Wrapping up law school, finding a new home in South Carolina, packing, and preparing for the SC bar have taken up what meager time I previously enjoyed while writing. However, as always, I have stayed on top of the goings on in Washington and Wall Street and the Gulf and elsewhere, and I am well aware of what the greedy puppet masters are doing. They are up to their usual good for them and no good for you. No good for you, no good for the American citizen, no good for global citizens, no good for our Earth. No damn good.
If there is a story line that should head every news outlet in America this year, last year, and at least the last 20 years, it is this: "Wall Street Fat Cats Buy Out Big Wig Pols, Again." Every day, that should be the headline. Instead, with all of the critical situations facing the world, I continually read that Bret Michaels is having heart problems...
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???
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Seriously?
It is no wonder we face such great challenges in our world today. When Bret "who gives a *#$& about" Michaels is one of the most searched about topics on the web, is the one who is the center of attention of a significant portion of our population... folks... I don't know how to say it any other way -- we are screwed.
Why have we allowed Washington big wigs to sell out their vote to maintain the status quo for the six largest banks on Wall Street, and not break them up as prudence demands so as to avert another "too big to fail" crisis? Answer: Bret Michaels. Rock of Love. Every Rose Has Its Thorn.
FYI: the "landmark" financial reform bill that is set for passage in the next week or two can do NOTHING to end "too big to fail." So long as a handful of the biggest banking institutions are equivalent in size to nearly 70% of the U.S. economy, the Dodd bill can be interpreted as little more than a permanent bailout mechanism. A little over one hundred years ago Teddy whacked the biggest and the baddest institutions across the chin, and broke them down to size. I see no one with the balls to do it now.
Why have we allowed Washington big wigs to maintain the status quo with the entire banking sector and not demand that banks spin off their highly leveraged derivatives trading desks which put at risk consumer and commercial deposits? Answer: Bret Michaels. Rock of Love.
FYI: the "landmark" financial reform bill permits banks to keep running their in-house casinos. The "Volcker" Rule was given the boot earlier this week with all Republicans opposing the provision as well as several sold-out Dems.
Why have we allowed Washington big wigs to maintain the status quo with proprietary trading in the hedge fund industry, giving the hedge funds (and the banks) license to use enormous amounts of leverage and creating nuclear weapons out of financial instruments? Answer: Bret Michaels.
FYI: the "landmark" financial reform bill increases capital requirements for derivatives trading only marginally in some cases, and nominally in many other cases. Thanks to Warren Buffet's whiny, pathetic begging, many corporations are exempt from the capital requirements altogether, and those who must abide by the new rules need not fret: you guys will still be able to bet with way more than you actually have on your books. By the way, if you are an average Joe or Jane reading this -- care to know how much leverage you can bet with at your broker? Only 100% of your deposits, or in other words, a 1-to-1 ratio of debt (margin, leverage) to your capital deposited with the broker. The so-called "landmark" Dodd bill lets banks gamble at 20-1 debt to capital ratios.
Why have we allowed Washington big wigs to maintain the status quo on shareholder voting rights and not give minority-holding shareholders in particular, greater voting power so as to create a market-based checks and balances system on executive compensation? Answer: Apparently, Bret Michaels.
FYI: Twenty years ago executive compensation was ten times greater than average worker compensation. Today, that ratio is more than 100 to 1. The "landmark" financial reform bill does nothing to create a market-based solution to this problem.
Why have we allowed Washington big wigs to sell out their vote to Big Oil and allowed them to run roughshod without proper oversight and regulation? Answer: Bret, I guess.
FYI: BP originally said it was only losing 5000 barrels of oil a day from its off-shore rig in the Gulf -- now we know it is anywhere from 50,000 to 90,000 a day. The largest environmental crisis in the history of the world could have been averted if we demanded of our politicians that they be leaders, and not puppets, that they be servants of the people, and not takers of the purse.
Bret Michaels isn't the reason for our current woes. And the fact that Republicans and a good number of Democrats have completely sold out to Wall Street donors, isn't the problem either. We are the problem. I am weary of this drawn out and tired excuse that the way things are is due to 'inevitability.'
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"We can't break up the big banks or properly regulate big oil or end highly leveraged derivatives trading because these groups are too powerful?"
Pathetic. Nonsense.
American banks were "created" not by divine intervention, but by our founding leaders, one by one, as needed. At the year 1800, only 300 corporations existed in the U.S. THREE HUNDRED! Small banks were created one by one by special charter from our early legislators to fulfill one primary purpose: SERVE THE PUBLIC GOOD.
What can be created by our early legislators, can be broken down by our present legislators. The status quo in Washington, and on Wall Street and Houston, Texas, is no more inevitable than the Browns sucking every year. OK - that one might be inevitable. But you get my point. Inevitability is the response of the weak and ill-suited. We have a choice, a free will, to create a healthier and more sustainable financial sector and energy policy, and thereby, a more sustainable economy and labor market. We have the way -- yet, we do not have the will; we have the means -- unfortunately, we do not have the muster.
The act of doing right and bringing good, must be brought about by the tireless efforts of those of goodwill and of right mind. [Echoing the great MLK as he took on the naysayers that said racism and segregation was the American way]. And the collectivity of those of goodwill and of right mind -- people power -- can override the abuses of Washington and Wall Street. This is the future for our nation that WE can choose to have. Unplug yourself from the mindless Hollywood culture, plug into reality, and be an agent for positive change in this world, today.
In the words of Marley: "Get up. Stand up."
Peace
Jeremy
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