Housing crisis yeilds not one prosecution of a banker
Counterpunch: Mike Whitney: The Housing Holocaust
Don't look now, but someone just pushed the housing market off a cliff. The National Association of Realtors announced on Tuesday that the sales of existing homes fell a staggering 27.2 per cent to a seasonally adjusted rate of 3.83 million units. This is the lowest number of sales since 1995. ...
It's been four years since problems with subprime mortgages triggered the deepest slump since the Great Depression. Still, housing has yet to find a bottom. $6 trillion in home equity has been wiped out, leaving baby boomers scrambling to make up for lost wealth so they can add to their battered retirement savings.
Foreclosures have exceeded 300,000 for 17 months in a row. 10 per cent of the population is presently subsisting on foodstamps and handouts. The unemployment lines have lengthened in every city and town across the country. The shelters are full, the food banks are empty, and the economy is flat on its back. And, yet, not one banker has been indicted, prosecuted, arrested, convicted or sent to prison. Where's the justice?
Today's bleak housing numbers are not the result of a "cyclical downturn", but of a crime perpetrated on the American people. There must accountability. Someone's gotta pay!