Witness two – Pulitzer Prize winner Gretchen Morgenson: How Outsized Ambition, Greed, And Corruption Led to Economic Armageddon:
Ms. Morgenson: “Reckless Endangerment is an economic whodunit, on an international scale. But instead of a dead body as evidence, we have trillions of dollars in investments lost around the world, millions of Americans jettisoned from their homes and fourteen million U.S. workers without jobs. Such is the nature of this particular crime….
”We found that this was a crisis that crept up on us, building almost imperceptibly over the past two decades. More disturbing, it was the result of actions taken by people at the height of power in both the public and the private sectors, people who continue, even now, to hold sway in the corridors of Washington and Wall Street.
”Reckless Endangerment is a story of what happens when unfettered risk-taking, with an eye to huge personal paydays, gains the upper hand in corporate suites and on Wall Street trading floors. It is a story of the consequences of regulators who are captured by the institutions they are charged with regulating. And it is a story of what happens when Washington decides, in its infinite wisdom, that every living, breathing citizen should own a home.
Josh and I felt compelled to write this book because we are angry that the American economy was almost wrecked by a crowd of self-interested, politically influential and arrogant people who have not been held accountable for their actions. We also believe that it is important to credit the courageous and civically-minded people who tried to warn of the impending crisis but who were run over or ignored by their celebrated adversaries.
”Familiar as we are with the ways of Wall street, neither [of us] ..was surprised that the large investment firms played such a prominent role in the debacle. But we are disturbed that so many who contributed to the mess are still in positions of power or have risen to an even higher rank. And while some architects of the crisis may no longer command center stage, they remain respected members of the business or regulatory community. The failure to hold central figures accountable for their actions sets a dangerous precedent. A system where perpetrators of such a crime are allowed to slip quietly from the scene is just plain wrong….
”analyzing the financial crisis, its origins and its framers, requires identifying powerful participants who would rather not be named. It requires identifying events that seemed meaningless when they occurred but had unintended consequences that have turned out to be integral to the outcome. It requires an unrelenting search for the facts, an ability to speak truth to power.
”Investigating the origins of the financial crisis means shedding light on exceedingly dark corners in Washington and on Wall street. Hidden in these shadows are people, places, and incidents that cab help us understand the nature of this disaster so that we can keep anything like it from happening again.
[Note: the above testimony is taken from “Reckles$ Endangerment How Outsized Ambition, Greed, And Corruption Led To Economic Armageddon”; 2011; Times Books – Henry Holt and Company. Informed readers will also know that their pleas and advise have been ignored. Knowledgeable analysts have repeatedly said this: another 2008 financial meltdown WILL occur – only when? thus illustrating this topic: the Far Right Threat to Democracy – the rich and corporations. More testimony from Morgeson and Rosner will be provided.]
With Justice For All 