Paul Farrell gets his rant on, raging at the $400 million lobbyist effort Wall Street has put forth to kill financial reforms.
He writes that this “signals a resurgence of unregulated free market Reaganomics capitalism, the conservative ideology that killed Glass-Steagall in 1999 creating too-big-to-fail banks, setting the stage for the 2008 meltdown.”
But its much worse than that. What Wall Street wants is to water down reform so it can, according to Farrell, pursue these 8 goals:
(1) evade securities laws
(2) avoid taxes
(3) minimize capital requirements
(4) increase leverage
(5) hide speculative risks
(6) maximize short-term profits
(7) avoid stockholder disclosures, and
(8) manipulate regulators.
I wish I could say I disagree — but I don’t. Unless we get substantial reform, nothing will change. Why?
“Wall Street needs to continue running the same scam on taxpayers in order to get their mega-bonuses. They have lost their moral compass, sold their soul to the devil, lack a conscience, have no interest in the public.”
Well said . . .
Clash of the Titans: Obama vs. Goldman’s Reaganomics
PAUL B. FARRELL
Marketwatch, April 20, 2010