If enough people in the United States understood what took place over the last several years with regards to their money, their investments and how this whole thing was engineered by Wall Street & Washington, Inc., there would be a march on Washington, and very possibly a march on Wall Street. The financial crisis, the bond market meltdown and the economic crisis that followed was man made. What do I mean when I say "man made." Quite simply that the powers that be, the Congress of the United States, the Presidents since Reagan forward, the Chairman of the Federal Reserve Bank, Alan Greenspan, and the men on Wall Street and their lobbyists orchestrated the mess that 300 million people now live with. Greed is the word closest to the truth of the matter. The Government in Washington does not represent all the people. The people that can make large campaign contributions and as a result have access and influence is what drives our system of government. With all the smarts in this nation today, with all the mathematicians and economists with advanced degrees, this financial and economic crisis did not have to happen. This crisis happened because no one will call out those that took the money in exchange for their vote to eliminate or relax regulations that were needed to be enforced for the protection of the American people. Nothing, in my opinion, will change until the American people get smarter about their money and their investments. The large state pension funds should organize and bring their pressure of trillions of dollars in investment holdings to bear on the outcome. The regulations set down recently do not do enough and not one word has been said about the credit rating agencies. If people think that President Obama can bring change to this arena, they are mistaken. He can not. Changing Wall Street and the way it operates will take the pressure of a few hundred million out raged Americans to move the needle. The royalty of Wall Street will not give up without a fight.
Stay tuned.
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3 comments:
As long as we're taking on sacred cows - the government is currently considering putting regulations in place which would limit speculation in oil by hedge funds - something that touches each and every man, woman, and child in this country. If EVER there was something that needed regulation, that's it. All they're doing is driving up the price of oil and running home with the money.
There is legitimate reasons to hedge as you know, but I agree that there is a lot of abuse of this tool and that abuse should be curbed. Oil is a commodity that is very inelastic from a supply and demand perspective. But the best thing we could do to cut oil consumption is to encourage through tax legislation the electric car. If we had the option, a real serious option, of driving electric or gas, I think the speculation in oil would cool off quite a bit. That's my opinion, and I have no research to back it up.
Two things, first the hedging of oil and the price at the pump is one of the "Bubbles" Matt Taibii wrote about. Second, you say the huge state pension funds should use their clout, well, just how far DOWN the financial food chain do you think the greedy bastards lie in wait? Humans are, I believe, greedy by nature and if their pockets are full then they don't rock the boat. The full pockets are always at the top in the command position, thus, all you get from them is finger pointing and rhetoric. Not a lot of action. No marches.
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