Pecora Hearings a Model for Financial Crisis Investigation

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Historically, the for-profit capitalist system creates Booms & Busts, all planned long before they hit victims & wreck our lives. When presidents, their appointees & judges attack "socialism," it's proof they're setting up the next Bust. When anything is subsidized by taxes, it's a socialistic project. Our military is 100 % socialist. It's in "public ownership." When you see the phrase "privatization," that means investors bought assets created by taxpayers. In a way, California's Land Grant Colleges, created & staffed with taxes, were privatized when Gov. Reagan automatically became a regent. He & other regents who prefer church schools, imposed tuition. His banker pals made student loans. Fewer people went to college. He took tax-created assets of taxpayers & diverted them to private use. The current Bust made me lose 80% of the value of stocks I own. The Enron mess, caused by insiders, made employees lose money they need for retirement. Some will be forced to use welfare -meaning taxpayers subsidize the Enron criminal acts. Don't be scared into fearing public ownership Socialism.

auradawn veirs of CA 5:50PM October 08, 2009

about the smallest lady and the richest man is a parable for why you will only get meaningful reforms of anything by stunt and by accident.
The "traditional" investigators are always in somebody's pocket if they are appointed by Republicans---and sometimes even if appointed by Democrats. (That's why they get appointed.)
You're only lucky you even have Obama's folks willing to ask any questions at all at this time. Bush's wouldn't have and Huckabee's, Romney's or Palin's won't---if you go down that path.
As for the guy below who thinks it's all the fault of Acorn? Well, he's from Texas----that explains his position.

Muser of NM 1:59PM September 30, 2009

When looking for the answers tothe emltdown, I hope they will investigate members of Congress (i.e. arney Frank, Chris Dodd, nancy Polosie) who reported that Fannie may and Freddie Mac were doing just fine as Senator McCain and others pointed out the handwriting on the wall.
Entitlement programs should not be measured successful for the amount of money they hand out. There should be a follow up (3-5 years?) to see how many peole they actually helped get out of poverty. Results count!
When you loan money to people who can'a afford to pay it back, your in trouble. When you loan 100% of value, the people are tennants/renters, not homeowners. Nothing wrong with being a renter and you can walk away from it at the end of the lease no problem.
It may be interesting to investigate how groups like ACORN shamed lending institution and Federal officials into bending the rules to let unqualified applicants get loans.it's water under the bridge, but let's not let emotions cloud business decissions when handing out other peoples' money.

rlcardo55 of TX 1:28PM September 30, 2009

Its time to clean house. The same fools with there hands out are the same ones that got us in this mess and now scream bloody murder at any changes so they cant fleece us again.

ron g of CA 5:32PM September 29, 2009

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Pecora Hearings a Model for Financial Crisis Investigation

Reader Comments Back to article

Reader Comments
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