There’s an article you need to read. Here’s a bite-sized piece:
Congress is being muscled out of financial market supervision by a troop of venal banksters and corporate picaroons who are threatening to finish-off the already-defanged SEC. That will put the Fed in the driver’s seat for good. Paulson wants to police the world’s most complex markets on the “honor system”. It’s crazy. His blueprint is an obvious attempt to consolidate market-related functions under a central authority that is accountable to private industry alone. That way, the Fed can bailout whomever it chooses without congressional approval. Paulson’s press conference was just a polite way of informing the American people that the seat of power has shifted from Washington to Wall Street. It’s a banker’s coup.
Want another hit? Read the whole thing.
My own take: He’s right. And it’s absolutely insane to give these people more power since they’ve already fucked up so royally.
…But maybe that was the plan from the start. We have to remember who we’re dealing with. These fascist oligarchs would love nothing more than to be finally rid of the meddlesome middle class. This deliberately-stoked financial crisis will wipe out the American middle class while the global elite will escape with just a few financial bruises… even though they caused the damn collapse to happen.
There’s justice for you.