I do not think the twin epidemics of mortgage loan origination fraud (appraisal and “liar’s” loans) and the various epidemics of post-origination fraud by financial institutions are comparable crimes to the use of chemical weapons. The President’s job, however, is to deter a wide range of criminal conduct. The elite fraud epidemics cost over $11 trillion in losses to households alone and 10 million American jobs. The cost of these fraud epidemics is so vast that deterring future epidemics should be a high priority of every administration. The refusal of the Obama and Bush administrations to prosecute any elite banker whose actions contributed to the crisis has done the opposite of deterring future fraud epidemics – it has encouraged them.
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