The Wall Street Bull sculpture looks over a deserted Broadway in lower Manhattan, August 28, 2011.
Credits: ike Segar/REUTERS
The proof of Ferguson's claim is that four years later, in the midst of the first U.S. presidential race following the financial apocalypse of 2008, neither Barack Obama nor Mitt Romney is talking about bringing the people who caused it to justice.
Ferguson compared the 2008 subprime mortgage securities scandal, which led to a global credit freeze costing tens of millions of people their homes, jobs, pensions and savings, to a bank heist carried out by the presidents of the banks.
That's exactly what happened.
Wall Street banks pedalled worthless securities, based on subprime (high-risk) mortgages, all over the world.
They were aided and abetted by the big three U.S. credit rating agencies, themselves in the pay of Wall Street, who gave these garbage securities AAA ratings (supposedly as safe as government bonds).
Meanwhile, the banks "shorted" these same securities, betting they would collapse in value, while selling them to investors as uber-safe.
And yet, four years later, not one senior Wall Street executive has gone to prison for fraud.
Instead, the banks have paid inconsequential fines, compared to their enormous profits, set by the U.S. Securities and Exchange Commission, in which they do not have to admit guilt and no one is held responsible for wrongdoing. The silence about this scandal from Obama and the Democrats and Romney and the Republicans is deafening.
It's happened because Wall Street has bought and paid for the political support of both parties through billions of dollars spent on lobbying, campaign contributions and outright bribes, going back decades.
As a result, the White House and Congress, under both Republicans and Democrats, spent years dismantling regulations governing the banks, originally designed to prevent a repeat of the Great Depression following the 1929 stock market crash.
The direct result was the financial crash of 2008, from which the global economy has never recovered.
Since then, laws passed by the White House and Congress to prevent a repeat of 2008 have been absurdly lax, meaning it's guaranteed to happen again.
After all, the Wall Street banks that survived 2008 are bigger than ever.
And they now know, based on 2008, that the government considers them "too big to fail".
That means they also know when the next market bubble caused by their massive fraud bursts, they will again be bailed out with trillions of taxpayers' dollars, supplied by the government.
Meaning, the same ordinary people who lost their homes, jobs, pensions and life savings in the subprime scandal of 2008 - and then had their taxes used to bail out those responsible - will be forced by their government to do it again.
The Democrats pretend Obama has fixed the problem, which is utter nonsense.
The Republicans pretend the 2008 crash was entirely the fault of reckless homebuyers and government interference with Wall Street, which is more bull.
What really happened in 2008 was a perfect storm of Wall Street greed, political corruption and reckless deregulation.
Worse, it's going to happen again.
But don't expect Obama or Romney to talk about that.