Saturday, October 10, 2009

Wall Street is Raping Americans

The following link is "must see T.V." for everyone in this country. This video is another gem from Bill Moyers Journal on 10/9/09. Rep. Marcy Kaptur (D-OH) and Simon Johnson, former Chief Economist at the International Monetary Fund, describe in plain english how Wall Street (and the government that allowed it) have ruined our economy and are laughing all the way to the bank.

"There is a revolving door between Wall Street and Washington going back decades" according to Rep. Kaptur. Wall Street is in charge and our past presidents have been and current president is merely its lapdogs doing their bidding. Incredibly, per Simon Johnson, Goldman-Sachs "can borrow from the Fed, at essentially zero interest rate now. They can invest in,...., anything they want, including, you're going to love this one, they just bought some stock, big chunk of stock in a Chinese automotive company. Okay? So, that's your money, that's your Federal Reserve, financing a highly speculative investment. And if it goes well, they get the upside. And if it goes badly, that's another one for us."  That's right, American taxpayers will be out the money if they lose on this investment, not Goldman-Sachs.. The banks are doing fine, American people, not so much. Our government is allowing this to happen and in my opinion is a much bigger issue than the healthcare debate.

Our president gives great speeches, but speeches won't save our country. He needs to take action to back up his words. In his speech Sept. 14, 2009 where not one CEO of a Wall St. bank was in attendance, Obama said: "We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses. Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall." Oh yeah? What is going to stop them, President Obama, your Nobel Peace Prize? Our country's only HOPE is if you will CHANGE the way the banks are sucking the life blood from Americans. Please care more about what Americans think than the Europeans.

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