The Financial Crisis - Is Anyone Going To Jail

The financial crisis that occurred in 2008-09 has resulted in 22 million Americans either unemployed, under employed working part time that want full time work, or who have just given up looking for work altogether.   Millions have lost their homes to foreclosure and/or they are upside down on their mortgages wiping out whatever equity they may have had.  Many small businesses have filed bankruptcy.  What many may not know is that the world was within hours of complete financial collapse in September and October of 2008.   If the Bush team had not made the right decisions during those fateful days, bailing out various financial institutions, the global financial system would have collapsed.   As it was, the stock market dropped 40% or more of its value in those years.  

In contrast to General Motors, all the banks given bail outs monies paid back those loans with interest.   Today, all the major banks are making billions of dollars in profits because they can borrow from the Federal Reserve for practically nothing and make credit card loans at 12 - 18%.   As a capitalist, this Blogger is not offended by profitability, or even CEO pay that may be hard to justify particularly for characters like Jeff Immelt of GE, who has destroyed that company's stock value.  

What is offensive is that many Americans have suffered greatly because of the financial crisis.   Yet the FAT CATS, including many politicians in both political parties in Washington that were on the take getting huge campaign contributions from financial institutions like Fannie Mae and Freddie Mac, which led to a failure to properly regulate these companies, in addition to many east coast brainiacs that worked at the major banks and other financial institutions that made hundred of millions of dollars from all their fancy financial dealings were not prosecuted for their shenanigans.   So how come none of these characters are in JAIL for their misdeeds?

Socialists like Barney Frank, Chuckie Schummer, Chris Dodd and Yes Barack Obama, all on the take from Freddie and Fannie, insisted that their PEEP's that did not have the credit scores to qualify for mortgages be given mortgages.   It is these sub prime mortgages that were at the foundation of the financial crisis.   Why aren't these characters in jail rather than in Congress, or the White House. 

We have to take back our country in 2012 and 2014 to prevent another financial crisis.   What occurred in 2008 and 2009 was the result of corrupt politicians and FAT CATS in business feeding at the trough, which is the best argument for Term Limits.   Members of Congress should be limited to no more than two Senate terms, or 6 House terms for a total of 12 years to at least limit the corruption that occurs now.   Power corrupts and absolute power corrupts absolutely.   The financial crisis of 2008 and 2009 is as much the result of corruption as anything else.   It is just too bad that so many Americans are suffering while the culprits that caused the crisis in the first place have gotten off scott free and are still feeding at the trough.