Tag Archive for banks

Recurrent Crises Will Get Bigger And More Disastrous

Zero Hedge brings us commentary on William Black’s interview with PBS. Take note, this is important. The ever insightful William Black sits down with PBS’ Paul Solman to note that most of the too big to fail banks are currently insolvent, that mortgage fraud is pervasive and lender complicit, and that unlike in previous systemic…

Wall Street Bonuses Total 1% Of GDP

This post on the Democratic Underground highlights the point: “Our total GDP for the nation is about $14 trillion. 2009 bonuses are around $140 billion. So, 1% of our total economic output for 2009 is going to the banking mafia’s pockets. Not even the banks themselves – JUST THE BANKERS. Just amazing.” Major U.S. banks…

A Lesson In Moral Hazard – Blaming Capitalism Is Wrong

Why blaming capitalism for the problems of fascist government policy is wrong: It doesn’t take a rocket scientist to figure out that when you back junk sub-prime loan packages with tax payer dollars, lenders have a massive incentive to make outrageous loan deals. The “fraud” is the moral hazard our government created when it backed…