the banksters

[jensend]

it's a half hour long but this really does a good job of outlining the circumstances, history and implications of the current financial crisis.

http://www.pbs.org/moyers/journal/04032009/watch.html

[cottonpicken]

Disinformation horsesh@t.

You think more government is the answer?

[cottonpicken]

This program was designed to get people looking in the wrong direction.

Not hard to do when 99.9% of people dont have a clue as to the way the financial system works.

But 99.9% of people arnt afraid to have an opinion on something they know nothing about.

[jensend]

so where's the disinformation? are you saying the derivatives weren't crap? are paulson and geithner lilywhite and not at all in conflict of interest or there should be no regulation? seemed to me he agreed with your viewpoint that they should have let the big banks go. his biggest point was that the system failed and the taxpayer is on the hook for the losses. to say there can be a system with no rules and no regulation is disingenuous and in denial of human nature.

[cottonpicken]

The government is creating the fraud.
That is why more government is the wrong idea.

[jensend]

the government definitely created the opportunity for fraud but it's the bankers walking away with the money. if you look at anybody who makes a lot of money you realize they are smart enough to know that if you want more money you have to get it from somebody else. for the last thirty years there has been a turn away from creativity and innovation and a turn to market control and consolidation. it's happened in just about every sector of the economy in all of the developed world. this credit buble was just the implosion of that strategy in the financial sector. reaganomics really was voodoo.