There are several regulatory bodies who are supposed to monitor financial markets. It is their job to identify and stop bad practice, and keep markets stable.
So how could the crash have happened?
1. the financial services corporations didn't tell the truth
2. the regulatory bodies were told the truth but didn't bother to stop the crash
3. a bit of both 1. and 2.
It is my legal argument that due to the connivance of the banks and the FSA the reality of our financial and banking system is kept from you when by law it should be up there in big letters for us all to understand. Therefore I believe that option 3. is the most likely; the regulatory bodies are corrupt and the banks have corrupted them.
Therefore remove the power from the banks and replace the regulatory bodies.
AND PROSECUTE THE CORRUPT BASTARDS!
We are talking about the pensions and savings of 'ordinary' people, whatever they are. Food and fuel, the basics of life, are increasing much faster than the official rate of inflation. Yet the bankers and their regulators are laughing all the way to the Cayman Islands.
A finanical crash like this does not just happen. It takes years to manipulate. The 1929 crash did not just happen. The top bankers got out of Wall Street months before it occured. That's why the bankers are now still receiving their big bonuses; they did their job.
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