Legislating Greater Wall Street Theft

He reviewed some of the worst past legislation and congressional actions, including:

(2) the 1987 Competitive Equality in Banking Act (CEBA).

(5) the 1999 Gramm-Leach-Bliley Act. It repealed Glass-Steagall. The 1930s law separated commercial from investment banks and insurers, among other provisions curbing speculation.

Derivative scams went wild. Enron fleeced investors and energy purchasers with impunity until its house of cards collapsed.

The criminal class in Washington is bipartisan. FIRE sector (finance, insurance and real estate) companies are their largest contributors. Whatever they want, they get. Through the ages, greasing palms worked like charms. In large enough amounts, they always work.

Financial giants today are weapons of mass destruction. Freed from regulatory constraints, they extract wealth from households, investors, communities and nations. They operate like locust hordes consume vegetation with ease. Main Street feels their sting.

A Final Comment

Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net.

Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

http://www.progressiveradionetwork.com/the-progressive-news-hour/.

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