Joseph C. wrote:The real problem with the banking sector, more so now a problem with the U.S. rather than Europe, is that no one is regulating this industry.
What caused this? The precursor was underfunding the FEC as a facade & fraud for regulating politicians' donations by just making it a reporting agency without funding to prosecute or investigate & report bribery. In addition, Presidential Debates are controlled by the Republicans & Democrats with the power to effectively lock-out 3rd parties from participation to grow gradually over years & decades.
The USA is both a Fascist-Socialized system for the wealthy power elites in Wall Street & Banking that used deregulation to create new unregulated financial instruments that leveraged that industry into the dominate "production industry" of the USA that is based on financial fraud at its root-system of power & control. Our financial system is so top heavy that it does nothing productive in producing real goods & services except to steal company's assets by raping it to enrich themselves in return for The Big Lie! Yes, everything is better off to have gotten rid of all those inefficient employees & their factory we now get for pennies on the dollar overseas. Whoopee, what a deal for you & for me!
Joseph C. wrote:You have cronies in Universities getting paid by interest groups to disseminate deregulated Austrian School of economics bullshit.
This is really a Ron Paul phenomenon. The Gold industry seems to support ideas based on the Gold Standard, and there is a lot of association of these "Gold Standard" believers as Ron Paul supporters too.
From Wikipedia... "Supporters of the Austrian business cycle theory respond that the theory applies to the expansion of the money supply, not necessarily an expansion done by a central bank. Historian Thomas Woods argues that the crashes were caused by various privately-owned banks with state charters that issued paper money, supposedly convertible to gold, in amounts greatly exceeding their gold reserves."
If Woods is correct, then why base a monetary system on gold?
From Wikipedia... "Jeffrey Sachs observes that among developed countries, those with high rates of taxation and high social welfare spending perform better on most measures of economic performance compared to countries with low rates of taxation and low social outlays. He concludes that Friedrich Hayek was wrong to argue that high levels of government spending harms an economy, and "a generous social-welfare state is not a road to serfdom but rather to fairness, economic equality and international competitiveness." Austrian economist Sudha Shenoy countered by claiming that countries with large public sectors have grown more slowly."
Ronald Regan fired all the Air Traffic Controllers to continue the long march of perennial Republican ideology to destroy labor unions and any national social welfare programs including Social Security too. This is a form of "evil", imo, because it does nothing to improve the lives of the people that were fired. Hiring inexperienced labor at lower prices to replace these workers only began the vicious cycle towards the race to the bottom of lower wages, longer work hours, more family workers, & a lower standard of living for the majority of people except the wealthy ruling class in the financial industries that have manipulated the politics worldwide connecting with other power elites in foreign lands that are far less democratic to export ever cheaper goods to exploit their own populations for more wealth & power in the hands of a few.
Joseph C. wrote:The entire school of economics then becomes corrupted. You have moronic politicians who haven't a clue accepting terrible advice from their advisers - who are paid by the special interest groups. You have corrupt Finance Ministers such as Henry Paulson and Timothy Geithner all financial/banking insiders.
President Obama is an intelligent academic that has no real world common sense in leadership skills to reform our dysfunctional Banking & Wall Street national default. Combine that with an incredible teleprompter presentation speech skills with charisma, and he could get people to believe in change in 2008 but he stopped doing that after the election. He is too self-assured yet dependent on the arrogance of a sociopathic intelligentsia that rules in group think all the way from his Harvard schooling to the installed base of financial kings and their barons controlling DC & NYC & foreign government infiltration too. Obama wasted his Presidency and leadership abilities working in the background for Health Care Reform while Rome was burning. He needed to be very visible & a crusader to eliminate the financial evils that were so exposed & harmful to the entire nation. Wasn't that a no-brainer to do that?
WTF did Obama keep Larry Summers or any of these other proven failures in his administration? WTF hasn't the Dept. of Justice & SEC been geared-up to 50x their previous size to prosecute the hell out of the "evil doers" (as Bushie would say) & force new laws to be created to regulate these bastards & fund their regulation & prosecution for the next 100 years & beyond?
There is no lack of lawyers or fraud laws to have hunted down these scum bags already, but the willpower to do it. This is proof enough for me that the system is a fraud, & we are lead by a Fascist-Socialist government controlled by financial fraud sociopaths that control the majority of our economy that is now the Banking system & Wall Street leveraged on ever expanding toilet paper to replace our REAL labor & to export our valuable natural resources, rather than produce real goods & services here in the USA.
Joseph C. wrote:To make matters worse you had a corrupt clown like Alan Greenspan in charge of the Federal Reserve for nearly two decades who deregulated the whole industry during that period.
Even Greenspan said under oath the system failed & should have never been trusted to self-regulate. What a stupid-ass from the beginning to the end.
Joseph C. wrote:Finally, the financial markets (which should be closed down) make everything more unstable with ridiculous gambling (derivatives), credit debt swap insurers such as AIG leveraging out insurance to all an sundry (regardless if they actually own the asset or not) without having any reserve to guarantee bad debts.
Yup, it's a fraud economy that has taken over our previous Real Economy.
Joseph C. wrote:All of the above exist in a miasmal sea of toothless, de-staffed, disempowered regulators.
Joseph C. wrote:
Who started all this? Well you can thank Thatcher who gave Reagan the opportunity to implement all this. And there are still people on this forum who support deregulation and want to elect a politician who supports more deregulation - the mind boggles.
That's because so many suck the hateful tits of media millionaires like Rush Limbaugh & other such idiots or Fox Opinion Hosts that brainwash & hatewash the airwaves & internet with their matrix of pod receptors. For the ideologically higher educated the appeal is made with Think Tanks or Religious Universities for those that are "so" intelligent.
I certainly have become a lifetime Independent from any party. I want no political parties. There should be public funding of campaigns. Both the House & Senate must have term limits. Lobbying on behalf of corporations & other non-persons would be banished. Representatives would be required to read & understand all legislation & present it online with their commentary & analysis with public review & constituent commentary allowed for 90 days before passing anything. Only declared wars & states of national emergencies can allow for faster legislation when unforeseen needs arise.
I'm not a Utopian & realize there will always be less fortunate circumstances & unfair situations for some percentage of the population. Not everyone can be middle class or rich financially, because some people will opt out of the system or they can't achieve that status for numerous reasons. Some people can not become self-supporting & will need help from other people & their financial resources. When you become old or sick, *you* will be dependent on others whether you have money or not.
Our economic system in the USA should support non-wealthy workers that have lost their jobs through no fault of their own with guaranteed training & education (when needed) & a new job of equal pay they had before (except for wealthy people). Whether that is done with Labor Union, Local, State, National Government, and Insurance contributions, I don't really care. But we all should have a right to work to continue to support our family & afford retirement.