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General News    H2'ed 6/11/09

WHO CAN WE BANK ON AS THE CRISIS SHARPENS?

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Message Danny Schechter

 

 

 

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.

 

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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.
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