Letting Bankers Walk
By Paul Krugman, The New York Times
18 July 11

Ever since the current economic crisis began, it has seemed that five words sum up the central principle of United States financial policy: go easy on the bankers.

This principle was on display during the final months of the Bush administration, when a huge lifeline for the banks was made available with few strings attached. It was equally on display in the early months of the Obama administration, when President Obama reneged on his campaign pledge to “change our bankruptcy laws to make it easier for families to stay in their homes.” And the principle is still operating right now, as federal officials press state attorneys general to accept a very modest settlement from banks that engaged in abusive mortgage practices.

Why the kid-gloves treatment? Money and influence no doubt play their part; Wall Street is a huge source of campaign donations, and agencies that are supposed to regulate banks often end up serving them instead. But officials have also argued at each point of the process that letting banks off the hook serves the interests of the economy as a whole.

You can find the rest of this story at RSN and it will link to the NY Times.  

The point of this story is that it hasn’t gotten any better and it won’t as long as foreclosures continue and lawmakers bury their heads in the sand failing to tell America that they gambled away our money in a huge Wall Street Ponzi scheme.

It is important to read and comment on all these posts because they are read and there is nothing stronger than information and unity.  Together we can save America – knowledge, information and TRUTH are the best weapons we have. Remember what your grade school teacher said?  Knowledge is power.  Pass it along