http://www.rawstory.com/rs/2013/05/20/oregon-senator-vows-to-repeal-the-monsanto-protection-act/

Naturally, most Democrats and the entire Republican party will support the bill. US Middle Class Senator Elizabeth Warren has become the major opponent of the bill.

Warren said, “It is dangerous for Congress to amend the derivatives provisions of the Dodd-Frank Act.” Derivatives are financial instruments in which their value is other assets, like crop prices, interest rates and mortgages; some economists believe these products helped cause the 2007 financial collapse. So derivatives are things like credit default swaps, mortgage backed bonds, etc…

“Wall Street’s aggressive determination paid off last week” when the bills passed out of committee, Warren said. The bills also have bipartisan support, and have a good chance of being taken up in the Senate. If they do, Warren says she’ll go to battle: “Now is no time to go backwards,” she said. “I will do what I can in the United States Senate to stand up to those who would chip away at reform.”

One person who is least likely to join Warren in this battle is Wall Street Senator Ron Wyden. No doubt, either above or below the public radar, Wyden will support the bill, even if this corrupt senator publicly voices his disagreement with it.

Woe to you who are rich

What is the largest export product in the United States since NAFTA? The answer is simple: Jobs and with them, the US tax base that supports government services, such as roads, police and schools. These exported jobs are also what is fueling the recent gains in the stock market because the difference between the old wages and the new lower wages goes into the pockets of the 1 percent via higher corporate earnings, rising dividends and surging share prices. Coincidentally, the graph only shows job losses via export until 2010. This trend has had increase since then.

The United States is importing more manufactured goods, primarily from jobs that have been exported, or created overseas, by US corporations. In other words, the imports we purchase from overseas are from jobs that used to be, or would’ve been, in the US, in the absence of the free trade treaties that have paved the way. The difference between the old wages and the new lower wages overseas goes into the pockets of the 1 percent via higher corporate earnings, rising dividends and surging share prices.

Some of the jobs have been lost to automation, but most have been exported.

Manufacturing gone south since and because of Nafta and other trade agreements

Free Trade Agreements Mean Jobs Are Evaporating All Over the World

Cumulative Jobs Exported Since Nafta became law. These figures are from the Federal Reserve. Notice, Fed officials don’t suggest these jobs have been lost to automation.

The letter was also sent to corrupt US Attorney General Eric Holder, the person most capable and completely unwilling to deal with the crimes of Wall Street. SEC Chair Mary Jo White also received a copy.

Senator Warren put the matter bluntly, “..…I believe very strongly that if a regulator reveals itself to be unwilling to take large financial institutions all the way to trial — either because it is too timid or because it lacks resources — the regulator has a lot less leverage in settlement negotiations and will be forced to settle on terms that are much more favorable to the wrongdoer.

The consequence can be insufficient compensation to those who are harmed by illegal activity and inadequate deterrence of future violations. If large financial institutions can break the law and accumulate millions in profits and, if they get caught, settle by paying out of those profits, they do not have much incentive to follow the law.”

In other words, Wall Street banks rip off main street citizens, make big profits in the process, and then get assessed tiny penalties that are paid for with the money they stole from us. Doesn’t sound like much of a deal for the 99 percent to me. It’s a scam aided and abetted by the federal government.

We all know the answers to the problems outlined by Warren. The US government has been completely corrupted by big money, through both chambers of congress, both political parties, the white house, and all the way to both liberal and conservative wings of the US Supreme Court. That’s why and how the whole economic game has been legislatively rigged against the 99 percent. Elizabeth Warren is our champion.

The letter is below. It should also have been addressed to Wall Street Senator Ron Wyden, as well as Wall Street President Barack Obama.

Bernie and the Deficit