March 20, 2009

What can you say about a nation that cannot or will not enforce its laws?


Rule of law. Or anarchy. America under George Bush and Alberto Gonzalez chose anarchy. Barack Obama and Eric Holder so far have done sh*t.

We'll know in the next few weeks how it's gonna be.

Anarchy?

Or recovery?

Which will it be?



FBI saw mortgage fraud early

The FBI was aware for years of "pervasive and growing" fraud in the mortgage industry that eventually contributed to America's financial meltdown, but did not take definitive action to stop it.

"It is clear that we had good intelligence on the mortgage-fraud schemes, the corrupt attorneys, the corrupt appraisers, the insider schemes," said a recently retired, high FBI official. Another retired top FBI official confirmed that such intelligence went back to 2002.

The problem, according to the two FBI retirees and several other current and former bureau colleagues, is that the bureau was stretched so thin that no one noticed when those lenders began packaging bad mortgages into bad securities.

"We knew that the mortgage-brokerage industry was corrupt," the first of the retired FBI officials told the Seattle P-I. "Where we would have gotten a sense of what was really going on was the point where the mortgage was sold knowing that it was a piece of dung and it would be turned into a security. But the agents with the expertise had been diverted to counterterrorism."

31 comments:

Afterthought said...

The Shadow Government's laws are being enforced.

The Government You See doesn't mean squat.

kuato said...

Anarchy worked fine while the sheeple had jobs. Munching popcorn.

Anonymous said...

Afterthought said...
The Shadow Government's laws are being enforced.

The Government You See doesn't mean squat.
------------
It sure seems that way. Seems like a different entity is in control.

Anonymous said...

blatant selective enforcement of the laws will result in a revolution.


there have been very few peaceful revolutions.

Anonymous said...

basically we are bought off. many of the sheep think they are free men and women and do not want to talk about real ideas and real events that are happening in our lives. they would rather just go along to get along. well soon, this will not be good enough. soon, they will have reality thrown right in their faces. this will truely be something to see too.

Anonymous said...

"It sure seems that way. Seems like a different entity is in control."

Yep.
It seems like BO is a bad actor in a very shitty play.

But, hey, I might just be in a pissy mood because I just watched a gaggle of CNBC actors pushing the iphone for 10?+ minutes. Made me sick to my stomach.

We're seriously f'cked up.
Really bad.
Down to the core.

Mitesh Damania said...

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=227162

George A. Akerlof
University of California, Berkeley; National Bureau of Economic Research (NBER)

Paul M. Romer
Stanford Graduate School of Business; National Bureau of Economic Research (NBER)

Abstract:
During the 1980s, a number of unusual financial crises occurred. In Chile, for example, the financial sector collapsed, leaving the government with responsibility for extensive foreign debts. In the United States, large numbers of government-insured savings and loans became insolvent - and the government picked up the tab. In Dallas, Texas, real estate prices and construction continued to boom even after vacancies had skyrocketed, and the suffered a dramatic collapse. Also in the United States, the junk bond market, which fueled the takeover wave, had a similar boom and bust.

In this paper, we use simple theory and direct evidence to highlight a common thread that runs through these four episodes. The theory suggests that this common thread may be relevant to other cases in which countries took on excessive foreign debt, governments had to bail out insolvent financial institutions, real estate prices increased dramatically and then fell, or new financial markets experienced a boom and bust. We describe the evidence, however, only for the cases of financial crisis in Chile, the thrift crisis in the United States, Dallas real estate and thrifts, and junk bonds.

Our theoretical analysis shows that an economic underground can come to life if firms have an incentive to go broke for profit at society’s expense (to loot) instead of to go for broke (to gamble on success). Bankruptcy for profit will occur if poor accounting, lax regulation, or low penalties for abuse give owners an incentive to pay themselves more than their firms are worth and then default on their debt obligations.

Working Paper Series, April 1994

Mitesh Damania said...

Tour of Alex Jones's office:

http://www.youtube.com/watch?v=zZ37TdzsH0s

Anonymous said...

Oh crap -- Obama on Late Night with Jay Leno, Leno just asked if some of the people who got big bonuses shouldn't go to jail. A S&A type question on Leno? Are the sheeple starting to realize that all is not well?

Anonymous said...

Is There an Antidote to the Republican Amnesia?

"...in the years 1995 to 2006 I personally possessed supernatural powers which enabled me to force mighty Republican leaders to do my bidding...

...The Republicans can claim some supposed successes despite my awesome power. In 1999 they passed the Gramm-Leach-Bliley Act, which overturned a Depression-era law preventing commercial banks from acting like investment banks. In 2000, they passed another bill[CFMA] which loosened regulation of derivative markets. I voted against these bills...

...many federal agencies turned a blind eye to activities which would later precipitate the global financial meltdown..."

Anonymous said...

.


This is the question that has needed to be asked for years!

Where the hell is the outrage the shame the punishment the persecution?

Self governing A**HOLES!
.

Anonymous said...

kinda like Oprah being left in charge of guarding the buffet!

RICO said...

"... the agents with the expertise had been diverted to counterterrorism."

This is a HUGE issue that needs to be forced into mainstream media.

These misallocations of law enforcement and other regulatory personnel combined with a massive realignment of agency priorities lies at the heart of this crisis.

This was an INTENTIONAL act of malfeasance perpetrated by the Bush Administration and its political appointees to undercut traditional oversight and enforcement standards.

This was not about national security concerns.

It was an act of maalfeasance to appease a financial services/REIC agenda.

Anonymous said...

The only way fat ass ,selfish ,ignorant ,over indulged americans will riot or protest is if you take away their porn or ban homosexuality. then the people will find their voice and rise up in righteous indignation..
You deserve all that is coming ! IDIOTS

Anonymous said...

It's not anarchy since laws are still being enforced except for a specific elite class of people who don't have to obey these laws, pay their taxes, etc.

Wat you are describing is best defined as a tyranny.

Mr.X

Anonymous said...

The dogs weren't guarding the chicken coop because Bushcorp sent them on a wild goose chase.

Anonymous said...

"...an INTENTIONAL act of malfeasance..."

Yep. We can scarcely imagine all the angles used under this new boondoggle.

9/11 was a criminal act, perpetrated by people who died committing it. We couldn't admit that they got away with it.

Instead we decide to fight hornets with howitzers, and wail like schoolgirls that they won't mass in an open field and hold still for it.

Meanwhile; it's an absolute fEsTiVaL oF emBezZleMeNt aNd CoRruPtIoN, while we celebrate cracking down on chicken-scratch like Martha Stewart and Duke Cunningham, and silence people like Spitzer, Palfrey, Gary Webb...

Anonymous said...

Huh. Guess I was right in 1999 when I grudgingly bought a house despite thinking we were already in a bubble.

Anonymous said...

Police in Leesburg are looking for an illegal Salvadoran immigrant who is wanted for sexually assaulting a 5 year old girl...Centeno, 6-ft-1, 220lbs, may be riding a blue bicycle.

In other news, Hispanic Gang violence is on the rise in Montgomery County ...an illegal MS13 gang member and illegal immigrant is accused of shooting up a Montgomery County bus ... Brad Botwin, founder of the anti-illegal immigrant group, Help Save Maryland, said it was no surprise to learn that gang related violence was increasing [as a result of the County's status as a sanctuary for illegals] ... "What a shock, I am falling out of my chair," said Botwin [sarcastically].

Anonymous said...

"What can you say about a nation that cannot or will not enforce its laws?"

What a country!

patrat said...

Why don't they go after MS13? I just love the attention given to that group and apparently nothing being done about it. To me, gangs and all their influence due to the media hype given to them, contribute in a big way to the problems in this country, including the real estate one.

Anonymous said...

Nope, they're too busy going after 12-year olds who download a song from the Internet. For that they kick doors down, bring the Swat team, laser sights, black ops and $hit. Danger! Danger! Kids are downloading a few TV programs from the Internet to watch after school! Meanwhile, trillions are being robbed under their noses by professional crooks on and scamers.

Anonymous said...

.




SORRY WORLD, WE SISSY AMERICANS ONLY RIOT FOR GAY MARRIAGE NOW. DON'T EXPECT MUCH FROM US, ONLY NICE HAIRCUTS AND WELL DECORATED AMBIANCES. BUT CAREFUL, IF YOU TRY TO INVADE US, WE'LL BEAT YOU TO DEATH WITH OUR NEON COLOR FEATHER BOAS.



.

Anonymous said...

Countrywide sues AIG; AIG Sues Countrywide!

"Quite some time ago I said that I wished there was a way to go long lawyers, because this entire mess would be the lawyer's full employment act for the next decade."

Anonymous said...

I once drove to the grocery store without my seatbelt fastened. I am so guilty I cant bear it. Signing off now--going to turn myself in.

Anonymous said...

Enforce the laws? Like our immigration laws? Why, that's unAmerican. Just ask super bitch Nancy Pelosi.

Singular said...

Then it is a nation that is at the end of its cycle. Without principles, it becomes an anarchical state. People talk a lot about Zimbabwe, but the US is not much different to Zimbabwe. Zimbabwe may have a better future ironically. Zimbabwe is racially homogenous, rich in natural resources and is small enough to be governable. The US is heterogenous racially, consists of 300 million people and is reaching the point where sustainable self-supporting living is unattainable. The best outcome is for the US to break up into small states, like another Europe.

Brandine said...

There will be no revolt until enough people have lost enough. Until enough people get hungry or too uncomfortable. Until enough people have nothing else to lose.

Wind Farmer said...

Letting the Mexicans in and letting them stay is like a slow-simmering pot. The government will turn the Mexicans into the equivalent of the Jews in Europe circa 1930. We're watching the escalating gang violence on our shared border. Soon, we'll turn on them, cross the border into Mexico, take them over and take their oil.

Maybe those Homeland Security "Camps" are for them? Maybe this explains why the government is doing nothing, for now.

How's my tin foil hat working?

Anonymous said...

Anon is correct about "music piracy". Stopping 12 year old kids sharing an mp3 or two is rated several steps higher on the list of national priorities at fbi.gov website that white collar crime or public corruption.

Brian Miller said...

What's up with the anonymous homophobic fuckwittery?

Is there anything the lunatic fringe won't blame on the queers?

I mean, 95% of the management of these criminal enterprises were straight white guys... must be the gays' fault.