Editorial by RebelTraders:
We have been told that terrorists have the power to bring down our nation by attacking our financial infrastructure. But what do we call it when financial firms, that operate within our own borders, have the power to destroy the financial stability of our nation?
Over the past 18 months the United States has been held hostage by Wall Street. The firms that destroyed the wealth of millions of Americans have been paid hundreds of billions in dollars to keep them alive, for it is claimed that their demise would bring financial ruin to the land. But, have they not already created financial ruin?
When the United States government hands over hundreds of billions of dollars to the Wall Street firms who have already brought havoc and financial harm to millions of people, and still maintain the financial weapons to destroy even more wealth of Americans, and who tell the government that if they die then so to will the nations financial system then I say the nation for all intents and purposes has been paying ransom money.
The United States has always said it will not bow to the demands of terrorists, but when it comes to the “financial terrorists” of Wall Street we are quick to give them whatever they ask for, and we also allow them to keep the financial system and Americans held hostage.
When the likes of AIG, Citibank, Bank of America, and many others destroyed the financial lives of millions of American’s the first response should have to been ring fence these corporations with a financial army. The response should have been to declare a financial war against them. And much like in a traditional war, the key players would have been rounded up and be brought to trial for crimes against the people. But that never happened, instead the government simply coddled up to those responsible and to this day still won’t call them what they are, financial terrorists.
The Sunday edition of the New York Times is today running an op-ed by Frank Rich. Frank says what many people in America either don’t know, or refuse to listen to.
[…] What we don’t know will hurt us, and quite possibly on a more devastating scale than any Qaeda attack. Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no public clamor for serious reform of a financial system that was as cunningly breached as airline security at the Amsterdam airport. And without reform, another massive attack on our economic security is guaranteed. Now that it can count on government bailouts, Wall Street has more incentive than ever to pump up its risks — secure that it can keep the bonanzas while we get stuck with the losses.[…]
There is much more in the full article and well worth reading in my opinion.
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{ 1 comment }
right on!