Eugene Debs noted that "the nets of American courts are set to catch minnows and let the whales go free." We utterly fail to recognize the full extent of the American Criminal Class. Welcome a step further into the Orwellian nightmare of socialism for the rich, capitalism for the poor.
(Today, the Debs quote is relevant to the enormous heist going on, but has specific meaning for Berrien County officialdom behavior.)
The Bi-Partisan Origins of the Financial Crisis
Shattering the Glass-Steagall Act
By William Kaufman
www.counterpunch.org/kaufman09192008.html
1 comment:
Deb, please explain your comment, "socialism for the rich, capitalism for the poor."
Wasn’t the subprime lending targeting those with poor credit histories (primarily the poor) to encourage them to buy their own home? I believe that is why most Senators voted in favor of the bill mentioned. Another social experiment that failed.
According to Freddie Mac web site on Subprime Lending: A subprime loan is one offered to people who have problems with their credit. The loan's interest rate is higher than the prevailing rate available to those with exemplary credit histories. The higher rate is imposed because of the additional risks involved in lending to someone with poor credit or without a financial track record.
Subprime loans are sometimes a legitimate way to help people with poor or no credit to become homeowners. In these cases, subprime loans can be the best way to get capital where it is needed most. Financial experts widely regard subprime lending as a powerful economic development tool that also helps families rebuild their credit ratings or establish a credit history.”
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