Friday, July 9, 2010

Indictments, prosecutions, convictions, and imprisonments

Prison population rate (number of prisoners per 100,000 people)
Source: International Centre for Prison Studies (2006)

<--- Welcome in prison, just shift up.

Tremble, Banks, Tremble

The key to financial recovery: restoring the rule of law on Wall Street.

What happened?

First, there was a stand-down of the financial police.
Second, the response to desupervision was a criminal takeover of the home mortgage industry.
Third, the counterfeit mortgages were laundered so they would look to investors like the real thing.
Fourth, the laundered goods were taken to market.

Upon taking office, President Obama had a chance to change course and didn't take it.

In this way, the financial sector remains a fatal drag on the capacity for strong growth. And the financial reform bills about to clear Congress will not cure this.

What to do?

To restore the rule of law means first a rigorous audit of the banks and of the Federal Reserve.

Indictments, prosecutions, convictions, and imprisonments.

A reconstructed financial system should finance the reconstruction of the country.

Read the article of James K. Galbraith in the New Republic here

My comment: Won't happen: we passed the point of no-return. It is too late.

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