There are at least four principles that virtually all conservatives purport to support – except when the potential defendant is socially elite. I have written previously about two of these principles on several occasions – the need for accountability and “broken windows” theory that calls for the prosecutors to make the prosecution of even minor street crimes a high priority if they have, even indirectly, a material effect on the community.
The Department of Justice’s (DOJ) latest civil suit against Bank of America (B of A) is an embarrassment of tragic proportions on multiple dimensions. I'm "only" going to explore seven of its epic fails here. There are many more.
Real regulators are vital to a nation. They can stop crises in their tracks — or they can let a them explode on an unsuspecting public. The Federal Reserve was warned by many different people, including appraisers, prosecutors, and industry players that the mortgage industry was rife with fraud. Why didn't they listen?
The safety net is the glory of America and the unending nightmare of Wall Street. That's why Wall Street’s leading “false flag” group, the Third Way (which calls itself a "leading moderate think tank"), has responded to the warnings that Robert Kuttner, AFL-CIO President Trumka, and I have made that if President Obama is re-elected our immediate task will be to prevent the Great Betrayal – the adoption of self-destructive austerity programs and the opening wedge of the effort to unravel the safety net (including Social Security, Medicare, and Medicaid).
My favorite scene from The West Wing is the episode in which the President’s press secretary is recovering from a root canal and Josh Lyman decides to handle a press briefing. Lyman is a young whiz kid who believes he is the smartest guy in the room, but the briefing goes disastrously. Lyman has to explain to the President that he has, sarcastically, told the press that the President has “a secret plan to fight inflation.” The press, fed up with Lyman’s arrogance, has decided to report Lyman’s statement about the secret plan without noting the sarcasm. Worse is still to come, for upon questioning Lyman about the incident, the President asks in exasperation: “Are you telling me that not only did you invent a secret plan to fight inflation but now you don’t support it?”
BPI, the corporation that sold the “pink slime” that was secretly added to our hamburgers, has now brought a $1.2+ billion tort suit against ABC News, individual ABC journalists, two former USDA scientists, and a former BPI employee. BPI claims that the defendants defamed it by, for example, calling its meat product, which it describes “lean finely textured beef” (LFTB), “pink slime.”