Veteran Wall Streeter Says No Change Since 1998, They Made Things Much Worse and Reap Great Pay and Bonuses for It! Break Them Up, It is Too Just Not to Fail

Written by Jim McGrath Friday, 05 March 2010 16:05

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The Huffington Post reports that things are just as bad as they have always been on Wall Street and getting worse.  Instead of reining in the big banks and toxic practices that have caused the greatest financial crisis since the Depression, Wall Street continues to practice, promote and worsen this voodoo investing, at great cost to us all.  The fact that bonuses for the big banks have been allowed, after they have caused the crisis, and in some cases increased,  is emblematic of our national ills.  While the people are waking up to the "beyond laissez-faire, but aidez les banques to succeed at all costs" philosophy, are turning against it, and demanding solutions, our national leaders are stymied by the GOP filibusterers and like minded mush peddlers, aided greatly by lobbyists clogging up any progress with wads of cash, promises of future employment and perks the average wage earner could only dream of. 

THE POLITICIANS (AND REGULATORS CATERING TO THEM) LET THIS CONTINUE, APPROVE BONUSES TO ENCOURAGE IT, AND TELL US THAT THEY MUST CUT EDUCATION PROGRAMS IN CALIFORNIA AND FORESEE PENSION PROBLEMS ALL OVER.  It used to be said with pride, "Only in America!" or "Only in New York!"  Boy, you said it! Now those words ring with irony and bristle our backs when we think of what our nation has done to reward the banks who practice Ponzi schemes, who took our money and ran, and who devised financial instruments spread around the globe so complex and intricately, they cannot be traced adequately and thereby safely wind them down, without fear of financial implosion.  NOW THAT'S INNOVATION! WHAT A JOB THEY DID! ON US! But we say, GIVE IT BACK! GIVE THE BONUSES BACK, CLAWBACK THEIR SALARIES, divide the ill-gotten gains among their victims, such as the unemployed, pensioners and the scammed, and let them fail by breaking them up so they can receive the reward everyone but they receive for poor or fraudulent business practices: too just not to fail!

While the GOP and some Democrats would never do anything to empower government or heaven forbid, create another "bureaucracy" (Tell us, who has the power to stand up to big corporations, besides the government? There is no other viable policeman, as we have seen from the necessary trust busting of Teddy Roosevelt to his cousin's providing a bulwark against business extremes in the form of the SEC, CFTC, FCC, NATSB, and the like.)  While the conservative Reagan Revolution would continue to let this madness go unrestrained, progressive are waking up; Senator Reed recently vowed to bring the consumer protection agency to the floor; so far, 35 senators have come out in support of voting for a public option; Rep. Frank called placing the consumer protection agency in the Fed a joke (for the Fed, unknown to many, is not a federal government agency, but a private board, run by bankers for bankers).  Elizabeth Warren is telling it straight, noting it is time for an effective consumer protection agency, and for a strong fight, for teeth and blood on the floor.  HOW LONG WILL WE LET THIS GO ON? (HuffPost describes the sorry state of affairs for us all AND the solutions he recommends at: http://www.huffingtonpost.com/2010/03/05/wall-street-vet-involved_n_486636.html

IT IS TIME FOR PROGRESSIVES TO STAND UP, VOTE FOR THE PUBLIC OPTION, VOTE FOR A STRONG CONSUMER FINANCIAL AGENCY, STRONG AND EFFECTIVE REGULATION, AND MAKE THE BIG INTERESTS TAKE THE MEDICINE OF FAIR TAXATION AND THE REMOVAL OF THEIR ANTITRUST EXEMPTIONS THAT ALLOW THEM TO OPERATE AS CORPORATION USA.

We need to take steps to ensure that these banks are broken up safely, their derivatives sold openly and that "too big to fail" will never happen again. We have demonstrated down on Wall Street against these ills and are planning future demonstrations in the future.  Will Congress and the President act before a second leg down, another crash or worse, strikes?  We fear it may be too late. Stay tuned, we will post on when and where future demonstrations will take place, projected to be in solidarity with organized labor, the Catholic Workers, and other progressive, far-seeing organizations.  WE NEED TO MAKE OUR VOICE HEARD OR BE OVERRUN.