Posted by AGORACOM
at 12:04 AM on Monday, December 5th, 2011
(CBS News) Two whistleblowers offer a rare window into the root causes of the subprime mortgage meltdown. Eileen Foster, a former senior executive at Countrywide Financial, and Richard Bowen, a former vice president at Citigroup, tell Steve Kroft the companies ignored their repeated warnings about defective, even fraudulent mortgages. The result, experts say, was a cascading wave of mortgage defaults for which virtually no high-ranking Wall Street executives have been prosecuted.
I blankly stared at my keyboard thinking of ways to succinctly articulate my thoughts on this matter for 10 minutes. I couldn’t do it. Not without embarking on a 1,000 word rant.
All I can say is that Wall Street will burn. That isn’t anger. It isn’t vengeance. It is simply the clear path upon which Wall Street has set itself upon.
The full 60 Minutes page on this story can be found here.
The full 60 Minutes video can be found in the two clips below.
Posted by AGORACOM
at 11:41 PM on Wednesday, October 12th, 2011
You simply need to listen to Obama supporter, Economist, Harvard Professor. If you need to review his qualifications, see the Wikipedia entry below …. but watch the video first and take my word for it. Here are just some of the things he had to say, which aren’t original but carry much more weight given his status. I love the fact he expressed them on the fly during a media scrum at OccupyWallStreet …. The man needs to run for President:
The White House, Congress and The Senate Are Bought And Paid For
Get The Money Out Of Politics IF You Want Democracy Back
Obama Looked Like He Was Going To Change This Until He Put Wall Street Into The White House
He Hired The Team That Created The Mess To Begin With
Sachs Supported Obama In The Last Election
Obama Is Raising A $1 Billion War Chest For Re-Election
The People Need To Use Social Media To Effect Change As Fast And As Wide As Possible
Especially Since American Politicians Don’t Have A Clue About Social Media And Can Be Exploited
Who Watches TV Anymore Anyway
Jeffrey David Sachs (pronounced /ˈsæks/; born November 5, 1954, in Detroit, Michigan) is an American economist and Director of The Earth Institute at Columbia University. One of the youngest economics professors in the history of Harvard University, Sachs became known for his role as an adviser to Eastern European and developing country governments in the implementation of so-called economic shock therapy during the transition from communism to a market system or during periods of economic crisis. Some of his recommendations have been considered controversial. Subsequently he has been known for his work on the challenges of economic development, environmental sustainability, poverty alleviation, debt cancellation, and globalization.
Sachs is the Quetelet Professor of Sustainable Development at Columbia’s School of International and Public Affairs and a Professor of Health Policy and Management at Columbia’s School of Public Health. He is Special Adviser to United Nations Secretary-General Ban Ki-Moon, and the founder and co-President of the Millennium Promise Alliance, a nonprofit organization dedicated to ending extreme poverty and hunger. From 2002 to 2006, he was Director of the United Nations Millennium Project’s work on the Millennium Development Goals, eight internationally sanctioned objectives to reduce extreme poverty, hunger, and disease by the year 2015. Since 2010 he has also served as a Commissioner for the Broadband Commission for Digital Development, which leverages broadband technologies as a key enabler for social and economic development. He is a member of the scientific committee of the Fundacion IDEAS, Spain’s Socialist Party’s think tank.
He has authored numerous books, including The End of Poverty and Common Wealth, both New York Times bestsellers and his latest book The Price of Civilization released on October 4, 2011. He has been named one of Time Magazine’s “100 Most Influential People in the World” twice, in 2004 and 2005.