Thursday, January 12, 2012

When will the Obama Administration investigate the perpetrators of the economic crisis?

Obama and bank officials. Photo credits: public domain.

Credo,, and other progressive organizations are joining forces to pressure the Obama Administration during this election year to investigate the big banks that caused the housing crisis and resulting recession.

Check out this message from Credo and sign the petition to get Obama to act:

Wall Street greed fueled the housing bubble, and it's not hard to find evidence of what appears to be widespread and pervasive fraud by the biggest players in the mortgage industry.
Yet, despite the work of a handful of brave state attorneys general, there has been an astonishing lack of investigation into the misdeeds and outright crimes that caused the financial crisis.
The investigations that do exist have barely begun to scratch the surface.
And without meaningful investigations, there won't be any accountability for the Wall Street crooks who drove our economy off a cliff.
The collapse of the housing bubble caused trillions of dollars in homeowner equity to evaporate, which directly led to our economy grinding to a halt.
And the ensuing wave of foreclosures — caused in no small part both by predatory loans designed to fail and out-and-out foreclosure fraud — has destroyed communities across the country and shrank the tax base of local governments right when there was the most need for the services they provide.
Yet with all the resources at its disposal, the Department of Justice and other federal entities have yet to announce a full investigation of the cause of this man-made economic catastrophe.
Quite the opposite. Thus far the president's advisors have been pushing for a bad settlement with the banks that lets them off the hook . But a bad settlement has been stopped so far by courageous progressive attorneys general supported by an army of grassroots activists like you.
We now have an opportunity to change the White House's strategy as the reelection campaign heats up, and get the president to come out on the right side of this issue.
The timing of this fight is critical.
The election calendar is working with us by pushing President Obama to be more aggressive than he's been. We saw this, for example, with his recent recess appointment of Richard Cordray to lead the Consumer Financial Protection Bureau.
And we know that President Obama's political team wants him to run against Wall Street.
CREDO is not alone in asking the Obama administration to launch a full investigation. We're joining with MoveOn and other progressive groups in this campaign.
If we make enough noise, it will be hard for the Obama administration to avoid calling for full investigations into the fraud that led to the housing crisis.
It's a completely reasonable ask, it's within his powers to call for a full investigation, and it's the right thing to do.
Thank you for speaking out. Your activism matters.
Matt Lockshin, Campaign Manager
CREDO Action from Working Assets

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