I read an article this morning from Frank Rich of the The New York Times (I know, a liberal from a liberal paper) but it was because he was actually talking about something I found interesting.

The article was entitled, "The Other Plot to Wreck America".

He basically lays out the case that in the time since 9/11 all of us have become so much more aware of everything surrounding the war on terror, and why we were attacked, and what to look for in the future so that we don't have this happening again.

He argued though that in the case of the financial collapse, as a nation we still have done nothing to reform the financial system and Wallstreet to establish the root of the collapse and exactly how Wallstreet was able to fleece the U.S citizens to the tune of trillions of dollars and 15 months later it is if it never happened.

Later this week their is a commission that will begin hearing testimony similar to the Pecora commission after the crash of 29 that ultimately paved the way for Glass Steagel and the other major financial reforms designed at ensuring a collapse like that could never happen again.

Yet I, and I am sure many others on here and across the country, suspect that we see nothing substantive done to change the system. Some tinkering around the edges, but nothing earth moving like the reforms of the 30's.

Here are 2 exceprts that give you a flavor of the article, and I would suggest others read if because it is an interesting parallel of differently we have responded to the 2 biggest crises of the past decade when both in different ways brought the country to its knees and has the potential to again.

In the years since 9/11, we’ve all become counterterrorists. But in the 16 months since that other calamity in downtown New York — the crash precipitated by the 9/15 failure of Lehman Brothers — most of us are still ignorant about what Warren Buffett called the “financial weapons of mass destruction” that wrecked our economy. Fluent as we are in Al Qaeda and body scanners, when it comes to synthetic C.D.O.’s and credit-default swaps, not so much.

What we don’t know will hurt us, and quite possibly on a more devastating scale than any Qaeda attack. Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no public clamor for serious reform of a financial system that was as cunningly breached as airline security at the Amsterdam airport. And without reform, another massive attack on our economic security is guaranteed. Now that it can count on government bailouts, Wall Street has more incentive than ever to pump up its risks — secure that it can keep the bonanzas while we get stuck with the losses.

http://www.nytimes.com/2010/01/10/opinion/10rich.html

While I sort of agree with you, I'm reminded of the JFK quote:
"Domestic policy can only defeat us; foreign policy can kill us."

al Qaeda has a low probability but high negative effect impact, while Wallstreet has a higher (in relative sense) probability but a lower overall effect.

Yes, the economy does affect Americans more directly, but al Qaeda and the one, low probability event can change the course of American history forever.

I guess I agree with you, but will say that the threats are about the same in my views, as both can negatively affect the U.S. But, I still side with that al Qaeda is more a threat, barely.

IggyPride00 wrote: as a nation we still have done nothing to reform the financial system and Wallstreet to establish the root of the collapse and exactly how Wallstreet was able to fleece the U.S citizens to the tune of trillions of dollars and 15 months later it is if it never happened.

If by "we" he means the government, we would be in the somewhat interesting position to look for one of the primary causes of the problem to be the driving force of the solution.

If by "we" he means the people, our options are basically limited to removing those from office who were asleep at the switch, or worse, participants. I'm not hopeful.

At this point Congress is a much greater threat than Wall Street.

David St. Hubbins wrote: At this point Congress is a much greater threat than Wall Street.

This. It's really time to stop ending the class warfare rhetoric. That actually might be a greter threat that either Congress, Wall Street or Al Qaeda.

It is hard to take Rich seriously when he fails to mention at all Barney Frank, Fannie Mae and Freddie Mac and their endorsement of risky loans for decades, their issuance of perpetual preferred stock - often to regional and community banks which were allowed to count those securities as Tier 1 capital, and the subsequent U.S. takeover of Fannie Mae and Freddie Mac which rendered the securities worthless resulting in massive impairment charges, which led to potential and actual bank failures, which led to TARP, which yadda yadda yadda.

^^^Agreed.

If we're going to put on our tin foil hats for domestic Wall Street financial terrorism, then EVERY public and private aspect of the financial meltdown needs scrutinized.

I also agree with another poster that we have more to fear from our corrupt elected officials than Wall Street.

Manhattan Buckeye wrote: It is hard to take Rich seriously when he fails to mention at all Barney Frank, Fannie Mae and Freddie Mac and their endorsement of risky loans for decades, their issuance of perpetual preferred stock - often to regional and community banks which were allowed to count those securities as Tier 1 capital, and the subsequent U.S. takeover of Fannie Mae and Freddie Mac which rendered the securities worthless resulting in massive impairment charges, which led to potential and actual bank failures, which led to TARP, which yadda yadda yadda.

So good -- and on the money -- it needs to be repeated.

The greatest danger is in the House, Senate and White House.

Manhattan Buckeye wrote: It is hard to take Rich seriously when he fails to mention at all Barney Frank, Fannie Mae and Freddie Mac and their endorsement of risky loans for decades, their issuance of perpetual preferred stock - often to regional and community banks which were allowed to count those securities as Tier 1 capital, and the subsequent U.S. takeover of Fannie Mae and Freddie Mac which rendered the securities worthless resulting in massive impairment charges, which led to potential and actual bank failures, which led to TARP, which yadda yadda yadda.

ding ding ding.....we have a winner.

I vote Federal Reserve. Why is the greatest threat this country faces never mentioned by MSM?

Good or bad, our economy is now driven by financial services. The innovation and deal making is an engine of growth. There are going to be hiccups - this is not the first nor the last. Work does need to be done with incentives, leverage and the risk taking. But a strong and active Wall Street is ultimately good for America.

Also, regulation and scrutiny is a great idea, but in concept the much lower paid bush leaguers have little hope of truly understanding and overseeing the industry. That's just reality. A lot of reality smart people didn't fully understand a lot of these synthetic derivatives, and really smart people don't generally go work for the govt for 1/5th the pay (or less).

And let's not ignore the stupidity of the homeowner. We need more basic and intermediate finance classes in high school and college. Ignorance was a major driver. I for one don't brush off fiscally irresponsible Americans who bought more home than they could afford and took out loans they didn't understand.

Manhattan Buckeye wrote: It is hard to take Rich seriously when he fails to mention at all Barney Frank, Fannie Mae and Freddie Mac and their endorsement of risky loans for decades, their issuance of perpetual preferred stock - often to regional and community banks which were allowed to count those securities as Tier 1 capital, and the subsequent U.S. takeover of Fannie Mae and Freddie Mac which rendered the securities worthless resulting in massive impairment charges, which led to potential and actual bank failures, which led to TARP, which yadda yadda yadda.

Another partisan tripe blaming one political party over the other. What a joke. Remember, Fannie and Freddie are both corporations...no different than IBM, GM and the like. They abide by the same corporate rules that any others do. They have the same number of greed driven executives that any other corporation has. They have just as many private investors as other corporations have. They have board members, just like all the other corporations have. They have their own "good ole boys" clubs which bypass the legislative laws set. They line their own pockets in deference to the best interests of the American people.

Yes Freddie and Fannie...just another couple of corporate oligarchies that took advantage of the treasonous behavior of Phil Gramm and his 2 partners in crime...passing the repeal of Glass Steagle...at the eleventh hour...when it was far too late for review and perusal.

And yet, so typical of you. not a flipping peep out of you regarding the malevalant behavior of Lehman Bros, AIG, GS, WaMu and the like.

As for the OP's article....so sadly...there's a lot of truth to it. Al Quada's army with their arsenal of switchblades have achieved one of their goals....the impending bankruptcy of America.

And we gullible Americans en masse continue the support of 3 wars and counting. Absolutely incredible.

David St. Hubbins wrote: At this point Congress is a much greater threat than Wall Street.

This.

But from the question asked by the OP, I say Wall Street. AQ would never have been successful on 9/11 had the systems in place done the job they were supposed to. Any new system implemented since then makes us no more or less safe than we were prior to 9/11/01. Homeland Security is a joke and a waste of money. People who think they are actually safer are just listening to the same politicians that have lied to us for the last few decades.

The biggest threats to our national security IMHO are...

1. an exploding debt in a world that IggeyPride often describes wherein you can't cut defense, medicare or social security without the other side crucifying you and you can't raise taxes.

2. Dumb children being taught by girls who were getting gangbanged in College but became teachers because they want their summers off and to give their students handouts while they shop for shoes and peruse facebook all day.

I'm not sure which is a bigger threat between wall street and Al Qaeda...

BoatShoes wrote: The biggest threats to our national security IMHO are...

1. an exploding debt in a world that IggeyPride often describes wherein you can't cut defense, medicare or social security without the other side crucifying you and you can't raise taxes.

2. Dumb children being taught by girls who were getting gangbanged in College but became teachers because they want their summers off and to give their students handouts while they shop for shoes and peruse facebook all day.

I'm not sure which is a bigger threat between wall street and Al Qaeda...

Haha, so true.

dwccrew wrote:

David St. Hubbins wrote: At this point Congress is a much greater threat than Wall Street.

This.

But from the question asked by the OP, I say Wall Street. AQ would never have been successful on 9/11 had the systems in place done the job they were supposed to. Any new system implemented since then makes us no more or less safe than we were prior to 9/11/01. Homeland Security is a joke and a waste of money. People who think they are actually safer are just listening to the same politicians that have lied to us for the last few decades.

Partially incorrect. The only system in place that failed was the Immigration department not tagging the perps for their expired visas. There was no communication network in place between agencies that would have allowed us to connect the dots in time. As far as we knew, they were just some forgetful Muslim students who were interested in some flying lessons.

The post 9/11 intelligence directives that specifically target AQ's money and communications most certainly make us safer, and have prevented several attacks since 9/11. Had we left Afghanistan immediately after bombing the Taliban into oblivion and focused more effort on this, we'd be even better off.

Now as for airport security, I'd agree that the TSA has been a colossal clusterfuck and virtually every dime spent there has been flushed down the crapper. People don't realize that the minimum wage screeners on 9/11 did their jobs just fine, and bore no blame for the attack whatsoever.

"Remember, Fannie and Freddie are both corporations...no different than IBM, GM and the like. They abide by the same corporate rules that any others do. "

Wikipedia government-sponsored enterprise. I mean how can you consistently post things that are the opposite of how they are? Is it your goal just to stir the pot with incorrect information just to piss people off? If so, I think most people have caught on to your act. I sure have.

"And yet, so typical of you. not a flipping peep out of you regarding the malevalant behavior of Lehman Bros, AIG, GS, WaMu and the like"

Maybe because I didn't need to, Rich did. For someone that quoted my post you surely didn't take the time to read it.

Hell, even if you were a partisan hack, it wouldn't mean Rep. Frank shouldn't be in prison.

Wall Street did what anyone else would do if they knew they could do whatever they want and all they had to do was buy some politicians. Our federal government is the biggest threat to our livelihoods, bigger than Wall Street or Al Qaeda.