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March 11th, 2009
Extrapolate the details in the following article by David Noakes to the bank crisis in the US and you get a plausible explanation for a disaster whose causes so far have not been explained or even investigated.
The author blames deregulation, although that was a secondary cause in the US. In the American media, deregulation is often blamed as well but without even a hint at the supposed mechanisms by which a "lack of regulation" might have operated to bring down the banks, and particularly how this would have happened simultaneously all over the globe. Indeed keen observers outside the elitist system have pointed out plausible causes and plausible mechanisms for our banks’ failures, such as the CRA and Fanny-Freddy and the complete lack of documentation and lack of down payments required by those semi-government Democrat-managed entities for mortgage lending. Laigle’s Forum is one of the few sites that has even attempted to tackle this issue in some depth. We find that rather than just simple deregulation or lack of regulation, it was in fact over-regulation that wrought the havoc. Specifically, Clinton had strengthened the CRA, requiring banks to make $1 trillion in loans to "underserved communities." The only way to accomplish this was to force them into requiring no documentation of income and no down payment, absolutely suicidal policies. Bush, put up a meek fight, then went right along, urging a Zero Downpayment Initiative at his HUD web site in 2005.
But I have published the following article to show the striking similarity between the behavior of bankers on both our continents.
Knowing the extent of corruption among money managers, the below-described situation in the UK does not seem so far fetched a scenario for this country either.
Is there a clue in here for us? Note that managers of failed institutions here also got bonuses and exorbitant salaries, and none left in shame. No shame was shown on either side of the Atlantic and no one has apologized for bringing down Western finance and threatening the financial security of every citizen of dozens of countries. No accountability was demanded by government. And indeed, a dissident British banker was murdered for protesting the bad policies in place there (see below).
Compare this with the strong arm tactics used in the US when some banks wanted to refuse the bailout money. Wasn’t it really hush money?
Is it really plausible that the bizarre behavior witnessed in US banks would have mirrored the behavior of bankers on the other side of the Atlantic just by accident? How about the bailouts? They happened in concert all over Europe as well, over the protests of the citizenry, especially in Britain. Here, 90% of all calls to the US Congress urged lawmakers to vote against the bailout.
Click here to read complete story.
"Europe - A Dictatorship?" - It is long and I recommend you download it and read or scan when you have time.
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