In the report, the panel, that includes Rob Johnson of the United Nations Commission of Experts on Finance and bailout watchdog Elizabeth Warren, warns that financial regulatory reform measures proposed by the Obama administration and Congress must be beefed up to prevent banks from continuing to engage in high risk investing that precipitated the near collapse of the U.S. economy in 2008.

The report warns that the country is now immersed in a "doomsday cycle" wherein banks use borrowed money to take massive risks in an attempt to pay big dividends to shareholders and big bonuses to management and when the risks go wrong, the banks receive taxpayer bailouts from the government.

It's a snowball, LOD. The dominoes are falling - think vicious cycle.

Never let a good crisis go to waste.

That explains Iraq, thanks.

That explains Iraq, thanks.

#3 | Posted by LetUsPrey at 2010-03-03 12:03 PM

"This is no time to be frivolous - nor is it a time to trust in this government"

It damn sure ain't over. Many more foreclosures to hit us and you may have noticed that the debt ceiling was just raised in order to feed Fannie Mae another 16 billion or so....which we don't have.