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AIG : In Defence of Fallen Heroes March 24, 2009

Posted by aetiusromulous in news, politics, Video, YouTube.
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Americans Fiddle, While America Burns.

Here’s the thing.

The American financial system has been doing this sort of thing since its inception. There were a few collapses along its 125-year history, and once in a while regulation was imposed as a reaction to events. Once the crisis receded from memory, regulation was relaxed and off it all went again. De-regulation is the status quo, the natural state of the Wall Street mojo. Regulation free cowboy finance built America…for whatever that is worth.

While the big guns of Wall Street were shooting up the corral, the lifestyle of the average American rose in their wake. Financial shenanigans fuelled the great consumer society. Absolutely no homeowner in America was calling for anybodies head when the value of their own main asset was riding the wave along with them. These guys were heroes and it is with no small irony these “contracts” were signed back in those, good old days.