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
Click for Source Article by Robert Reich on TruthDig
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