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View Diary: Tough Choice: If DOJ Prosecutes Wall Street, Banks Could Collapse (196 comments)

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  •  Perhaps because no one could come up (7+ / 0-)

    with a solution whereby everyday AND rich people could avoid being wiped out, because there simply isn't enough money to do that.

    "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

    by kovie on Wed Feb 06, 2013 at 04:27:43 PM PST

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    •  They could have figured it out (12+ / 0-)

      if they didn't hire people from Wall Street to make the decisions.  If they hadn't been so hell bent on rejecting any solution that came from FDR's administration.

      They need to find experts outside of Wall Street to help.  It's not impossible.

      Democratic Leaders must be very clear they stand with the working class of our country. Democrats must hold the line in demanding that deficit reduction is done fairly -- not on the backs of the elderly, the sick, children and the poor.

      by Betty Pinson on Wed Feb 06, 2013 at 04:33:17 PM PST

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    •  No, solutions abounded. Including (6+ / 0-)

      voiding all derivatives and redoing the books to reflect status quo ante.

      Basically, our politicians caved in the face of extortion. Remember the "marshall law next week" threats made to members of Congress at the time of the first bail-out?


      Markos! Not only are the Gates Not Crashed, they've fallen on us. Actual Representatives are what we urgently need, because we have almost none.

      by Jim P on Wed Feb 06, 2013 at 07:31:24 PM PST

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      •  Instead of bailing out the regular folks' (5+ / 0-)

        mortgages for an affordable amount of money, the Feds went to the other end of the lever (10 X more $? who knows) and bailed out the ridiculous bets that the major financial players made on those mortgages.

        They could've helped out millions of real people and resolved the issue, but noooo, per Rick Santelli, that meant letting a few small-fry deadbeats get away with it, and we can't tolerate that, no matter how many good people we would help otherwise! No, instead we gotta fork gigantic wads of cash over to a very few of the most materially vicious predators on the planet. That was the real bailout "tell."

        Government and laws are the agreement we all make to secure everyone's freedom.

        by Simplify on Wed Feb 06, 2013 at 10:34:37 PM PST

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      •  Exactly. The die was cast when the House caved to (3+ / 0-)
        Recommended by:
        Jim P, Ray Pensador, cynndara

        … Hank Paulson's panic campaign after initially rejecting TARP.

        The country was screwed when both prospective presidents-elect enlisted in that campaign. That ensured that regardless of who won, the incoming administration would play ball in keeping the bailout machine churning and the truth about the banks, the Fed, etc. under wraps.

        The Dutch kids' chorus Kinderen voor Kinderen wishes all the world's children freedom from hunger, ignorance, and war.

        by lotlizard on Thu Feb 07, 2013 at 03:28:59 AM PST

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    •  The people who matter the most to me don't (0+ / 0-)

      have shit in stocks or bonds or 401(k)s.

      I know that your worries about the top 10% find a lot of sympathetic ears here - most of the user base is in that bracket.

      But there is no guaranteed right to profit from the abuses of Corporate America.

      People learned that lesson in the 1930's.  It lasted about 50 years before they forgot.

      Fools who gambled in a rigged casino are going to lose money, and nearly all of them can afford to lose it.

      "I have often seen people uncivil by too much civility, and tiresome in their courtesy." Michel de Montaigne

      by JesseCW on Thu Feb 07, 2013 at 06:26:21 AM PST

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      •  There is a right to not be defrauded (0+ / 0-)

        Lots of criminal code, enforced or not, regarding that. And some of the people who matter most to me, like my mom, have their very modest investments in these securities. The majority of investors in them might be rich, but the majority of people who still have money to invest, are invested in them too, and most of them are nowhere near rich and already suffering from decreased home prices and unemployment and underemployment.

        I do not support a throw the baby out with the bathwater approach. I.e. the Andrew Mellon approach. I.e. the tea party approach.

        "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

        by kovie on Thu Feb 07, 2013 at 07:34:09 AM PST

        [ Parent ]

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