The Remarkable Political Stupidity of the Street

Flaylo

Handsome Devil
Feb 10, 2010
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Robert Reich: The Remarkable Political Stupidity of the Street





Wall Street is its own worst enemy. It should have welcomed new financial regulation as a means of restoring public trust. Instead, it's busily shredding new regulations and making the public more distrustful than ever.

The Street's biggest lobbying groups have just filed a lawsuit against the Commodities Futures Trading Commission, seeking to overturn its new rule limiting speculative trading.

For years Wall Street has speculated like mad in futures markets -- food, oil, other commodities -- causing prices to fluctuate wildly. The Street makes bundles from these gyrations, but they have raised costs for consumers.

In other words, a small portion of what you and I pay for food and energy has been going into the pockets of Wall Street. It's just another hidden redistribution from the middle class and poor to the rich.


Now we understand Repug bitter opposition to the Dodd-Frank Bill.
 
I very much doubt ALL OF WALL STREET objects to sensible BANKING REGULATIONS.

Given that many on WALL STREET were the victims of the BANSTERS, I think Reich ought to habve been more honestly forthcoming about who EXACTLY he was talking about.

Why didn't he?
 
Robert Reich: The Remarkable Political Stupidity of the Street





Wall Street is its own worst enemy. It should have welcomed new financial regulation as a means of restoring public trust. Instead, it's busily shredding new regulations and making the public more distrustful than ever.

The Street's biggest lobbying groups have just filed a lawsuit against the Commodities Futures Trading Commission, seeking to overturn its new rule limiting speculative trading.

For years Wall Street has speculated like mad in futures markets -- food, oil, other commodities -- causing prices to fluctuate wildly. The Street makes bundles from these gyrations, but they have raised costs for consumers.

In other words, a small portion of what you and I pay for food and energy has been going into the pockets of Wall Street. It's just another hidden redistribution from the middle class and poor to the rich.


Now we understand Repug bitter opposition to the Dodd-Frank Bill.



Posting up links written by mental case hyper-partisans is gay.
 

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