"Yes, It is Wall Street Fault"--It's clear that there is a vast rift in this country between the Tea Party crowd and the Occupy Wall Street movement. It would be great if these groups could get together on some major issues, but don't count on it. To the Tea Party crowd, one of whose leaders I heard on the radio today, saying, as I have heard at least a dozen times in the last couple weeks, this mantra: "Those Occupy people are all wrong. They should be mad at the government in Washington. The politicians caused all this"-------To which I can only add, "Huh"?
Even those like Michael Bloomberg, the billionaire mayor of New York City, can't come clean. Said the mayor to protesters in his city : _________“I hear your complaints,” Bloomberg said. “Some of them are totally unfounded. It was not the banks that created the mortgage crisis. It was plain and simple, Congress who forced everybody to go and give mortgages to people who were on the cusp … [T]hey were the ones who pushed Fannie and Freddie to make a bunch of loans that were imprudent, if you will … And now we want to go vilify the banks because it’s one target, it’s easy to blame them and Congress certainly isn’t going to blame themselves.”_______________
As long as the "big lie" of unbridled federal government "interference in the economy" continues to divide the hoi polloi, his interests, and those of others among the Top One Percenters, will be safe.
The fact is such opinions about the benign financial macroeconomy--whether the result of ignorance or mendacity-- are totally counterfactual, as this column by Gene Lyons in salon makes clear.
Not that the government officials in the Executive or Legislative branches of the US government are not to blame. They are. But the blame comes from a sin of omission for the most part, not commission. Deregulation killed the golden goose that kept most American recessions from becoming so ingrained and lasting. The friends of Wall Street in the Clinton and Bush and Obama administrations deregulated the banks, then bailed them out when they went into the ditch. They had too. "Too big to fail" you know.
Even the far Right's favorite "bete noire's", the public private mortgage holders FannieMae and Freddic Mac were late to the vast housing market bubble.