Our tax Dollars go down the rat hole to prop up failed institutions that engage in creative accounting rendering the whole idea of transparency laughable.
2-Years after the meltdown we still don’t have real financial reform and for the banks its business as usual.
The collusion between Wall Street and Washington DC must end or they will periodically create financial disaster as they did in the Great Depression and as they are doing so today.
Frank Portnoy provides a great lesson in modern and historical finance!
Frank Partnoy on Off-Balance Sheet Transactions (MMBM) from Roosevelt Institute on Vimeo.
Source:
Frank Portnoy | Roosevelt Institute
Hi and welcome to The Profit Motive, I’m your host Caleb Lawrence. Once upon a time in America the media acted as the watchdog of the corporations and the state. In the modern era it’s all about ratings and profits, opinion has been substituted for news and frequently is presented as fact. Much like my daily radio show on KPIG 107.5 FM in Santa Cruz California and KPYG FM 94.9 Cayucos/San Luis Obispo California. A thousand Blogs were able to spot the current problems and many began discussing it years before it reached crises proportions. While there were exceptions, and these exceptions are becoming more common, the mainstream media failed to get it and largely continue to do so.
