Among the bigger long-term fallout of lack of regulation, Federal Reserve encouragement of bubble inflation, then the resultant financial sector bailout, this is among the biggest.
After the economy picks back up, it means that these five banks, without new financial regulation, can work to try to manipulate not just loans but other financial matters. Yes, the FDIC and its head, Sheila Bair, are worried. But, what about other federal agencies and financial leaders, other than Richard Fisher of the Dallas Fed, who would have been a great pick to replace Ben Bernanke? She’s been kind of an outlier on a lot of her concerns in the past 12-18 months.
And, for this in-depth story, Wells Fargo, J.P. Morgan and Bank of America declined to comment. They know they got Gravy Train instead of the doghouse a year ago. And that, other than the credit card bill that passed earlier this year, they’ve been asked to do no sacrifice.
No wonder about part of the town-hall anger. And, President Obama, the man who got so much campaign money from Goldman Sachs that he opted out of public financing for his election? I don’t think that he “cannot” get the anger. Rather, his soul’s now in hock to the devil. You will notice new financial regulation legislation is not on the fastest track, either.
And, that, folks, is part of why I didn’t vote for the man, and why I often distrust both sides of the two-party duopoly.
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