It is time for a rapid-fire analysis of the financial crisis which also happens to be a Crisis of Capitalism according to JRK and David Harvey's animated account. It is refreshing to see the financial crisis discussed from a Marxist viewpoint. It takes into account all the different reasons that have been put forth for the causes of the crisis, such as, human frailty, predatory instincts, delusions of investors, greed of bankers (as shown by the daily practice of firms like Goldman Sachs), on to institutional failures, obsessions with false theory and so on.
Finally, systemic risk and internal contradictions of capitalism are looked at. In the past, the excessive power of labor was attacked and that problem was variously solved; then the excessive power of financial capital arose. During the latest financial crisis, billionaires and millionaires increased in number and wealth because of the obscene remuneration of financiers and hedge fund managers, for example. And now the problem is the excessive power of finance.
The conclusion: We need to change our mode of thinking, which would be helped along by first putting some of the bankers in jail!
The video can be found here
GoldmanSachs666 Message Board
According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage". In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia