The world is not listening to me. I keep saying Obama has a split personality, but they keep believing in Obama's populist persona - while his real personality is very much aligned with the powers that be.
Finally, a leading Democrat, in this case Senate Banking Committee Chairman Chris Dodd, has a good idea for monitoring the Wall Street fat cats who all but destroyed the American economy, and the Obama administration condemns it.
Dodd wants to take supervisory power from the Federal Reserve, which is controlled by the banks it pretends to monitor, and put it in the hands of a new independent agency. That makes sense given the Fed’s abject failure to properly monitor the financial sector over the past decade as that industry got drunk on greed. As Dodd’s spokeswoman Kirstin Brost put it: “The Federal Reserve flat out failed at supervising the largest, most complex firms.” But White House economic adviser Austan Goolsbee frets that taking power from the Fed would cause financial industry “nervousness.” Isn’t that the whole point of government regulation—to make the bandits look over their shoulders before they launch their next destructive scam?
Not so in the view of Deputy Treasury Secretary Neal Wolin, who blithely insists that the Fed “is the best agency equipped for the task of supervising the largest, most complex firms,” despite the mountain of evidence to the contrary. There is some irony in the fact that the largest of those complex firms got to be “too big to fail” because of the radical deregulatory legislation that Wolin drafted during his previous incarnation as the Treasury Department’s general counsel in the Clinton administration. Wolin is now deputy to Timothy Geithner, who as head of the New York Fed in the five years preceding the banking meltdown looked the other way as the disaster began to unfold.
The FED and Wall Street are just a giant Mud Hole intermingling (the source and the destiny) of all money circulating in and around USA. As the Pentagon They are not auditable. And Oh! So respectable with their Armani $10,000 suit, Limousine equipped with 20 years old Courvoisier and barely legal escort.
How Congress and the Senate have been impotent to resolve this Rubik Cube puzzle is beyond comprehension. It boils down to a one-sentence wisdom note. "The fish in the aquarium does not know when his water is dirty.
If you need more insight then read bloggers from European, Australian, South American, Russian and Arabs Universities. Most of them entertain the "Fantasy of USA as a one Giant Ponzi Scheme" I know, I know, they are all "Locos" But, their accurate predictions tell a different tale. Could the Congress and the Senate be charge in this fraud as accomplice “before the act” or “after the act”, that is the question?
I propose we Move Wall Street to Las Vegas. Hire Joe Pesci from the movie Casino. Put him in charge as the “capo de tuti los capi”. It will only take him 5 minutes to drop Paulson in the Nevada desert 100 miles from nowhere. You would see how quick this Rubik Cube get resolved. All those finance mogul making their daily deposit at the Pesci’s ATM
Quoted from Casino: “Running a casino is like robbing a bank with no cops around. Las Vegas washes away your sins. It's like a morality car wash.”
Now we can add. “Running a Hedge funds is like a casino but better”. Elvis
Posted by: IB | 12/04/2009 at 09:56 PM