Fed Delays Volcker Rule, Giving Wall Street Another Holiday Gift

We all need to rally around Senator Eliabeth Warren and help her jam through the reinstatement of Glass-Steagall and be done with it. Many progressive economists had already warned us that Dodd-Frank wasn’t strong enough to prevent any real chicanery, but in light of these two new developments, it is obvious that only by resurrecting Glass-Steagal can we be safe from unecessary casino-like behavior on the part of Wall Street. I cannot help but think that greed, like alcohol and gambling, is an addiction and we have a huge bunch of greed addicts over at the Big Banks and Wall Street in general. Actually we need more than just the reinstatement of Glass-Steagal, we need criminal prosecution of those in charge, such as the Jamie Dimons and the Lloyd Blankfeins, to send a clear message that we the people will not facilitate or accept highway robbery even when it is dressed up in a three piece suit. Madoff may have been the only one sent to prison for the ponzi scheme, but it seems to me that it was primarily because his targets were wealthy. Everyone else on the Street, who was playing with a different type of scheme, were playing the average folks for suckers and that apparently is okay; which makes it even worse in my estimation. I am tired of hearing conservatives speaking in awe of the “free market” and market forces; the huge subsidies directed towards the banks and corporations in the 1.1 trillion spending bill are evidence that there is no such thing as a free market and that since the beginning of our republic, those with wealth on their minds made sure that their needs were met by our government even though those needs were often at odds with the needs of ordinary citizens. This is most definitely another win for the one percent at our expense, when are we going to stop taking it lying down?
read the article:
http://www.huffingtonpost.com/2014/12/18/volcker-rule-federal-reserve_n_6351190.html

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: