GIVING CREDIT WHERE CREDIT IS DUE, President Reagan’s Savings & Loan ‘crisis’ was arguably the greatest heist in the history of this nation—and it was done in broad daylight. (Yes, yes. It’s an overused idiom; I chose it because I can never ever think of daylight as being “broad.”) Martin Mayer of the Brookings Institute, perhaps the top-ranked think-tank in the US, wrote:
“The theft from the taxpayer by the community that fattened on the growth of the savings and loan (S&L) industry in the 1980s is the worst public scandal in American history. Teapot Dome in the [President] Harding administration and the Credit Mobilier [of America] in the times of [President] Grant have been taken as the ultimate horror stories of capitalist democracy gone to seed. Measuring by money, [or] by the mis-allocation of national resources … the S&L outrage makes Teapot Dome and Credit Mobilier seem minor episodes.”
Since then (and the Reagan administration is generally regarded as among the most corrupt in the history of this nation (a redundancy, I know), we have lived through the Bush II era and his administration(s), which challenge Reagan’s for sleazy self-interest and fleecing the tax-payers of this nation.
We have, in fact, lived through the actions of thousands—thousands, I say—of bankers and Wall Streeters and others of their ilk breaking Grommett knows how many laws how many times. And again, in broad daylight.
This has cost uncounted millions of innocent people/victims uncounted billions (trillions?) of dollars and almost NOTHING has been done about it!
Prosecutions? How about an investigation!
Excepting an occasional Charles Keating, there has been no prosecutions and no real government investigation into where these staggering sums of money have gone! Surely the billions of dollars that went missing on one remarkable weekend under Reagan’s watch should have shown up SOMEWHERE in the observable universe.
And, unless one is an idjit, these thefts have been one “conspiracy” after another, almost certainly with federal government officials involved. But, as stated, nothing has happened.
But, as proof of out government’s willingness to really pursue really bad boys, I give you Mr. DeChristopher—a genuine Snidely Whiplash—who spent almost two years in a federal prison for the crime of MESSING WITH THE OIL INDUSTRY!
The dastardly villainous blackguard!
And how did this villain mess with the oil industry? He did it by—are you ready?—bidding in an auction without the means to pay for his winnings!!! This involved publicly owned land in Utah, and it was his way of protesting the auctioning of gas and oil drilling rights in 150,000 acres of wilderness.
This happened in December 2008, the final weeks of the Bush administration. Now, get this: even though the auction was voided by the Obama administration, the federal government indicted DeChristopher on two felony counts. And prosecuted and convicted and sentenced!
THINK what would happen of 1,000 banksters and Wall Street crooks were each given two years in the hoosegow!!! Yuh think a few things might change in the business community of this once great nation?
For more on Tim DeChristopher and the teapot dome and the Reagan savings and loan crisis and the rest of this ongoing horror show, click HERE.