Post-Iowa and New Hampshire, articles abound regarding populist anger. I am particularly interested in fostering awareness of the strangling hold that a very few hold over so very many. I would particularly like to address the way the rigged system has led us to a place where the American middle class consumer cannot obtain justice but that is a topic for a different day.
Instead, I present for your reading pleasure links and snippets from other people’s articles (you’re welcome):
In the age of all-American anger: Bernie Sanders, “The Big Short” & a nation that’s had it up to here, by Edwin Lyngar, Salon Magazine, Feb. 8, 2016:
The biggest financial crime of my lifetime, the financial collapse of 2008, is a historic injustice that has gone unpunished. The people who caused it also profited from it. . . .
The housing collapse and subsequent bailout of Wall Street was a graft of Biblical proportions . . . Trillions were spent bailing out banks, eventually making the financial class even wealthier, while the rest of us suffered job losses, declining asset prices and a reversal of hard fought fortunes. There was no reckoning for the kleptocracy.
Conservatives and liberals often agree about the stupidity and injustice of bailing out Wall Street, while leaving the rest of us hanging, but conventional politicians on both sides of the aisle have done nothing to rectify this historic wrong.. . .
I’m not even angry about the stupidity and graft of the bloated housing market, but I am furious over what happened afterward.. . .
To add insult, homeowners and regular people were often blamed for a broken system by a fact-free conservative press. In the end, no one paid the price for systemic fraud, and banks were handed billions in free money that they lent back to regular people at 12 percent interest.
Hillary Clinton’s political machine has been busted — thanks to Bernie Sanders and Elizabeth Warren, by H.A. Goodman, Salon Magazine, Feb. 9, 2016
The Vampire Squid Tells Us How to Vote, by Matt Taibbi, Rolling Stone, Feb. 5, 2016
In her speech, Hillary’s we included the executives in her audience. Her message was basically that It Takes a Village to create a financial crisis. This was the Robin Williams breakthrough scene in Good Will Hunting, with Hillary putting a hand on the Goldmanites’ shoulders, telling them, “It’s not your fault. It’s not your fault.”
But it was their fault. The crash was caused by a tiny handful of people who spent years hogging fortunes through a bluntly criminal scheme in the home lending markets.
. . .
. . .[T]he impetus for that criminal activity was the willingness of massive banking institutions on Wall Street to buy up those bad loans in bulk. They created a market for those fraudulent loans, bought billions’ worth of them from local lenders, and then chopped up and resold those bad loans to pension funds, unions and other suckers.
The “village” didn’t do this. Lloyd Blankfein and his buddies did this. (Goldman just a few weeks ago reached a deal to pay a $5.1 billion settlement to cover its history of selling bad loans to unsuspecting investors, joining Bank of America, Citi, JP Morgan Chase and others).
People aren’t pissed just to be pissed. They’re mad because a tiny group of crooks on Wall Street built themselves beach houses in the Hamptons through a crude fraud scheme that decimated their retirement funds, caused property values in their neighborhoods to collapse and caused over four million people to be put in foreclosure.
And they’re particularly mad that they got asked to pay for this criminal irresponsibility with bailouts funded with their tax dollars.
Hillary Helps a Bank—and Then It Funnels Millions to the Clintons, by CONOR FRIEDERSDORF, the Atlantic, July 31, 2015.