The ongoing incestuous love-fest between Wall Street and the federal government was blatantly on display recently as Congress passed the $1.1 Trillion (we just have to cap that word) bill with broad bipartisan support. The bill essentially castrates previous financial reform of 2010 under Dodd-Frank. Now, or should we say yet again, the American taxpayer will assume all of the burden of high-risk activities of the major banks. It is back to the future, this is what gave us the wonderful economy and job situation of 2008. Wells-Fargo, JPMorgan Chase, Bank of America, Goldman Sachs and Citi Group control over 90% of the derivatives market and will be able to roll the dice on anything and know the American taxpayer is there to empty their wallets of those minimum wage dollars to bail them out…again. In fact, Citigroup was so helpful as to literally write the bill for Congress, almost word for word.
We have taken yet another giant leap for corporate personhood on the highway to becoming a government of, by and for corporations. Since Congress has been sold yet again, perhaps Citi Group et al received a written receipt, not that they will want to return the goods.
Before you place all the blame on Geriatric GOPers keep in mind that quite a few dimwitted and spinless Democrats supported this bill. And the president himself shoulders some blame, not that he would admit it. In his usual amateur politicing he tried to take a position yet, not really. Publicly he opposed the bill while more privately he lobbied Democrats to pass the bill. We wonder if he ran into JPMorgan Chase Chairman/CEO Jamie Dimon as he too was personally lobbying individual members of Congress.
The president’s own party leadership, fading Nancy Pelosi and ascending Elizbeth Warren (who appears to be the only person in government with the intelligence and fortitude to call Wall Street on its outright lies) are wondering aloud what this president is doing. We can help with that question if they just ask. Follow the money, later. When the president leaves office, in time he will become quite wealthy with speaking engagements, endorsements, books and no doubt, a few lucrative board and advisor roles in one or more of those companies we mentioned above.
A government of, by and for the People? If there is a chance to keep it that way the People need to get involved and hold government officials and corporations responsible. If it is not already too late with this corporate coup.