The bankster’s bad loans must be saved regardless of the pain it causes elsewhere. This is the primary policy of the Fed and European finance ministers. No matter that European banks are almost criminally over-leveraged with toxic sovereign debt it never should have bought, there must be no haircuts. Bondholders must be made whole. It would just be wrong that they be made to suffer the consequences of their actions.
Our current worldwide system of bankster theftocracy demands such an approach. And certainly it demands that none of the criminals go to prison.
William Black: Why nobody has gone to jail during the current credit crisis.
All right so you have massive fraud driving this crisis, hyperinflating the bubble, a FBI warning and how many criminal referrals did the same agency do, in this crisis. Remember it did well over 10,000 in the prior [S&L] crisis. Well the answer is zero. They completely shut down making criminal referrals and whichever administration you hate the most, you can hate because while most of this certainly occurred in the Bush Administration, the Obama Administration has obviously not changed it. Obviously did not see it as a priority to prosecute these elite criminals who caused this devastating injury.
Both parties are equally responsible. Read the whole interview.