Fed Chairmen could have done more

Dean Baker goes over the methods that Alan Greenspan and Ben Bernanke could have, but didn’t, use to have popped the $8 trillion housing bubble years before it burst on its own. They also could have taken action against the wave of frauds that were unleashed against ordinary citizens.

Very interestingly, there was  a significant upswing in reported financial crimes starting in 2005.

…the number of SARs for mortgage fraud rose from 23,998 in 2005 to 37,547 to 65,004 to 67,507 in subsequent years.

Nevertheless, the US Chamber of Commerce is very upset by the following:

The FCIC intends to put a treasure trove of documents and testimony on line for review by any prosecutor who might be interested.

The Chamber compares the FCCs proposed action to that of Wikileaks. Of course, Wikileaks can’t do much to you if you haven’t committed a crime.

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