When Alan Greenspan remarked on the decision to bailout rather than allow a financial company to fail and suffer bankruptcy, he knew the very foundation of capitalism was being seriously compromised.
Former Chairman Greenspan described the free market tampering decision as “morally hazardous”. Little did he understand the effect would lead to tens of millions suffering. Trust shaken to its very core worldwide.
That a new U.S. Attorney General would become the first in history to openly declare moral hazard accelerated to moral failure was now protected. Jealously guarded via his “too big to be prosecuted” fiats, that set an elite group of individuals on a pedestal so far above rule of law and moral decency, as to become beyond the reach of the long arm of the law. Into a stratosphere of “untouchables”.
A new breed of gods holding life and death in their very hands, and conquering democracy to bend knees to these rulers of fate and finance. Alan Greenspan clearly did not envision such tyranny. Not only without criminal justice law applied, free also of clawbacking or disgorging the new rulers of pillaged spoils of an economic and unjust war.
** Consider this excerpt**
“Set aside the question of criminal prosecution. They haven’t even been forced to give up their bonuses or the salaries they got as a reward for putting together these ridiculous, and often corrupt, deals. They’ve been able to keep gains that were, by any measure , ill-gotten.”
In other words despite horrid losses of national and individual wealth, the victors did not suffer a scratch on their untouchable hides.
Mere wrist slaps some have used to describe it, as with chagrin admit there was no slap at all. Only an air slap that never connected, as the actors howled in faux pain to their peers. Playing the victims, as living the victors. Laughing all the way to the bank, without remorse for the blood, sweat, and tears of their victims.
The outrage cooled to apathy then at last a sad resignation inwardly. Because outwardly the national face saving mask of denial, refuses yet to admit defeat by so few with feet of clay.
Though this article, for a brief moment, dares to peek and share with their readers the view.
Well done by The New Yorker Magazine.
– Barbara Cochlin