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|User Info||The Real Banking Problem; entered at 2012-02-13 15:07:29|
Registered: 2008-12-09 Spokane WA
From the Generational Dynamics website: |
"Financial crisis: Just blame the Boomers for everything
If you have doubts that the attitudes of Gen-Xers are different from the attitudes of Boomers, there is one clear, measurable difference. This is a huge, major, enormous, gigantic, overwhelming difference between the Gen-X culture and the Boomer culture, and this is the difference that makes the Gen-X culture so toxic.
When the Savings and Loan crisis occurred in the 1980s, the Boomer prosecutors investigated every detail, made thousands of criminal referrals and had numerous convictions. The 2000s financial crisis is much worse, and yet there has not been even one criminal referral or conviction. The Justice Department refuses to investigate and prosecute the crimes that were committed.
This is the huge difference with the Gen-X culture: Boomers had no problem prosecuting other Boomers, but Gen-Xers adamantly refuse to investigate and blame each other, even for serious crimes. Thus, even if there are only a few dishonest Gen-Xers, they can do an enormous amount of damage because they can commit crimes at will and count on not being punished by Gen-X prosecutors. This has huge consequences, as Gen-X financial engineers could and can commit serious crimes freely.
It's even worse than that, because Gen-X regulators and prosecutors have actually encouraged continued fraud. In 2008, I wrote frequently about Gen-X New York Insurance Superintendent Eric Dinallo who not only did not prosecute the banksters at Citibank and others, but actually arranged for them to continue defrauding the public and investors. And a recent 60 Minutes investigation shows that the Obama Justice Department adamantly refuses to investigate and prosecute this bankster fraud, even in the face of massive evidence of fraud."