Enjoy..... interviewed today.
The American people have no problem with others making money, so long as they do so honestly, explained Karl Denninger from The Market Ticker.
He said the governments ability to control the situation following the crisis ended when financial institutions replayed the TARP loans.
At the root of this is that we did not force these institutions to eat the losses that they caused everybody else in the nation to absorb and so they keep doing the same sort of things they were doing in the 2000 decade and they keep piling up $100 billion dollar compensations packages, said Denninger.
In Europe, those responsible for the crisis are being criminally prosecuted, but in US people not being held accountable. Denninger noted that while there were no indictments in banking, some bribery changes at the municipal level have been brought against politicians, but not those who handed out the bribes.
Europeans remain outraged, but Americans will not protests because the government keeps handing people money.
As long as youre getting paid to sit around and do nothing, thats what your gona do, he said.
Denninger said the blame for the crisis falls on the revolving door between Wall Street and Washington.
You essentially have a chain of legislative bribery, if you will, he added.
Denninger also stated that Obamas excuse of inheriting a broken system has gotten old. The American people have pretty much had it with that.
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