Michael Esterowitz

  • commented on Pen Pal 2011-10-18 04:29:42 -0700
    The economic catastrophe was not a freak event, like a natural disaster. It was a man-made event, caused by policies pushed by Wall Street and the super-rich: stripping of regulations on our financial institutions; creation of ever more complex derivatives and other “financial instruments,” which were built on houses of sand; banks, instead of acting in their traditional conservative role of using people’s savings to provide loans to individuals and small businesses, acting like compulsive gamblers in order to maximize their profits at the cost of high risk; obscenely high and unjustified pay scales and tax policies favoring the wealthiest causing the grossly inequitable distribution of wealth in our country today. Wall Street, despite its self-serving claims that it is the engine of our economy providing investment in our job-creating industries, is really primarily just a casino that is rigged in favor of the house and its allies. After the melt-down occurred not only did nobody go to jail, nobody even apologized for their irresponsibility. All we hear are whining complains of being falsely accused, and a return to business as usual: ridiculously high bonuses, lobbyists fighting against regulation, and an immoral sense of entitlement. The only change is that it is harder to get a mortgage or small business loan— the normal role of banks. Even Goldman Sachs, when confronted with the obvious double-dealing of creating and marketing derivatives that were rigged to fail, would admit no wrong-doing (calling the duped investors “sophisticated,” as if that justified their own despicable actions) and begrudgingly paid a fine. As was once said at another time of great wrongdoing and inequity: at long last, sir, have you no shame?

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