Have they been reading my old blog postings about the economy, Wall Street and the idea of "the level playing field"? Perhaps I just dreamed that I wrote this stuff over two years ago. Well, I can always check my previous postings about the economy and see if I was just dreaming that I wrote about the economy or whether I actually wrote about the economy, Wall Street and "the level playing field".
I am a capitalist and I believe in capitalism, but I also believe that people's savings and investments should not be taken from them by a corruption of capitalism and to put it in plain English, by people that refer to this as "shooting fish in a barrel".
The other evening I read an article in VANITY FAIR magazine (MAY 2011) titled GOLDMAN'S ALPHA WAR, p. 168. This article was adapted from MONEY and POWER: HOW GOLDMAN SACHS CAME TO RULE THE WORLD by William D. Cohan, to be published this month by Doubleday.
You see, the phrase "shooting fish in a barrel" was used by a bond trader at Goldman Sachs in this article. The big lie is that all these Wall Street investment banking and trading firms really want is a "level playing field", when in truth, they all want the game rigged so it is more like "shooting fish in a barrel". The politicians in Washington take money for their campaigns for reelection from Wall Street firms and know full well what is expected of them for taking these campaign contributions.
The losers are all the rest of the people with savings and investments in personal accounts, 401-k or IRAs and then the big public pension funds that are getting their head handed to them on a bloody platter by Wall Street.
This will continue to go on until the rules of the game change. When "shooting fish in a barrel" becomes illegal and people on Wall Street are held accountable, charged with a crime when a crime is committed and prosecuted, then individuals, pension funds, endowments and foundations will have the level playing field they deserve, not before.
Stay tuned.
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3 comments:
Perhaps what is needed is a popular revolt, similar to what has been going on in the Near East and Northern Africa. Maybe, if the people get pissed off enough, if they get tired enough of the fat cats picking their pockets, they'll step up and do something about it.
Lou,
The more people that understand, the closer we will get to the kind of change we need. The politicians have to know that the people are on top of this issue and will vote them out of office if they put Wall Street ahead of the 300 million that don't work on Wall Street. Unfortunately, the process of educating the people takes time, but with the Internet and blogs, the learning curve may speed up considerably. Keep blogging!!!
I happended to attend a banquet last week. At our table was an individual that will run for govenor at the next election. Nice person, however, he was telling us how he spends 3-4 hrs per day contacting influential people in the party nationwide to solicit funds. Only $210 can be given by each person by law. These influential people can loop-hole this by getting wealthy individuals together from out-of-state and hold a dinner. Of course, as he told us, he will owe them favors later when elected.
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