“What amazing alchemists Wall Street bankers are! They can turn failure into gold and reform into business as usual.
These sorcerers have pulled off both tricks right in front of us since their 2007 collapse. They turned that gross failure into an ongoing multi-trillion-dollar bailout by us taxpayers to restore them to even-grosser profit levels.
While the public howled for lawmakers to shackle their greed, these bankers reached into their magic hat and pulled out the Dodd-Frank reform law that — hocus pocus — adds up to the status quo. A farmer once told me status quo is Latin for “the mess we’re in.”
Wall Street’s greatest deception is the claim that they’re brave risk-takers who put their money into enterprises that create America’s economic growth.
They are not investing in job-creating businesses. They’re frittering away America’s savings on ridiculous, get-rich-quick gambling schemes. They’re not risking their money; they’re risking our money.
When we deposit money with Chase, etc., we make a practically-zero-interest loan to them that they take to global gambling tables. Of the $2.4 trillion held by JPMorgan Chase, $2.2 trillion is our cash they are risking. When their convoluted gambles fail, as in 2007, everything collapses — and they’ll run to Washington for a bailout.
So the reform that matters is to make them put, say, half of their own money into each roll of the dice, rather than piling 90 percent of each risk on our backs. But the Dodd-Frank “reform” law allows these “too-big-to-fail” banks to stack 95 percent of the risks on us.
That is Wall Street’s dirtiest trick yet.” – Jim Hightower, OtherWords.org
[When I first read this I thought, “No kidding, damn right Hightower!” Then I realized, if Wall Street is getting away with murder, it is because Congress is letting them. Hightower just doesn’t want to blame his compatriots! Wall Street doesn’t make law, Congress does. The devil ain’t “out there”, Hightower, it is in Congress. – Jim Roach]