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

Printer Friendly Page Save As Favorite View Favorites (# of views)   No comments
General News

WHO CAN WE BANK ON AS THE CRISIS SHARPENS?

By       Message Danny Schechter     Permalink
      (Page 1 of 5 pages)
Related Topic(s): ; ; ; ; ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H2 6/11/09

- Advertisement -

 

- Advertisement -

WHO CAN WE BANK ON, WHO CAN WE TRUST, AS CRISIS SHARPENS?

Washington Seems Tethered At The Hip To Wall Street and Does It’s Bidding

By Danny Schechter

Author of Plunder

- Advertisement -

Can it possibly be true that the Congress can’t walk and chew gum at the same time? This question is prompted by the announcement that financial reform is being pushed back as health care becomes the priority.

This makes me nervous for two reasons. First, it portends a long drawn out legislative battle on health care reform with more time for industry lobbyists and the Congresspersons and Senate persons on their payrolls to compromise away or wreck the change we so deeply need.

Second, it confirms that the lobbyists for financial institutions—the people responsible for the collapse of our economy---have been scheming and wrangling to gut the reforms that could stop anther economic breakdown. Reviving this industry without restructuring and re-regulating it just guarantees another disaster down the line.


Bear in mind that that disaster is already underway despite what you may be reading about “green shoots” and signs that a turnaround is coming because unemployment didn’t go down as much as expected—only 500,000 plus a month.

In fact, many observers see a deeper crash still coming with a depression quietly deepening, even if most us cling to our perennial optimism and trust in the change maker we can believe in.  The Telegraph’s Ambrose Evan-Pritchard, who unfortunately has been more prescient than wrong, whines:

“Those of us who still question whether the world has purged its toxins are reduced to the same tiny band of moaning Druids from early 2007, when we shook our heads in disbelief as the carry trade swept Iceland to fresh madness and bankers laughed off sub-prime rot at Bear Stearns.

We learned then to thicken our skins with walnut juice, lie down in dark rooms, and dissent from Goldman Sachs.”

- Advertisement -

You may recall Dennis Kucinich asking his colleagues aloud if he was in the Congress of the United States or the “board room of Goldman Sachs” as if the former is a wholly owned subsidiary of the latter. Or perhaps, there was a merger between the two in the sense that Wall Street may be down but by more means out. It is “clawing back” its influence with a new lobbying surge which is allowing Goldman and the big banks to pay back their TARP Money and get out from under the spectre of new regulations, compensation limits and the like.

The Empire inside the Empire is striking back.

Meanwhile we still live with a fog of misinformation, disinformation and no information. Basic information about monies from the Federal Reserve to Banks and financial institution has not been disclosed. Bear in mind the Banks control the Fed—and free marketers ran the economy, not the government.

 Writes Bob Chapman of International Forecaster:

Next Page  1  |  2  |  3  |  4  |  5

 

- Advertisement -

View Ratings | Rate It

News Dissector Danny Schechter is blogger in chief at Mediachannel.Org He is the author of PLUNDER: Investigating Our Economic Calamity (Cosimo Books) available at Amazon.com. See Newsdisssector.org/store.htm.

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



Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

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)

Israel Gives All Jews A Bad Name

Is There A Threat of Fascism in the USA?

Free Marketers Going After Occupy Wall Street --Danny Schechter

COG OR COA: WHY IS OBAMA MORPHING INTO BUSH 2?

WHO OWNS OUR MEDIA AND WHY IT MATTERS

WERE THE BANKS TOO BIG TO FAIL OR THE BANKERS TOO BIG TO JAIL?