Who Will Pay - Wall Street Or Main Street?

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Who Will Pay - Wall Street Or Main Street? - 7/1/2010 8:48:01 PM

Brain

Posts: 3792
Joined: 2/14/2007
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I am very unhappy with the ‘reforms’ on Wall Street and I blame both parties.

Obama said,

We're on the verge of reforming an outdated and ineffective set of rules governing Wall Street --to give greater power to consumers and prevent the reckless financial speculation that led to this severe recession.
http://www.upi.com/Top_News/US/2010/07/01/Text-of-Obama-immigration-speech/UPI-17841278008019/

But it’s bullshit. The truth is more like this,

Who Will Pay - Wall Street Or Main Street?
The Tobin Tax Of The VAT?
By Ellen Brown
6-30-10

Wall Street banks have been saved from bankruptcy by governments that are now going bankrupt themselves; but the banks are not returning the favor. Instead, they are engaged in a class war, insisting that the squeezed middle class be even further squeezed to balance over-stressed government budgets. All the perks are going to Wall Street, while Main Street slips into debt slavery. Wall Street needs to be made to pay its fair share, but how?

The financial reform bill agreed to on June 25 may have carved out some protections for consumers, but for Goldman Sachs and the derivatives lobby, the bill was a clear win, leaving the Wall Street gambling business intact. In a June 25 Newsweek article titled "Financial Reform Makes Biggest Banks Stronger," Michael Hirsh wrote that the bill "effectively anoints the existing banking elite. The bill makes it likely that they will be the future giants of banking as well."

…..

States, of course, don't even have their own state-owned banks, with one exception -- North Dakota. North Dakota is also the only state now sporting a budget surplus, and it has the lowest unemployment and mortgage delinquency rates in the country. As von Drehle observes, "It's a swell time to be North Dakota."

http://www.rense.com/general91/tobin.htm

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RE: Who Will Pay - Wall Street Or Main Street? - 7/1/2010 8:51:06 PM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
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States, of course, don't even have their own state-owned banks, with one exception -- North Dakota. North Dakota is also the only state now sporting a budget surplus, and it has the lowest unemployment and mortgage delinquency rates in the country./snip

Ending the fed would make all the state solvent like ND. But state banks are illegal as the federal reserve holds monopoly power. You may recall the fight to tax credit unions a while back- even tho they are just 7% of the market. The big banks (fed) fought like heck to end that for the credit unions.

(in reply to Brain)

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