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Speaking on our behalf?

October 22, 2012

Last week, the largest Wall Street banks sent a letter to Congress and President Obama telling them to deal with the ‘fiscal cliff’ (the growing level of national debt) sooner rather than later. Among other complaints, the bankers claim that failure to do so will create fiscal uncertainty and the American people deserve better.

Wow, isn’t that special? The big Wall Street banks are speaking on behalf of the American people. And they find no hypocrisy in telling others that they need to get their act together or it could create a fiscal nightmare?!?! This, from the very group that has taken the last three decades to systematically destroy our financial markets, eventually taking down the world economy with it. This, from the same individuals whose actions drove bailouts and monetary policy that drove up government debts at an exponential rate. This, from the very same individuals who continue to encourage monetary policy resulting in huge profits for themselves while jeopardizing our future economy even further.

Now admittedly, our government has a problem with spending more than they take in, but the most costly item on their balance sheet has been the money spent to prop up the economy as a result of the ”too big to fail” banks needing the taxpayers to rescue them from certain bankruptcy.

If you think it is too strong to say that the greed and power of Wall Street bankers have corrupted and destroyed free markets and capitalism, I would recommend the book by Charles Ferguson, Predator Nation. This book details the greed, deception and outright fraud committed by Wall Street on the American people. I have had to learn not to read too much of this book in one sitting, as I get so disturbed that I have trouble sleeping at night.

But isn’t it good to know that these same bankers are so concerned about our welfare that they are writing our elected leaders on our behalf? The criminals are now speaking on behalf of the victim they have victimized. Imagine that you are terrorized during a home invasion by a gang of gun-toting thugs. The thugs are arrested and at the trial, even though they are the correct suspects, in a travesty of justice they somehow get off scot-free. But that’s not good enough for these hoodlums and they actually have the nerve to stand up and lecture the judge and jury that they need to do more to stop home invasions.

The Wall Street bankers telling our government that they need to fix their debt problem is not too dissimilar to our hoodlums. I guess the difference is that those in ski masks made off with a few thousand dollars, while those in suits made off with a few trillion.

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