tag:blogger.com,1999:blog-4413935813892441553.post7231939791038724160..comments2024-03-29T00:30:39.262-05:00Comments on real economics: Penny Pritzker as an example of the criminality of our elitesJonathan Larsonhttp://www.blogger.com/profile/05217670446743983955noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4413935813892441553.post-62041062264483057172014-02-03T11:01:17.612-06:002014-02-03T11:01:17.612-06:00Interesting article which of course, sheds light o...Interesting article which of course, sheds light on respectable criminals, of whom there certainly is no shortage in America. Every major city was run by some gangster at one point; Chicago was one of the worst places--or best places to make money--and that is what America is about. Pump and dump; churn and earn. You mention the mortgage catastrophe--the bank in question should have been under the scrutiny of the government and treasury department since it's inception. Since it wasn't, there was an obvious tacit complicity in the federal government. You mentioned Merrill and the bank--you didn't mention all the financial engineers that divided the mortgages into "tranches" similar to a sliced piece of meat. Anotherwords, the home mortgage of 100 thousand was divided into 5 parts, let's say; the top part was grade by, the bottom part grade "A" based on the respective LTV of the parts. When a home went bad as many did at once, it became impossible to distinguish between nonperforming loans and good ones--between good and bad debts. This is what caused the financial collapse of commercial paper. No one knew which banks were solvent, so no one would buy their paper. <br /><br />Certainly the Pritzker family is notorious--yet like the Bush family--"they ain't done nuttin' wrong." Helping them or other seedy interests was similar to deregulating electricity in California: all for the benefit of Enron--supporters of the President. Nevermind that California almost went bankrupt as a result. <br /><br />Now as to the Bible--the government is getting rid of that as well--so don't worry about what it says--doesn't apply to PR. Been there done thathttps://www.blogger.com/profile/01392522679487186775noreply@blogger.com