scared-4-america
That is the question on the minds of many economists, jobless, and homeless people today. Remember that famous line in the blockbuster National Treasure, “someone’s got to go to prison.” It seems everything has been swept under the rug when it comes to the financial melt down. Just airing this Frontline investigation should have landed a few people in the poky. Unfortunately no one has had to answer to any of this.
Now there is talk that the very people involved in the great American heist have co written new legislation. Tell me something, do you think there might be some conflict of interest there? The so called “reform” legislation regulates the derivatives market rather than eliminates them like so many would like to see. The CFTC (Commodity Futures Trading Commission) and the SEC (Securities and Exchange Commission) couldn’t regulate them the first time. Are we to believe that new legislation would change that or are there going to be exemptions so that the con men don’t go to jail when some one gets the nerve to pursue it?
Michael Greenberger, a University of Maryland law professor and veteran federal regulator, studied the House committee's 187-page bill and detected the fine needlework of Wall Street lawyers. "It had to be written by someone inside the banks," Greenberger said, "because buried every few pages is a tricky and devilish 'exception.' It would greatly surprise me if these poison pills originated from anyone on Capitol Hill or the Treasury."
The bill has made it out of committee and will be voted on soon I’m sure. The pioneers of derivatives, Goldman Sachs and JP Morgan, which are also member banks of the Federal Reserve, are among the five largest banks left who are said to be helping draft the new legislation. That’s like giving a bank robber money after he robs the bank and then letting him write a new law that makes him exempt from being arrested for it. Are you kidding me?
How are they getting away with it? They are getting away with it because the people are letting them. There is no organization to police the government. When Wall Street bankers get into government and start gutting your treasury it’s up to you the people to stop them. The answers are all over the news but for whatever reason the people seem to think its someone else’s responsibility. There is no one else.
Comments