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LETTER: Look for responsibility for crsis

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LettersEditor

There’re two Youtube videos about the 2008 financial crisis that I recommend.

In the 2019 documentary “Panic: The Untold Story of the 2008 Financial Crisis,” you’ll see people who were a big part of the problem trying to convince you that they were part of the solution.

The main characters spreading the propaganda in this film are former Treasury Secretary Henry Paulson, former Federal Reserve Bank of New York President Timothy Geithner, and former Federal Reserve Chairman Ben Bernanke.

Here’s an excerpt from one of my letters that contradicts some of what you’ll find in “Panic,” with the date, title, and source:

2/11/13; “Banks hijack economic system, books advise;” page 49 of “The Price of Inequality” by Joseph Stiglitz.

“In 2008, our government essentially gave the bankers most responsible for the financial crisis blank checks, by lending them money at near-zero interest rates that they could then invest in bonds paying much higher returns. Just about anyone could have made a fortune if given the same opportunity.”

On the other hand, the 2010 documentary “Inside Job” does a great job of explaining what happened.

Here’s an excerpt from one of my letters that you’ll learn more about in “Inside Job,” with the date, title, and source:

3/31/2010; “PBS shows how meltdown could have been avoided;” PBS/Frontline/The Warning.

“The meltdown could have been prevented if Brooksley Born, who was the head the Commodity Futures Trading Commission from 1996 to 1999, had been listened to.”

I offer this advice as someone who has written 28 letters over a period of five years about what caused the crisis and what needed to be done in its aftermath. These letters were mostly based on the books of five economists, including Robert Reich, Dean Baker, James Galbraith, Paul Krugman, and Joseph Stiglitz.

Ron Adams, Decatur 

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