In the subprime lending, mortgage kiting, mortgage-backed securities fraud, political corruption, and banking criminal collusion, we have everyone to blame, including the undereducated and naive homeowner victims. It is a shame those who made vast fortunes in this debacle are not all serving prison terms and forfeitures of their wealth. It is a shame that every politician who accepted money from the subprime lending and banking industry was not forced to resign and forfeit their government pension.
You won’t find a better researched and more readable account than Reckless Endangerment: How Outsized Ambition, Greed, And Corruption Led To Economic Armageddon by Gretchen Morgenson and Joshua Rosner.
The scary part of all this is we have no control over the corrupting influence of corporate and special interest spending through campaign support and lobbying on all functions of government in Washington. Senators, Representatives, Cabinet members, and three and four star members of the services don’t leave Washington when they retire, lose an election, or leave office, they stay to make money corrupting the government. They become Washington guerrillas, guns for hire. Charles Marlin