In this video segment, Robert Reich of the Clinton Administration. complains about the fact that no one on Wall Street has ever been indicted for complicity in the recent economic implosion. Apparently he did not get the memo: the primary cause of that crisis, according to Mort Zuckerman (a well know lib, editor and CEO), was the "Affordable Housing" policies of the Big Government folks such as Obama and friends AND guys like George W Bush. Congress demanded that banks offer a specified number of high risk loans. Fannie and Freddie were used as clearing houses for these loans, taking them off the books of many banks. As a result, the final tab on the Fannie/Freddie bailout will be close to on trillion dollars.
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Not only does it hurt everybody, but it also breeds a kind of anger. I mean, so many middle-class people, lower middle-class people, working-class people, are frustrated. They are anxious, they worry about paying their bills. They see people at the very top getting away with, well, the equivalent of murder: look at what happened on Wall Street. There's not a single Wall Streeter that's actually been indicted or brought to justice after that huge implosion on Wall Street. And people get cynical and they get angry. --- Robert Reich
Anyone remember TARP?? That was our first response to the crisis and it had to do with "Toxic Asset Relief Program." Toxic Asset? That is what they call high risk loans that are no longer being funded by the homeowner, no longer making payments on their homes. TARP is proof that, once upon a time, we all knew who or what to blame. But the strategies of "class warfare" have become more important. As a result, blaming the rich and their greed has become the newly ordained culprit. Never mind that the top 1% of wage earners in this country, the uber rich, pay 40% of the total tax bill and the top 5% pay 70% of the total tax bill.
Here is a question I would like to see answered: of the many rich Democrats in Congress including Obama, Reid, Pelosi, John Kerry, the Kennedies, Chuckie Schumer, Senator Rockerfeller (yes, he is still alive and in office), and so many others which are doing their "fair share?" Seriously. And what does "fair share" actually mean?
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