Yes PR, we know there were lots of parties involved. The housing “market” is also controlled by Wall Street and regulated by the FedRes and OCC, whose EXPERT opinion is used to ensure that large asset bubbles do not occur.
Which, is probably why they have this on the books:
The punishment for making false statements or reports which overvalue an asset is also stated in the U.S. Code:[36]
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
Unfortunately, dumb is hard to disprove in court. Still, the question remains why do we give either dumb or criminal people, you chose, more power?
GS, is just a state-sanctioned cheater with the inside track on the new “scam” and guys in policy positions setting up the financialization of new markets, utilities, cap/trade and some sort of commodity financial device. Getting rid of them would not solve anything, even if they do end up a sacraficial lamb.
Your right though, people are suckers and easily manipulated with greed, no argument from me on that point.
