Read time: 1 minute

Countdown: Motley Rules: Blame Beyond Washington For The Financial Crisis

[media id=7525] From Countdown: Keith Olbermann places the blame for the economic downturn past President Barack Obama and President Bush to the Wal

From Countdown:

Keith Olbermann places the blame for the economic downturn past President Barack Obama and President Bush to the Wall Street executives who paid politicians and bought deregulation.

From the Wall Street Watch Project, here is their list of the 12 deregulatory steps to financial meltdown. Read their report for more details.

1. Repeal of the Glass-Steagall Act and the Rise of the Culture of Recklessness

2. Hiding Liabilities: Off-Balance Sheet Accounting

3. The Executive Branch Rejects Financial Derivative Regulation

4. Congress Blocks Financial Derivative Regulation

5. The SEC’s Voluntary Regulation Regime for Investment Banks

6. Bank Self-Regulation Goes Global: Preparing to Repeat the Meltdown?

7. Failure to Prevent Predatory Lending

8. Federal Preemption of State Consumer Protection Laws

9. Escaping Accountability: Assignee Liability

10. Fannie and Freddie Enter the Subprime Market

11. Merger Mania

12. Rampant Conflicts of Interest: Credit Ratings Firms’ Failure

Can you help us out?

For 17 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

More C&L Coverage

Discussion

New Commenting System

Our comments are now powered by Insticator. In order to comment you will need to create an Insticator account. The process is quick and simple. Please note that the ability to comment with a C&L site account is no longer available.

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.

Please Do Not Use the Login Link at the Top of the Site.

In order to comment you must use an Insticator account. To register an account, enter your comment and click the post button. A dialog will then appear allowing you create your account.

We will be retiring our Crooks and Liars user account system in January, 2021.

Thank you.
C&L Team