First investment banks talked up the price of oil to $140/bbl.
Then they talked bank stocks down to near zero across the board.
What can we prove?
Who is guilty?
The damage has been done. Millions of citizens have been irreversibly hurt. What is the repercussion of such an atrocity?
We can prove oil demand did not outstrip supply. That is a no brainer and anyone that says otherwise is suspect in the investigation.
It can be proven that Bear Stearns was adequately capitalized before their rapid selloff. The same can be said for Fannie, and Freddie. I have not dug into Lehman yet.
Who is guilty? I wrote a post a while back about who is responsible for talking up oil.
The culprits of the financial collapse are more subversive and articulated and infinitely harder to expose.
The punishment is simple. Revoke all personal wealth of any kind claimed by the perpetrators and place it in a fund. Handing out $2,000 checks would help Americans but we would be better served to modernize a third world country and exploit their cheap labor.
Who's with me?
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