Economy
In reply to the discussion: STOCK MARKET WATCH -- Wednesday, 31 October 2012 [View all]Demeter
(85,373 posts)THEY BOUGHT IT, OF COURSE!
http://truth-out.org/news/item/12358-how-wall-street-won-the-election-long-before-the-first-vote-was-cast
Before the campaign contributors lavished billions of dollars on their favorite candidate; and long after they toast their winner or drink to forget their loser, Wall Street was already primed to continue its reign over the economy. For, after three debates (well, four), when it comes to banking, finance, and the ongoing subsidization of Wall Street, both presidential candidates and their parties attitudes toward the banking sector is similar i.e. it must be preserved as is at all costs, rhetoric to the contrary, aside.
Obama hasnt brought sweeping reform upon the Establishment Banks, nor does Romney need to exude deregulatory babble, because nothing structurally substantive has been done to harness the biggest banks of the financial sector, enabled, as they are, by entities from the SEC to the Fed to the Treasury Department to the White House.
In addition, though much is made of each candidates' tax plans, and the related math that doesnt add up (for both presidential candidates), the bottom line is, Obama hasnt explained exactly WHY theres $5 trillion more in debt during his presidency, nor has Romney explained HOW to get a $5 trillion savings.
For the record, both missed, or dont get, that nearly 32% of that Treasury debt is reserved (in excess) at the Fed, floating the banking system that supposedly doesnt need help. The worst economic period since the Great Depression barely produced a short-fall of an approximate average of $200 billion in personal and corporate tax revenues per year, according to federal data.)
...We have no leader that will take on Jamie Dimon, Chairman of the countrys largest bank, JPM Chase, who can devote 15% of the capital of JPM Chase, which remains backstopped by customer deposit insurance, to bet on the direction of potential corporate defaults, and slide by two Congressional investigations like walks in the park....
NOMI NAMES NAMES, PRINTS NUMBERS AND KICKS BUTT