Three-Card Monte, Wall Street-Style
Their operation was in jeopardy, their ‘business model’ at risk. Their reaction was typical for the brazen barons of finance, writes Michael Brenner.
They rushed to Washington to complain to their retainers, demanding protection of their constitutional right to pillage the American economy.
Nearly everyone in power from Nancy Pelosi to the head of the SEC quickly pledges to investigate this affront to the country’s financial markets – evidently having no other affronts to tend to.
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Feel free to reply to any comment by clicking the "Reply" button.Looks like there little chance of getting safe guards in place like they did after the Crash in 1929. I'm not sure how effective the Glass-Steagall Act would have been against the credit default sways and derivatives but since Bill Clinton removed it and nothing in the Dodd Frank worked against the hedgefund scam I'm not hopeful for any real regulation that reins in Wall Street.
silverotter11
Level 9
Jan 31, 2021
2
The GameStop saga that happened just the other day again exposed the market as the fraud it is. I was just watching a segment of the Keiser Report where Max explains this [rt.com]
We are now and have been at a 1920's point. Fraud and insider trading are basically running rabid in the market suggesting it's just a matter of time when this all comes crumbling down. As I have been attempting to tell here, with the injection of money by the FED for years now to keep it going, it's really only helping the demise. Our government is supporting the wrong side as always. With every downturn, mixed with the social issues of this virus, as they keep feeding money to the ruling class, the citizenry is getting buried under a mountain of poverty that can eventually wipe many of us out. If you're retired and think you are untouchable within pensions and 401's, you're sadly mistaken.
@William_Mary Yep. I'm no brain trust but I saw this coming back when the savings and loan mess played out. The Enron mess was just another ignored wake up call or a trial run which ever way ya want to look at it. I knew where reagan was going with his deregulation and union bustin' and it makes me so sad to see my twin on the side that has brought all this about. Yeah, Yeah I know both sides are culpable she does not. We have not spoken since the evening of the 5th when she called to wish me happy b-day. On that call she was still saying the election was a fraud and the COVID death count was not that high and that immigrants will now have free rein cause Biden and the dems do not want border restrictions and it was not a fun b-day call. Fortunatly my favorite cousin called next and cheered me up.
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