Paul Farrell has an excellent article on The Wall Street Website where he summarizes the Rolling Stones reporter, Matt Tabbi, who pulls no punches about who was to blame for the recent financial melt-down that wiped out the saving of many Americans. See “Four Time Bombs that will Blow up Wall Street,” March 1, 2011
“During the S&L crisis two decades ago America had a backbone, indicted 3,800 executives and bankers. Today’s leaders have no backbone. Besides jail time won’t reform the darkness consuming Wall Street’s soul. We’re all asleep, in denial about the moral crisis facing America. Yes, we need a new revolution.
“Jail time? We’ve heard that many times before. Journalists have been beating that dead horse for three years. Jailing CEOs made sense in early 2009. But our naïve president missed that opportunity, instead surrounded himself with Wall Street insiders as Bush did with Blankfein’s predecessor. Trojan Horses manipulating a Congress filled with clueless Dems mismanaging tired Keynesian theories.
“Taibbi got it right: Washington’s error was in protecting Wall Street’s billion-dollar crooks when they should have been prosecuting CEOs for criminal behavior in getting us into the 2008 mess. So today, the political statute-of-limitations has run. Jail solution is wishful thinking, like praying to the tooth fairy for a miracle. Time for action. Time for a revolution on Wall Street.”
The article can be seen in full at
The fact that this important news comes from Rolling Stones and not the mainstream media indicates part of the problem: The American public is being perpetually misled by an elite group of leading politicians, financiers, and the media. But Tibbi reports the real stuff: “Put Goldman Sachs CEO Lloyd Blankfein in jail for six months, and all this will stop, all over Wall Street and America, a former congressional aide tells Matt Taibbi in his latest Rolling Stone attack, “Why Isn’t Wall Street in Jail? Financial crooks brought down the world’s economy — but the feds are doing more to protect them than to prosecute them.”Taibbi’s right, everyone knows Wall Street’s run by a bunch of dictators who are doing more damage to democracy and capitalism than North Africa’s dictators. But jail the CEOs of Goldman, Citi, B. of A. or my old firm Morgan Stanley? Too late.”
It is incomprehensible why Obama keeps Goldman Sachs officials heading the United States Treasury Department and bails out the biggest wrong-doers on Wall Street. His administration paid out hundreds of billions of dollars to bail out the perps. Of course they were all major contributors to his campaign coffers. Why else would a Democrat, a self-described man of the people, sleep with the enemy?