Power of Story Send a Tweet        
- Advertisement -

Share on Google Plus Share on Twitter 3 Share on Facebook 4 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit 1 Share on StumbleUpon 1 Tell A Friend (9 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   19 comments
Exclusive to OpEdNews:
OpEdNews Op Eds

Growing Inequality, Deliberately Engineered Through a Whole Range of Policies Intended to Redistribute Income Upward

By   Follow Me on Twitter     Message Richard Clark       (Page 3 of 3 pages) Become a premium member to see this article and all articles as one long page.     Permalink

Related Topic(s): ; ; ; ; ; , Add Tags  Add to My Group(s)

Well Said 3   Must Read 2   News 1  
View Ratings | Rate It

opednews.com Headlined to H2 12/27/13

Author 8235
Become a Fan
  (110 fans)
- Advertisement -

With its regulators overwhelmed and underfunded, Wall Street firms then move to the Relentless Negotiation stage

"As you try to deal with the regulatory agency," he says of Wall Street, "the first thing firms do is ask, "Well, would you exempt us?'   And when that doesn't work, they try to ameliorate the regulation."   And if that strategy fails too, the industry defaults to litigation.

The Commodity Futures Trading Commission's recent approval of rules to establish position limits on certain types of trades got the "full-on-Monty Quadra-Kill" from Wall Street, Chilton says, although the outcome was far less favorable to the banks than they had hoped.   Of course, they already are contemplating taking legal action against the parts of the just-completed Volcker Rule that they find "distasteful.'

Chilton says he has noticed one additional underhanded tactic that Wall Street has been employing lately:   stalling or thwarting nominees to regulatory agencies.   The nomination of Timothy Massad, the U.S. Treasury Department official who managed the Troubled Asset Relief Program, to replace Gary Gensler as CFTC chairman came late in the year and a confirmation vote has now been delayed, probably to February 2014.   That means further Dodd-Frank rule-writing and enforcement could be delayed, too, because only two of five commissioners will be seated and they would both have to agree to get anything done.   "It's a gift to Wall Street," he says.   In short, they've been trying to trip, stall, or even cripple Dodd-Frank any way they can.

- Advertisement -

Though we are the vast majority, the main reason why Wall Street can always beat us

Bottom line:   Financial-industry executives contribute more money "in every election, than any other sector, and they have made more profits (from which to get this money) in every single quarter since the fall of 2008 (when many of them helped crash the economy)," Chilton explains.   "So while the rest of the nation is suffering still, and trying to get a leg up to get out of the ditch, the financial sector (who put them in the ditch) didn't miss a beat."

Unless and until Wall Street's disproportionate ability to bully Washington is somehow curtailed, the rest of us will be held as permanent hostages to its agenda.  

- Advertisement -

For those interested in the fuller version of all this, Chilton has been writing a book.   Its working title: "Theft."

Next Page  1  |  2  |  3


- Advertisement -

Well Said 3   Must Read 2   News 1  
View Ratings | Rate It


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...)

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   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
- Advertisement -

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 . . . ?