I could not possibly say it better than our very own Karl Denninger’s Market Ticker blog. Make him a fave, read him each and every day. He is one of the few who tells it like it is.
What Is Risked When Prosecution Is Absent
I have long mused, in fact since the beginning of this blog, about one primary question:
What happens when the people discern that the government is nothing more than a band of felons instead of the cops?
Many considered this a rhetorical question. Those on the left sneered, those on the right looked at the argument and scoffed: Oh no, look, we busted Marco over there for drug running last week.
Ah, you did, but Wachovia you did not “bust” in a criminal sense, even though they admitted in court that they ran drug money for criminal cartels.
There was no prosecution. Instead there was a “deferred agreement”, and the screaming in the media started only once it expired and criminal charges could no longer be brought.
The Ticker, on the other hand, covered it long before that time. Few others did, and there was no mainstream coverage and demand for prosecution at all.
The danger, as I have repeatedly pointed out, in the government’s willful, intentional and repeated refusal to put an end to these abuses is that there is a point at which the people have had enough and will simply not sit for it any more, nor will they believe they can vote for a change and actually receive that change.
How many people voted for “change” in 2008 yet did not receive it?
Once that point is reached civil order can be lost, perhaps irretrievably so.
Government, for its part, always seems to believe that this day will never come, no matter the severity of the abuses they tolerate by the rich and powerful, the favors they grant or the screwing they either mete out themselves or allow others to perform in exchange for some renumeration in campaign contributions. The King of England didn’t think the people would snap. Neville Chamberlain was quite sure that we could have “peace in our time” through appeasement of bad acts by others, in his case Adolph Hitler. In the more-recent past there was Hosni Mubarak, among others.
Likewise, both President Bush and President Obama have taken this same approach, and have even said in public that we must “move on” and not look to what happened, but to what we can do in the future.
Will this willful refusal to hold people to account for their ponzi schemes in the interest of “Wall Street” and continued pretension that we’ll “muddle through” be proved correct in the fullness of time?
Or will, as this video states, the simple fact that once there is nobody left to screw an ugly reality will face those who have been doing the screwing: The man who you have screwed out of everything — the man with nothing left — has nothing left to lose.
I do not look forward to the day being proclaimed and looked toward in this presentation. There is no reason for our political and justice system to have allowed the financial******of our nation and her people, not to mention that of the rest of the developed and developing world.
Please remember, ladies and gentlemen, that the Bush Administration sued states that attempted to put a stop to predatory lending — a major part of the housing bubble. Did President Obama reverse these decisions and go after the banksters? No — instead he has tried to “settle” the fraudclosure robosigning and predatory lending of the 2000s rather than prosecuting wrongdoers, despite sworn, under-oath testimony regarding intentional sales of loans that did not conform to claimed standards and over 100,000 withdrawn affidavits that appear to clearly document pervasive and outrageous acts of perjury.
Should you or I attempt to run a pyramid scheme as the banksters and government have, or screw little old ladies out of their retirement income we would be sitting in prison serving a just sentence. Charles Ponzi was prosecuted and jailed, as was Bernie Madoff. But those who ran the below claim of “prosperity” for 30 years — including but certainly not limited to Alan Greenspan, Ben Bernanke and the political elites in both Democrat and Republicans parties, which is just as mathematically impossible as what Charles did — walk free.
One can only hope that, one day soon, the *hogs* will get *eaten*…and that the protests against Wall Street bail outs, beggaring the Public, and perfidy with impunity end, once and for all.