Monday, December 15, 2008

Let The Battle Begin

The New York Times takes a lot of heat from its critics from time to time, but without The New York Times, we all would be a much poorer nation.

Again, the Sunday New York Times, December 14, 2008, the front page far left hand column and above the fold, “A Champion of Wall Street Reaps the Benefits” by Eric Lipton and Raymond Hernandez, digs out in detail much of what I have been writing about since I started my blog MONEYTHOUGHTS back in February of this year. If you are interested in the details that back up every word I have written about the political influence on regulation in the banking and investment securities industry, then read this article. These two guys spell it out in detail with naming names and dates and specific legislation that was either blocked out right, or, if passed was weakened afterwards to the point that it was no longer effective.

Christopher Cox, the head of the Securities & Exchange Commission (SEC) has taken heat for what happened on Wall Street. Even Presidential Candidate Senator John McCain said he would fire Christopher Cox because of what happened on Wall Street. What this article brings out, is that Christopher Cox was not the villain in this Wall Street drama. The real villain is none other than the senior senator from New York Charles “Chuck” Schumer. This so-called liberal senator did the bidding for Wall Street’s “masters of the universe” as he collected big bucks for political campaigns along the way. I do not want to steal these two men’s thunder. They did the research and asked the questions and listened to the answers in the interviews and put together this fine article that gives light to what really happened on Wall Street and in Washington,D.C. The real villains are hiding in the capitol because they had a big hand in the disappearance of all the capital from those 401-k and investment portfolios.

As I have written several times before, this financial crisis was man made. People in key positions worked hard to make sure regulations and common sense would not prevail, and that this financial crisis and meltdown would ultimately take place. If you have read my blog and you are familiar with the language, the terms and the jargon of Wall Street, you will not regret taking the time to read this well researched and written article.

The wealthy ones that run the large corporations on Wall Street will not give up their power or the way business is conducted in the securities and banking business without a great deal of public pressure. The bottom line is that our Senators in the United States Senate had as much to do with the financial crisis, or, in my opinion more, than the people on Wall Street. This financial crisis was man made in Washington, D.C. in the Capitol Building of our nation and signed by the Presidents in office at the time of the bills that were passed to weaken and ultimately destroy the safe guards put in place after The Great Depression. That these same men now come in front of the cameras and talk about all the other players in this farce, is the state of the reality we live, in America today. Listen to Obama’s words carefully. These people will not give up their power or the way they do business without a fight. I truly wish President elect Obama God’s speed and protection as he begins to take on these bastions of power and greed in his crusade to bring about a new day in America. God knows it will not be easy.

Let the battle begin.


LceeL said...

"and that this financial crisis and meltdown would ultimately take place."
In the context that phrase was presented, it would seem that your saying that the meltdown was seen as the endgame that these people were striving for. Is that right?

Oh - and what's REALLY cool? The word verification thing is "biden".


moneythoughts said...

The people that lobbied for less or reduced regulations knew what was going to happen, but, in my opinion, thought that they would not be touched by the fire and fall out. That it was only the buy side (the investors) that would get burned by the bad investments, and not them, was a belief held by many on the Street. There was a whole history of Wall Street ripping off investors and getting away with it. Certainly the politicians who carried their water did not understand the full consquences of their actions when it came to deregulation. Stupid people don't ask the hard questions, or, smart people just take the money and look the other way. Take your pick.