Ann Coulter points to this:
"Somehow we just missed that home prices don't go up forever."
No, that's not your idiot brother-in-law explaining how his four home equity loans eventually landed him penniless on a futon in your rec room. It's the billionaire CEO of JP Morgan, Jamie Dimon.
Dimon was explaining to Congress's Financial Crisis Inquiry Commission how he and his fellow Magic Men crashed the entire U.S. economy and then turned to taxpayers for a bail out.
Really? So Dimon's defense to Wall Street's utter recklessness with other people's money is to claim that Wall Street doesn't really understand how the market works? Again: Really?
But no one on the Commission challenged Dimon because, while the Commission's stated purpose is "to examine the causes of the financial crisis," its actual purpose is to conceal those causes -- especially the federal government's own central role in creating the housing bubble.But why should we expect them to even try to lie well any longer. I mean, you have to respect someone to fabricate an artful lie. If you have utter contempt for them, you won't bother.
Which is where we are. Bwany Frank-lover and "Sandwich" Dodd are two of the biggest, nastiest banking whores living, and they are writing...and passing...the new "regulation" that will control banking AND finance in the entire United States.
The financial collapse was TOTALLY the creation of BIG GOVERNMENT distorting the markets. Sure, there were private sector players who PREDICTABLY screwed things up royally, but they were dogs barking. They acted entirely as one would expect in an environment where GOVERNMENT had imposed bizzaro-world rules.
And we let them.
Now we have insult added to injury by Congressional "Commissions" who are not even artfully lying, and new regulation that will INSURE future calamity in our financial markets. We need to retake our dignity, and our nation.