When Fear Is Good

I’m thinking of termites, investment bankers, and the fear of God.  They go together.  Naturally.  It goes without saying.

Termites obliviously gobble the homes of quick-witted behemoths, who think nothing of slaughtering entire populations so they can cozily watch American Idol.  If only termites knew more.  They’d flee to the woods and be happy with rotting trees.  Investment bankers obliviously gobbled our financial system, veering us treacherously close to a 1930’s black hole.  If only they knew more.  They’d say: “Whew!  We’ll be good boys and girls from now on!”

But bankers, brokers, and lenders are displaying termite sentience and morality.  Their CEO’s maintain their obscene bonuses while blaming Obama for the economy.  They are still “maniacally creating risk, inventing new ways to bet on the death of ‘peasants’, economies, and nations,” according to L. Radall Wray.  Even worse, prosecutors are probing their foreclosure procedures.  Evidence suggests robo-signing: company administrators okay documents without verifying their validity.  Propublica has shown how lenders run loan modification applicants through a two-year gauntlet involving trial periods and repeated demands for the same paper work.  Denials and hefty bills often come at the end.

Read full post here.

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