Saturday, December 10, 2022

Mortgage crisis

The power of the bureaucracy has been increasing rapidly over the past 40 plus years. Back in the 1980's when the S@L scandal hit where fraudulent mortgages were running rampant the government investigated and over 1,000 bankers including 300 top executives were arrested. Fast forward to the mortgage crisis of 2008 and even though the loses were many times greater not one banker was arrested. 3,000 small fry, those who made local loans were arrested but not one Wall Streeter. Just after Obama took office in 2009 in the midst of the crisis The Fraud Enforcement and Recovery Act was passed but after a series of investigations not one Wall Street banker was arrested. Either the FBI is getting far less efficient or they are corrupt. Recent revelations concerning the Trump/Russia collusion and more recently the FBI relationship with Twitter would lean toward corrupt. When federal law enforcement departments are unable to carry out their responsibilities there is a threat to democracy.

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