If Liz were Queen

Wall Street’s Best Investment: Ten Deregulatory Steps to Financial Meltdown

By Robert Weissman and James Donahue

Wall Street has no one but itself to blame for the current financial crisis. Investment banks, hedge funds and commercial banks made reckless bets using borrowed money. They created and trafficked in exotic investment vehicles that even top Wall Street executives — not to mention firm directors — did not understand. They hid risky investments in off-balance-sheet vehicles or capitalized on their legal status to cloak investments altogether. They engaged in unconscionable predatory lending that offered huge profits for a time, but led to dire consequences when the loans proved unpayable. And they created, maintained and justified a housing bubble, the popping of which has thrown the United States and the world into a deep recession, resulted in a foreclosure epidemic ripping apart communities across the country, and caused the financial crisis itself. But while Wall Street may not have anyone else to blame, and is culpable for the financial crisis and global recession, others do share responsibility. MORE>>

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QUEEN’S COMMENTS:  Since Wall Street has no one to blame but itself, let’s stop supporting them and start supporting Main Street.  AND NO, contrary to what Wall Street and some politicians would have us believe, Main Streets well-being is NOT tied to Wall Street.