In his acceptance speech for winner for best documentary at the Oscars, director Charles Ferguson said:
Three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that’s wrong.
But none of the mainstream, corporate networks covered it. Not CBS, ABC, NBC or MSNBC.
Ferguson told Reuters:
“The biggest surprise to me personally and biggest disappointment was that nobody in the Obama administration would speak with me even off the record — including people that I’ve known for many, many years,” Ferguson said backstage.
He believes Americans, who lost homes and jobs in the millions because of shady mortgage lending and bank collapses, are disappointed that “nothing has been done.”
“Unfortunately, I think that the reason is predominantly that the financial industry has become so politically powerful that it is able to inhibit the normal process of justice and law enforcement,” said Ferguson.
For background on the subversion of justice to the powers that be, see this.
Indeed, as I have repeatedly pointed out, fraud is one of the main causes of the financial crisis. See this and this.
“I realized from a very early stage that the market is a whole rigged job. There’s no chance that investors have in this market.”
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“The SEC,” he says, “looks terrible in this thing.” And he doesn’t see himself as the only guilty party on Wall Street. “It’s unbelievable, Goldman … no one has any criminal convictions. The whole new regulatory reform is a joke. The whole government is a Ponzi scheme.”
The economy cannot stabilize unless fraud is prosecuted. But the folks in D.C. seem determined to turn a blind eye to Wall Street shenanigans, and is now moving to defund the enforcement agencies like the SEC and CFTC.
And yet the large corporate media never covers this issue. An October 2009 Pew Research Center study on the coverage of the financial crisis found that the media has largely parroted what the White House and Wall Street were saying. (The mainstream media is also pro-war.)
In fact, the financial industry has become so politically powerful that it is able to inhibit the normal process of justice and law enforcement, and the American press.
That is the very definition of a fascist economic state!
ReplyDeleteI just read "The Rich and the Super Rich" by Ferdinand Lundberg, published in 1968. The most interesting thing to me is that none of this crime is even remotely new. The book reads like a present day chronicle, even though it is over 40 years old. That is, if you don't count wealth disparity, which has exploded since then.
ReplyDeleteI think that maybe the system is failing, and the cracks are starting to show to the middle class and even the upper middle class. Of course, the anxiety and hopelessness that many are feeling for the first time have been a reality for the disenfranchised for a long time.
The Internet is also a factor; millions of people now have instant access to information that has traditionally been suppressed, ignored, or quickly forgotten. Interestingly, Lundberg opined that rapid technological change might be one of the few ways that things might possibly get better.
The Department of Justice, US Supreme Court, FBI, CIA and all of the appointed Federal Judges are in the same band of criminals and they all hang together by gang loyalty.
ReplyDeleteThere is no “Free Press”. There is no accountability, no one can ask the above anything and get an answer. There is no comment or debate; they are isolated from the rest of the world by the controlled press.
Who among us can bring the Robert’s Supreme Court members and Attorney General Holder to Justice? -In what court?
please, when was the last time we had a woodward and bernstein of any reputable presence actually looking in to facts? the press is either blatantly and blindly antagonistic toward the right or blatantly and blindly sycophantic toward the left.
ReplyDeleteso i wouldn't be so quick to say the press has been silenced. as we learned from such 'journalists' as keith olbermann, they're also contributors to their favorite political party. so yeah where would there be an incentive to oust any one for wrong doing?
it's all just a game, a way of getting boondoggles for softball questions.
i refuse to say fair and balanced, as i remember when it was called 'objective,' but either way there is none of that any more.
and as much as i want to believe four people who have commented on this article can make a change or whatever, i think you're giving bloggers way too much credit, too.
so yeah. we're screwed, not just by financial institutions but by all institutions. enjoy the downward spiral.