For the “It’s the Stupid Economy, Mon” chapter(s)…

And it’s going to eventually to old hero and friend Matt Taibbi:

Taibbi’s RS piece… http://www.rollingstone.com/politics/news/the-vampire-squid-tells-us-how-to-vote-20160205?page=3
(and if you go back into Rolling Stone’s archives and read Taibbi’s ongoing expose material on the “Great Recession”- probably check back to 2006 and 2007 for good backstory material- and then read everything he put out on the meltdown, bailout, recovery, etc. etc.. and you will have the best most accurate and documented account of what happened that the mainstream media and politicians were too busy saying or covering “he said she said” accounts of or reactions to the greatest economic corruption story and scandal of most of our lifetimes- and that’s saying a mouthful:
http://www.rollingstone.com/politics/news/the-vampire-squid-tells-us-how-to-vote-20160205?page=3

A long quote slash excerpt to Matt Taibbi’s linked RS essay:

But it was their fault. The crash was caused by a tiny handful of people who spent years hogging fortunes through a bluntly criminal scheme in the home lending markets. The FBI warned back in 2004 of an “epidemic” of mortgage fraud that could have an “impact as big as the S&L crisis,” but those warnings were ignored.

What the FBI was talking about back then mainly had to do with smaller local lending operations that were systematically creating risky home loans, falsifying credit applications to get unworthy borrowers into mortgages they couldn’t afford.

What they didn’t understand back then is that the impetus for that criminal activity was the willingness of massive banking institutions on Wall Street to buy up those bad loans in bulk. They created a market for those fraudulent loans, bought billions’ worth of them from local lenders, and then chopped up and resold those bad loans to pension funds, unions and other suckers.

The “village” didn’t do this. Lloyd Blankfein and his buddies did this. (Goldman just a few weeks ago reached a deal to pay a $5.1 billion settlement to cover its history of selling bad loans to unsuspecting investors, joining Bank of America, Citi, JP Morgan Chase and others).

People aren’t pissed just to be pissed. They’re mad because a tiny group of crooks on Wall Street built themselves beach houses in the Hamptons through a crude fraud scheme that decimated their retirement funds, caused property values in their neighborhoods to collapse and caused over four million people to be put in foreclosure.

And they’re particularly mad that they got asked to pay for this criminal irresponsibility with bailouts funded with their tax dollars.

What the Clintons have done by turning their political careers into a vast moneymaking enterprise, it’s not a value-neutral activity. The money isn’t just about buying influence. The money also physically moves people, from one side of an imaginary line to another.

You will never catch Bernie Sanders standing in a room as a paid guest of a bank under investigation for ripping billions off pensioners and investors, addressing the audience in the first-person plural. He doesn’t spend enough time with that kind of crowd to be so colloquial.

The Clintons meanwhile have by now taken so much money that when they stand in a room full of millionaires and billionaires, they can use the word “we” and not have it sound odd. The money has irrevocably moved them to that side of the ropeline. On that side of the line, public anger isn’t legitimate, but something to be managed and waited out, just as Lloyd suggests.

When people like Blankfein tell us they don’t take criticism personally, what they’re saying is that it’s too brainless and irrational to be taken any other way. He means to be insulting. And we should all take it that way.

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Posted in It’s the Economy, Stupid... or vice versa...

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