Greetings and salutations from the sand, sun and surf of Cape Cod, Martha’s Vineyard and Nantucket! Boy, what a day it is already here in Osterville, as I just returned from Dowses Beach and it was a spectacular show of sun splashed blue waters begging you to jump on in… It has been an interesting week in our nation’s capitol, with so much going on…so many people to buy, so many people to sell–the life of a lobbyist…good times. When I worked in the high stakes world of employee benefit consulting, and looked at my daily schedule of people I had to see, I sometimes have a small, rather microscopic, amount of empathy for these…..wait a minute, I must be delusional. For the only reason I would think that to begin with, is simply that some of these lobbyists, lobbying for banks, insurance, oil, coal, nuclear, you name it, must have consciences, and thus, must have some misgivings about their role in being on the wrong side of history. Anyone with half a brain can see what we are doing to our environment. What we are doing to our own people via the blind eye towards regulating a banking system that is nothing more than a casino. This system has taken so much of our fellow country men’s savings, that were all wrapped up in some 401 (k) money market account, (that firms like Goldman Sachs used to bank role their bets). Couple that with the ever growing divide in this nation in regard to race, immigration and the have’s and have nots. Some of these lobbyists will see the light and realize that they were pawns in a much larger game, a game that, if they knew the whole of the truth, would certainly not wish to have played. The “Euro”, currency in Europe, is in big trouble. It began with the debt crisis of Greece and has brought about fear in the European markets, with German Chancellor Merkel, calling out the big banks in Europe to come together and tackle the ever growing concern over derivatives that threaten to take down the European economy, according to many noted economists. Some have said that the most recent financial crisis we suffered through in this country would be like a walk in the park compared to what may come. For we have in this country alone, over 600 trillion dollars worth of liability out there via credit default swaps or “over the counter derivatives”–600 Trillion dollars! Wrap your head around that one. Because the banks in this country amount to 63 percent of the GDP, they have tremendous power over the politicians who are trying to play catch up to this fact. Couple that with the “status quo” entrenched in the Obama administration, on the financial side, as they were actually part of the problem and steeped in the philosophy of the Bush era. It seems that we have not fixed anything. When we have banks that are too big to fail, we have a true “Stockholm Syndrome” going on here. The American people are held hostage by these mammoth banks, for if there is another banking crisis, and we are close to a melt down of the financial markets, the American tax payer will be the one the politicians turn to for help. But, therein lies the problem. We are attempting to get out of this fiscal mess through more debt. It does not make any sense. The division that was taken away in 1999, with the repeal of the Glass-Steagal act (original act of 1933, prohibiting traditional banking and investment banking to be housed under the same corporate flag), has “released the hounds”, forcing regular investors, such as a participant in a 401(k) program with their company, out on a very serious limb. With high volume, high speed trading now the norm, falls in the Dow (like the drop of close to 1000 points a week ago) will be common place, leaving no control for the average investor–who will lose, leaving the spoils to heady traders, hedge fund managers and CEO’s of firms like Goldman Sachs who will reap billions upon billions of dollars all at the expense of the country and its’ citizens. This is the truth. “Something is rotten in Denmark”, William Shakespeare stated over 500 years ago and those simple words could not be more true than they are today. “To thine known self be true”, were also words written by Shakespeare, and when you take the time to think about that one–if done with rigorous honesty–IT WILL SET YOU FREE! Have a wonderful week end folks! Peace~ M
May 21, 2010
No comments yet.
Sorry, the comment form is closed at this time.