Dan · Joined: Jan 01, 1970 Posts: 448 Location: USA

21-03-21 1st draft.
21-04-09 edit

So is it J K Galbraith's WHO did it?

John Kenneth Galbraith beautifully explained to Congress the
How, Why, and the WHO that caused the 2010 market crash;

"On Rule of Law"
by James K. Galbraith to Congress.

"An older strand of institutional economics understood that a security is a contract in law. It can only be as good as the legal system that stands behind it. Some fraud is inevitable, but in a functioning system it must be rare. It must be considered â€“ and rightly â€“ a minor problem. If fraud “or even the perception of fraud“ comes to dominate the system, then there is no foundation for a market in the securities. They become trash. And more deeply, so do the institutions responsible for creating, rating and selling them. Including, so long as it fails to respond with appropriate force, the legal system itself.

Control frauds always fail in the end. But the failure of the firm does not mean the fraud fails: the perpetrators often walk away rich. At some point, this requires subverting, suborning or defeating the law. This is where crime and politics intersect. At its heart, therefore, the financial crisis was a breakdown in the rule of law in America.

In this situation, let me suggest, the country faces an existential threat. Either the legal system must do its work. Or the market system cannot be restored. There must be a thorough, transparent, effective, radical cleaning of the financial sector and also of those public officials who failed the public trust. The financiers must be made to feel, in their bones, the power of the law. And the public, which lives by the law, must see very clearly and unambiguously that this is the case. Thank you."

Statement by James K. Galbraith, Lloyd M. Bentsen, jr. Chair in Government/BusinessRelations, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin, before the Subcommittee on Crime, Senate Judiciary Committee, May 4, 2010

However, the Who that is actually causing this crash is not the Who described by J K Galbraith.
Those people are always with us, thieves, liars, and the power hungry.

Instead the real culprits are precisely identified in the:

The Great Donkfication
Authored by MN Gordon via EconomicPrism.com, on ZeroHedge.com

"Right here, boys! Right here! Get your cake, pie, dill pickles, and ice cream! Eat all you can!
Be a glutton! Stuff yourselves! It’s all free, boys! It’s all free! Hurry, hurry, hurry, hurry!”

– Pleasure Island voiceover, Walt Disney’s Pinocchio (1940)

This leaves only one possibility for WHO is responsible.

Look in the mirror voter, you elected these criminals, makes you a willing accessory, doesn't It?

How do we prevent this kind of event in the future?
It is time for recriminations and jail time. Pronto.