Racism is just another part of unethical behavior that feeds and is part of a culture of criminality that overrode ethics, common sense, oversight, even their own economic analysis and economists’ predictions that drove Wall Street to continue to do what it had been doing until the system literally collapsed. That is what happens in corrupt organizations. And is yet another nail in the coffin that proves that Wall Street Firms have become places where criminals thrive. It is literally part of the culture of the business.
And that is not only why reform is going to be so hard, but why perhaps another paradigm might be sought. The environment thus created by the legislative environment in Washington, merely since 1998 in terms of just the financial industry, created increasingly bigger mergers, larger corporations (in every vertical), multinationals, and even started causing massive corporate scandals and failures OUTSIDE the financial industry (but of course financed by them) as early as the financial elite and Congress were destroying Ms.
Burn’s career, only to be repeated AGAIN less than three years later in 2001 (with Enron, which was basically about the same kinds of issues that created the Wall Street crash seven years later) that came-back-to-haunt Americans post crash 2008, in the phrase “too big to fail” corporation. (Astore, 2010)
Despite the increased adoption of said philosophies over the past thirty years however both as a way to spread the American way and an economic system adopted by default with the fall of Communism, the idea of unregulated capitalism has always been attractive in America, where big government is distrusted, combined with a sense of competitiveness in general, given that this is a country that could easily be called an Imperialist Democracy, founded and literally conquered by brute force and if you will “competitiveness,” that is as much a part of a traditional Western heterosexual male gender identity as economic theory (and the finance industry is both notoriously sexist and in fact the numbers of women in it have been dropping rather than increasing for the last fifteen years.
The reality is that the Crash of 2008 is just a continuation, if on a macro scale of issues that lie at many unresolved issues, indeed the paradox at the heart of America, since its inception that we have never really solved as a nation. From the myth of the American Pioneer, bedrock of our culture that most Americans celebrate at Thanksgiving, without realizing that this is also the symbol of the slaughter of millions of indigenous Native Americans to establish “The United States. ” And was done with deceit, violence, and outright robbery and murder.
All tools of the typical mobster, if not White collar criminal,. Creating policies to stop vast numbers of people from their homes through predatory lending, sub-prime mortgages, or outrageous ARMS that people do not understand (i. e they would face ballooning mortgage payments) and that the above policies would literally displace tens of millions of Americans, is the kind of thing that corporate criminals in America have done since the founding of this country. In its own way, the housing crisis we face today is no different from a modern version of The Trail of Tears, literally a Presidential negation of a land treaty with the Cherokees because gold had been found on their reservation in Georgia, (a commodity which the Indians owned but which white speculators wanted for their own without paying for it – also called stealing) forcing the Cherokee to move to a barren reservation thousands of miles away in Oklahoma. The devastation of the tribe was enormous.