During Bob Beckel’s recent appearance on “Cashin In”, Bob stated that “Wall Street investment bankers should be in jail because they nearly threw this country into depression”. This statement is quite ridiculous. Since when is the economic cycle grounds for throwing people in jail?
Bob Beckel has absolutely no information that anybody from Wall Street who committed any wrongdoing has not already been appropriately prosecuted. There is no more evidence that any of these people should be in jail than there is evidence that the economic recession was caused by Bob Beckel and his statements on television. Bob Beckel’s cluelessness was further demonstrated by his comment that implied that he did not believe that executive compensation is reduced even when companies were losing money! Does he have no contact whatsoever with the economic world?
It is quite clear that the major course of the recent meltdown was government activities creating an environment for making real estate loans that never should have been made. A short trip down memory lane through Youtube and the unconscionable congressional hearings moderated by Barney Frank, Maxine Waters, and Chris Dodd should be enough to remind Beckel of the real economic culprits.
It was all too obvious that when the Republicans tried to rein in this overextended lending policy of Fannie Mae and Freddie Mac they were viciously attacked as scare mongers and racists. For Bob Beckel to insist that unnamed Wall Street groups performed criminal activities in connection with this economic meltdown is incredibly irresponsible. From an evidentiary point of view, it is just as likely that Beckel committed criminal activities.