Designed to Fail -


Tom Usher wrote or added | " wasn't the housing bubble and the sub-prime loans that created the financial crisis, it was the deliberate concealment of risk through securitization that caused the financial crisis."

For a minute while reading through his piece, I thought the author might be missing the fact that the ratings agencies were paid by those it rated. Well, Ian Wyatt recovered in his well-written, well-thought-out article.

Tom Usher

About Tom Usher

Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.

4 Responses to Designed to Fail -

  1. GS was not "indicted." Grand juries indict for crimes. GS was sued for civil fraud. Not a good thing, but only as bad as it is.

    • Tom Usher Tom Usher says:

      Hello Lawrence,

      I didn't read it that way. I took it as a layman's statement using the same connotation as with "indicted in the court of public opinion": accused of wrongdoing.

      What exactly do you mean, "Not a good thing"? Do you mean it should have been a jury indicting Goldman Sachs, or do you mean it's not a good thing that Goldman Sachs has been accused?

      If you can recall, how did you happen upon the RLCC blog on this topic? Were you doing a general search?

      Are you a "fan," so to speak, of Goldman Sachs? I am not.


      Tom Usher

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