Big banks and financial institutions are too big to fail – and too big to regulate.
Everyone knows that too-big-to-fail bank lobbyists on ‘K street’ are writing the regulation that is supposed to prevent another banking collapse – like that which happened in 2007-08. Everyone knows that the US congress is so awash in corporate acsh that getting real regulation passed is next to impossible. Good regulation law that does get passed in times of great crisis (“Dodd-Frank Wall Street Reform and Consumer Protection Act” – 2010) gets watered down so it is meaningless in application.
Today’s news that JP Morgan is gambling in the Billions and has lost 5 billion one one deal then made it all back on another in these still ‘black’ derivative markets shows the world that the next crisis is likely to be bigger than the last.
As I high-lighted earlier here – in the “Chris Hedges talk with Occupy Wall Street activist Kevin Zeese” article from July 5th,
“Our job is to build pockets of resistance so that when the flash point arrives, people will have a place to go,” Zeese said.”
That ‘flash point’ may wait to until the next massive bust in this stupid economy.
Nest occupiers, nest.
Great interview on all this and more from The Real News Network (TRNN) – Executive Producer Paul Jay interviews Gar Alperovitz, professor of political economy at the University of Maryland.
Is Public Ownership the Solution?
OccupyToronto, 05 July 2012, “Chris Hedges with Kevin Zeese: mass movement key to disobedience tactic’s success“: http://occupyto.org/2012/07/chris-hedges-with-kevin-zeese-mass-movement-key-to-disobedience-tactics-success/
Zero Hedge, 07 July 2012, “JPMorgan To Clawback Bonuses, Will Announce CIO Loss Just Over $5 Billion“: http://www.zerohedge.com/news/jpmorgan-clawback-bonuses-will-announce-cio-loss-just-over-5-billion
The Real News Network, 13 July 2012, “Is Public Ownership the Solution?“: http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=8449
United States Government, 05 January 2010 “Dodd-Frank Wall Street Reform and Consumer Protection Act“: http://www.sec.gov/about/laws/wallstreetreform-cpa.pdf