Something very significant happened during our country's savings-and-loan crisis, the greatest financial disaster since the Great Depression. It happened quietly, secretly, without any fanfare and attention. It happened before our very eyes, yet we knew it not.Talk about a labyrinth, this one was (is?) four-dimensional.
What we all missed was the massive transfer of wealth from the American taxpayers to a select group of extremely rich, powerful people. What these people had in common -- unknown to the American public -- were their symbiotic relationships to the Mafia and the CIA, and to the two most prominent, powerful politicians from Texas, President George Bush and Senator Lloyd Bentsen.
This small cabal of businessmen realized that the S&Ls were going the way of the dinosaurs. They recognized that S&Ls couldn't survive under rapid inflation and high interest rates. So they decided to exploit the situation for their own purposes, with help from, and rewards for, the Mafia, the CIA and their favorite politicians. They probably figured that the insulation and protection these powerful institutions and individuals conferred upon them, in addition to all the endemic protections with the financial, judicial, political and journalistic systems, made them invulnerable. They were probably right.
For unlike Watergate and Iran-Contra, this was a bipartisan scandal. There was no opposition party to push for an independent investigation. In fact, the same group of wealthy, powerful businessmen, centered in Houston, that encircle Republicans like George Bush and James A. Baker III, also encircle Democrats like Jim Wright and Lloyd Bentsen.
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posted by Heywood Mogroot at 12:48 PM on December 31, 2005