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Breaking News! Wall Street is still full of crooks. - 4/29/2013 9:55:24 AM   
vincentML


Posts: 9980
Joined: 10/31/2009
Status: offline 		SNIPS FROM THE ARTICLE

In a cutting attack on America's financial hub, one of the world's most respected economists has said Wall St is full of "crooks" and hasn't reformed its "pathological" culture since the financial crash.

Professor Jeffrey Sachs told a high-powered audience at the Philadelphia Federal Reserve earlier this month that the lack of reform was down to “a docile president, a docile White House and a docile regulatory system that absolutely can’t find its voice.”

“I am going to put it very bluntly: I regard the moral environment as pathological. And I am talking about the human interactions . . . I’ve not seen anything like this, not felt it so palpably.”

"They have no responsibility to pay taxes; they have no responsibility to their clients; they have no responsibility to people, to counterparties in transactions,” he said. “They are tough, greedy, aggressive and feel absolutely out of control in a quite literal sense, and they have gamed the system to a remarkable extent.”

Are you surprised? Are we headed for another market crash? Will things ever change?
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RE: Breaking News! Wall Street is still full of crooks. - 4/29/2013 11:01:00 AM   
DesideriScuri


Posts: 12225
Joined: 1/18/2012
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quote:

ORIGINAL: vincentML
SNIPS FROM THE ARTICLE
In a cutting attack on America's financial hub, one of the world's most respected economists has said Wall St is full of "crooks" and hasn't reformed its "pathological" culture since the financial crash.
Professor Jeffrey Sachs told a high-powered audience at the Philadelphia Federal Reserve earlier this month that the lack of reform was down to “a docile president, a docile White House and a docile regulatory system that absolutely can’t find its voice.”
“I am going to put it very bluntly: I regard the moral environment as pathological. And I am talking about the human interactions . . . I’ve not seen anything like this, not felt it so palpably.”
"They have no responsibility to pay taxes; they have no responsibility to their clients; they have no responsibility to people, to counterparties in transactions,” he said. “They are tough, greedy, aggressive and feel absolutely out of control in a quite literal sense, and they have gamed the system to a remarkable extent.”
Are you surprised? Are we headed for another market crash? Will things ever change?


Surprised? Not at all. Dodd-Frank wouldn't have prevented the crash if it had been passed prior to the crash. The Democrats are bought and paid for pretty much just as much as the Republicans.

Headed for another crash? Sadly, I fear we may be.

Will things ever change? Sadly, I fear they won't. It will take a massive groundswell of grass roots support and unity, which is tough enough to begin with. Then, there needs to be politicians that will campaign on it, get elected, and follow through with their promises. Again, tough to think we'd be able to find enough politicians to gain a majority. Finally... or maybe this needs to be part of the first, we need to educate Americans to see what's really going on, and to get them to look past Federal sops.



_____________________________

What I support:

  • A Conservative interpretation of the US Constitution
  • Personal Responsibility
  • Help for the truly needy
  • Limited Government
  • Consumption Tax (non-profit charities and food exempt)

(in reply to vincentML)
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RE: Breaking News! Wall Street is still full of crooks. - 4/29/2013 1:25:41 PM   
MrRodgers


Posts: 10542
Joined: 7/30/2005
Status: offline 		The pathology that the professor speaks of is unfortunately a reflection of what has become part and parcel of the American culture and why there will be no groundswell of public desire for there to be any real reforms.

Yes, the fact that both parties are owned by the bankers is a further reflection of our American Plutocracy.

< Message edited by MrRodgers -- 4/29/2013 1:26:51 PM >

(in reply to DesideriScuri)
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RE: Breaking News! Wall Street is still full of crooks. - 4/29/2013 2:56:34 PM   
vincentML


Posts: 9980
Joined: 10/31/2009
Status: offline
quote:

Surprised? Not at all. Dodd-Frank wouldn't have prevented the crash if it had been passed prior to the crash. The Democrats are bought and paid for pretty much just as much as the Republicans.

I've heard that and I don't understand it very well. I thought D-F would raise a wall between depositor money and proprietary money. Maybe you can explain your point. I would appreciate it.

(in reply to DesideriScuri)
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RE: Breaking News! Wall Street is still full of crooks. - 4/29/2013 5:01:21 PM   
DesideriScuri


Posts: 12225
Joined: 1/18/2012
Status: offline
quote:

ORIGINAL: vincentML
quote:

Surprised? Not at all. Dodd-Frank wouldn't have prevented the crash if it had been passed prior to the crash. The Democrats are bought and paid for pretty much just as much as the Republicans.

I've heard that and I don't understand it very well. I thought D-F would raise a wall between depositor money and proprietary money. Maybe you can explain your point. I would appreciate it.


http://online.wsj.com/article/SB10001424052748704103904575336900576460806.html

_____________________________

What I support:

  • A Conservative interpretation of the US Constitution
  • Personal Responsibility
  • Help for the truly needy
  • Limited Government
  • Consumption Tax (non-profit charities and food exempt)

(in reply to vincentML)
Profile   Post #: 5
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