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Posts Tagged ‘regulations’

The Wall Street Journal reported a few days ago that the Securities Exchange Commission (SEC) has significantly reduced the number of regulations it is supposed to enforce. Quite naturally, as was shown in 1929, 2007-09, 2001, the entire 1980s and 1990s, as well as many other times in US and world history, Wall Street millionaires and billionaires will break the law while redistributing income from the 99 percent to themselves. Then the taxpayers (that’s us folks) will bail them out after the financial disaster, and this will make the rich even richer, and not a soul will go to jail.

The Journal reports that Trump’s appointees to the SEC have significantly slowed down on enforcement. Trump, along with every Republican office holder in the US congress, wants to eliminate the weak Dodd-Frank legislation that makes it a little bit harder than before to screw over the US public.

The Republicans chief economic policy is to unleash Wall Street as a destructive force in the world, allow it to wreck financial on everybody else, in order to knock the economy flat on its face. That is the Republican Party economic policy in a nutshell.

Of course, the Republicans have always had help from the Democratic Party, which is largely, if not completely, controlled by Wall Street billionaires. Many Democrats have been instrumental in helping the Republicans achieve the desires of their Wall Street masters. President Clinton signed legislation repealing Glass-Steagal, as well as NAFTA. The president was supported in this by Hillary Clinton. Wall Street Senator Ron Wyden. These folks continued to serve Wall Street’s interest under then Wall Street President Barack Obama.

The Clinton’s get $225,000 a piece for making speeches from Wall Street, while Obama gets $400,000.

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Today, Main Street Democrats achieved a signal victory for the middle class by successfully filibustering President Obama’s demand for Fast Track Authority, which would have made it easy for congress to pass the Trans Pacific Partnership (TPP), the largest income and political power redistribution scam in US history.

The TPP has been negotiated to raise pharmaceutical prices, offshore jobs, drive millions of Latin American immigrants into the USA illegally, eliminate your state and local voting rights on certain issues, increase already bloated income and wealth inequality, override Wall Street regulations, and lots more stuff that benefit the 1 percent at the expense of the 99 percent.

Fast track would have limited debate on the TPP, forbidden a senate filibuster on it, and not allow any amendments to the income redistribution scheme.

Led by Harry Reid, the Democrats tried to force the Republicans to accept four other bills in tandem with Fast Track Authority. These included provisions against child labor and currency manipulation.

Shockingly, even Wall Street Senator Ron Wyden stood with fellow Democrats in voting against Fast Track. Wyden had negotiated a deal with Wall Street Republican Senator Orrin Hatch that gave him some sort of self decided green light to vote against the 99 percent on Fast Track Authority on behalf of his Wall Street masters. His influence on Fast Track legislation was largely smoke and mirrors to fool the Democratic base. The base wasn’t fooled however.

Wyden is up for reelection in the state of Oregon next year, and grass root Democrats are organizing against him on an unprecedented level.

This defeat does not mark the end of the war against the middle class. So keep fighting against fast track and the TPP.

See more at barack-obama-fails-trade-deal-trans-pacific-partnership–Political.com

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While US Senator Elizabeth Warren battles for the working families of the United States, Wall Street Senator’s Ron Wyden, Mitch McConnell and Orrin Hatch are launching the latest assault against the middle class by pushing the Trans Pacific Partnership (TPP) income redistribution agreement through the senate.

Wyden, Hatch, and McConnell support the treaty because it will redistribute more income from the 99 to the 1 percent, which is precisely why Warren opposes this boondoggle.

In her speech, Warren says that 90 percent of the people of the US received about 70 percent of income growth from the 1930s until 1980. Since then, Warren points out, the top 10 percent has gotten 100 percent of all income growth, which is something Wyden, Hatch, and McConnell are working so hard to do. But that’s not quite accurate.

Wyden, Hatch, and McConnell have been trying to push all income growth into the pockets of the 0.01 percent via legislation and trade agreements, such as the Trans Pacific Partnership. They’re close to succeeding since 95 percent of all income growth since 2009 has gone into the pockets of the 1 percent. President Obama is also pushing hard to pass the TPP through congress.

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Yesterday, US Senator Elizabeth Warren called for a Federal investigation of the passionate relationships between the New York Federal Reserve Bank and the investment banks of Wall Street. The senator wrote on her Facebook page, “When regulators care more about protecting big banks from accountability than they do about protecting the American people from risky and illegal behavior on Wall Street, it threatens our whole economy. We learned this the hard way in 2008. Congress must hold oversight hearings on the disturbing issues raised by yesterday’s whistle-blower (sic) report when it returns in November – because it’s our job to make sure our financial regulators are doing their jobs.”

US Senator Sharrod Brown serves on the Senate Banking Committee with Warren. He backed her request in a statement of his own. “These allegations deserve a full and thorough investigation, and American taxpayers deserve regulators who will fight each day on their behalf,” the Ohio senator and frequent financial industry critic said.

Carmen Segarra, fired by the New York Federal Reserve for doing her job.

Carmen Segarra is the whistle blower in question. The former bank examiner jumped into public consciousness earlier this month when she filed a wrongful termination lawsuit alleging that the Federal Reserve Bank of New York fired her after she refused to go soft on investment banking behemoth Goldman Sachs.

Her allegations of cozy relationships between the big investment banks and a 2009 internal report cited by This American Life and Pro Publica paint a picture of what’s called “regulatory capture” at the Fed. That means that an independent oversight body has stopped acting on its intended motivations of protecting the public from misdeeds by the entities it regulates and started acting on behalf of those entities’ own interests. Regulatory capture is a subtle thing defined less by concrete facts and figures and more by the tone of meetings and the way friendships between regulators and businesses color the regulators’ actions and views. If capture takes hold and goes unchecked, the regulatory cops on the beat turn into enablers. In the radio segment based on Segarra’s tapes, host Ira Glass compares captured regulators to “a watchdog who licks the face of an intruder, and plays catch with the intruder, instead of barking at him.”

Regulatory capture is just one example of the many abstract cultural forces on Wall Street that create an environment where financial misdeeds can flourish, imperiling the real economy that employs everyone else in the business of making and selling goods and services. Surveys of industry insiders have repeatedly found worrying evidence of ethical lapses among people in the financial business, including outright disregard for the law. A quarter of those surveyed in 2013 said that they would knowingly break the law for financial gain. That number jumped to 38 percent for respondents who have worked in finance for less than a decade. The same survey also found that women are twice as likely to fear retaliation for whistle blowing as men.

Most government regulations of Wall Street are to keep things honest, which you can’t expect Wall Street to do. The result of Wall Street investment bank transgressions in both the short and long term are typically income redistribution from the 99 to the 0.01 percent.

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Elizabeth Warren was once a Reagan Republican; nowadays the US senator is a progressive. Being a progressive means standing up for American citizens, and standing up to the big money of the Koch Brothers, Big Oil, Wall Street and other organizations and members of the 1 percent that want to crush the American dream and destroy any representation in government of the 99 percent.

On Friday, at the Netroots convention, the senator outline her eleven political values:

“We believe that Wall Street needs stronger rules and tougher enforcement, and we’re willing to fight for it.”

– “We believe in science, and that means that we have a responsibility to protect this Earth.”

– “We believe that the Internet shouldn’t be rigged to benefit big corporations, and that means real net neutrality.”

– “We believe that no one should work full-time and still live in poverty, and that means raising the minimum wage.”

– “We believe that fast-food workers deserve a livable wage, and that means that when they take to the picket line, we are proud to fight alongside them.”

– “We believe that students are entitled to get an education without being crushed by debt.”

– “We believe that after a lifetime of work, people are entitled to retire with dignity, and that means protecting Social Security, Medicare, and pensions.”

– “We believe—I can’t believe I have to say this in 2014—we believe in equal pay for equal work.”

– “We believe that equal means equal, and that’s true in marriage, it’s true in the workplace, it’s true in all of America.”

– “We believe that immigration has made this country strong and vibrant, and that means reform.”

– “And we believe that corporations are not people, that women have a right to their bodies. We will overturn Hobby Lobby and we will fight for it. We will fight for it!”

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Senator Jeff Merkely is from Oregon, which has another senator named Ron Wyden. There’s a world of difference between Wyden and Merkley. One is their nicknames. Merkley doesn’t have one, but Wall Street Senator Ron Wyden has one, and that is Wall Street. On all economic matters, Wyden has a 100 percent voting record as a congressman and as a senator for voting to redistribute income from the 99 to the 1 percent. That’s right. Wall Street Ronnie has a 100 percent record in this regard. Wyden is a major general in the 1 percent’s war against the middle class, while Warren and Merkley represent the middle class.

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These folks protesting Obama in the pictures above and below are not Tea Party folk. They’re labor unionists, environmentalists and other citizens deeply concerned about Obama’s financial ties to the 1 percent, most notably Big Pharma, Big Oil, Big Publishing, the Genetically Modified Poison Industry, and Wall Street tycoons. This protest is taking place in LaJolla, California. President Obama was at a fundraiser, getting representatives from Big Pharma, Big Oil, Wall Street and lesser financial interests to pony up some big campaign contributions. The political fundraiser took place at the La Jolla home of Qualcomm co-founder Irwin Jacobs.

House Minority Leader Nancy Pelosi was scheduled to join Obama at the $10,000-per-person lunchtime fundraiser in La Jolla to benefit the Democratic Congressional Campaign Committee. Couples who donate $32,400, the legal maximum, will be invited to a VIP reception and photo opportunity.

Jacobs, whose estimated net worth is $1.6 billion, was one of the top five financial supporters of Obama’s reelection campaign in 2012. He stepped down as chairman of Qualcomm — the mobile chip maker — five years ago.

Needless to say, the protesters couldn’t afford to contribute so much money, and so they weren’t going to get their voices heard, except by standing outside with signs.

Obama’s not happy his big income redistribution scam known as the Trans Pacific Partnership (TPP) is stuck in congress, due to grass roots activism, like that pictured above and below. The TPP will redistribute income from the 99 to the 1 percent by raising the prices of pharmaceutical drugs, reducing regulations on Wall Street, wiping out numerous American industries (like the remains of the US textile industry, sending millions of jobs overseas, and driving millions more undocumented immigrants into the USA, thereby pushing wages here lower. And these are just a few of the things that have been leaked from this secretly negotiated trade treaty, which is much to Obama’s liking, since the treaty negotiations are operating under his orders. By the way, a lot of Democrats in the Senate and the US House of Representatives, as well as all of the Republicans, like the terms of this treaty. This is especially true of Wall Street Senator Ron Wyden.

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