I listened to Timothy Geitner this morning explain that Wall Street had to be bailed out, it would have been the end of the world if not. He so casually said we will have high unemployment for a long time to come. When asked about the money flowing among the few on The Street, he ignored it. 2009 was a banner year for the Elegant Thieves of Wall Street, largely due to bailout money. Some hedge fund managers saw the government was not going to let the investment banks fail, so they swooped in and bought stock. And received a 25 billion paycheck among them last year. Something is very wrong. While The Street sees plenty of this,
so many others have seen this. From President Obama on down there is this phrase: jobless recovery. THERE CAN BE NO SUCH THING. Wall Street doing well is not a recovery. Wall Street is not the economy, frankly Wall Street is the destroyer of an economy.
Glass Steagall needs to be put back into law. Balance needs to be attained. Congress will not do it. Unfortunately, so many Democrats have joined the Republicans in putting their hands out that it is impossible to get any kind of meaningful reform in anything.
We are likely in for another crash, larger than the last, because there is no stopping the thugs. We don't need Tea Baggers or militant militia groups. We need an engaged and informed mainstream America. An American public that doesn't get their information from Glenn Beck or Sean Hannity. A public that isn't swayed by sound bytes. It seems like a very hard row to hoe.
I did not have a topic today. I was not going to post anything. Then I heard this soulless man speaking about something he does not have the ability to grasp in such an abstract manner. It makes me want to weep.