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Blaming all the president’s men

Journalist Ron Suskind's scintillating account of chaos and dissent in Obama's White House would be better if he had shaken off his teenage habit of blaming everything on Wall Street.

Read my review of Confidence Men, in the spiked review of books, here.

One Response to “Blaming all the president’s men” Leave a reply ›

  • The problem with your problem with Suskind is that you completely fail to consider the utter theft and fraud that Wall Street investment banks committed when they schemed to pump up housing prices only to dump the market later. In the cycle, they made trillions. Unfortunately for homeowners who were duped into thinking their homes were worth twice what was reality, a bloated mortgage based on false pretenses has to be paid. Many millions are opting for foreclosure as a result, or forced into it anyway. Everyone else is a virtual prisoner in their home because they cannot sell it for anything near what is owed. Suicides and bad health outcomes have also been a result of this horrendous swindle.

    It was the banks that chose to flood money into the market by selling crap MBS investments to an unsuspecting investor class. Don't believe me? Just look at all the investor lawsuits against banks over this, heck look at all the governmental lawsuits against the banks over the same. Of course, the banks will settle before trial for pennies on the dollars that were actually pilfered from these folks, which are you and me and our pensions. Still, the housing market values took off as was the intended effect of all this ill-gotten liquidity.

    Of course, loading up on credit default swaps in the billions right before the banks torpedoed the housing market by bringing down Bear Stearns was quite profitable to the banks. Yet, it added more trillions to our national debt which taxpayers(homeowners in general) have to pay off themselves. This occurred thanks to the federal bailouts that were ushered in by the likes of Hank Paulson, Treasury Secretary at the time and also former vampire squid blood-sucking CEO of Goldman Sachs. How convenient that his bailout plan allowed for a 100 cent on the dollar payout of those credit default swaps, Goldman Sachs being the single largest payee.

    If you don't think this stinks to high heaven and that Wall Street is responsible, you need to have your head examined.

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