Congress/presidents are almost minions to Wall Street.
By Daniel at 23 June, 2009, 2:50 pm
We should be careful. While we’re busy bashing Bush, Clinton, Reagan, Carter (where “general” deregulation started) and both sides of Congress we can easily forget the people who are THE source for destroying our financial system and American capitalism.
I’m surprised they’re not more upset at being “paid” so little when Wall Street reaps so much - year after year. We shouldn’t look for where the (campaign) contributions go To, but where the profits End up. Where the profits go is where they were designed to go. Crises don’t just happen by chance, they’re designed. The results (profits) don’t just fall into people’s hands - they were meant to go to those who designed this disaster.
Between 2003 and 2007 some $250 Billion in bonuses went to Wall Street - not the entire financial sector - but Wall Street (Goldseek.com). These fraudulently gained profits are theirs to keep. We’re stuck with bailing ther sorry a**** out - And paying for it with higher taxes, a VAT? and fewer benefits.
The leverage limits that were lifted that Weidner talks about is the result of the SEC caving in to lobbying by - guess who - Hank Paulson of Goldman Sachs. In 2000, the SEC told HP to get lost because lifting the limits would be “risky.” He continued his furious lobbying and by 2004 had the broker/dealer leverage limits lifted (from 15:1 to unlimited).
http://uspolitics.about.com/b/2008/10/06/sec-lifted-debt-limit-for-brokerages-in-2004.htm
For more (widely circulated) stories on the Satanic force that is Goldman Sachs…
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