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

Printer Friendly Page Save As Favorite View Favorites (# of views)   1 comment
General News

After Healthcare, The Next Big Fight is Financial Reform

By       Message Danny Schechter     Permalink
      (Page 1 of 3 pages)
Related Topic(s): ; ; ; ; ; ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H4 3/24/10

- Advertisement -

"We need a jailout, not just a bailout"


- Advertisement -

NOW THAT HEALTH CARE IS "DONE," IT'S TIME FOR FINANCIAL REFORM WITH A FOCUS ON FRAUD AND CRIME IN THE SUITES

By Danny Schechter

Author of The Crime Of Our Time

In Britain, the police are raiding Hedge Funds to bust insider traders. In America, the Hedge Funds are still raiding us, even as public opinion calls for a crackdown on Wall Street. One recent poll, in a nation that seems so divided on everything, showed 82% for aggressive action. 82%!

- Advertisement -

A new Bloomberg survey says the public wants the government to punish the financial fraudsters. "57 percent of Americans have a mostly unfavorable or very unfavorable view of Wall Street, versus fewer than one-quarter who have a favorable opinion. Banks are viewed badly by 54 percent of poll respondents, and 60 percent have a negative opinion of insurance companies."

In a sense, reformers have won the fight of public opinion, but the financial reform battle promises to be even tougher than the health care fight.

Why?

The public is just not as informed about complicated financial issues. Their eyes glaze over with all the talk of derivatives and credit default swaps. Those favoring needed reforms still don't offer a popularly understood narrative based on morality as well as insider economic analysis. Few commentators outside the business press are talking about it.

This is why I made a new film Plunder, The Crime of Our Time investigating the crisis as a crime story. Because that's what it is!

The Banks do understand the scale of the problem and the depths of anger by their customers. As a result, they are upping their touchy-feeling TV ads and fielding the biggest army of lobbyists in history to confuse, complicate, contain and, where possible cancel proposed reforms. It was reported that there were 6-8 lobbyists for each Member of Congress working against health care reform. On bank reform issues, it's 25-1. Banks have the money and target it on politicians as a prudent investment to foster a climate that will allow them to make even more.

So far, the coalition for financial reform is not as large or organized as the movements championing health care reform. The AFL-CIO has resorted to guerilla theater, not guerilla warfare, a la the Tea Partiers. Most informed observers, to quote a Bidenism, know this issue is the real big F**k'in deal.

- Advertisement -

Even as more financial scandals surface, there is far too little follow up, not to mention investigations and denunciations. One report on Sify.com reveals, "since the financial crisis erupted in 2008, the FBI's 1,000-agent New York office has tripled its mortgage fraud investigations squad and beefed up its securities and financial fraud group.

"The FBI's Internet Crime Complaint Center says it received 336,655 fraud complaints last year related to financial losses of $560 million, double the dollar amount reported the year before."

Progressives don't seem to appreciate the scale of this problem or how it could be turned into THE issue to organize around. In contrast, the right just wants to ignore it because it believes the private sector can do no wrong.

Next Page  1  |  2  |  3

 

- 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?