the financial crash

[.Morticia.]

So what will happen?

How can we get the money back?

Will the crims ever be charged?

I doubt anything will happen. Not with people who still believe that capitalism is about commerce and trade, rather than it being a scam.

Senate report on Wall Street crash: The criminalization of the American ruling class

18 April 2011

The US Senate Permanent Subcommittee on Investigations released a voluminous report last Wednesday on the Wall Street crash of 2008 that documents the fraud and criminality that pervade the entire financial system and its relations with the government.

The 650-page report is the outcome of a two-year investigation that involved over 150 interviews and depositions as well as the examination of subpoenaed emails and internal documents of major banks, government regulatory agencies and credit rating firms. The report, entitled “Wall Street and the Financial Crisis: Anatomy of a Financial Collapse,” establishes that the financial crash and ensuing recession were the result of systemic fraud and deception on the part of the mortgage lenders and banks, carried out with the collusion of the credit rating corporations and the complicity of the government and its bank regulatory agencies.



more of the article here


http://www.wsws.org/articles/2011/apr20 ... -a18.shtml

[Rum]

I have read it estimated that almost 1/3 of the US economy is actually and literally 'criminal'. I suspect it is so entangled with 'legal' business that it hardly matters when one ends and the other begins.

[.Morticia.]

I have read it estimated that almost 1/3 of the US economy is actually and literally 'criminal'. I suspect it is so entangled with 'legal' business that it hardly matters when one ends and the other begins.

and by that I assume you mean the legitimate economy, and not the parallel drug and sex/slavery economy

[Seth]

So what will happen?

How can we get the money back?

Will the crims ever be charged?

I doubt anything will happen. Not with people who still believe that capitalism is about commerce and trade, rather than it being a scam.

Don't know if anything will happen, but it should. However, force and fraud are not components of capitalism, they are crimes that lie outside of capitalism, so your analysis is, as usual, more than a little flawed. Corruption and crime exists in Marxist/socialist societies too, in case you hadn't noticed.

[Seth]

I have read it estimated that almost 1/3 of the US economy is actually and literally 'criminal'. I suspect it is so entangled with 'legal' business that it hardly matters when one ends and the other begins.

Depends on what you mean by "criminal." There is a large segment of the economy that operates outside of the tax laws through barter and trade, but that's just a natural capitalistic and Libertarian reaction to immoral and illegal socialist redistributive taxation. It's nothing more than people engaging in civil disobedience in protest of being forced to give their money and property to the dependent class.

When tax systems are fair and reasonable people pay a much higher percentage of taxes levied. When taxation becomes immoral and confiscatory, people find ways around it. I'm fine with that. People should only pay taxes voluntarily anyway.

[MrJonno]

When tax systems are fair and reasonable people pay a much higher percentage of taxes levied. When taxation becomes immoral and confiscatory, people find ways around it. I'm fine with that. People should only pay taxes voluntarily anyway.

When people can get something for nothing and get away with it , when they can break the law without fear of punishment or getting caught they will do so.

If doesnt take god to be good but it does often take a policeman with a big stick

[egbert]

Corruption and crime exists in Marxist/socialist societies too, in case you hadn't noticed.

PAY NO ATTENTION TO THAT CAPITALIST BEHIND THE CURTAIN!

[.Morticia.]

yep

someone hasn't read their marx

[sandinista]

yep

someone hasn't read their marx

haha no shit.

[Santa_Claus]

There is no money to get back.

The problem is that "we" spent it anyway.

and the debts still exist.

Interesting that S&P had the nerve to re-rate the US debt. notwithstanding that everyone knows that the US has no intention of ever repaying their debts, and no ability to - even if it wanted to (the Chinese don't really care - if they get 10 cents back on the dollar and an industrialised country that is economically and militarily no.1 in the world then they will be content to "lose" a few trillion of worthle$$ IOU's).


My bet is that the Obama Bonds will be the first to be defaulted on (by the next Republican administration). A bit unfair on Obama, as had no real choice and a Republican Prez would have done the same.