The gov set in motion the end of this country when they repealed the Glass-Seagall Act in 1999 which kept commercial banks and investment banks separated.
The deregulation of the derivatives market followed. Soon fraud ran rampant and debt was leveraged to unreal levels.
Mortgage securitization was used to spread Wall Streets fraudulent "securities" around the world. Securitization allowed lenders to to issue mortgages for fees and sell the mortgages to third parties removing the risk of default from the lenders who then became less concerned about whether they could be paid back.
They then classified these mortgages into 3 groups AAA, B and high risk. The AA were picked up quickly by institutional investors and pension funds. The hedge funds picked up the high risk because of the larger returns due to risk. the B rated were harder to sell so they were again reclassified into the 3 groups again and the process was repeated again till they had fraudulently reclassified all the mortgages into sellable ratings.
But it gets worse. They paid the rating agencis to come up with they ratings they wanted.
With everyone focused on short term gains and the hedge funds with no intention to hold the high risks for long the fees to the ratings agencies continued so that they were able to sell off to other places that (Cyprus for one) who believed the ratings were valid. Thus creating the toxic waste.
Then another brilliant idea came into play that they could insure these mortgages (Jack Lew, Obamas secretary of Treasury, got rich betting against Americans being able to pay their mortgages) thus AIG got into the game and named it a credit default swap. It wasn't actually insurance since AIG didn't have to put aside any funds to cover any losses.
The mortgages became litered with subprime rate derivatives leveraging more money that was not covered. AIG was collecting fees for bets they could not cover basically to short sellers for a fee.
Short sellers borrowed from AIG the companies that they had inside info were going to have decreases in stock prices then sells them, waits for them to fall buys them back to give back to AIG and pocketed the difference.
Goldman Sachs being a big player in the game with their buys of the swaps tumbled rapidly when the housing market bottom dropped out. Thus TARP tax payer bail outs.
There was enormous proof of fraud and criminal acts , nothing was done and the casino system continues at a much grander scale.
Goldman Sachs response to the loses suffered by the American people was......Lord Griffin: "the public must learn to tolerate the inequality as a way to achieve greater prosperity for all"
Thus the saying "let them eat cake being attached to the TBTF f'ing that the American people took.
Nothing has changed and the same people have advanced in their positions in the Obama admin to take more control and mess up more of our economy to benefit the 1%.

And sadly, on top of it all, the UNITED STATES INCORPORATED ( that's right, the United States is a corporation not a country ) is worth about $110 TRILLION and yet all we hear about is the DEBT side of the game in WASHINGTON, DISTRICT OF CRIMINALS. More TAX, more TAX, more TAX. In fact, now California - at the hands of a socialist regime for years - is referred to as TAXIFORNIA, and is well known for penalizing the wealthy to provide for the socialist environment there.

A prominent financial analyst wrote on this years ago, 2005 I think, that for one third ( 1/3 ) of what the Obamster administration blew on the big bank bailout such as TARP, the players in Washington COULD have written a check to ALL citizens over 55 that have worked for 30 years for the CORPORATION ( YA NEED TO GET THAT ONE THROUGH YOUR HEAD ) for the amount of $1.6 Million each, also put $892,912 into every Social Security account for ALL citizens over 62, also paid off every mortgage with a balance of $100,000 or less that the homeowner was struggling financially - does this begin to show the true amount that the Obama administration just wasted to bail out his big bankster buddies.?? ALL THAT could have been done and still not spent $700 BILLION..!!

Another fact that is starting to come out is if Obamster was to be tried and convicted of all the fraud and perjury he has committed his jail term would extend well into the next century. To all the liberals out there, when you break the back of the working people, who do you think is going to pay the taxes to provide your socialist agenda. You like Pelosi, Ried, King, Obama, Feinstein..?? You who pigs who suck at the public trough, when the final stage is set, don't forget, you live in this country too. And all your millions and all your bodygaurds, and all your gains won't protect you.. Like I said, you live here too. Might want to wake up to that.

There are some in this country who are just waiting for the right time, as was done in Carson City NV, where 13 federal judges, IRS agents, and federal marshals were found eliminated - execution style - in the desert east of Carson City, to make an example of the rest of the pack. And all your badges and all your laws aren't going to stop what happens, and you will never find out who did it.

I do not disagree with what you said. My remark to you was unfair. It was unfair because I was asking you to go the next step with the issue. A step that I or no one seems to want to take.

It has been said over & over again & nothing really has or will come of it unless some one is going to be charged with a crime.

Then it would be set down in a time line & facts collected.

Do you see that happening? I don't.

If a time line of dates was put in place one can have a better picture of who did what when, Then where to place the blame.

Are you going to do that? I will not waste my time doing it.
Nor dose there seem to be any firm action being planed to do that.

Most of us are playing against a stacked deck. I have lived with that & found a little corner that I can live in.

There are many on this forum that feel that what helps the 1% is just fine.

There is a lot of pointing of fingers to where there are problems. But no agreement as to just what causes the problems, nor the steps that need to be taken to solve them.

If a small group like we have on this forum can not come to an agreement as to what the real reasons behind our problems are we will have little hope in making things better.

Any how have a nice day.

I do not disagree with what you said. My remark to you was unfair. It was unfair because I was asking you to go the next step with the issue. A step that I or no one seems to want to take.

It has been said over & over again & nothing really has or will come of it unless some one is going to be charged with a crime.

Then it would be set down in a time line & facts collected.

Do you see that happening? I don't.

If a time line of dates was put in place one can have a better picture of who did what when, Then where to place the blame.

Are you going to do that? I will not waste my time doing it.
Nor dose there seem to be any firm action being planed to do that.

Most of us are playing against a stacked deck. I have lived with that & found a little corner that I can live in.

There are many on this forum that feel that what helps the 1% is just fine.

There is a lot of pointing of fingers to where there are problems. But no agreement as to just what causes the problems, nor the steps that need to be taken to solve them.

If a small group like we have on this forum can not come to an agreement as to what the real reasons behind our problems are we will have little hope in making things better.

Any how have a nice day.