This is not 2008, but the Obama Administration excusing the illegal behavior of the world's largest banks in the last couple of months because the world banks would become unstable if we over fined or significantly disrupted their banking activities tells me that our government no longer runs much, if they ever have.
The activities of UBS, Wachovia and HSBC were egregiously illegal and against the interests of the government and the people of this country. The idea that our federal prosecutors are unable to act against them means those banks, and by extension, all major banks, can act with impunity. As Steven Colbert's interview with Rolling Stone Magazine writer Matt Taibbi, as well as his article in the same magazine, when a business or a person is able to scoff at the law in a nation that runs on the rule of law, it no longer runs on the rule of law. We are all in major trouble.
I am not the first or last to write about this phenomenon, but since there are no popular uprisings of people pulling all of their money out of the worst banks, they have nothing to worry about. Stay tuned.
