TAME WALL STREET TO SAVE MIDDLE CLASS – ROBERT REICH
“The Middle Class Can’t Be Saved Unless Wall Street Is Tamed” Jan 27, 2015 by Robert Reich
Save middle class = Tame Wall Street
Wall Street = Confidential corporate info = Defrauds millions of middle-class investors
Wall Street = Largest sources of BRIBERY MONEY.
Wall Street = 6 years ago the financial collapse crippled the middle class
Wall Street = 5 Biggest banks are much larger than 6 years ago = 45% of America’s banking assets up from 25% in 2000
Wall Street = Gets cheap money = Prime interest rate near 0% = Fuels Street
Wall Street = Borrow money at near 0% to gamble ON risky bets can go bad = US TAXPAYERS COVER THAT.
Goldman = Buying cheap real estate from Utah to Spain + Companies = Violates Dodd-Frank banking law and its spirit.
Wall Street’s lobbyists = Made Congress repeal Speculation provision of Dodd-Frank = HIGH RISK = written and pushed by Citigroup + Jamie Dimon, CEO of JPM = Dimon complains of being “under assault” by regulators.
DIMON’S INCOMPETENCE = AMAZING RECORD FINES of $20 BILLION
DIMON PAY = JUMPS to $20 million by the Board he OWNS and OPERATES
FACT: American middle class needs stronger bank regulations.
Bank regulators told 5 big banks their plans for orderly bankruptcies = “unrealistic” = Would collapse the economy.
FACT: Foreign exchange turbulence = Huge losses at hedge funds and brokerages + Widespread BIG BANK manipulation of foreign-exchange market + Wall Street is awash in inside TRADING
Now if a CEO tells his Wall Street golfing buddy about a pending merger, the buddy and his friends can make a bundle = NOT AGAINST THE LAW = SCREWS middle-class investors = Three-BUSH-judge panel APPROVED
BRIBERY 2008 Presidential Campaign = WALL STREET #4 IN BRIBERY of Obama and Democrats = Much more than McCain
REVOLVING DOOR = Wall Street supplies WHITE HOUSE with key economic officials. Obama has 70 Wall Street advocates in White House.
To Build Middle Class = Limit size of biggest Wall Street banks
To Build Middle Class = Resurrect Glass-Steagall Act (separate investment from commercial banking)
To Build Middle Class = Define insider trading the way most other countries do – using information any reasonable person would know is unavailable to most investors
To Build Middle Class = Close the revolving door between the Street and the U.S. Treasury.
To Build Middle Class = END depending on Wall Street to finance campaigns