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Jesse Ventura's The Wall Street Conspiracy

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Tomas Coughlin Mr. Josselyn Information and Media Literacy - A4 30 March 2023 A Critical Analysis of Jesse Ventura’s “The Wall Street Conspiracy” James George Vanos, more commonly known as Jesse Ventura, was born on July 15, 1951, and is a famous American politician, author, actor, and professional wrestler. After high school, Ventura joined the United States Navy SEALs and served in the Vietnam War. He later became a professional wrestler throughout the 1980s and 1990s. After retiring from wrestling, Ventura served as the mayor of Brooklyn Park, Minnesota from 1991-1995 as an independent. Ventura was re-elected mayor in 1988 as a member of the Reform Party. During Ventura’s administration, he was well-known for his unconventional approach …show more content…

In chapter 13 of American Conspiracies, entitled “The Wall …show more content…

Ventura suggests that the government’s bailout of the banks allowed them to continue their illegal and unethical activities without any repercussions. Ventura’s claim here is exaggerated yet still holds some truth to it. Many criticize the bailout as it did not hold banks properly accountable for their role in the financial crisis and instead gave them a way to escape consequences for their actions. According to the New York Times, the government did in fact, impose conditions on the banks that received bailout funds, these conditions were not always enforced, were later completely lifted, and there was very little oversight on how these funds were used meaning banks could have used the money for purposes not intended. Ventura says that the bailout was a way to protect the interests of the financial elite at the expense of taxpayers because bailouts were paid for by taxpayer money which many people saw as unfair and unjust. Taxpayers felt as though they were being forced to pay for mistakes they had nothing to do with. While Ventura’s point is greatly exaggerated, his main point, the fact that the bailouts caused taxpayers to suffer for bank’s mistakes and allowed banks to continue to participate in illegal activity is true. Even if banks did not participate in illegal activity before or after the bailouts, it is entirely plausible since there is no

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If there was ever a word to describe the events that led up to the financial crisis of ’08, “Moral Hazard” would fit the bill perfectly. Moral hazard happens in financial terms when the success of a particular transaction is very heavily dependent on the performance of a particular party’s obligations, but where a particular party has no interest or incentive to carry out that obligation diligently. Let’s for instance take the example of a loan worth $720K, which was given to a strawberry picker earning around$14K/year to acquire a certain piece of property in the early 2000’s . In this case moral hazard was there and existed because the loan company intended to sell the loan forward to the credit rating agencies due to the inability of the

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The Dodd-Frank Wall Street Reform and Consumer Protection Act was the federal government’s reaction to the financial crisis of 2008. The Dodd-Frank act symbolized the government’s regulatory stamp on the banks in the United States . This regulation from the Dodd-Frank Act set the goal to lower dependency on the bank federally by setting up regulations and tampering with companies that are deemed “Too Big to Fail”. Before the enactment of the Dodd Frank act, it took many obstacles to produce the content provided which sparked from the issue at hand with the financial downward spiral and the decisions as well as actions from overseers such as: the Secretary of the Treasury Hank Paulson and the presiding president George Bush. Two men emerged

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He directly addressed the fears of his audience, responding to those “worrying about State banks not members of the Federal Reserve System” and questions as to why all banks would not open on the same day around the country. Because frantic waves of bank withdrawals had directly contributed to the current crisis, he referred to money hoarding as “an exceedingly unfashionable pastime,” one driven by fear. After stating that banks would open on a rolling basis over the next several weeks, he told his audience that he expected their full cooperation in remedying this “bad banking situation.” He called for the “cooperation of the public,” stating that national “cooperation and courage are the essentials of success in carrying out our plan . . . it is up to you to support and make it work.

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