The Great Recession’s architects are acting like they’re heroes

We will never forget what these guys pulled.

We will never forget them saving Wall Street, undermining the concept of free enterprise and capitalism so that the Goldman guys wouldn’t have to sell off their mansions in the Hamptons. We will never forget the bitter cold of the winter of 2008-2009 where many cupboards suddenly became literally bare, when homes were foreclosed on, cars repossessed, while the crony class got away with blowing things up. In fact, many cronies not only got away with what they did, they prospered thanks to government connections.

Never forget. Never ever forget.

(From the New York Post)

Pardon my New York roots, but I have a real problem with the way the clowns of Washington who enabled the economy to crash and then subsequently “saved” it with our tax money are being paraded out by media sycophants on the anniversary of the “crisis” like heroes…

…So essentially, Bernanke and Geithner were the captains of the ship that oversaw and permitted banks and Fannie Mae and Freddie Mac (two government-sponsored entities) to leverage up debt to crazy levels and lend to unqualified borrowers.

This wasn’t the only thing Bernanke and Geithner enabled. It was much bigger than even the behemoths of Fannie and Freddy.*

Click here for the article.

*I interviewed the former CEO of Freddie Mac, Charles Haldeman, in front of an audience on Wall Street in 2012. He was the CEO right after the crash and left in 2011. I have to say that I was taken aback by Haldeman’s candor and his indictment of the cronyism he had witnessed. He was on a panel discussing crony capitalism and when one audience member dismissed his concerns, Haldeman corrected that audience member, the chairman of the conference, with an almost “dress down” tone. It was very interesting to watch. I wish I had a video of that exchange. 

http://www.againstcronycapitalism.org/