This is a major institutional problem in our financial structure. This kind of outright thievery has destroyed savings of millions of Americans. Imagine the damage to investment portfolios when massive short selling drives prices to a point where margin calls are triggered. Artificially depressed prices make it difficult to raise capital.
A second major source of looting is the deliberate distorting of interest rates to enable this same financial system to accumulate capital at the expense of savers. Savers are deprived of the "time value of money" through Fed manipulation of interest rates. The spread between what savers are paid vs. what they must pay in interest to banks and non-bank financials is obscene. Older Americans are major victims of this massive transfer of wealth from savers to financial banksters.
This systematic looting of American savings is why we need major change in Washington. Not politicians bought and paid for by K St., but people who are outraged enough to confront this cynical and pervasive abuse of the American people. Alan Grayson, I hope you are reading this -- we need you and more like you.
Frank T.