Greetings and salutations from the sandy shores of Cape Cod and the Islands of Martha’s Vineyard and Nantucket! Today, the temperatures are expected to be in the mid 60’s with sporadic showers, with sun tomorrow. The flowers are alive and well at Armstrong-Kelly Park here in Osterville. Hope the weather is reasonable wherever you may be today… The tables have turned, or at least seem to be headed in that direction, regarding financial reform in the United States of America. In a stunning turn of events, Mitch, “the mouse”, McConnell (R-KY) reversed the contradiction of himself yesterday, with news he now “supports” Wall Street reform. Whether or not this is a total transformation of the human spirit into the sunlight is yet to be determined, for the only real form of “reform” is to dismantle the existing system and return it to the regulatory environment that began in this country when Franklin Delano Roosevelt placed restrictions on banks after the Great Depression in the early 1930’s. For almost 60 years, the markets were relatively stable, with no “creative financial instruments”, namely derivatives or credit default swaps, or bets, clouding the judgement of otherwise responsible fiscal conservatives. When the line between Wall Street and Capitol Hill became blurred, greed took over politics and it became infinitely more important than serving the needs of the people for whom they were elected. These “derivatives” must be placed in the open, on open exchanges, so that investors KNOW what is going on and are not taken down by back room deals that serve the hedge fund managers, a few select “executives” and a castle like environment that firms like Goldman Sachs have become. The system that we have now is badly broken, for it is wired to keep the status quo in place, including the right wing political machine, the henchmen (Glenn Beck, Rush Limbaugh, etc.) who do the bidding of the “one percent corporate pyramid scheme”, and the banking industry in general, who have relied on lax regulatory agencies, especially in the past 10 years, to turn the other way when crooked deals are going down. This form of “banking” has brought the country to its knees once in 2008, let alone the world, and could do so again if some real reform with teeth is not implemented soon. This is beyond anti-trust laws, it gets to the very heart of right vs. wrong. Is it wrong for top executives to pretend they are in Vegas, drunk on power and greed, all the while gambling with your mother and father’s pensions? Is it wrong that we the tax payer must bail out these mammoth institutions when the piper must be paid and all the money has disappeared down a rat hole? The P.O.N., the executives at Goldman Sachs, and now the American people, know what is really going on and it is high time we put an end to this charade of over the top greed, lust for power, and down right criminal behavior. Buck up and be a man! You mice of Capitol Hill– you have no shame, no moral fiber and no future in a decent society. To you, Mitch, I say this, “How are the poor in your state of Kentucky doing? How is your portfolio doing? Do you really believe that Wall Street offers this great country of ours anything of value? DO YOU??? Have a nice day folks! Peace~ M
April 22, 2010
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