The Behind The Scenes Cronyism That Helped Plant The Seeds Of The Financial Crisis

Between the Fed and its asinine monetary policy, and the government and its asinine social policy, mix in a little greed unregulated by the market, and a financial crisis was just a matter of time. Incompetence, dream world thinking, and unethical business are a potent formula for economic dysfunction

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Detroit dysfunction from the inside, Former head of transport for the city says it’s a lost cause

 “I felt like a guy in the boiler room of the Titanic, desperately bailing to keep the ship afloat for a few more hours while the DOJ attorneys complained from their first-class cabin that their champagne wasn’t properly chilled.”

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Commerce Sec. nominee Pritzker, blew up a bank using subprime lending in 2001, left depositors in the cold.

The Penny Pritzker’s father bought Superior bank for his daughter after she graduated from Stanford. Ms. Pritzker expanded the bank into subprime lending, becoming a leader in risky home loans. The bank would die an ugly death however, with serious accounting violations and customers losing $10 million in deposits even though Penny Pritzker was worth over $1.5 billion.

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A Sad Subprime City, Detroit

Detroit used to be one of the “big big cities” of the United States. During the middle part of the 20th Century it was a capital of industry and economic vitality. New York, Chicago, LA, Philly, San Francisco, and Detroit. The heavy hitters. Now Detroit seems only to be taking the hits.

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