Get used to crony capitalism, it is going to exist for the next two years. The Political Right Wing has been purchased by Wall Street and now they have to carry out the favors needed by Wall Street to recapture the money spent on elections. I'll tell ya, it is some kind of horns to tell the American people they have to provide subsidies for exotic financial tools. That is amazing. Wall Street has no limits on greed.
This is a five page article so try to read it in it's entirety. The USA needs a Financial Transaction Tax. There is absolutely no way there should be this level of pay backs for monies spent in elections. Since the Republicans are proving how very corrupt they are, there needs to be a tax on financial transactions to bolster the USA Treasury when the Great Recession is dwarfed by the next one.
December 12, 2014
By David Stockman
The times are few and far between (click here) that I am in agreement with Senator Elizabeth Warren’s brand of Big Government liberalism. But I do applaud her willingness to stand up to the Wall Street lobby machine; her capacity to recognize and call-out the egregious gambling dens that have metastasized there; and her insistence that never again should the hard-pressed taxpayers of America be forced to bailout the crony capitalist plunder that is enabled by the Fed’s free money madness.
This is a five page article so try to read it in it's entirety. The USA needs a Financial Transaction Tax. There is absolutely no way there should be this level of pay backs for monies spent in elections. Since the Republicans are proving how very corrupt they are, there needs to be a tax on financial transactions to bolster the USA Treasury when the Great Recession is dwarfed by the next one.
December 12, 2014
By David Stockman
The times are few and far between (click here) that I am in agreement with Senator Elizabeth Warren’s brand of Big Government liberalism. But I do applaud her willingness to stand up to the Wall Street lobby machine; her capacity to recognize and call-out the egregious gambling dens that have metastasized there; and her insistence that never again should the hard-pressed taxpayers of America be forced to bailout the crony capitalist plunder that is enabled by the Fed’s free money madness.
But now comes a naked Wall Street raid on the taxpayers that’s beyond the pale; and it would have sailed right through in the dead of night absent Elizabeth Warren’s intrepid opposition. Bravo, Senator!
I am referring to the Citigroup-drafted sneak attack on Washington’s tepid effort to curtail the more egregious gambling habits of some of the big banks....
...In light of the inherent dangers of what even Warren Buffett once called “financial weapons of mass destruction”, it is self-evident that no bank—not even the mighty Citigroup—–should be allowed to bring these incendiary devices within a country-mile of the taxpayer enabled FDIC guarantee program....
...In light of the inherent dangers of what even Warren Buffett once called “financial weapons of mass destruction”, it is self-evident that no bank—not even the mighty Citigroup—–should be allowed to bring these incendiary devices within a country-mile of the taxpayer enabled FDIC guarantee program....
