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
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.”
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: