In 2007-08 it was CDO’S, banks and ratings companies. Now it is CLO’s, banks and ratings companies.
Loopholes in the laws and a generally an out of control financial “system” that demands autonomy and free markets, then shows over and over how they just can’t help themselves. And with the pandemic, major failures are on the horizon.
And, we have not set aside a nickel during the last 3 years. Instead, we have borrowed trillions in 2018 tax cuts to boost the DOW. The “swamp” is overflowing and we still had 42% of our jobs paying at or less than $15/hr., which is effectively the new minimum wage.
Wealth is political power.
“When those with immense wealth and power learn how to pay themselves from the national treasury and we let them, we are done for”. L. Rothman, 2020.
My advice is to declare yourself a bank, cheat a lot, sell fraudulent investments, take ratings executives to dinners, then wait for the treasury to send money your way.