Benjamin Roth: The Great Depression: A Diary
It's all here, times change people don't
-the endless govt programs that fail to stimulate the private sector
-the ups and downs of the economy, the veterans pension stimulates just as the housing credit did, until of course the money runs out
-Roth is a attorney in Youngstown Ohio who kept a diary regarding the economy from 1930 until WW II breaks out, he is objective, candid, and forthright which is more than we get from Washington DC now or then
highly recommended
Robert Scheer: The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street
The former Editor of Ramparts takes on both parties and how they sold out to Wall Street that is even now partying and bonusing on their former mistakes.
Charles Gasparino: Bought and Paid For: The Unholy Alliance Between Barack Obama and Wall Street
How Wall Street Backed the Administration and Got What It Paid For
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Well watched a bit of it and found it only reinforced my understanding:
1: those at the highest levels only saw the revenue (did not understand fully where it came from).
2: that without insurance against bad debt (AIG) none of this happens
3: That all in control both in the private sector and in the government had no understanding of the exotic products and choose to remain unknowing.
4: that at the end of the day everyone burned (except the taxpayer) ignored the word "RISK" written on every investment publication.
5: lets be honest they were rolling 7 with loaded dice and when the casino could no longer cover the bets it all fell apart.
it is not illegal to gamble with investments, it is not illegal to on purpose not understand what a subsidary was selling as a product.
And the last thing: The governments ending of "Redlining" was the rock bottom causation. Redlining allowed banks and investment companys to avoid placing bad bets without having to prove why they didn't make that bet.
Posted by: cary kingsley | February 08, 2013 at 04:47 PM