What Now, America?

[Solve et Coagula]

What Now, America?

Jill Ettinger

Like most Americans, I’ve been consumed with news about the circus our financial system has become, realizing this is probably just the first act of a much bigger show. And like many, I’ll admit my extremely limited knowledge of Wall Street dealings was never much of a concern to me. Yes, I’ve read Matt Taibbi’s enlightening piece in Rolling Stone (April 2009 issue) and Jake DeSantis’ resignation letter to AIG reprinted in the New York Times. I watch The Daily Show and even caught the hilarious latest episode of South Park where Stan tries desperately to return his father’s “Margaritaville” machine all the way down the line to the Treasury Department. And while I now have a much better understanding of what actually is happening to our economy, I’m even more confused as to what I should feel about it all. If I’m angry, who exactly am I angry with? Certainly the greedy criminals who gambled with millions of people's money deserve any and all punishment that comes their way, but weren’t most of their actions perfectly legal? Should I be disappointed at a political system that bends to lobbyists and corporations that bankroll elected officials so that they can continue doing the things that they’ve done? Should I be chagrined with myself and my fellow Americans for not really paying attention to what we were allowing to happen?

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[yeti]

Quote:If I'm angry, who exactly am I angry with? Certainly the greedy criminals who gambled with millions of people's money deserve any and all punishment that comes their way, but weren't most of their actions perfectly legal?

Obviously rating sub-prime mortgage-backed securities as AAA so they can be sold to pension funds is illegal.

The entire derivatives market is unregulated, therefore legal, although it's nothing but gambling - and when you gamble other peoples' money without telling them what the risk is, you're breaking the law.

Obviously lying to Congress by saying you will take trillions in loans and use it to loan to people when in fact your are using it to pay off bad derivatives positions, acquire solvent banks, and pay yourself and cronies while loaning out nothing, is illegal.

Need I go on?