Danny Schechter - ColdType

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tem are saying there was “no real reform on any issue central
to how the banking system operates. The financial sector lobbies
appear stronger than ever.”
As Paul Krugman explained, there had been a rescue without
reform, and thus:
Washington has done nothing to protect us from a new crisis,
and in fact has made a new crisis likely. There have been
many reports on what Wall Street firms did, and continue
to do to transfer wealth to their own coffers, but little in the
way of a criminal investigation as if it is all above rigorous
scrutiny.
The government itself has had shifting rationales for bailouts
that have transferred billions in taxpayer dollars into big
banks who used the money to revive their fortunes, not the
credit markets or the economy.
All the while, they deceived the public about their motives
and logic. One example: Henry Paulson admitted to Congress
seven months after he left office that he lied, too.
The Independent newspaper – in London – reported on July
16, 2008:
The Bush administration and Congress discussed the possibility
of a breakdown in law and order and the logistics of
feeding US citizens if commerce and banking collapsed as a
result of last autumn’s financial panic, it was disclosed yesterday.
Making his first appearance on Capitol Hill since leaving
office, the former Treasury secretary Hank Paulson said it
was important at the time not to reveal the extent of officials’
concerns, for fear it would “terrify the American people and
lead to an even bigger problem.”
Yet it was they who were terrified and in a state of panic
fearing, they now admit, “financial havoc.”
Once again, the public was deceived, kept in the dark by