Black People : NYT: Financial crisis was 'Avoidable,' inquiry finds

Discussion in 'Black People Open Forum' started by Ankhur, Jan 28, 2011.

  1. Ankhur

    Ankhur Well-Known Member MEMBER

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    Black folks across the nation ain't trying to hear this stuff

    Folks who have lost their jobs

    Folks whohave lost their homes

    Folks who have seen schools closed in their areas so their children have to go out of the district to go to school

    Folks who have seen the cost of groceries practicaly double each 3 months

    and Black folks who are wondering why, in the world would the president

    put guys like

    Daley
    who lobbied for deregulation of financial institutions and banks as chief of staff

    and someone like Gene Sperling
    in charge of Economics, a guy who worked with Ronald Rubin Rubin to destroy the safeguards that kept hedge funds, derivitives and subrpime mortgages illegal

    and in his first year appoint guys
    like Timothy Geithner,
    Ben Bernanke (twice) and Henry Paulson

    foxes, weasels and wolves sitting over the hen house



    NYT: Financial crisis was 'avoidable,' inquiry finds
    Panel's 576-page report accuses several financial institutions of greed, ineptitude

    says.
    By SEWELL CHAN
    The New York Times

    WASHINGTON - The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry.

    The commission that investigated the crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans.

    The majority report finds fault with two Fed chairmen: Alan Greenspan, who led the central bank as the housing bubble expanded, and his successor, Ben S. Bernanke.....

    Like Mr. Bernanke, Mr. Bush’s Treasury secretary, Henry M. Paulson Jr., predicted in 2007 — wrongly, it turned out — that the subprime collapse would be contained, the report notes. .....

    Timothy F. Geithner, who was president of the Federal Reserve Bank of New York during the crisis and is now the Treasury secretary, was not unscathed; the report finds that the New York Fed missed signs of trouble at Citigroup and Lehman, ........



    http://www.msnbc.msn.com/id/41268569/ns/business-the_new_york_times/
     
  2. Ankhur

    Ankhur Well-Known Member MEMBER

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    [​IMG]

    Gene Sperling with his mentor Larry Summers


    Top Negotiator of Glass-Steagall Repeal

    Sperling also served as a principal negotiator with then-Treasury Secretary Lawrence Summers in finalizing the Financial Modernization Act of 1999, also known as Gramm-Leach-Bliley Act. Gramm-Leach-Bliley repealed large portions of the depression-era Glass-Steegal Act allowing banks, securities firms and insurance companies to merge.

    http://www.sourcewatch.org/index.php?title=Gene_B._Sperling#Top_Negotiator_of_Glass-Steagall_Repeal
     
  3. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    :qqb009: and ain't nobody went to jail.......
     
  4. Ankhur

    Ankhur Well-Known Member MEMBER

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    You got that right, brother James!!!:SuN034:


    Holder busted 120 Cosa Notra from all 5 families,
    but looked over these guys

    What did Don Michael Corleone say in Godfather part III??

    "These guys are the real Mafia"


    Problem for us as Black men in the community when we try to talk some sense into the youngins going the wrong way, even they know and reply

    "Hey Gangsta thugs are running the nation so what is wrong with being one"?





    :10500:Who said we dont have it rough all the way around
     
  5. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    :qqb009: the best way to rob a bank is to own one.....
     
  6. Ankhur

    Ankhur Well-Known Member MEMBER

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    and the best way to rob African Americans isto put those bankers in the White House
     
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