Occupy Wall Street doesn’t know that. To Make a Fortune, you must First pass a Law.
What are the two most tightly regulated industries in the United States?
b) Pharmaceutical Drugs
By now, with hundreds of banks and brokers collapsed worldwide, millions unemployed, entire countries (Greece, Iceland, Italy, Spain, Ireland) on the brink of bankruptcy, or already bankrupt, it’s obvious that Banking and Securities are the two most ‘tightly regulated’ and therefore corrupt industries in the United States.
As the old french proverb goes, ‘in order to make a fortune, you must first pass a law.’
Wall Street and banking have been transformed by the laws that they have written and lobbied. Publicly the Banks and Brokers whine and threaten that the ‘laws’ are ruinous to our way of life. On the other hand, it is the Banks and Brokers who mold these same laws to ensure that competition is limited and only they know how the game works.
Thanks to all the regulation, Banks are no longer a source of money to build America and offer opportunity. Far from it. Today the Bank’s are legally empowered to transfer wealth from those who have it, to themselves. Frank/Dodd, Sarbanes Oxley, FHFA, Congressional Oversight, the laws don’t matter. As the layers of regulations and regulators deepen, the camouflage for fraud improves. The moats that protect the Big Banks are getting bigger and deeper.
How else can we explain the continuous market gyrations, manipulations, High Frequency Trading, collapses and Bailouts that keep on coming? Every Friday night, two or three Banks are folded up, insolvent, unreported in the weekend news cycle. No one goes to jail.
Wall Street bonuses get bigger all the time.
Treasury Secretary Timothy Geithner put forth the slogan, ‘the money center banks are too big to fail…….. only these talented people can save our complex system.’ Oh really. The Banksters are so trustworthy and talented that now they can save the system that they just looted.
If you deal with American banking or Wall Street, be warned, all these new committees and regulations are just camoflague: Investing with or trusting today’s Banks and Brokers with your assets reveals to them that you are a sucker. Thanks to sellout politicians on both sides – we are now the Bank’s legal prey. Foreclosures, Deficiency Judgements, Taxes, Bankruptcy Limits, Student Loan disasters, Bank and Broker Rescues. One way or another, we are all Debt Slaves now.
As Thomas Jefferson warned – in 1802:
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered..”
If Occupy Wall Street sparks a few laws, we’ll know it failed. And if Occupy Wall Street ignites a fire that burns down our paper money Tower of Babel, it will have gone too far. Let’s hope we end up somewhere in between.