Calling it a “con job,” Ratigan identified former Federal Reserve Chairman Alan Greenspan as a godfather-like figure at the helm of the alleged scam. Ratigan argued that Greenspan’s decisions to keep interest rates at low levels benefitted banks that used the low borrowing rates to lure Americans into taking out more and more loans. Banks didn’t maintain enough capital, but that didn’t matter, Ratigan said, because — thanks to the government’s support of too-big-to-fail banks — the system was rigged and they stood to gain no matter what happened to the loans that they made.
Ratigan blamed Congress for “feeding the money” to banks and not looking out for Americans.
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Originally aired on MSNBC – 4th July 2010.