“Blow back”, “Push Back”, “Pushing Against the Tide”, “Opposition”, “Tough Sleding”, “A Long Slog”, “Difficult at best!”….all seem to best describe what happens when the People and the Goverment go up against the World’s Banking Interests!
“The Great Derivative Battle of 2010!” Why is it so rough to make reasonable changes and create reasonable regulations that would control and define Hedge Funds, Derivatives, Credit Default Swaps, Speciality Investment Vehicles and just plain illegal gambling with other people’s money on “Greed Street? How is it possible, that after the greatest financial meltdown in known World History…..there are still U.S. Senators fighting regulation of the banking Industry? Could it be, because they have all taken upwards of over $4 million dollars a piece “to just dummy up”?
You start to get a feeling that our electeds are very easily bought. $4 Million dollars is certainly a big number to most people, but on Wall Street that is “Chump Change”. Let’s put it all into perspective: Our current National Debt is around $13 Trillion dollars. Sounds like a lot of money till you understand that the U.S. Investment Community has over $275 Trillion dollars invested in Derivatives and the other very iffy investment vehicles mentioned. As Sonny said to the Godfather: “There is a lot of money in that white paper, Pop!”
It is far too easy to say that our World has simply been ramped into a “House of Cards” that is almost impossible to “De-leverage”! The last ten years of “funny money” has made “World Debt” an almost obsolete number! The revelations of the system demise of Washington Mutual is simply “a head’s up hint” of how the entire series of events was created. “Sexy” Saxy Chambliss, Senator from Georgia seems to see that “any regulation of the banking Industry” could cause a serious “Shudder in the Force”. To the Administration’s credit and Tim Geithner….they are pushing for “under-collateralized”, “un-notated” Derivative Regulation! These can currently be catagorized as “Phantom Investment Vehicles”. Everything, including trades and collections are done in secret. Who knows who wins, loses or pays taxes? “No one knows where the nose goes..when the doors close!”..said Screamin Jay Hawkins in the 60’s!
It might be nice to know – who is doing what and when. Any “elected” that refuses to implement strict regulatory controls on these types of Investments……needs to be served their retirement papers…..in the next election cycle….with “Extreme Prejudice”! Even the EU Banks are balking at the “Sweetheart Deals” that U.S. Electeds have with the Bankers on all sides of the Seven Seas! In the meantime, let the Banks give away toasters again – when seeking new business!
There are certainly lots of powerful interests who don’t want to see us move away from being a plutocracy to ANY degree.