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Huge banking, insurance and real estate interests played fast and loose with their industry's rules. Due diligence was discarded as old fashioned. Recklessness and irresponsibility were rewarded handsomely as hyper-greed encompassed the paper shuffling industries.
When the recklessness and irresponsibility became evident even to the irresponsible....when Lehman Bros. went down....it was too late. The poison was already working it's way through the American mortgage industry. The largest greed-IED in American history had blown up. Collateral damage was everywhere.
Going on three years later......millions of homes, jobs, and futures lost because of the recklessness, irresponsibility and greed of the banking, insurance and real estate players....and Americans still are basically clueless about what happened.
In the Financial Regulation bill passed last year, bandaids were quietly placed over the gaping wounds in our corrupted paper shuffling system, but, again, both the media and politicians (hard to tell them apart) failed to explain the what, why, when and how come of the entire episode to the American people.
As a result, on Wednesday the same man who sat down with these paper shufflers while the Financial Regulation bill was being debated, the same man who promised those shufflers that he and his political party were there to protect and defend them.......that same man becomes Speaker of the House.
Here is the guy who will oversee the introduction of all new legislation....John Boehner....from remarks he made to the American Bankers Association, March, 2010.....
"Don't let those little punk staffers take advantage of you and stand up for yourselves," Boehner said. "All of us are hearing from our friends and constituents on lack of credit, you can't get a loan, the more your government takes and taxes, the more regulations you have to comply with the more cost you have there and less amount you are going to have available to loan to customers."
Reckless and irresponsible bankster paper shufflers, 'roided up on some high potency greed which damn near destroyed the U.S. economy...and two years later the same guy who intervened the best he could to take the side of the irresponsible and reckless....becomes the Speaker of the House.
Fox viewers.....Republican voters....the most ill equipped voters of all.....had been told for two straight years that the economic collapse which began in the fall of 2008 was the government's fault. Not private Wall Street gamblers and shufflers....but the government.
In the Fox propaganda dreamscape, the economic collapse was created by a government which threatened banks and real estate agencies if they did not give mortgages to Americans who couldn't afford them.
In this phony narrative.....banksters were busily doing God's work while humming the Star-Spangled Banner when big bad government, having just offered up a fresh goat to Satan, put a gun to the heads of billionaires, and forced them to come up with complex algorithmic mortgage derivative schemes, forced them to sell credit default swaps (insurance against bets) which they could never cover, forced them to loan more than a home was worth, forced them to refuse to verify a customer's income, forced them to not appraise homes at all or over-appraise homes being sold, and forced them to offer several forms of trick and gimmick loans to customers, knowing those customers would never be able to abide by the terms.
That's what Fox viewers learned about the financial collapse....in between the implications that it was the darker skinned Americans, with ACORN's assistance naturally, who the government was helping by forcing the angelic financial industry players to do reckless and irresponsible things on their behalf.
Those viewers, all propagandized up, then went forth and voted John Boehner in as Speaker of the House. The same John Boehner who less than a year before told paper shuffling, reckless, irresponsible banksters that he and his GOP buddies would stand ready to fend off any and all new regulations of the paper shuffling-set.
To make this WTF-just-happened nightmare even worse....one of John Boehner and Co's first order of business will be to guarantee that even the timid banking reregulation bill is starved to death through a Republican refusal to fund it.
Meanwhile the real culprits in the nation's largest white collar criminal conspiracy were just awarded a continuation of low tax rates and a sincere apology from ignorant voters. An apology for the way Democrats and progressives tried to blame the paper and money shufflers for what the (Democratic) government made them do.
The hell of it is....while this was all going down.....our "leaders", both in the media and from the GOP, insisted our biggest national threat was the new socialist in the White House.