I was just on KPFK in Los Angeles with RJ Eskow, and we have fairly similar ideas about the foreclosure fraud settlement, even though they may sound different. He thinks that we need to use the pressure available to ensure that the settlement is a beginning and not an ending. I’m just trying to be realistic about what the settlement means. But one area we agreed is that the lack of deterrence implied by this settlement is absolutely corrosive for the future. Eskow described it as socially corrosive, and a way that people lose faith in their government. I concur completely.
It’s not just that a failure to prosecute makes it more likely that the same bad actors engage in the same bad actions over and over again. It’s not just that this furthers a financial oligarchy that has been historically responsible for most major economic crises in this country. It’s that a two-tiered system of justice is terrible for civil society.