Send a Tweet
Most Popular Choices
Share on Facebook 2 Share on Twitter 1 Printer Friendly Page More Sharing
Exclusive to OpEdNews:
OpEdNews Op Eds    H3'ed 4/2/10

Bill Moyers talks with Gretchen Morgenson about the financial crisis and its likely return

By       (Page 2 of 11 pages) Become a premium member to see this article and all articles as one long page.     (# of views)   4 comments
Author 8235
Follow Me on Twitter     Message Richard Clark
Become a Fan
  (109 fans)

Two years ago this month the financial giant Bear Sterns collapsed and Wall Street began to unravel, wiping out millions of jobs, driving millions of people from their homes, and plundering once healthy pension plans. And all this time later there is still no reform from Congress, to prevent the reoccurrence of such a tragedy. A crippled little bill seems to be hobbling out of the wreckage but still faces an array of well-armed forces gunning for it.

And that's no surprise. In the two recent election cycles, members of the Senate Banking Committee received more than $39 million from Wall Street and the banks, while members of the House Financial Services Committee raked in more than $21 million. So just how serious do you think these members of Congress are going to be about true reform?

The companies that come to have so much control over our financial system are so politically powerful that they cannot be allowed to fail. This we saw in the crisis with Citigroup, and with American International Group, the big insurer, as well as with Bear Stearns which was merged into JP Morgan to avoid complete failure.

We saw these companies that had been allowed to grow into monsters take enormous risks all the while, which then the taxpayer had to cover, had to "backstop,' when their risky deals went bad. Problem is, we are now nowhere closer than before to any kind of technique or strategy that could prevent such a reckless and largely unregulated behemoth from rising up again.

What's the explanation for the delay? Why has it taken so long?

Next Page  1  |  2  |  3  |  4  |  5  |  6  |  7  |  8  |  9  |  10  |  11

 

Must Read 2   Supported 1   Valuable 1  
Rate It | View Ratings

Richard Clark Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)
 

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Was Pat Tillman Murdered by an American Sharpshooter to Shut Him up?

New JFK assassination bombshells

Two U.S. presidents implicated by ex-CIA black-ops assassin

The cholesterol - heart disease scam: How the medical-industrial complex is raking in billions at our expense

Four Ticking Time Bombs That Will Soon Ignite a Revolution

The Ultimate Goal of the Bankster-led Political-economic Warfare Being Waged Against Us Is . . . ?