The Housing Debacle Isn't Getting Any Better

http://lewrockwell.com/schiff/schiff23.html

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The Housing Boom and Bust

Reason
by Brian Doherty

05/20/09

Interview with Thomas Sowell, author of The Housing Boom and Bust. Sowell: “There are those who borrowed to buy a place to live and speculators who borrowed to speculate, and did enormously well for a number of years. Then there were people who simply don’t understand complex mortgages, particularly people who never owned a home before and whose educations were limited. But the people I would blame the most in the sense that without their interference other problems would have been within manageable means are the politicians — people in Congress and the president and regulators — who pushed the lenders and the banks and Fannie Mae and Freddie Mac into lending and buying mortgages based on people who didn’t meet standards that evolved in the marketplace and which had worked...

http://www.reason.com/news/show/133593.html



Ford, Goldman Sachs, the SEC, and the “new” Wall Street

LewRockwell.Com
by Eric Englund

05/21/09

Wall Street wants to regain your trust. Mutual fund managers, stockbrokers, Wall Street executives, and the Securities and Exchange Commission (SEC) want Americans to keep the faith that buying and holding stocks, for the long term, is a key to building personal wealth. This is a tough sell considering Americans have watched their 401(k)s become 201(k)s. Not to worry says the laughable SEC, they’ve got your back covered. Here is what is stated in the SEC’s 2008 Annual Report: ‘Today, as more and more investors turn to the markets to help secure their futures, pay for homes, and send children to college, our investor protection mission is more important than ever. And as the nation’s securities exchanges mature into global for-profit competitors, there is even greater need for sound market regulation.’ Of course, this is nothing but hot air from a worthless bureaucracy. If the SEC was going to help Wall Street turn over a new leaf, it would immediately investigate why Goldman Sachs recently issued a ‘buy’ recommendation regarding Ford Motor Company’s common stock. I promise this investigation will not transpire as the Wall Street banksters are in control and will continue to rip off anybody foolish enough to trust them...

http://lewrockwell.com/englund/englund53.html



Going after the perps of the housing bubble

The American Prospect
by Tim Fernholz

05/20/09

Talk to almost anyone about the financial crisis — or at least anyone who doesn’t work in the financial sector — and sooner or later you’ll hear it: ‘How come nobody’s in jail for this stuff yet?’ It’s not an absurd question. Most people recall the criminal charges associated with the Enron and WorldCom frauds a decade ago. Already, investigators of our current crisis have been able to determine that fraud was rampant in the sub-prime mortgage bubble that catalyzed the current recession. But we still haven’t seen major charges of white-collar crime...

http://tinyurl.com/qvpak8


Informant: Thomas L. Knapp



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