Wall Street; the New Capitol of America
Posted by patriotslog
“It’s time we stop subsidizing risky Wall Street practices. We’ve seen how too big to fail is also too big to manage, too big to regulate, and too big to jail.” Sen. Sherrod Brown (D-OH) does not hesitate to make his feelings known when it comes to the monster banks on Wall Street. He is one of the loudest and most ardent supporters of Sen. Bernie Sanders (I-VT) new legislative proposal to break up these banks that gambled away our economic prosperity and sent ripples into the entire global economy.
Typically, I pay attention to Bernie Sanders for pure entertainment purposes only. He runs as an independent simply because there is not socialist party in America, so it is not often we see eye to eye on anything (in fact, this might be the first time), but I am all in with him on this one. Wall Street now runs America—unelected, private, for profit firms are calling the shots these days, and they do not answer to or care about anyone. Their checkbooks are their idol.
Unfortunately, Sen. Sanders’ proposal most likely headed to the same destination as gun control. There simply is not enough public support to make an honest man out of Congress, so Congress will keep their various financial mistresses until you and I demand the banks be held accountable.
Wait, this soap box rant sounds pretty anti-capitalist to me? Admittedly, it does, but I have not changed philosophies, a regulated capitalism is still the best economic system; I am just not sure we have that anymore. Breaking up the banks might be just what we need to reclaim it.
Wait, getting IN the way of free markets is how you reclaim capitalism? Ironic, I know, but my answer is emphatically YES! The problem is the markets are not really free anymore; we (rather, the government) sold our capitalist soul the day we bailed out Wall Street, then refused to even slap their wrists for what they did. Capitalism requires that you allow businesses to grow and fail based on their own merits, but we did not allow banks to fail, they have become too big for that. If they are too big to participate in our regulated capitalist economy that made us the greatest place to live in the world than they must be broken up to save that same regulated capitalism. Too big to fail is unacceptable; particularly when you and I will be punished for the misdeeds of these banks, which will then be bailed out by our tax dollars. Does that sound like capitalism to you?
So…the bailout was years ago; why are you suddenly so vocal about breaking up the banks? Simple. Because not only has this administration flat out refused to hold the banks accountable for what they have done, but now the administration is on record, through the voice of Attorney General Eric Holder, stating that the banks have become too big to prosecute for their crimes.
In a political system where money has become the determining factor in most elections, the center of the financial world becomes the political Mecca. Between political parties and special interests the Capitol Rotunda is beginning to resemble a puppets stage. If you have always found it a bit fishy that not a single Wall Street executive has had so much as an accusation thrown at them by law enforcement, your answer lies inside the beltway. Political parties are a separate bone to pick altogether, but last I checked there were five, yes, 5 Wall Street lobbyists for every member of Congress.
Wall Street spends about $1billion every election cycle to try to ensure the next Congress will be as banker friendly as possible. Why? So the government will turn a blind eye to their white collar crime. J.P. Morgan himself stated that if Americans knew how the banking system worked they would rise up in revolution. If any Congressman or Congresswoman becomes a threat to Wall Street, Wall Street will spend like crazy to get a new representative in that office. This is why monster banks have recently been funneling the larger part of their campaign contributions toward Republicans. With Occupy Wall Street and too big to fail becoming dinner table conversation topics, Democrats seem to be more of a threat.
Republicans fight the breakup of big banks, claiming that they are defending capitalism; they just fail to explain what part of capitalism there is to defend? If they hate wasteful spending and excess taxes as much as they say they do during election season, is there any better way to attack both then to ensure there will never again be a tax payer funded multi trillion dollar bailout of private financial firms with the sole purpose of making money? Republicans are not alone. President Obama has also been seduced by Wall Street harlotry every bit as much.
Though he promised he would fight for the middle class he has done no such thing. The youth and minority populations still face staggering unemployment rates, the average income has dropped, and healthcare premiums are growing faster than ever. On the other hand, Wall Street and big banks have hardly seen a more prosperous time. The banks that we bailed out are now bigger–by translation that should probably read riskier–than ever, their profits are at an all-time high, and bonuses been large enough to purchase small sovereign nations. So pleased is Wall Street with the performance of President Obama that at one point 1/3 of his campaign contributions came from the monster banks. How is any of that working for the middle class? President Obama has adulterated his principals, and played in favor of the big banks.
He has also let the banks get away with economic murder. As the head of the executive branch, and thereby the justice department, it is up to him to demand punishments for Wall Street. Instead, he has de facto pardoned them, sending the signal to these spoiled children that their actions are not just acceptable, but encouraged. I mean that literally–President Obama is telling banks to begin engaging in the same high risk lending that led to the meltdown.
How is it that high government officials can serve prison time over the Watergate scandal, but not a single high Wall Street executive has served time–much less, been charged with a crime– for what they have done? But we have seen exactly the opposite; instead, a government official who should be prosecuting the banks for their crimes leave to be hired to defend them from their crimes. This is not a free market; Wall Street is running an autocratic market. It is time to reclaim our own economy. We need to break up the biggest banks.
Dismantling to the point of nonexistence is not what needs to be done. Banks are needed, and often serve a useful purpose. What needs to be done is to divide these banks into several independent branches small enough to be accountable for their own actions. A tax payer funded bailout is the only reason many of these banks still operate today, this is more than enough justification to introduce a tax payer protective breakup. These monster banks grew because we supported them in their malpractice; this means in every sense of the word that we are their creditors. Now it is time to settle the books.
Thankfully the founding fathers had the foresight to create three branches of government. If the President will not execute his office we can only hope Congress will execute theirs. Sen. Sanders’ bill may not have everything right, but it is better than nothing. We cannot have banks betting on house money; we must keep our capitalist society breathing. Too big to fail is not acceptable. These monster banks must be cut down to size.
8 April 2013
About patriotslogI am studying to achieve a double major in political science and journalism from the University of Kentucky. I am married to a wonderful woman named Sierra. I am starting this blog because I feel the political climate in Washington is carving deep canyons for our children to climb out of. Our representatives, on both sides of the isle, do not represent us, they represent the lobbyists.This blog is not to give answers, but to make people think. I believe the more we think about our ideas the better they will become; as opposed to becoming more and more intrenched in far left or right wing brainwash, where it seems nobody thinks anymore. I hope y'all enjoy.
Posted on April 9, 2013, in Occupy Wall Street, Patriotslog Articles, Politics and tagged bail out, bank bailout, break up the banks, capitalism, corporate profits at all time high, corporate welfare, economic prosperity, eric holder admits banks too big, legislative proposal, occupy wall street, politics, sen bernie sanders, sherrod brown, too big to fail, too big to jail, wall street bailout, wall street corruption, wall street lobbying, wall street money in washington. Bookmark the permalink. Leave a comment.