"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
The Lie that Prosecuting Bank Fraud Will Destabilize the Economy Is What Is REALLY Destroying the Economy
The legal system is supposed to be the codification of our norms and beliefs, things that we need to make our system work. If the legal system is seen as exploitative, then confidence in our whole system starts eroding. And that’s really the problem that’s going on.
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With exception to the libor scandal the other articles regarding
banks that were presented here at STR are mostly about money
laundering.
Money Laundering:
Help businesses that deal with illegal Drugs instead
of legal Drugs
or businesses that are engaged in illegal arms deals instead
of legal arms deals
provide financial services to terrorist groups and dictatorial
regimes instead of assisting only freedom fighters and good allies.
Helping selfish individuals to evade Taxes and thus depriving the
state of his fair share so it can do good, build schools and hospitals
and provide poor children with warm soup and cancer medication.
Post scriptum ->
Preventing economic turmoil
Correct me, but wasnt there a government Programm in the USA that
gave a guarantee of some 630000 USD to everyone and his grandma regardless
of income and financial status quo, to get a loan to buy a house ?.
(Because it was so unfair that not everybody could have the house of
his dreams.)
Havent some of the so donated people acted like silly lottery winners,
spending the money not only for house(s), but for good life and
"clever" investments ?.
Havent many of these (again)poor people, after the crash has happened,
lost only their houses they bought with the borrowed money, but
not their other possessings like cars, income, etc ?
Was it illegal at this time for the banks to bundle these
low quality loans to "asset backed securities" and "structured
investment vehicles" and sell them on the market ?.
Has anybody been forced to buy this garbage ?.
Who has burned all the money in southern europe for
buying votes and "jumpstarting the economy"?
Should banks be punished for not granting further Loans
to economies like greece and italy without conditions ?
Are there laws against high frequency trading and
regulations on unlimited future buying and selling
of goods and securities ?
Well, maybe there should be a few regulations in this
last case.
But there arent.