Commentary By Ron Beasley
Dylan Ratigan talks with TARP Inspector General Neil Barofsky:
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So the only thing the Bush and Obama administrations fixed was the bottom line of the large institutions that were bailed out. The people who were responsible for the policies that led to the financial meltdown are the ones who are still calling the shots while those like Paul Volcker who have actual ideas are being ignored.
Listen to a top economist in the Obama administration describe Paul A. Volcker, the former Federal Reserve chairman who endorsed Mr. Obama early in his election campaign and who stood by his side during the financial crisis.
�The guy�s a giant, he�s a genius, he is a great human being,� said Austan D. Goolsbee, counselor to Mr. Obama since their Chicago days. �Whenever he has advice, the administration is very interested.�
Well, not lately. The aging Mr. Volcker (he is 82) has some advice, deeply felt. He has been offering it in speeches and Congressional testimony, and repeating it to those around the president, most of them young enough to be his children.
He wants the nation�s banks to be prohibited from owning and trading risky securities, the very practice that got the biggest ones into deep trouble in 2008. And the administration is saying no, it will not separate commercial banking from investment operations.
This is just another indication that the US is no longer a Democracy but a Corporatocracy. It may appear that the Democrats and the Republicans are singing different songs but they are all marching to the same drummer. That drummer will be found on Wall Street not Main Street.
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