I came across an interesting an honest article from the Washington Post about the power of Wall Street. Although the article is more about campaign finance reform and the broken promises of Obama, it does bring out the fact that the politicians really rely on the money from Wall Street.
“But this isn’t a story about spineless, corrupt politicians and it isn’t a story about the power of Wall Street. It’s a story about our campaign-finance status quo. So long as we expect our presidential candidates to come up with the better part of a billion dollars to finance their campaigns, then like Willie Sutton, they’re going to have to go where the money is. And in our country, right now, the money is on Wall Street.”
It’s no wonder that instead of prosecuting these criminally bad businessmen and bankers, Congress, and the President, have bailed them out, with our tax money, numerous times. And, with all that bail out money the banks are in worse shape than ever.
One would think that after trillions of dollars of bailouts that they would be somewhat financially sound. But the opposite is true with Greece ready to set off a financial collapse domino effect around the world, the banks that make up Wall Street, and their European counterparts, some of whom were recipients of the TARP and QE money, are just as exposed and vulnerable to a meltdown as they were in the 2007-2008 period.
So, all of that money did nothing to help the economy and the politicians are catering to, even groveling before, Wall Street at the expense of Main Street. What they, our government, really need to do is to prosecute these financial swindlers as Franklin Roosevelt did. We need a new Pecora Commission to expose their dirty dealings, put them in jail, break their fiancial, and hence political power. A new Glass-Steagall Act in the form of the Marcy Kaptur bill H.R. 1489 would be a great first start. Call you Reps to support it.
Only then, can we get on with a real, productive recovery in this country, and world wide for that matter, based on actual physical output fueled by jobs that pay a dignified wage, and not just empty rhetoric about a recovery that never was.