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Matt Taibbi reveals financial crisis smoking gun

submitted by radx

1 decade 1 year 5 months 1 week ago

Why create a financial product worthy of a good rating if you can just buy a great rating for your bucket of financial horse shit...

Matt sums it up nicely:

2008 was to the American economy what 9/11 was to national security. Yet while 9/11 prompted the U.S. government to tear up half the Constitution in the name of public safety, after 2008, authorities went in the other direction.

If you can imagine a post-9/11 scenario where there were no metal detectors at airports and people could walk on carrying chain saws and meat cleavers, you get a rough idea of what was done to reform the ratings process. -- Matt Taibbi @ Rolling Stone

Links: The Last Mystery of the Financial Crisis & You Fucked Up, You Trusted Us

2 Comments

kymbos

says...

Amazing. Every time you think you've heard the whole story, you find there's another layer.

The contrast between the Government response to financial crisis and terrorism is telling. We'll be back here in ten years.