Who’s to Blame: Washington or Wall Street?

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Berenson: I think we would all agree that Wall Street has set the conditions of its own regulation in the last 15 years. And then it falls on the people in that industry to act like adults, which they did not do.

Minow: I think there's a lot of blame to go around, but when [former Fed chairman] Paul Volcker says that he does not understand the derivative securities, then it seems to me we should have a Paul Volcker rule, that if Paul Volcker does not understand it you should not be able to sell it.

Ferguson: From the very inception of the United States there was a profound tension between Washington and New York. Alexander Hamilton's vision of the United States as a financial power was not shared by all the Founding Fathers. We need to see this as part of a long argument within American political culture, about how powerful should New York be, and I think what's happened in the last 10 years is that New York did get the upper hand. And I think the rest of the country is ready for a backlash.

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Posted By: basiclloyd @ 07/01/2009 5:35:20 PM

the parable for greed goes something like this,(and i"m not to far off) Its harder for a rich man to recive GOD"s graces, than it is for a camel to pas thru the eye of a sewing needle
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Posted By: TheReason @ 05/09/2009 3:24:27 PM

The politicians are not the ones in power people. It is the banks or i should say the Federal Reserve

This story really kills me. And you have a PRIVATELY owned bank like the Federal Reserve who cannot track or explain where 9 trillion dollars went?

Why hasn't ANYBODY audited the PRIVATELY owned Federal Reserve? They are owned privately just like Wells Fargo. Why was the Federal Reserve not in the stress test?

Where is the missing 9 TRILLION dollars?

http://therealnews.com/t/index.php?option=com_seyret&Itemid=91&task=videodirectlink&id=1389

Here is video of one senate meeting you wont find in the media because this information would cause hysteria.

I used to laugh at these black helicoptor people. I am not laughing anymore.
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Posted By: Tan Boon Tee @ 03/29/2009 11:12:31 PM

Do not blame any person or institution. It is the system that has gone wildly astray.

For instance, there have been indicators that mergers of oil companies seem to be on the move in this difficult time.

One of the causes of the current crisis has been in no small measure due to the maddening increase of mergers and buying of smaller companies by the bigger solvent cartels. And when these giants get too huge, they get nasty and out of control, likely to result in massive fraudulence and embezzlement.

State-owned firms are endowed with colossal sum of money. By having incessant acquisitions, they help to create monstrous monopolies. And that will be the curse of the poor.
(Tan Boon Tee)