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Allen West Warns of 'Far Worse Financial Crisis'

Former U.S. Rep. Allen West, R-Fla, now the president and CEO of the National Center for Policy Analysis and Richard Bowen, a contributor with the Financial Crisis Institute, weighed in on last week’s stock market fluctuations and warned there could be more problems.

“This week’s stock market roller coaster shows just how vulnerable the U.S. economy remains to economic turmoil,” Bowen insisted. “The U.S. government and the Department of Justice are welcoming more financial malpractice by not prosecuting anyone for substantial wrongdoing in the 2008 crisis.”

West and Bowen warned of signs that there could be a “financial meltdown worse than that of 2008” including the Fed’s “policy of near-zero interest rates are causing inflation of assets, suggesting the formation of another bubble," rising household debt and more big banks and less community banks. 

 “The U.S. government must prove once and for all that it does not reward bad behavior.  Those on Capitol Hill must demonstrate that no one is above the law,” said West and Bowen on Friday. “If not, the American public can expect to see greater malpractice, leading to another, far worse financial crisis.”

They penned a piece for CNS News which was published on Thursday. 

 

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