For whatever reason the press in the US is not pursuing the economic crisis caused by eviscerated regulations and every imaginable means of manipulation. The simple act of changing the term rating or grade in regards to a loan's viability to an obscure term like tranche should be a clue that someone wants to play fast and loose with the meaning. For example, telling someone a grade B egg is now a grade A egg when compared to all other grade B eggs would quickly be pointed out as ludicrous. Yet we allowed our financial sector to do just that with their primary product, investments.
We were also told by these "captains of finance" that it was consumers borrowing too much that created the financial uncertainty we are now experiencing.
But news out of England paints a less blameless picture for the financial sector when the actual borrowing rates are compared amongst private, business, and financial borrowing.
The financial sector, having burned down the economy, tried to plant the box of used matches in the hands of the public. Ordinary Britons were fingered as a major cause of the crisis due to accepting a rush of cheap credit they couldn't afford.
They glossed over the fact that the banks and building societies were the pushers of the cheap credit. And they also omitted to point out that actually it was overwhelmingly the banks - not the consumers nor the non-financial businesses - that went on a borrowing frenzy.
Why did the banks borrow so much? "Casino banking" is intended to be derogatory, but bankers probably don't realise they are supposed to feel insulted - as it couldn't be closer to the truth. Idiot sons for hundreds of years have been gambling away their family fortunes - relying on indulgent parents to bail them out. Cunning bankers have been gambling the nations money in the same way - knowing that indulgent politicians would bail them out using the taxpayer's money.
The people of the World have been robbed into poverty by financial charlatans that would make the scammers of Twain's era blush.