IPS: How Wall Street Paid For Its Own Funeral

[marmar]

CORRUPTION-US: How Wall Street Paid For Its Own Funeral
By Marina Litvinsky


WASHINGTON, Mar 4 (IPS) - A new report says that Wall Street has only itself to blame for the misguided deregulation that led to the current deepening financial crisis.

Issued Wednesday by Essential Information and the Consumer Education Foundation, the report documents billions of dollars spent by the financial sector on what would eventually be their own downfall.

The 231-page report, "Sold Out: How Wall Street and Washington Betrayed America," shows that the financial sector invested more than 5 billion dollars on purchasing political influence in Washington over the past decade, with as many as 3,000 lobbyists winning deregulation and other policy decisions that led directly to the current financial collapse.

"The report details, step-by-step, how Washington systematically sold out to Wall Street," said Harvey Rosenfield, president of the California-based non-profit organisation Consumer Education Foundation.

"Depression-era programmes that would have prevented the financial meltdown that began last year were dismantled, and the warnings of those who foresaw disaster were drowned in an ocean of political money," he said. "Americans were betrayed, and we are paying a high price - trillions of dollars - for that betrayal." ..........(more)

The complete piece is at: http://www.ipsnews.net/news.asp?idnews=45969

[Cha]

1. And, they whined

the loudest.

[Atman]

2. Feel free to peruse my DU Journal.

I'm a fucking jamoke...just a guy with a DU account. How come I knew so much back then about what is happening now? I got ridiculed and kicked of DU's 'conservative' counterparts for suggesting that Bush was deliberately bankrupting the country. But it's clear now...look back. If I was able to predict this mess, why the hell are we paying Wall Street assholes brazillions of dollars to tell us "Garwsh, I done didn't see it a'comin!"

I'm not buying it, obviously. This isn't a crisis. It's a plan.

.

[HowHasItComeToThis]

3. ISN'T BANKRUPTING AMERICA TREASON??????????????

[DUlover2909]

5. You got kicked "off" or "of" DU's 'conservative' counterparts...

huh? I'm not understanding what you are saying. What's a "jamoke"?

[Atman]

6. Are you fucking serious?

That's all you took away from my post? A typo? Thanks for reading.

.

[DUlover2909]

7. Sorry friend. I was really wondering. I didn't understand it.

I thought jamoke was something I hadn't heard of. I wasn't making fun. Same with "of" because I wasn't aware of the forum of which you referred. I make typos all the time. I wasn't trying to be grammar nazi.

[LynnTheDem]

4. Ooooh, yet another ISSUE Hannity won't be discussing.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=385&topic_id=280666&mesg_id=280666