Bailouts only treat the symptom, not the CAUSE of THE disease called “FRAUD”

2010-11-09 Greenspan Admission

“Bailouts are treating the symptom, but the disease is unbridled fraud.  Many people don’t realize this because the corporate controlled mainstream media will not report on crimes of the financial elite.”

“You cannot have a thriving economy that is shrouded in fraud and mistrust.  Crimes continue to go unpunished, and mistrust is growing.  No bailout, no matter how big, will ever fix that.”      Greg Hunter

No Laws Were Broken

By Greg Hunter
USAWAtchdog.com
November 28, 2011

It looks like the EU is getting a bailout from the IMF that could be nearly $800 billion.  Gold is going straight up, and I am sure global stock markets will also surge on the bailout news.  This will not really fix what is wrong.  It will also not put an end to the chronic crisis mode Europe and the U.S. have been in for the past 3 years.  I mean, if all the global bailouts didn’t fix the problem, including $16 trillion pumped out by the Fed after the 2008 meltdown, what’s another $800 billion going to do?  The reason why things are not going to get better is that corruption is rampant and the financial system is totally broken.  Bailouts are treating the symptom, but the disease is unbridled fraud.  Many people don’t realize this because the corporate controlled mainstream media will not report on crimes of the financial elite.

Last week, I wrote a piece called “False Narrative.”  I was stunned by a comment from a guy named Jim that said, “It amazes me that you maintain the narrative of the “guilt” of private business that asked for consideration from Congress and the president and it was granted. Nobody has gone to jail because no laws were broken.”  This is the most false of the false narratives.  The 2008 meltdown is 70 times bigger than the S&L crisis of the 1980’s and early 1990’s.  Back then, more than 1,000 financial elites were convicted of felonies.

According to Professor William Black, the reason why we have “recurrent intensifying crises . . . is these epidemics of fraud from the C-Street—from the CEOs and CFOs.”  Professor Black holds duel PhD’s in economics and law, but he is not just some run-of-the-mill academic.  Professor Black is also a former bank regulator who spearheaded the cleanup of the S&L crisis.  In a speech Black gave last week, he said,

“In the Savings and Loans crisis, the inevitable National Commission said that fraud was invariably present at the typical large failure. In the Enron era, always frauds from the very top of the organization, and in this crisis the frauds came from the very top of the organization again. But what’s different in this crisis? In this crisis, the same agency that I worked with that made over 10,000 criminal referrals in a tinier crisis made zero criminal referrals. They got rid of the entire function. And so there are zero convictions of anybody in the elite ranks of Wall Street. And if they can defraud us with impunity they will cause crisis after crisis and they will produce maximum inequality. . . . And that’s why we have a crisis and it came from the very top of these organizations, and it went through—as the FHFA said in its complaint—the largest banks in the world were endemically fraudulent. It is not a few rotten apples. It is an orchard of one percenters who are rotten to the core.”      Complete article here

© Greg Hunter’s USAWatchdog

Source: http://usawatchdog.com/wall-street-fraud-eu-imf-bailout-but-no-laws-were-broken/

Related article:
Treasury Secretary Henry Paulson Tipped Off Prominent Hedge Funds Regarding Fannie Mae While Telling the US Senate and General Public a Different Story,
by Mike “Mish” Shedlock, http://globaleconomicanalysis.blogspot.com


“I have on numerous occasions made the claim that Henry Paulson is guilty of coercion and fraud. For those actions, he should be arrested and criminally tried.”
  Max Keiser

*** More articles and videos from CanadaNewsLibre HERE !

Disclaimer: The views expressed in this article and video are the sole responsibility of the author and do not necessarily reflect those of CanadaNewsLibre. The contents of this article and video are of sole responsibility of the author(s). CanadaNewsLibre will not be responsible or liable for any inaccurate or incorrect statements.

The CNL grants permission to cross-post original CanadaNewsLibre articles and videos on community internet sites as long as the text & title are not modified. The source and the author’s copyright must be displayed.

http://canadanewslibre contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.

ↄ⃝ Copyleft CanadaNewsLibre 2011

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s