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Financial news I consider important, with my opinion, which is worth as much as you paid for it.
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Sunday, October 30, 2011

Savings and loan bubble vs mortgage loan bubble

For those readers who can remember 1989, they will remember that the savings and loan bubble back then was blamed for the early 90's recession.   When the bubble popped, the prosecution began.

Even though I was barely an adult, I do remember the media coverage of the prosecutions.
Below is a street interview of Bill Black, where he recalls his part of the prosecutions in the S&L fraud, and compares it to today.  He also refers people to the blog http://neweconomicperspectives.blogspot.com/ for more information.

Although I agree with the outrage that we have entered in to large, unabated, lawless era.  I don't view it as the same outrage as most.   The protesters, Karl of the Market Ticker, are screaming Stop the looting and start the prosecuting!.

I the lack of the prosecutions, or law enforcement as a reflection of society.  The lack of law enforcement tells me the average person in government, police, and politics, do not have passion for taking the harder road and diligently enforcing the letter of the law.   It is relatively easy to prosecute a man for petty theft, violence, or assault.  It is quite another to work a case involving intricate situations with vague boundaries to make a case and prosecute to the fullest extent of the law.

The country must degrade to the point that the AVERAGE person is ACTING upon this desire.  I don't believe this will change until 51% of Americans are motivated to participate in the system, not just vote.   I fall into this category, so I am not preaching from up high.

Interesting ad-hoc video below, audio interview from earlier this year can be found here.

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