I have no interest in defending bankers; however, in the interest of considering as many facts as possible, here is an opinion contrary to the dominant one that the banks and bankers gamed the system.
The case against The Crash conspiracy theory
Last updated on Wednesday, Jul. 08, 2009 10:15AM EDT
In a column earlier this week, New York Times op-ed writer Frank Rich perfectly articulates the dominant mythology of the 2008 market meltdown. Wall Street caused The Crash, he says, by manipulating the U.S. mortgage market in so vast and so venal a fashion that Bernard Madoff's criminal Ponzi scheme was insignificant in comparison - "merely a one-off next to the esoteric (and often legal) heists by banks and bankers." These bankers, Mr. Rich says, "gamed the entire system, then took the money and ran before the bubble burst, sticking the rest of us with fear, panic and loss."
Wag the Dog
How To Conceal Massive Economic Collapse
By Ellen Brown
“I’m in show business, why come to me?”
“War is show business, that’s why we’re here.”
– “Wag the Dog” (1997 film)
16/08/08 "ICH" --- Last week, Fannie Mae and Freddie Mac had just announced record losses, and so had most reporting corporations. Unemployment was mounting, the foreclosure crisis was deepening, state budgets were in shambles, and massive bailouts were everywhere. Investors had every reason to expect the dollar and the stock market to plummet, and gold and oil to shoot up. Strangely, the Dow Jones Industrial Average gained 300 points, the dollar strengthened, and gold and oil were crushed. What happened?