Wall Street Wants To Rewrite History – Videos

September 14, 2009

You probably already knew that Lehman Brothers was the first bank to go down last year. If you didn’t already know that, you should by now what with all the talk that’s been going on this week on the first anniversary of Lehman’s demise. Along with the “reviews” about last year, dozens of so-called experts are insisting that if the government had saved Lehman, the financial crisis would have never happened. Oh, yeah!! That would have saved everything!

So now Wall Streeters want to blame the government for the financial crisis! That’s the way to do it, alright — create a wide open scam, become one of the mega-rich from it, declare a national emergency and have the tax payers fix it, then — accept no responsibility; just blame the government. Hell, it worked so well the first time, it sounds like something we ought to do again! But wait! This isn’t the first time; it’s been done several times before, the most famous was the 1929 stock market crash.

The latest, before 2008, was the Savings & Loan scandals of the 1980’s; all started by Charles Keating at the Lincoln Savings and Loan Association. Before that was over, 745 banks failed. American taxpayers also bailed that one out, as well as all the ones before then. Keating got a slap on the butt, and his co-conspirators got a slap on the back of the hand.

Amazingly, the “Free Marketeers” have always been for a free market until they’re not. Does this surprise anyone?

Steve Liesman of CNBC fame recently interviewed Jean-Claude Trichet, president of the European Central bank (first video below). Trichet said it was “absolute stupid not to enact regulatory reforms in the wake of the Lehman crisis”. In the second video below, Trichet says if Lehman had been saved, it would have been another bank that would have caused it; therefore the crisis was unavoidable once the crisis was exposed.

Oh! Be sure you catch the part of the video in the first one with Mr. Rick “I’m-the-only-smart-person-on-the-planet” Santelli. As usual, he’s showing his stupidity. He’s now saying the markets would have saved itself on its own without government intervention. He certainly wasn’t saying that during the bailout. In fact, he never once criticised the bailout as long as it was restricted to Wall Street. Santelli’s just mad because the networks didn’t cover the tax protestors.

The third video below is the latest one with Nouriel Roubini. He says the crisis would have happened even if Lehman Brothers had been bailed out. So I think the would-be re-writers of history is full of it. However, I have little doubt they will prevail. That’s the way it goes; winners always (re)write the history books — losers pay the price.

Just below the videos is a slide show I came across. It was the winner of a credit crisis slide show contest called “The Financial Crisis: A Historical Perspective”. Kind of informative. Enjoy.

Trichet Video One

Trichet Video Two

Roubini Video

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