Inspire Political Discourse

SEC Files FRAUD Charges Against Goldman Sachs

This is BIG. Civil charges only. But still……..

Goldman Sachs, which emerged relatively unscathed from the financial crisis, was accused of securities fraud in a civil suit filed Friday by the Securities and Exchange Commission, which claims the bank created and sold a mortgage investment that was secretly devised to fail.
The move marks the first time that regulators have taken action against a Wall Street deal that helped investors capitalize on the collapse of the housing market. Goldman itself profited by betting against the very mortgage investments that it sold to its customers.(emphasis mine) [……]

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Turning back the Reagan legacy

As Obama tackles health care reform, he simultaneously strikes at wealth inequality.

In the U.S., we have been dogged by wealth inequality via redistribution, since the Reagan years. Hence the near demise of the middle class. Along comes Obama.

The bill that President Obama signed on Tuesday is the federal government’s biggest attack on economic inequality since inequality began rising more than three decades ago.

Over most of that period, government policy and market forces have been moving in the same direction, both increasing inequality. The pretax incomes of the wealthy have soared since the late 1970s, while their tax rates have fallen more than rates for the middle class and poor.[.....]