Home | About | Donate

One Thing Democrats and Republicans Apparently Agree On: Deregulating Wall Street


#1

One Thing Democrats and Republicans Apparently Agree On: Deregulating Wall Street

David Dayen

Next week marks the 10th anniversary of the run on Bear Stearns, the investment bank that collapsed under the weight of toxic subprime mortgages. Although JPMorgan Chase snapped up Bear Stearns for pennies on the dollar, this maneuver failed to stop the bleeding from the mortgage meltdown, leading to the biggest economic crisis in nearly a century.


#2

Gosh, we are to blame Corporate State Democrats? Damn, that’s harsh!!! (sarcasm)

I mean, the bill would have been quite different, I’m told, had there not been a Republican majority. And Schumer got “stuck” on the sidelines and stuff. (sarcasm)

It has nothing to do with, I mean nothing whatsoever to do with, the demonstrable ties of Corporate State Democrats to their clucking corporate sponsors. They just wanted to help the little people with their community banking! (sarcasm)

No, don’t look at the weight of the bill, the deregulation of banks or anything. It’s just what sells. (sarcasm)

Join No Labels, all “extreme leftists” that know the reality of Corporate State Democrats.

Join as a Trojan Horse project, to know, and ultimately muck up their messaging.

Lettering in bold = serious.


#3

The first thing we have to do about Wall Street is to define it in real terms, as a gambling casino.

We regulate gambling casinos because they are prone to be run by criminal syndicates. Since our government is run by Wall Street, we need regulations to keep it from becoming a criminal enterprise. Hmmm…

Direct Democracy


#4

There is no constituency for hardly any policy of either party.


#5

With Citizen’s United the ONLY constituency that matters are the Wall Street Robber Barons, Corporations, and the wealthy. They are endowed with unlimited access and influence leaving the little people tossed aside to yell, kick, and scream… watching their senators and representatives bow at the feet of their masters…


#6

Fealty to their Wall Street and other oligarchic bosses is the raison d’être for both wings of the capitalist Duopoly - and pretty much has been since the presidency of Jimmy Carter who set the stage for the ‘Great Communicator’ to fire up the project like he was eating meth and shooting steroids. And he was just a shallow fool with early Alzheimers.

Shows the quality of ‘political leadership’ in the U.S. – and what a critical mass of voters will tolerate. The path to Trump has been absolutely clear and consistent.


#7

It is a gambling casino but we almost have to say clearly: this is what capitalism is.


#8

Uhmm…just a little typo there…

Since our government is run by Wall Street, we need regulations because it’s a criminal enterprise.


#9

Yes it is a casino, and the “house” almost always wins.


#10

And when “the house” loses, we the taxpayers make them whole…and then some. Crashing the economy has proven to be a lucrative profit center for the banksters who “own the place” (Illinois Senator Dick Durbin’s 2004 characterization of Wall Street’s relationship to DC).

The relationship between Wall Street and the 99% is most succinctly described as heads they win, tails we lose.


#11

“Capitalist duopoly”?? That’s kind of a funny thing to call them, seeing as how they spend most of their time foisting ever more interventions upon the existing mountain of interventionist schemes already plaguing our economic lives. It’s as if you people insist anything short of outright communism is necessarily “unhampered free markets” smh


#12

The problem is not “deregulation.” The problem is too much government intervention, not too little. Until they’ve abolished the Federal Reserve System, the legal tender laws that confer monopoly status on the Fed’s fiat paper, & the FDIC (and that’s just to start), then any talk of banking in this country being “deregulated” is ignorant nonsense at best.


#13

You must have done well in the last Wall Street/Stock Market heist. Good for you. The rest of us had our bones picked clean. Too much regulation, what a joke.


#14

The Federal Reserve’s printing money and handing it to Wall Street banksters has indeed been a huge problem since the Fed’s 1913 formation.

Recessions and depressions during each decade of the 19th century that were contrived by unregulated Wall Street and euphemistically called “panics” confirm that BOTH banking regulation AND reorganization (or abolition) of the Fed are essential to creating anything resembling a democracy that benefits the 99% is to be achieved in Murka.

From 1935-1985 FDR’s New Deal created an economy devoid of the wide swings that previously serially enriched the 1% at the expense of the 99%. Within a decade of the 1978 start of New Deal dismantling the first in a series of economic crashes started with the Savings and Loan scandal and October 1987 stock market crash.


#15

Oh great! They didn’t finish off their looting of the economy the first time around in 2008. Now they are going to get another crack at it.


#16

I’m a lower middle class laborer, I’ve struggled just to get by week to week just like most people. But that’s neither here nor there; my positions on the issue are informed by economic understanding, not how I earn a living. So why don’t you try addressing the actual substance of the argument, instead of blithe dismissal based on a totally off-base ad hominem?
Think about it. Since 1914, money & banking in this country has been under the absolute dominion of a central-planning bureaucracy with govt-protected monopoly control of the currency & credit, which price-fixes interest rates, & which “regulates” the inherently-fraudulent practice of fractional-reserve banking by standing ready to rob the general population in order to protect banks from the inevitable consequences of the kinds of business practices the system itself incentivized. And when the SHTF, you want to blame “deregulation”?!?!? Give me a break.


#17

Dems and Repugs don’t AGREE …
… THAT would take brains, beliefs and ideas.
… they merely bow to the same masters as they accept their funding checks.


#18

Voters — largely led by the nose through media flooded propaganda. Not just ads but mainly the “stories” and articles that are written by & for the corporate state.

Citizens (remember them?) rarely get to hear any other views. When such alternate values and PEOPLE-CENTERED views actually exist, they are attacked and silenced.

Democracy? In America? HA!


#19

There IS no “Finish”.

They intend to remain in charge of the economy & the politics needed to run it for as long as it is needed — e.g., any time democracy rears its ugly head.

One thing our masters definitely do NOT believe in: the Free Market of Ideas!