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A Quickie Wall Street Refresher Course - 2008 Anyone?

(Public Sentiment, 2008 - selective memory works wonders) [media id=12565] As attention focuses back on Wall Street and the banking system and fin


(Public Sentiment, 2008 - selective memory works wonders)


As attention focuses back on Wall Street and the banking system and financial reform, I get the feeling an onset of "selective amnesia" is taking place in some camps. All that hand-wringing and hysteria that took place less than two years ago appears to have evaporated.

So I thought it would be a good idea to offer a refresher course in just what happened and how we got there and how fraud appears to be lurking in every corner even now.

BBC Radio 4 ran a documentary called "Failure or Fraud?" in October of 2008 where questions of fraudulent activity were asked and what the outcome of the crisis at the time would be.

Michael Greenberger (former bank regulator): “It’s the highest form of irony here. We started out saying the Free Market is king and the government is in the way. And we end up with the government owning the financial services system and picking up the tab for the mistakes.”

BBC Interviewer: “So the governments are going to pick up the tabs?”

Greenberger: “Absolutely. And that means you and me.”

So with the screeching argument over no taxes, it's really easy to forget why all that came about - how all the greed and manipulation and golden parachutes for some came at a price for everyone else.

It's just payin' the tab for the dance.

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