Good piece.
Synopsis:
Bad money drives out good.
Nothing is going to happen to all of the people who committed fraud causing the mortgage crisis.
“Nothing is going to happen to all of the people who committed fraud causing the mortgage crisis.”
That’s sure what it sounds like. I heard the author on last night’s CoasttoCoastAM- in between the UFOs and ghosts they sometimes have good guests. I suspect he might be a political liberal but he does a pretty good job of going after all the vermin regardless of party. Democratic Speaker Jim Wright tried to ruin this guy back in the 80s so he’s probably not much of a partisan.
He pointed out that at the peak of the S&L scandal in the 80s it looked like the crooks had gotten away with it all and wouldn’t be prosecuted for anything. But three or four years later there had been a few hundred successful prosecutions and a lot of them went to jail. He says the problem isn’t the absence of law, it is that the last three administrations have been appointing regulators who are in bed with the industries that they are supposed to be keeping an eye on.