [Atom]
Post a Comment