Its no surprise that bank stocks rose when so-called financial reform passed just like health insurance racket stocks rose on the passage of so-called health insurance reform. The wheels of government turn only to ensure that the wealthy top 1% can ride the rest of us to the bank unrestrained by considerations other than profit.
In 1901 Teddy Roosevelt said in his New Nationalism speech,
“The absence of effective State, and, especially, national, restraint upon unfair money-getting has tended to create a small class of enormously wealthy and economically powerful men, whose chief object is to hold and increase their power. The prime need to is to change the conditions which enable these men to accumulate power which it is not for the general welfare that they should hold or exercise.”
Read the rest of the speech here.
Yes, Teddy Roosevelt was a Republican… a progressive Republican… who knew the stranglehold and corruptive influence a small handful of wealthy Oligarchs could have on a free people.
I’m certain, though, that he could never have imagined a Supreme Court ruling that Corporations are People who can pour unrestricted wealth into elections, as well as allowing wealthy individuals to spend their personal fortunes to obtain seats in government.
The passage of this financial reform bill is nothing but window dressing that gives the illusion of “change” while keeping the most dangerous parts of the financial system in place.
Dylan Ratigan wrote:
The same Washington spinsters who have driven our country into the ground seem to be out in full force this morning, claiming that their latest policy “victory” is the most “sweeping change” of our financial regulatory since the Great Depression.
Actually, it is nothing more than window dressing.
The real sweeping change of our financial system took place over the past 20 years. The irresponsible repeal of Glass-Steagall in 1999. The Commodities and Futures Modernization Act of 2000 by Larry Summers and Bob Rubin — the one that legalized the most destructive financial instruments of all, derivatives. The leverage exemption at the SEC in 2004, asked for (in person) and received by Hank Paulson and friends.
Of course, there are small victories here — there is better investor protection and, most importantly, an awakened citizenry.
What’s not fixed?
– Banks still Too Big To Fail.
– Banks gambling with your deposits.
What does it mean for us?
It means that the same people who brought you these horrible changes — rising wealth discrepancy, massive unemployment and a crumbling infrastructure — have now further institutionalized the policies that will keep the causes of these problems firmly in place.
Meanwhile, all involved in the facade try to pretend that this should be considered a success because, gosh, real financial reform is just too hard and those crafty banksters will just outsmart us anyhow. Many in the media are either too complicit, too confused or too lazy to contradict this spin, but the rest of us shouldn’t buy that BS. Real and lasting financial reform is actually quite easy to implement — and the last time we had a crisis of this magnitude, we kept the banksters in check for 70 years.
And I believe as we head towards election time with leaders whose only plan for creating new jobs is a few more workers manicuring soon-to-be even bigger Bankster bonus-fueled estates coupled with a few more government handouts, this lesson will be learned once again.
Now the Washington insiders who have driven our country into the ground are out in full force spinning this “victory” as the most “sweeping change” of our financial regulatory since the Great Depression.
When the same gang owns Wall Street, Government and Media, all we can expect is window dressing. Nothing will get in the way of rapacious profit – not jobs, the American worker or the American Dream.
The only reason why Barack Obama can get away with proclaiming financial reform as “the most sweeping changes in our financial system since the 1930s” is because the wealthy elite, with the help of their Republican and Democrat In Name Only operatives in government have dismantled the reforms put in place after the first Republican Great Depression to the point where they caused this current collapse.
In the face of the powerful moneyed interests that run government, any change to this broken system is triumphed as victory.
As our government continues to ensure the gap between rich and poor gets wider, the only jobs left will be to work in the salon where some rich bankster’s wife gets her nails done.
It’s the age-old struggle. The dream of America was that We The People ruled, not an inter-generational aristocracy, but Repugs (& DINOS) put that oppressive system back together piece by piece.
There will be no reform as long as we continue to deny that the wealthy elite are engaged in a class war against the rest of us that even an election promising “hope” can’t change.
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