Posted By Reader Supported News / 02 August 11 AM
Keith Olbermann, Special Comment/Current TV
“Keith Olbermann’s Special Comment on the four great hypocrisies of the debt deal and the necessity of taking the governance of this nation back from politicians.”
By DEADLY CLEAR
Bravo! Keith’s right – no matter what political persuasion you adhere to – the Wall Street banks are running the show. Washington allowed them to run amok. It’s time to rein them in and stop governing in fear.
Force regulation of the derivatives that caused this nightmare and correct the failing economy. Create revenue. Strip the mortgages manufactured by fraud (2003-2008) from the banks. Reconstruct them with the borrowers in lieu of litigation at 2% for 30 years. Include the states in the program and allow them to replenish their pension and retirement funds gambled away by bad investments with Wall Street.
67 million MERS mortgages X $900 month payments X 1 year = $723,600,000,000 new annual revenue. And this is a conservative figure likely 3X higher+. And this is just for starters.
We’re probably facing a world war for all the evils caused by Wall Street’s securitization Ponzi scheme and Congress needs to be able to make payments to cover their pals, so they raised the debt ceiling. After all the cash we’ve used to prop them up, we should be running the banks instead of the banks running the government. Strip them of the properties and REOs that they are using as their new gold standard, regulate derivatives and let Capitalism shake out its dirty laundry.
“Wall Street is spending hundreds of millions of dollars lobbying Congress to protect its financial interests, which might explain why nothing has been repaired in our financial regulatory system. Knowing that public trust of Wall Street is at a low ebb, the big bankers are enlisting some of their clients – big companies that employ thousands of workers in states and districts – to lobby on their behalf.
The big companies may be arguing against their own interests. The unregulated speculation in derivatives has hurt, not helped, big businesses by siphoning money away from productivity and putting it into what amounts to sophisticated gambling. This is the hole in the bottom of our economic ship that we must repair.”