Submitted by Michael Krieger of Liberty Blitzkrieg
The best part of this story is that Wall Street is, of course, anything but regulated. Nevertheless, the minuscule rules that do apply to the nation’s financial oligarchs are apparently just too much to bare. It doesn’t seem to bother Congress that the TBTF banks are actively involved in offshore payday lending schemes with rates well over 500%, or that they destroyed multiple municipalities across the nation selling swaps, including picking away at the carcass of the once strong Detroit. Nope, all that matters is that Congress’ pockets are lined with Federal Reserve Notes. As expected, this is a bipartisan effort. From theHuffington Post:
WASHINGTON — A bipartisan cadre of House lawmakers will move on legislation to deregulate Wall Street derivatives Wednesday, less than a week after Sen. Carl Levin (D-Mich.) released adevastating report on the multibillion-dollar derivatives debacle at JPMorgan Chase.
“It is incredible that less than a week after new JPMorgan Whale hearings detailed how the bank’s London office piled up risk, hid losses, and dodged regulatory oversight, that some House members are again supporting the weakening of derivative safeguards.”
Read the rest here
WHEN will these goons be held accountable?
Fed cannot see a stock bubble
http://www.cnbc.com/id/100574063
They couldn’t see the housing bubble either, we know how that story ended.
Hasn’t deregulation created enough theft? Where is regulation?
Hasn’t deregulation created enough harm and theft? Where is regulation?
poor regulation has led to the massive empowerment and enrichment of a particular segment of society.
Using the principle of catastrophic, escalating, positive feedback, they are merely feeding back a small portion of their increased power into the controlling political system in order to further increase their power.
(What is the mindset of the people who shape the economy? There is no purpose in life except to increase one’s power relative to everyone else’s. Either by increasing one’s own power, or decreasing everyone else’s, or both)
Congress should be frog marched into Gitmo. If you want to find the real terrorist taking this country down, there they are. The banks could not get away with the major theft, fraud and mayhem they commit if they weren’t protected by congress. Congress paved the way for the collapse of the US. I do not trust one politician. Not one.
Now you can bribe your congressperson with bitcoins. Send them an e-mail and fuck voting (which is a corrupt as your congressmen).