And you should be held accountable by the electorate (if not the justice system). Because you and your party have as a cornerstone of your public policy deregulation of any and all corporate behavior, which more often than not just turns into a license to steal, pollute, and otherwise sell out public safety for profit.
Banks that hold people's money and extend the credit that allows the economy to function should not be allowed to invent new financial instruments that nobody understands, use them to hide loans they knew were bad when they made them, and sell them in a system designed mostly to confer ridiculous levels of wealth upon those committing the fraud. And when it all comes crashing down, the tax payers get stuck with the billl. This is criminal behavior. And the fact they turn around and with their ill-gotten gains bankroll your grip on power so you can continue to make the rules that allow them to do what they do makes you part of a criminal conspiracy.
If history is not enough, we offer as proof of our allegations of corruption and quid pro-quo the graph at the top of this post. Once your team used your deregulation to loot the financial system and stick the taxpayers with the tab, Obama and the Democrats immediately proposed re-regulating the financial industry to prevent it from happening again. And just as immediately Wall Street dramatically shifted their contributions from the Democrats who were in power (blue line) to you (red line).
They're getting what they paid for out of you Speaker Boehner, and as this episode with JP Morgan illustrates, we're still subject to the instability and potential disaster that results.
Clinton signed repeal of Glass-Stegal.
ReplyDeleteAnon,
ReplyDeleteThat's true though now he says it was a mistake. We hear no such regret from the GOP. As I said, it's a cornerstone of their public policy. Also, the second big round of financial deregulation came in 2001 with the Commodities Futures Modernization Act.