Sunday, August 14, 2016

Pam and Russ Martens — Here’s Why Americans Are Mad as Hell at Wall Street and Washington

Tens of millions of Americans clearly understand that an entrenched system of corruption such as this, perpetuated through a revolving door between Wall Street and Washington, while enshrined by a political campaign finance system that recycles a portion of the plunder to ensure greater plunders, will inevitably leave the nation’s economy in tatters — again. That’s because systemic corruption and legalized bribery within the financial arteries of the nation can only create grossly perverse economic outcomes.
The actual role of Wall Street is to fairly and efficiently allocate capital to maximize positive economic outcomes for the nation. Under the current model, Wall Street is focused solely on maximizing profits in any manner possible, including fraud and collusion, to maximize personal enrichment. When Senator Bernie Sanders said during his campaign stops and a presidential debate that “the business model of Wall Street is fraud,” there was a long, substantive archive of facts to back up that assertion….
Given these facts on the ground, another President who takes a hands off approach to Wall Street while installing Wall Street cronies in the cabinet, will leave this nation terminally financially crippled.
That would be a good thing. It would end finance capitalism. It would take down the US as an economic power, too, but that cloud might have a silver lining by way of ending US attempts to maintain global hegemony and instead play nice.

Wall Street On Parade
Here’s Why Americans Are Mad as Hell at Wall Street and Washington
Pam Martens and Russ Martens
ht Don Quijones at Raging Bull-Shit

1 comment:

Ryan Harris said...

If you think Wall Street was corrupt, you will really hate Silicon Valley.

Remember when these promises were made?

Wall Street comes in at number nine. Pharma, Silicon Valley and Academics are the top corrupters of government.

According to OpenSecrets this is the number of revolving door folks profiled:
Pharmaceuticals/Health Products 884 (61.9%)
Electronics Mfg & Equip 745 (68.4%)
Education 630 (52.7%)
Misc Manufacturing & Distributing 595 (65.7%)
Civil Servants/Public Officials 563 (61.8%)
Insurance 547 (61.6%)
Health Services/HMOs 541 (64.0%)
Oil & Gas 508 (62.5%)
Securities & Investment 498 (66.8%)

Makes sense though doesn't it?
Medicare pays whatever price pharma charges, no questions.
TPP is a giant gift to silicon valley and pharma.
Students and the population being bilked by Universities for dubious quality degrees and loaded up with loans. Every public policy is presented as needing to be solved by more education and more research while the quality of research tumbles, with a minority now reproducible and retractions at all time highs.