Wall Street Strangles the Innocent

Not only has Obama dithered, he has completely failed to provide financial regulation. The US is doomed to bubble and burst continuously until the citizens elect a Congress and a President with the will and the gumption to go up against the kings of Wall Street.

Here's a bit from a Robert Reich blog that gives you something to chew on:

At a conference in London, a Goldman Sachs international adviser, Brian Griffiths, praised inequality. As his company was putting aside $16.7 billion for compensation and benefits in the first nine months of 2009, up 46 percent from a year earlier, Griffiths told us not to worry. “We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all,” he said.

Eight months ago it looked as if Wall Street was in store for strong financial regulation -- oversight of derivative trading, pay linked to long-term performance, much higher capital requirements, an end to conflicts of interest (i.e. credit rating agencies being paid by the very companies whose securities they're rating), and even resurrection of the Glass-Steagall Act separating commercial from investment banking.

Today, Congress is struggling to produce the tiniest shards of regulation that would at least give the appearance of doing something to rein in the Street.

The attitude on Wall Street is criminal because:

1. It shows contempt to the American taxpayer who had to open his wallet to save Wall Street after it collapsed the economy.


2. These guys were effectively bankrupt and had no job in October 2008, but the taxpayer bailed them out, and now they are paying themselves 46% more than in 2008? Talk about arrogance! These slimeballs like to talk about "adding value" or they talk about how their "skills" are needed and the only way to keep them is to reward them with obscene amounts of money. I saw close them down! The public saved them and they returned the favour by spitting on the public. I say shut them down. Let them sell apples in the street with all their "financial engineering" skills.


3. The Wall Street types are like the Mafia dons who bought the judges and the police on the beat. In this case Wall Street has bought Congress. So there is no regulation. If Wall Street decides to strangle every new baby born, I'm sure Congress will bring forward a 'Strengthen the American Family Act' with glorious words about how the politicians have discovered that 'true' American family values includes limiting the child-to-parent ratio to ensure an ideal 'balance' at home. And not one politician would notice that he is passing legislation to murder the citizens. Citizens don't count. They only have ballots. Wall Street counts. They have the moolah to buy the politicians.