Cleaning out "mybarackobama.com" blog, I came across this piece I wrote in October, decided to repost here. Considering Wall Street's Maddoff and others now being exposed, I am taking the President at his word:
if compelling evidence comes forth, no one is above the law. Not even Wall Street Republicans? Check this out-
There's something about the mortgage crisis that smells of organized crime. Credit swaps, phoney bank appraisals, unregulated new trading products (scams?) that defy comprehension bred like rabbits under a Republican porch, a Bush-McCain trickle-down fantasy. Consider this: Congressional deregulation plus lack of oversight (police) unleashed organized crime. Infiltrating a speculation-driven financial system, experts at the "con-fidence" game, the beauty of this opportunity would wet any criminal agenda. Conclusion: Congressional deregulation and the Bush policy gave all our money to criminals, on a silver platter. Hello...
The opportunity to steal trillions by simply presenting a business card and posting a website, launched hundreds of new mortgage companies, private lenders, and get rich quick infomercials. Bundling the banks and Wall Street with the bill, it seems to me, a real novice, that the entire financial system fit right into the 21st century criminal mind, an emerging global consideration. For example, this past June, I was able to search comparison appraisals specific to my home for the first time. What shocked me the most was learning that the bank appraisal on my 2007 mortgage was $100,000- $150,000 "officially" overvalued. Any criminal conspiracy would not work without bank cooperation, regulatory neglect, and international vulnerabilities.
When Congress returns in November, the best move would be to get both sides together and reach a bi-partisan agreement to fully fund and support the best special investigators, with a mission to untie the twisted shell companies, find the extortionists, co-conspirators, sophisticated, white collar criminals at the helm. A quality, international approach to stop "crime" could also recover the trillions that have been stolen if we are successful.
Democrats need to take the lead here, get past the lobbyists and partisan dupes, the naive and uninformed, and identify the economic terrorists playing everyone for suckers.
(Boiler Room Boys Beg Investigation By Team Player mybarackobama.com - Oct 12th, 2008 at 11:45 am EDT Also listed in: 10 groups Comments | Mail to a Friend | Report Objectionable Content)