« Greenland ice sheet undergoes worst surface melt in 132 yearsThe Rise of the Police State and the Absence of Mass Opposition »

Weill, separate banking from investment banking, repeal enabling acts for era of greed

July 26th, 2012

The Godfather unregulated banking, Sanford I Weill, just endorsed restoring the most fundamental provision of the Glass-Steagal Act - separating banks from risky investment activity, a cardinal principal of banking regulation from the Great Depression through the end of the Clinton administration (Weill Calls for Splitting up the Big Banks, NYT, July 26), If he's serious, Weill should also demand a repeal of Commodity Futures Modernization Act of 2000, that bipartisan legislation that allowed derivatives to function without regulation. A turnaround by some masters of finance should not obscure the history described below (thepeoplesvoice.org, April 14, 2009). It's a toxic brew of the greed that motivate the ultra rich and their minions.

 

Huge majorities in both houses of Congress voted for legislation to allow the biggest bank heist of all time. But this time, it was the banks pulling the heist.

Our financial system looks ruined beyond repair. The credit default swaps crisis is 40 or so times bigger than the real estate meltdown over subprime derivatives. The top 25 banks in the United States are loaded down with $13 trillion in credit default swaps and the deal is coming unraveled. If we accept the highly dubious assumption that the debt from the financial meltdown needs to be repaid by us, were looking at $43,000 a citizen right now. And we're just starting.

It didn't get that way by accident. There was special legislation that enabled the current crisis.

This was classic Money Party strategy and tactics.

The strategic goal was to turn Wall Street into a big casino for the "in crowd" of major investors, funds, and institutions. No rules and no regulations: "let the market take care of it" was the philosophy.

The tactics were easy. First you set up a scholarly group called the Law and Economics movement to give your scheme legitimacy. Then you give money and other favors to members of Congress.

At the right moment, you call in your congressional markers to let the banks start doing what they did to spark the Great Depression. Walk into the Wall Street casino loaded with cash and spend like they're on coke. Your corny academic group has a couple of judges who decide a case that gives legal grace to the scheme. The casino is legit says the court. You then go for the whole nine yards by bringing back the long outlawed derivatives, subprimes, credit default swaps, etc.

The corporate media either ignores your "long con" altogether or covers it on their back pages.

Done deal! It's the perfect storm to create economic chaos allowing the most massive transfer of wealth since the Visigoths sacked Rome in 410 CE. It's all about socialism for the rich and survival of the fittest for the rest of us.

But Congress and the Treasury Department will preserve the financial elite in perpetuity. Why? To begin with, they'd have to admit that they created the problem in the first place with their enabling legislation. Congress would also have to admit to absolutely zero oversight on this matter despite warnings.

Michael Collins, Enabling Acts for an Era of Greed, thepeoplesvoice.org, April 14, 2009

No feedback yet

Voices

Voices

  • Dr. Vladislav B. Sotirovic The 2018 Skripal Attack Case The current orchestrated Western policy of total Russophobia, directed by Collective West, can be recorded to start by the British Cabinet of Theresa May – the focal servant-dog to US global…
  • By Sally Dugman This proactive Palestinian Pulverizers of humans, D. Trump who is indirectly responsible for the deaths of many thousands of Palestinian people of all ages, has no standing to say something like this utterly stupid statement about Putin:…
  • Tracy Turner When the Republic Betrays, the Body Must Answer Protest is not a right—it is a judgment passed upon power. A corrupt state standing above law and beyond justice forfeits its legitimacy, and we, the people, are compelled to answer—not with…
  • Tracy Turner The Reclamation of the Republic When, in the Course of human events, it shall become absolutely necessary for the People to dissolve the political ties which have united them to a government that has betrayed its trust to obtain their…
  • Tracy Turner SMELE's (Slow-Motion-Extinction-Level-Events). Not yet common in academia, but it should be. I. Introduction: The Timebombs We Ignore "Not with a bang but a bureaucratic shrug, the world ends." - Revisionist reading of Eliot by the…
  • By David Swanson I wish U.S. academics would spend less time fantasizing choices between various murders with trollies, or playing games with theories about how greedy robots might do diplomacy, and more time on the impeachment problem. The United…
  • Cathy Smith Hidden Bombshells in Trump’s “Big Bodacious Pill” “The most dangerous place to be is between power and its reckoning.” —Rewritten maxim of Beltway survival In the dark guts of Trump’s 2025 legislative monolith—cheekily christened the Big…
  • Robert David A global exposé of how corporations distort science, erase truth, and turn human death into quarterly growth. I. Introduction: When Truth Becomes a Liability In an age when algorithms dictate belief and lobbyists author legislation, truth…
  • Robert David Polluters don’t just dump toxins. They dump stories—engineered by billion-dollar PR firms. They Poisoned the Planet—Then Hired Spin Doctors to Make You Forget When a chemical spill poisons a town, when a pipeline ruptures in a fireball,…
  • By David Swanson, World BEYOND War Switzerland got that way through NEUTRALITY Remarks at Neutrality Colloquium: A Call to Action for Active Neutrality & World Peace, June 26-27, 2025 in Geneva, Switzerland. I grew up in a town in the United States that…
July 2025
Sun Mon Tue Wed Thu Fri Sat
 << <   > >>
    1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31    

  XML Feeds

CMS with Bootstrap
FAIR USE NOTICE: This site contains copyrighted articles and information about environmental, political, human rights, economic, democratic, scientific, and social justice issues, etc. This news and information is displayed without profit for educational purposes, in accordance with, Title 17 U.S.C. Section 107 of the US Copyright Law. Thepeoplesvoice.org is a non-advocacy internet web site, edited by non-affiliated U.S. citizens. editor
ozlu Sozler GereksizGercek Hava Durumu Firma Rehberi Hava Durumu Firma Rehberi E-okul Veli Firma Rehberi