Let The Market "Control" Wall Street
Robert Reich is upset because Democrats are not "controlling" Wall Street any better than Republicans:
According to the New York Times, a bill that’s already moved through the House Financial Services Committee, allowing more of the very kind of derivatives trading (bets on bets) that got the Street into trouble...Where were House Democrats? Right behind it. Rep. Sean Patrick Maloney, Democrat of New York, a major recipient of the Street’s political largesse, co-sponsored it. Most of the Democrats on the Committee, also receiving generous donations from the big banks, voted for it. Rep. Jim Himes, another proponent of the bill and a former banker at Goldman Sachs, now leads the Democrat’s fund-raising effort in the House.
So not only are Democrats not "controlling" Wall Street, they're actually in their pockets as well.Even Obama is a disappointment in Reich's eyes:
It’s not entirely coincidental that the Obama Administration never put tough conditions on banks receiving bailout money, never prosecuted a single top Wall Street executive for the excesses that led to the near meltdown, and still refuses to support a tiny tax on financial transactions that would bring in tens of billions of dollars as well as discourage program trading.Democrats can’t be trusted to control Wall Street. If there were ever an issue ripe for a third party, the Street would be it.
Here's a thought: Let the market regulate Wall Street!!The market plays no favorites. It is the harshest of regulators; unlike government bureaucrats.The market cannot be lobbied, bribed, and paid off; unlike government bureaucrats.The market bails out no one, unlike government bureaucrats who transfer money from taxpayers to the banks.If you really want to put a chill down every Wall Street banker's spine, tell them that the government washes its hands of them. No more government "regulation". Wall Street must survive in the marketplace like everyone else. Satisfy customers, or go broke.Sadly, Wall Street would never go for it, since it's much easier to buy off a politician than have to compete in the market. Government would never go for it because it loves wielding artificial powers, and Robert Reich would never go for it because he worships government's artificial powers.So instead, we must all continue on this crony merry-go-round, where we pretend that a solution other than the market exists.
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