Voters should #NeverForget915, and they should never believe people like Scott J. Freidheim

Republican politicians have been selling the lies of trickle down economics and deregulation on behalf of their Big Money and Wall Street masters for decades.

Now the very people at the heart of the financial market collapse of 10 years ago – people like Scott J. Freidheim – are trying to explain how it could have been avoided by making their lives easier.

Anyone paying even the slightest attention to economic reality since Reagan and certainly in the years leading up to the collapse of 2007/8 will know better.

NeverForget915

Everything old is new again

As someone who just made it under the wire of Baby Boomer, I’ve watched for decades as low information conservative voters have been able to be counted on by generations of Republican politicians as people who are very easily duped into buying Republican lies.

These days I find myself asking whether Americans who think of themselves as Republicans and who vote for Republican politicians have either the will or the desire to ever actually understand how voting for a Republican at any level of government – from school board to town mayor to president – is truly a vote for a Party with an ideology designed explicitly to hurt them, their progeny, and everyone else outside the One Percent?

Republican orthodoxy on full display

The answer seems to be that some Americans continue to be willingly duped by people like Scott J. Freidheim.

Lehman insider Scott Freidheim

In “The Lehman Brothers Collapse, 10 Years Later,” full-blown One Percenter and former senior Lehman executive, Scott Freidheim, is peddling the right-wing lie that says everything is the government’s fault if the government doesn’t do what Big Money wants.

In other words, pure Republican orthodoxy.

Mr. Freidheim has the temerity to claim that Lehman’s collapse was the government’s fault for not allowing Lehman to reorganize in ways that would have given them better federal protections.

Think about that as you then consider this.

In what I suspect was an unintended and fleeting moment of honesty, he admits in the interview that his industry didn’t “take it far enough” in evaluating the risks they had created for themselves and for the world economy.

So, which is it?

Too much regulation or too little?

By his own admission, Wall Street paid too little attention to risk. Why? Was it because they expected to be bailed out, thereby continuing to socialize all the risk while privatizing all the gains?

And, when the help didn’t come to him and Lehman Brothers?

Freidheim wants us to agree with him and blame Lehman’s collapse on the federal government.

Seriously, and on behalf of all Americans outside the 1/10th of 1% where you live, Mr. Freidheim, fuck you and all of your fellow Wall Streeters.

You all belong in jail.

Republican voters; stop ignoring reality

Voters across the spectrum who are outside the One Percent – but especially Republican voters – need to stop and understand what Freidheim and people like him are saying.

You Republican voters more than anyone need to understand what Republicans, bankers, ALEC, and all the Big Money power brokers are doing to this country because YOU’RE THE ONES VOTING FOR politicians who want LESS regulation of greedy, power-hungry, and soulless people like Dick Fuld, James “Jimmy” Cayne, Jamie Dimon, and now lesser-known cretins like Scott Freidheim.

You Republican voters more than anyone need to understand why Freidheim and his ilk want LESS REGULATION. Less regulation means they have more opportunities to take unwarranted risks knowing that they will keep all of their gains and that we’ll have to bail them out on their losses as the only way to “save the financial services industry” when next their greed and stupidity causes the next collapse thanks to people like Freidheim and his kind.

And most of all, you Republican voters more than anyone need to understand that you are not at all even a part of the concern of Republican politicians.

And, that absolutely includes the current leader of what is now the cult that is the Trumpublican Party.

Trump is not a Republican, neither are you, and none of them give a shit about you

Here’s a prime example of how Republicans hurt everyone.

Thanks to you Republican voters, The Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155) was signed into law by Trump. It de-fangs what was already not a strong enough post-collapse attempt to rein in the banks, Dodd-Frank.

As someone duped into believing you’re a Republican, you apparently bought the lie that undoing Dodd-Frank was a good move.

You were wrong. Again.

You Americans who think you’re a Republican were wrong in the 2016 election for believing you were voting for someone in Trump who was going to work for you and not the bankers. Honestly, you Republican voters should be ashamed of yourselves for being so gullible.

Not to worry, though.

November 2018 is your next chance to prove you aren’t the useful idiots of Republican politicians and Wall Streeters you act like by voting for them. All you have to do is to stop being your own worst enemy, and stop voting for the Party who has fucked you over your whole life.

Lefties, you’re responsible, too.

As for you self-proclaimed liberals and progressives who can’t seem to hate enough on the so-called “corporate” and “Wall Street” Democratic Party; here’s my advice to you.

Grow the fuck up.

You need to stop acting like some perverse combination of spoiled brat, self-righteous egomaniac, and puritanical zealot, and understand the difference between imperfect allies and actual enemies.

Yes, Democrats are imperfect. So are you.

Yes, some purple state Democrats in the House and Senate “disappointed” you again by voting for S.2155.

But understand this:

One, just ONE House Republican, voted against the bill.

Not a single Republican Senator cast a No vote. Not. One.

So, to my fellow social democrats, liberals, progressives, and everyone else on the left who is self-righteously banging your fists or holding your breath or acting like whatever spoiled and privileged lefty that you want to be, stop that shit right now.

Pull your heads out of your asses, and support any and every Democrat on every ballot.

Most of all, act like an informed and intelligent citizen, and vote in November for whomever has the ‘D’ next to their name…….unless, of course, you’re happy helping Republicans to keep control of local, state, and federal government.

No, Democrats aren’t perfect, but this is where you need to grow up. What they aren’t are Republicans.

If that’s not enough for you……I’m tempted to suggest an impossible solo sex act, but instead, know this.

You are looked at now and you will be considered by history when it’s written as just as much the source of our social, political, and economic problems as the duped 99-percenters who are voting for Republicans because you refuse to do what is required to end Republican rule.

 

Brown-Vitter Recasts Financial-Reform Battlefield

See on Scoop.itDidYouCheckFirst

April 29 (Bloomberg) — A year ago, the big U.S. banks were focused on repealing, or at least eliminating large parts of, the Dodd-Frank financial-reform law.

Greg Russak‘s insight:

“Bair, Fisher, Hoenig, Rosenblum and the people who work with them aren’t populists. They are thoughtful and experienced technocrats who have worked long and hard in the sphere of practical policy.

Intellectually, the tide has turned. The dangers of reckless behavior by global megabanks are now understood much more broadly. And Brown-Vitter provides an appropriate roadmap for addressing some of the core problems and making the financial system significantly safer.” – Simon Johnson, a professor at the MIT Sloan School of Management, a senior fellow at the Peterson Institute for International Economics, and co-author of White House Burning: The Founding Fathers, Our National Debt, and Why It Matters to You.

See on www.nationalmemo.com

The Biggest Price-Fixing Scandal Ever | Politics News | Rolling Stone

See on Scoop.itDidYouCheckFirst

The Illuminati were amateurs. The second huge financial scandal of the year reveals the real international conspiracy: There’s no price the big banks can’t fix

Greg Russak‘s insight:

And the hits just keep on coming. How many more scandals and how much more proof will we need before we realize that unregulated bankers pose the greatest threat to our society? Did we learn nothing from the original Gilded Age? And bad news for all the “small government” lovers. The big bad government is NOT who is rigging the system and reaping all the benefits from the destruction of entire economies. They’re mostly pawns, biding their time in the minor leagues while waiting for the revolving door to move them into pay days in the private sector. We need Citizens United to be overturned, public financing of elections, term limits, restraint on all securities trading by elected officials while in office and for something like 5 years after they leave, and more people like Elizabeth Warren who are asking regulators and bankers all the right – and tough – questions.

See on www.rollingstone.com

‘Whale-sized’ Proof That Wall Street Can’t Be Trusted

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Michael /Cavanagh and Douglas Braunstein swear into a Senate Permanent Subcommittee on Investigations hearing in Washington, D.C., on March 15th, 2013. -Andrew Harrer/Bloomberg via Getty Images

Wall Street is proving once again that they simply cannot be trusted. What is required is even greater and stronger regulation, not less. We also need laws that expeditiously put bankers in jail for the kinds of willfully unethical actions undertaken by JP Morgan senior managers in the London Whale escapade.

Few of us are likely to read a 307-page Senate report. Instead, read Gretchen Morgenson’s New York Times article, “JP Morgan’s Follies, for All to See” from March 16.

Wall Street remains out of control. In fact, they are now a greater threat to stability in the global economy than before the crash they caused just five short years ago.

It’s also important to understand and admit that Dodd-Frank is not strong enough despite any accusations over its supposedly onerous overreach.

What other conclusions can anyone come to when the government seems powerless to foresee and forestall the world’s largest derivatives trader, a firm described as “the bank that enjoys the best reputation among its peers,” from acting with this kind of hubris, impunity, and disregard for ethical conduct?

The Senate report disproves this premise <that Dodd-Frank would make the banking system safer> with vigor.

Its pages of e-mails, testimony, telephone transcripts and analysis show that traders in the bank’s chief investment office hid money-losing derivatives positions, if only temporarily; that risk limits created by the bank to protect itself were exceeded routinely; that risk models were changed to minimize losses; that bank executives misled investors and the public; and that regulations are only as good as the regulators enforcing them.

What can we do about it? For starters, we can make our voices heard.

The people in DC are supposed to work for us. A few like Bernie Sanders and Elizabeth Warren are demonstrating through word and deed that they do represent citizens first.

What’s corrupting the vast majority of politicians and our government is money. Big Money. Money that was, to be sure, always there, but money that is now exponentially larger and more dangerous because of the sheer amounts, the lack of transparency about its sources, and the influence it is having on lawmakers as a result of the Citizens United ruling by the Supreme Court.

As citizens, we are well within our rights – in fact, we have a duty – to call or write to your elected leaders to ask – and to demand, if we must – to know what their positions are on Citizens United. You can find your Senator here and your Representative here.

Here’s an even easier way.

Get involved in the movement to overturn Citizens United.

Help spread the word and throw your support behind groups of like-minded citizens like BeTheWave, Represent.Us, MAYDAY.US, Wolf-PAC.com, and Coffee Party USA.  Join forces and pressure our elected officials to take a stand on Citizens United one way or the other. Every Senator and every Representative needs to be on record so voters will know if the candidate represents our concerns as citizens or the concerns of Big Money.

We need to vote for and support Senators and Representatives who want to break up the banks, not defend and deregulate them further. We can see where that leads. What we need are elected officials who will build up and build upon Dodd-Frank so that we have some sort of 21st century version of Glass-Steagall.

History really does repeat itself, doesn’t it? It happens exclusively because we refuse to study it and learn from it. Among the many excellent posts by John Cashon, the one titled “Franklin Roosevelt, an advocate for the people” is highly recommended as one that will help the reader to understand the similarities between the early 20th century and the early 21st century.

Unless and until our laws change, the people most responsible for tanking our economy five years ago and who are putting our economy at risk again are not going to change their behavior. And so long as politicians care more about raising incredible amounts of money – and feathering their nests for a post-electorate career in the private sector – than they do about representing us, the necessary laws have only a small chance of getting sponsored and passed.

Still, we cannot and should not give up or stay silent. As citizens, we must demand that government take a stronger and more active stance to protect us from a financial system whereby gains are privatized and losses are socialized.

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Dorothea Lange’s Migrant Mother depicts destitute pea pickers in California, centering on Florence Owens Thompson, age 32, a mother of seven children, in Nipomo, California, March 1936. – from http://en.wikipedia.org/wiki/Great_Depression

The concerns about today’s financial services sector are not hyperbole conjured out of thin air. Wall Street and the free market have proven once again that they cannot be trusted to regulate themselves. The “invisible hand” really does require a strong and very visible counter-balancing force that comes only from government and only through regulation, oversight, legislation, and when necessary, significant punishment under the law.

The unregulated and unfettered capitalists who caused the financial collapse of 80 years ago knew no limits to their hubris. Their progeny seems not to have any today.

In borrowing the words of FDR, we should welcome their hatred for our desire to want to stop them from wrecking the economy over and over and over again. We should throw our full support behind those candidates who would equally embrace the “hatred” of Wall Street while they work to increase regulation and overturn Citizens United.

(Updated 9/12/2015)