Click HERE to read what’s in the detail of the bipartisan compromise spending bill announced yesterday. A spending bill is necessary to prevent another government shutdown. This one will make your teeth itch.
The unregulated derivatives trading that led to the bailout of the “too-big-to-fail” banks and investment firms are back. Wall Street wins. The American people lose, again. Do I hear a veto coming from the White House? Or is every house in the Wall Street pocket?
Sen. Mitch McConnell, Sen. Harry Reid (with the turned-in left foot), and Speaker of the House John Boehner.
Views from the Edge 
I worked in the financial industry for 28 years. Those who do transactions for brokerage firms Wall Street & New York Stock Exchange are remarkably well regulated. The “Instruments” that brought the nation to its financial knees were not exchange traded securities. The we’re sausage casings crafted by the money center banks fbo their Mortgage Clients. The banks & Goldman Sacks sold their long portfolios and went short by selling what Senator Levin called “SHIT” to others while claiming it was investment grade. The highest huberous was the banks, and some Wall Street firm levered their capital 50 times. That meant that if the sausage lost 2% of its principal all capital was gone. The bank or Wall Street firm would be Bear Sterns which closed, Merrill Lynch which was swallowed by Bank of America. If you take away the Dodd Frank rules – which are too weak, Money Center Banks can peddle no paper mortgages, CDS, CMOS, Shit using bank capital and returning the Reagan Nightmare of no government regulation over vital institutions. Gordon, I think this move is as much Reagan Canon Law as it is money center bank – Wall Street Brokerage influence. The head of a larger commercial bank told me that “Banks were devised by geniuses (Zurich Calvinists) to be run by IDIOTS.” that was true in 1980 and today. Jim
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Jim, It’s interesting that I’m not getting responses to this or the other recent pieces. People are tired of politics. I’M tired of it, too. But we can’t go to sleep on the big issues and we need to listen to voices like yours, people who have been there. Thanks for the reflection. Take good care of Jesse the day after his first birthday.
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