The Lie that Prosecuting Bank Fraud Will Destabilize the Economy Is What Is REALLY Destroying the Economy
December 22, 2012 - 11:38pm
The Departments of Justice and Treasury are pretending that criminally prosecuting criminal banksters will destabilize the economy. The exact opposite is true. Failing to prosecute criminal fraud has been destabilizing the economy since at least 2007 … and will cause huge crashes in the future. After all, the main driver of economic growth is a strong rule of law. Nobel prize winning economist Joseph Stiglitz says that we have to prosecute fraud or else the economy won’t recover: The legal system is supposed to be the codification of our norms and beliefs, things that we need to make our system work. If the legal system is seen as exploitative, then confidence in our whole system starts eroding. And that’s really the problem that’s going on. *** I think we ought to go do what we did in the S&L [crisis] and actually put many of these guys in prison. Ab...
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