Monday, October 24, 2011
Occupy Wallstreet update
Thousands of people are in New York City are protesting the mess Wallstreet caused in 2008. Along with the protestors in New York, millions of people across the world are fed up with big banks and too big to fail companies who are being blamed for the loss of billions of dollars from the savings accounts of people across the globe. The credit default swap scandal that sent the housing market crashing in 2008 has been blamed mainly for this crisis. No bankers or wallstreet big shots responsible for the gambling that led to the crash have been prosecuted. In fact many of the richest people in america have only expanded their wealth since 2008. There is no telling where this will lead as it continues to grow whether you pay attention to it or not. President Obama continues to state that the reason no one has been prosecuted is because the things that these people were doing that caused this mess, were not technically illegal. And he is making the case for more corporate regulation and government control. Some believe that if the government actually wanted to do something about this they could have back in 2008 when in fact they actually ended up bailing everyone out at the top. They did this by informing the american people that without these bailouts the consequences would be devastating. The main reason for the Occupy Wallstreet protests, are because despite these bailouts things have not improved, in fact only gotten much worse. And now the bailout debt has been handed down to the average american citizen on top of the fact that they have lost major value in their homes across the board.
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