Although I get all excited about dropping my own truth here at Fackin Truth, I can't help but get a little giddy when somebody else publishes a great thought-provoking point. And I'm all about re-posting the best pieces, right here, for your reading pleasure.
Over and over again, the media features economic analysis that eventually cites "consumer trust" as a major contributor to the current financial crisis. In other words, weeze folks don't expect things to get better, so we're not spending as much money or trusting banks to protect the little money we already have. Since our economy is based on spending, and success is measured by the viral spread of Affluenza, our current desire to save money (and inability/lack of desire to borrow) just perpetuates the problem.
Well over at Robert Reich's spot, a commenter named "consultant" broke down the issue of trust as follows:
When are we we going to start to see serious numbers of people charged and arrested for wire fraud, conspiracy, etc.? Trust will not return to the markets until people are assured that those who cheated them are in jail, or, no longer work in the financial sector. And folks, that is a lot of people!
Let me again quickly run down the list of those eligible for arrest:
Real estate agents and brokers (please arrest some of them; I won't mention names). They colluded to increase the price of homes to get fatter commissions; appraisers who said homes were worth more than they actually were; city and county bureaucrats who knew property appraisals were coming in too high but loved the increasing property tax revenues;
mortgage brokers and companies who offered liar loans (no documentation) and changed loan conditions at closing;
regular banks who started doing what mortgage companies did when they saw all the money being made;
Fannie & Freddie officials who bought all of the phony and unsupportable mortgage paper, knowing most of it was toxic;
Ditto for Wall St. banks, who sliced it up (securitized) into little pieces and sold them off to investors around the world;
Ditto for the insurance companies (i.e. AIG) who rated these investments AAA!;
Federal government-idiots, bought and paid for-most of them need to go to jail.
As you can see, since most of the financial and legislative system is criminally corrupt, no one of consequence is going to jail. Which means trust will not be restored anytime soon.
[All silly emphasis and bold formatting added by me for effect... just to get you all fired-up about something you're not likely able to change. Take that with your Tums.]
Buy that man a drink. Does any of consultant's comment ring true in your heart? If the same crooks are left to steward over the bailout money, how confident do you feel?