Goldman Sachs designed an investment package of subprime mortgage loans that was highly likely to fail, invested in its failure, but sold it to others as a good investment. They get caught, and by most accounts by analysts who understand these things, the record Securities and Exchange Commission (SEC) penalty of $550 million is well below the $1 Billion that was expected as a baseline for settling this fraud case. But you don't have to take the word of the analysts, the reaction of Wall Street was a sigh of relief expressed in terms of a rise in Goldman's market value that greatly exceeded the penalty amount.
This is just one example of many in which the establishment's fear of a teetering economic system has led to tepid, dishonest policy. The inability for the Washington establishment to consider a single-payer system is another example. We're told that there simply wasn't the political will, and that the insurance and other health related industries were "too strong." I suspect the real reason is that the capitalist economic system is too weak to endure a transition from the current inefficient, paper-pushing health care system to a more efficient one.
I'm sure there are many other examples.
For Your Convenience:
- Contact the Broadcast Media
- Contact the Newspapers
- Contact the US Senate
- Contact the House of Representatives
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