"The crisis didn't occur because of something that banks did. No, it was the natural consequence of the way banks are, even today." I have absolutely no problem in believing this buffoon and clown was at the Federal Reserve, as he is either a complete liar and scoundrel, or the stupidest and most moronic feeble-brain in finance! SImply everything he spews forth is wrong! The removal of legal risk from that financial fraud known as credit derivatives? The insertion of verbiage in the WTO's Financial Services Agreement, forcing all signatory countries to open up their banks to credit derivatives and allowing their banksters to speculate? The creation of the Credit Default Swap (JPMorgan) and variants on the CDO (JPMorgan) and the lobbying on behalf of the destruction of Glass-Steagall (JPMorgan's report, "Glass-Steagall: Overdue for repeal") and the lobbying by the Wall Street investment banks for all this to take place! No accident, from the passage of the Private Securities Litigation Reform Act, to Gramm-Leach-Bliley Act, to the Commodit Futures Modernization Act (the giant loophole of loopholes) and the Telecommunications Act of 1996, allow for the super-concentration of the media so the truth would never be reported. Five Negative Stars for misinformation and disinformation from yet another former Federal Reserve stooge!
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