Posted by AzBlueMeanie:
Keith Olbermann delivers an excellent summary of how Wall Street bankers corrupted the financial regulatory scheme put in place by FDR after the last time Wall Street bankers destroyed our economic system with their unbridled greed. With the help of Republicans and Democrats alike in the White House and Congress, these wanker bankers have managed to break our economic system once again with their unbridled greed.
The political players are all familiar: former Federal Reserve Chairman Alan "the maestro" Greenspan, current Federal Reserve Chairman Ben Bernanke, Clinton Treasury Secretaries Robert Rubin (now with bailed out Citi Bank) and Lawrence Summers (now head of the National Economic Council for the Obama administration), Bush Treasury Secretary Henry Paulson, Sen. Phil Gramm (R-TX) (now with UBS Bank, which is under investigation for assisting depositors with tax evasion) and Rep. Bob Ney (R-OH) (serving time in prison) who gutted the New Deal regulatory scheme, Bill Clinton and George W. Bush.
Current Treasury Secretary Timothy Geithner and Assistant Secretary for Financial Markets Gary Gensler also supported this deregulation of the markets, which leaves me doubtful that President Obama intends to clean house and establish a new economic order that is not controlled by the very same white collar criminals of Wall Street who broke our economic system.
Only a couple of small-time Ponzi scheme brokers have been arrested so far. The rest of the white collar criminals of Wall Street are still at work, busy looting the U.S. Treasury through bail outs and stealing your money. The laws and regulations which were altered to permit them to enage in wholesale theft have not yet been repealed and replaced by a new regulatory scheme.
Until a new regulatory scheme is imposed – bring back the Glass-Steagal Act! – and bankers start going to prison, Americans' confidence in our financial system will not be restored.
NB: Revised and corrected 3/11/09