Krugman. Do we still have rule of law?

The mortgage mess is making nonsense of claims that we have effective contract enforcement — in fact, the question is whether our economy is governed by any kind of rule of law.

The fix is in, and at a very high level indeed. One set of laws for the banksters (i.e. no law at all) and actual enforcement for the rest of us.

For one thing, it’s a near certainty that significant numbers of borrowers are being defrauded — charged fees they don’t actually owe, declared in default when, by the terms of their loan agreements, they aren’t.

Oh, that’s just a technical bookkeeping error, and the banksters will fix that ASAP. Just you wait.

True to form, the Obama administration’s response has been to oppose any action that might upset the banks, like a temporary moratorium on foreclosures while some of the issues are resolved. Instead, it is asking the banks, very nicely, to behave better and clean up their act. I mean, that’s worked so well in the past, right?

Obama virtually always does the bidding of the banksters. Liberals and progressives who think he will do otherwise once presented with the real facts (and a pox upon devious advisers, they are the one’s poisoning his judgement, right?) are living in a dream world.

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