Courtesy of Karl Denninger at The Market Ticker
In a rather-stunning admission on Jekyll Island last weekend, Alan Greenspan "outed" what really happened.
What I’ve been talking about now for more than three and a half years.
And what many people have said was "an over-reaction" or "a distortion."
The claim has been repeatedly made that people made "mistakes" in our regulatory agencies, and that banks made "mistakes" making loans, packaging up securities and selling them to investors.
I have continually asserted that they were not mistakes.
They were scams and frauds.
This has been an unpopular viewpoint, with only a few – like Bill Black – agreeing with me.
Not any more…..
Is it time yet for America to force these banks into receivership?
To force prosecution for these frauds….. these crimes?
And to hold accountable the regulators…. including The Fed….. who intentionally ignored these frauds and crimes?
How many Americans have to lose their homes?
How many jobs have to go to China?
How much devaluation of our currency – undertaken to prop up these scams – will you tolerate?
How much higher does gasoline and food have to go in price, while your wages remain stagnant or you lose your job – and you’re evicted from your house – before you demand it stop and the scammers go to prison?