Yana Usdi

It won't happen real soon, but from what I'm seeing in the news we will have another financial collapse and probably sooner rather than later. It took a couple of decades between the savings and loan collapse back in the 80s and this one now, I'm betting maybe half the time and we'll be back here again. The reasons are simple but the solutions a bit harder to come by

I'll use Goldman Sachs as an example. The revolving door is a big part of the problem, it applies to other financial corps and to pharmaceutical ones and others as well. But for Goldman Sachs the revolving door between them and government looks something like this.

Goldman Sachs Revolving Door Graphic

A brief article on the double dealing of Goldman Sachs when it came to the housing market, even as they were reducing their liability in expectation of a collapsing housing market they were still selling it to the rest of us as an investment. They knew what they were doing all along, it wasn't an accident.

McClatchy Busts Goldman on Double Dealing | ePluribus Media

At the bottom of the article are several more links for articles and information on the subject, including the graphic I linked above, they are worth a look as well.

Ok, that's the past and how we got here, so how's it looking for reform? Not good. We blew right by our window for reform when the public and parts of Wall Street admitted that what we had been doing didn't work, we should have changed things then when frustration was high and the corps that caused all of this in need of bailouts and on the defense. But we didn't.

Now not only is that window gone but we're actually trying to solidify our current approach, the same approach we used in the savings and loan fiasco, of privatizing profits but socializing losses. We took the hit decades ago, we took it again recently, and they are setting us up to take the next hit as well. Next time maybe without even the congressional debate, but by fiat, just on the say so of those in charge at the time.

Truthdig - Reports - TARP on Steroids

The last few decades have seen the biggest transfer of wealth from the middle and the bottom to the top that we've seen since the days of the robber barons. It isn't happening by honest competition and free markets, but by manipulation of the system and transfer of power and wealth through fraud and the power of government. And it's been happening under both parties. I'll skip other aspects for now and leave it at this but if we want to get out of this mess neither party as they now stand is the answer because in the end they both serve the same master. The dollar and the power that enough of them represents to them. If we want to skip the next round of this mess we've got to make some changes. Now.

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