The Golden Age of White Collar Crime (1 Viewer)

[RCon]

https://www.huffpost.com/highline/article/white-collar-crime/

@ren hoek will love this article, assuming he hasn't read it already.  I really couldn't agree with the article's point more.  Our reluctance to even investigate, much less prosecute, the powerful elite is a stain on our country.

 

[Golf Guy 69]

They only time they proscute white collar is if you take from other elites like Madoff did.  You are free to pillage all others with impunity.

 

[kface]

yet they have us convinced the poor stealing from the corner store is the problem...

 

[rockaction]

TL;DR but agree with the general premise of it.

 

[Sammy3469]

I mean when the Fed decides to buy 2.3 trillion on Friday that includes some of the riskiest corporate debt out there, are you surprised?

 

[RCon]

TL;DR but agree with the general premise of it.

Set it aside, read it during leisure time, if you get any.  You might be surprised by the extent of this.

 

[Summer Wheat]

yet they have us convinced the poor stealing from the corner store is the problem...

Well it is for the stores owner. Many who work 70+ hours a week to make ends meet.

 

[kface]

Well it is for the stores owner. Many who work 70+ hours a week to make ends meet.

What's the larger problem however?  Yes that store owner is out 20 bucks but people are stealing millions

 

[Summer Wheat]

What's the larger problem however?  Yes that store owner is out 20 bucks but people are stealing millions

It is all relative. Many store owners operate week to week.  I know my uncle owns a small store and works very hard for little pay.  When someone steals from him it is right out of his pocket.  The other is bad as well.

 

[kface]

It is all relative. Many store owners operate week to week.  I know my uncle owns a small store and works very hard for little pay.  When someone steals from him it is right out of his pocket.  The other is bad as well.

I get what you are saying and my intent is not to minimize on the small business owner.  The fact is though we were about these break-ins, but we don't worry collectively about corporate crime run amok.

 

[roadkill1292]

I wish I knew enough to contribute meaningfully to this thread. Because there appears to be a great deal of evidence that we are in the midst of the greatest white collar crime epidemic since the 19th century.

 

[Mr Anonymous]

I wish I knew enough to contribute meaningfully to this thread. Because there appears to be a great deal of evidence that we are in the midst of the greatest white collar crime epidemic since the 19th century.

In the most simplistic explanation possible, look at it this way. When something strikes the pocketbooks of everyone, it's those with the deepest pockets who can ride it out. Whether it's a depression, recession, pandemic, whatever. The people who are at the bottom who have been making the slow climb are set back for years if not decades. The people at the top have a momentary pause then sweep in and scoop up everything abandoned or now out of reach for the people below them. And they now get to do it at a discount.

 

[Ilov80s]

In the most simplistic explanation possible, look at it this way. When something strikes the pocketbooks of everyone, it's those with the deepest pockets who can ride it out. Whether it's a depression, recession, pandemic, whatever. The people who are at the bottom who have been making the slow climb are set back for years if not decades. The people at the top have a momentary pause then sweep in and scoop up everything abandoned or now out of reach for the people below them. And they now get to do it at a discount.

Every economic recession is a massive opportunity for the rich to get richer. Plus the Federal Govt has shown they will often help cover losses for financial groups who play it loose with huge stakes.

 

[Mr Anonymous]

Every economic recession is a massive opportunity for the rich to get richer. Plus the Federal Govt has shown they will often help cover losses for financial groups who play it loose with huge stakes.

You know it. Preaching to the choir my friend.

 

[Leroy Hoard]

In the most simplistic explanation possible, look at it this way. When something strikes the pocketbooks of everyone, it's those with the deepest pockets who can ride it out. Whether it's a depression, recession, pandemic, whatever. The people who are at the bottom who have been making the slow climb are set back for years if not decades. The people at the top have a momentary pause then sweep in and scoop up everything abandoned or now out of reach for the people below them. And they now get to do it at a discount.

Excellent post.

 

[RCon]

In the most simplistic explanation possible, look at it this way. When something strikes the pocketbooks of everyone, it's those with the deepest pockets who can ride it out. Whether it's a depression, recession, pandemic, whatever. The people who are at the bottom who have been making the slow climb are set back for years if not decades. The people at the top have a momentary pause then sweep in and scoop up everything abandoned or now out of reach for the people below them. And they now get to do it at a discount.

I'd suggest that's more of an explanation of one way by which the rich get richer legally.  The article in the OP argues that the rich are intentionally breaking the law, and that our system of justice is more and more allowing them to do it without consequence.  I would agree on both counts.