Culprits of the Subprime Mortgage Scandal still free with millions The banks found a way to make more profits at more risk. Inside Job - Academy Award Winner - Best Documentary http://www.sonyclassics.com/insidejob/ Inside Job (2010) Charles Ferguson http://www.rottentomatoes.com/m/inside_job_2010/ At the library, I browsed for films and picked up the video documentary Inside Job by Charles Ferguson. Highly informative for everybody, its an analysis of the global financial crisis, which the world is still recovering from. However, it seems the culprits, the high-rollers, big bankers, even government bureaucrats from Fanny Mae and Freddie Mac et cetera were left unaccountable; in essence they walked away with egregious salaries and bonuses that they paid themselves, while they had caused the problem of the financial crisis and were collecting bailout funds. Some might say that the bankers and investment bankers, tried to find a way to appease President Clinton who wanted houses for everybody, regardless. Initiated by President Jimmy Carter with the Community Investment Act of 1977. President George W. Bush, like his father, had little financial knowledge about derivatives and how the banks circumvented regulations. Little that there was. Both were caught up in wars. Director Charles Ferguson doesnt mention this in the documentary. Mind you, he does explain enough for the average person. Did the Bankers Do It? http://www.project-syndicate.org/co...or-the-crisis-is-bad-policy-by-raghuram-rajan "There is room in economics for grand speculation some part intuition, some part common sense, and some part ideology. If economists were to wait for careful studies before offering opinions about policy, we would never have anything timely to say. And it is certainly better to have some economic intuition guiding policy than none at all. But there is a danger that the public mistakes speculation for truth, only because of the speculators credentials and assertiveness. Studies like this one are useful in setting the record straight. More broadly, the study suggests that we should move beyond blaming the bankers. We must recognize that in the desire to broaden home ownership, essential checks and balances broke down. Households, politicians, and regulators were also complicit. As we go about the process of reform, we should bear in mind that the only thing worse than fighting the last war is fighting the wrong last war." At present theres the fiscal cliff and Obamacare. Obamas government believed that some of the banks, the culprits were too big to fail, such as Goldman Sachs. Funny thing is that there are several former Goldman Sachs employees now in government jobs and major roles. Do the banks and Wall Street own The White House, or the mortgage to it? The metaphorical one. When I read or hear about the amounts of monies, including real money, which has been thrown around, I wonder what happened to the age of integrity. Though I am questionable at times, I think I'm more honest, law-abiding, and honourable compared to the whole lot.
