Reply #11: If I Were King...

[KharmaTrain]

...I would have slapped windfall profit taxes on the oil companies and then launched a full scale investigation into the oil speculation trading and futures hording that was going on. It was an attempt to replace the housing bubble with an energy one...using those windfalls to cover their failing assets in one last quick killing. That bubble didn't last...collapsed when the strains of those rising prices shut down the consumer market. The greedy bastards went one bridge too far...and now we're the ones to pay the prices.

Looking back, the failure of what remained of our "regulatory" system was a culprit here. As we're seeing with Madoff...there was a cozy relationship between the regulators and those being "regulated" that encouraged the ponzi schemes on Wall Street (and we know there are more to be uncovered) as the markets turned into a gambling casino. As long as people were making money, no one dared to rock the boat...even when it was obvious that boat was headed for the rocks.

Cheers...