Comments on: Pecora Commission Where Art Thou? Lessons from the Great Depression Part XXVI: Time to put the Bankers and Wall Street on Trial. “Legal chicanery and pitch darkness were the banker’s stoutest allies.” http://www.doctorhousingbubble.com/pecora-investigation-where-art-thou-finance-lessons-from-the-great-depression-wall-street-and-banks-need-trial/ How I Learned to Love Southern California and Forget the Housing Bubble Thu, 18 Mar 2010 05:30:59 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Robin Thomas http://www.doctorhousingbubble.com/pecora-investigation-where-art-thou-finance-lessons-from-the-great-depression-wall-street-and-banks-need-trial/comment-page-1/#comment-35932 Robin Thomas Fri, 01 May 2009 03:15:30 +0000 http://www.doctorhousingbubble.com/?p=1739#comment-35932 Yeah, some folks here know what's up. Read "Web of Debt" by Ellen Brown. She exposes the FED for what it is...a revenue stream of usury that buys worldwide influence... Yeah, some folks here know what’s up.
Read “Web of Debt” by Ellen Brown. She exposes the FED for what it is…a revenue stream of usury that buys worldwide influence…

]]> By: dailyreader http://www.doctorhousingbubble.com/pecora-investigation-where-art-thou-finance-lessons-from-the-great-depression-wall-street-and-banks-need-trial/comment-page-1/#comment-35923 dailyreader Wed, 29 Apr 2009 18:56:39 +0000 http://www.doctorhousingbubble.com/?p=1739#comment-35923 Thank you Doctor for sharing your knowledge! All, please research Jekyll Island and the Federal Reserve (along with Martin Armstrong & the circumstances of his incarceration). The internet has allowed us access to lots of information... if we stay mindful as we sift through it, the truth is there. http://www.frugalfun.com/jekylisland.html Thank you Doctor for sharing your knowledge!
All, please research Jekyll Island and the Federal Reserve (along with Martin Armstrong & the circumstances of his incarceration). The internet has allowed us access to lots of information… if we stay mindful as we sift through it, the truth is there.
http://www.frugalfun.com/jekylisland.html

]]> By: tazman http://www.doctorhousingbubble.com/pecora-investigation-where-art-thou-finance-lessons-from-the-great-depression-wall-street-and-banks-need-trial/comment-page-1/#comment-35921 tazman Wed, 29 Apr 2009 18:00:52 +0000 http://www.doctorhousingbubble.com/?p=1739#comment-35921 Dr. Bubble: I'm disappointed that you didn't go after the Federal Reserve and instead continue to pretend like it is just the wall st./banker crowd that is responsible. Can't you see the obvious that without the Federal Reserve price fixing (which is what it is when they set the overnight rate target), that there would be much more transparency in the market. The whole idea of overnight lending is that fellow bankers have the best feel for the financial solvency of the other banks. Without the fed price fixing, the true price of intra-bank lending would be based on the assessment of other banks. If they don't lend, you go under. Everyone in this time should read the excellent book "The Panic of 1819" to understand how government is the PROBLEM not the SOLUTION. It is available as a freebie PDF (209 pages), http://mises.org/rothbard/panic1819.pdf, or you can order the print version. Dr. Bubble:

I’m disappointed that you didn’t go after the Federal Reserve and instead continue to pretend like it is just the wall st./banker crowd that is responsible. Can’t you see the obvious that without the Federal Reserve price fixing (which is what it is when they set the overnight rate target), that there would be much more transparency in the market.

The whole idea of overnight lending is that fellow bankers have the best feel for the financial solvency of the other banks. Without the fed price fixing, the true price of intra-bank lending would be based on the assessment of other banks. If they don’t lend, you go under.

Everyone in this time should read the excellent book “The Panic of 1819″ to understand how government is the PROBLEM not the SOLUTION. It is available as a freebie PDF (209 pages), http://mises.org/rothbard/panic1819.pdf, or you can order the print version.

]]> By: blutown http://www.doctorhousingbubble.com/pecora-investigation-where-art-thou-finance-lessons-from-the-great-depression-wall-street-and-banks-need-trial/comment-page-1/#comment-35920 blutown Wed, 29 Apr 2009 17:58:17 +0000 http://www.doctorhousingbubble.com/?p=1739#comment-35920 Comrades, Here are my seven reasons why we haven't addressed this issue in a meaningful way yet (feel free to add on): 1) Big Corporations whose business model is to deceive the public and regulators into believing that they are acting on their behalf. The shining example of this is the motto "what's good for GM is good for America". This model arose out of necessity from the damage caused by the Great Depression no doubt. We've been lulled into this con like some kind of narcotic. When the drug finally wears off, we can get around to the investigations. 2) A White House that doesn't want to look back- maybe because some of the insiders (Geithner/Summers) might somehow get snared in the dragnet if this goes too deep. When Obama lets Volker out of his box, maybe we can get progress. 3) A Congress also enmeshed in the money system and more focused on posture than policy. Do you think the lobbying industry has shrunk with the rest of the economy? You'd be wrong. 4) A Justice Department that has its hands full with Crimes Against Humanity investigations such as torture and other human rights abuses as well as a potential cover up. Until the dysfunction of this department caused by the previous administration get cleaned up, they will not be able to tackle this issue on top of their workload. 5) A complex financial system that goes far beyond banking to include the insurance industry, ratings agencies and hedge funds where financial products such as derivatives are not well understood even by the MBAs who bought and sold them. 6) A complacent and uneducated public that can barely balance their own checkbooks much less understand the complexities described above. Doctor Housing Bubble of course is but one solution to enlightenment. 7) Finally, an ingrained culture of greed and imprudence. We would rather steal the future from our children for our own material benefit that provide a better life for them. If we don't reverse this one, we'll perish as a society. I'm not sure a trial or two will do the trick but it will at least demonstrate that there's a high price to be paid for one's bad deeds. Comrades,
Here are my seven reasons why we haven’t addressed this issue in a meaningful way yet (feel free to add on):
1) Big Corporations whose business model is to deceive the public and regulators into believing that they are acting on their behalf. The shining example of this is the motto “what’s good for GM is good for America”. This model arose out of necessity from the damage caused by the Great Depression no doubt. We’ve been lulled into this con like some kind of narcotic. When the drug finally wears off, we can get around to the investigations.
2) A White House that doesn’t want to look back- maybe because some of the insiders (Geithner/Summers) might somehow get snared in the dragnet if this goes too deep. When Obama lets Volker out of his box, maybe we can get progress.
3) A Congress also enmeshed in the money system and more focused on posture than policy. Do you think the lobbying industry has shrunk with the rest of the economy? You’d be wrong.
4) A Justice Department that has its hands full with Crimes Against Humanity investigations such as torture and other human rights abuses as well as a potential cover up. Until the dysfunction of this department caused by the previous administration get cleaned up, they will not be able to tackle this issue on top of their workload.
5) A complex financial system that goes far beyond banking to include the insurance industry, ratings agencies and hedge funds where financial products such as derivatives are not well understood even by the MBAs who bought and sold them.
6) A complacent and uneducated public that can barely balance their own checkbooks much less understand the complexities described above. Doctor Housing Bubble of course is but one solution to enlightenment.
7) Finally, an ingrained culture of greed and imprudence. We would rather steal the future from our children for our own material benefit that provide a better life for them. If we don’t reverse this one, we’ll perish as a society. I’m not sure a trial or two will do the trick but it will at least demonstrate that there’s a high price to be paid for one’s bad deeds.

]]> By: Spencer Janke http://www.doctorhousingbubble.com/pecora-investigation-where-art-thou-finance-lessons-from-the-great-depression-wall-street-and-banks-need-trial/comment-page-1/#comment-35918 Spencer Janke Wed, 29 Apr 2009 13:50:27 +0000 http://www.doctorhousingbubble.com/?p=1739#comment-35918 Wow so much for accountability. This was a great history lesson, things I would have never known without coming to your blog.. As simple as these points were, it is amazing that not more people throughout the country are screaming the same thing.. We all know there was a lot of decisions that led up to the current situation we find ourselves in. And I am sure many of those were done behind closed doors, to pad someone's pockets? I don't know if any of you see it, but I relate it to the rich guy down the street who doesn't really want to be a dad, and doesn't know what to do with his kids.. SO, what does he do? He throws enough money at them so they will go away. What happens 99% of the time, they all end up being dead beats and the father years later wonders what happened.. Its almost like Uncle Sam thinks if they throw enough money at it, it will go away.. ??????? Wow so much for accountability. This was a great history lesson, things I would have never known without coming to your blog.. As simple as these points were, it is amazing that not more people throughout the country are screaming the same thing.. We all know there was a lot of decisions that led up to the current situation we find ourselves in. And I am sure many of those were done behind closed doors, to pad someone’s pockets? I don’t know if any of you see it, but I relate it to the rich guy down the street who doesn’t really want to be a dad, and doesn’t know what to do with his kids.. SO, what does he do? He throws enough money at them so they will go away. What happens 99% of the time, they all end up being dead beats and the father years later wonders what happened.. Its almost like Uncle Sam thinks if they throw enough money at it, it will go away.. ???????

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