Crime and Punishment

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I’m in Salon today.

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One thought on “Crime and Punishment

  1. peter brush

    I don’t know what happened with Walt W. I’m watching the series on library discs. Perhaps it will transpire after season 4 that I, too, will desire his punishment, or “need” justice to be done on his cabeza.

    Similarly with Jamie Dimon. I’m willing to indulge in a bit of prejudice, but before I recommend that a guy be prosecuted for a crime I want to hear more about what he did. I am particularly reluctant to aim the federal guys at anyone for fraud or deceit given the corrupt, mendacious, contemptible Holder in charge of Obama’s “Justice” operation. As to the housing finance bubble, I blame the national government’s housing policies. (Note; a federal government would have nothing to do with housing.) So, what’s up with the Whale thing?
    There is no doubt what really happened. Between 1997 and 2007, HUD’s affordable-housing policies under two administrations built an enormous mortgage bubble—nine times as large as any bubble in modern history—and when this bubble collapsed, it caused a 30%-40% decline in housing prices. This left homeowners who had limited financial resources and no equity in their houses unable to refinance or sell, causing an unprecedented number of mortgage defaults. Shocked by these numbers, investors fled mortgage-backed securities, making them useless for short-term financing by financial institutions like Lehman. The result was a panic and a financial crisis.

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