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In reply to the discussion: American State of the Union: A Festival of Lies [View all]Octafish
(55,745 posts)The system was pioneered in the Savings & Loan rip-offs of the 1980s and 90s: Crooks working inside the S&L institutions would loot the money, legally, by "lending" it to crooks who applied for loans or offered "investments." When the money couldn't be repaid, the FSLIC would back up the missing funds. It cost a $1 trillion dollars to fix.
Know your BFEE: They Looted Your Nations S&Ls for Power and Profit
Fast forward to 2008: Crooks working inside the Banks would loot the money, legally, by "lending" it to crooks who applied for loans or offered "investments." When the money couldn't be repaid, the FDIC would back up the missing funds. It cost a $16 trillion dollars to fix.
Know your BFEE: Goldmine Sacked or The Best Way to Rob a Bank Is to Own One
What kept the banks from acting like a drunk in a casino and the crooks from getting all the money sooner? Regulation from the New Deal, the Glass-Steagall Act.
Who protects their get-away? A federal smoke screen.
All this is old news to you and William K. Black, hay rick. Thanks, again, for caring!
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