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Hence, the trust and good faith vested in the issuer of the world’s reserve currency was revealed as worthless.The great triumph of Ben Bernanke was to engineer a fix that rendered trust and good faith irrelevant. Bernanke now says he “regrets” that nobody went to jail. More to the point perhaps he might explain why the Federal Reserve and the Securities and Exchange Commission did not make any criminal referrals to the US Attorney General in such cases as, for instance, Goldman Sachs (and others) peddling bonds deliberately constructed to fail, on which they had placed bets favoring that very failure.You should consider carefully before taking out a home equity loan.
By the fall of 2008, it was clear that these authorities, in particular the US Federal Reserve, had failed spectacularly in regulating the operations of capital markets.
With events such as the collapse of Lehman and the rescue of Fannie Mae and Freddie Mac, it also became clear that much of the collateral ostensibly backing up the US banking system was worthless, especially instruments based on mortgages.
That was largely accomplished, in concert with the executive branch of the government, by failing to prosecute banking crime, in particular the issuance of fraudulent securities built out of worthless mortgages. Bernanke (and Barack Obama’s Department of Justice), decided that the rule of law was no longer needed for the system to operate. There were a great many such cases, explicated in full by people and organizations outside the regulating community.
For instance, the Pro Publica news organization did enough investigative reporting on the racket of collateralized debt obligations to send many banking executives to jail.
The Consumer Financial Protection Bureau accepts complaints involving loan products, such as mortgage companies, car loans and leases, student loans, payday loans, and any other consumer loans.