Our Future: Leo Gerard: "Money Rules--But In Congress, People Are Susposed to Rule" "Wall Street held itself a big fat profit party last week. The nation’s six largest banks reported $23 billion in profits. That’s for one quarter – three months. Pop the Champagne. Buy another Lamborghini. Well, if you’re a Wall Street banker, that is. Not if you’re a college student looking for a loan. ‘Cause bankers and Congress don’t intend to give you a break today. Not if you’re one of the tens of thousands of workers furloughed because of the sequester. ‘Cause Congress has no intention of charging highflying banks a financial transaction tax, the revenues from which could prevent many of those cuts. Not if you’re one of those middle class Americans who bailed out the banks and now fears renewed recklessness on Wall Street will require another rescue. ‘Cause Wall Street has persuaded Congress that it really, really should not closely regulate banks. But, hey, they’re partying on Wall Street, right? The thing is, people are supposed to rule. Not Wall Street, not banks, not money. People rule in a democracy. This is something apparently forgotten by some in Congress. Banks are corporations, which are legal entities established under rules written by people. Their existence should advance America and Americans. Not the other way around. Many in Congress need to be reminded of that. Start with the U.S. House of Representatives. Just last month, the House passed measures to reverse regulations in the 2010 Dodd-Frank Wall Street Reform and Financial Protection Act and to deregulate derivatives, those high-risk financial instruments at the heart of the 2008 market collapse. Members of the House lost sight of who they work for, who rules. Here’s a hint: It’s not banks." (THERE ARE 3,000 PAID INVESTMENT BANKING LOBBYISTS ACCORDING TO THE BOOK "WITH LIBERTY AND JUSTICE FOR SOME" BY GLENN GREENWALD WHICH MAKES IT HARD FOR THE COMMON VOTERS AND TAXPAYERS TO GET THEIR MESSAGE ACCROSS TO THEIR ELECTED REPRESENTATIVES AND SENATORS. BUT WITH ALL THE BANK BAILOUTS, YOU KNOW SOMETHING HAS TO CHANGE.!!
Posted on: Wed, 24 Jul 2013 18:41:11 +0000
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