- Can’t think of one thing in Canada that makes sense to copy the Wall Street protest. Nevertheless, unions and public sector employees will jump in with the unwashed youth, undeserving complainers, and the usual suspects.
In America, some Wall Street executives, investment bankers, hedge-fund managers, short-sellers, mortgage brokers, and so forth, as well as quite a few Democrats are questionable, indeed. Not all republicans are clean, either.
Those who cheated knew they were playing a phony game of packaging crap and selling it as a triple “A” investment. They came up with a model, a formula for derivatives for subprime mortgages that few understood, especially the ramifications of a global crisis.
No problem. Too big to fail.
The Federal Reserve (FED) is made up of the big banks plus many smaller ones. But the top ten basically rule. Board of Directors are chosen by the government and banks.
Complex. Yet simple. Deregulation of the Glass-Steagall Act by Bill Clinton gone wrong. Michael Savage included the reinstatement of the Glass-Steagall Act in his book "Trickle Up Poverty" and he read the paragraph on his radio program the night before.
Glass-Steagall Act
http://topics.nytimes.com/topics/reference/timestopics/subjects/g/glass_steagall_act_1933/index.html
Bill Clinton removed it and perhaps it should be reinstated or something similar.
Democrat President Carter started with the Community Re-Investment Act, and Clinton intervened even stronger with houses and mortgages for everyone. Thus, the banks had to come up with an idea to make money, yet please economically womanizing Bill who insisted the banks do as he desired. Not sex. Handing out mortgages.
The Bushes were too busy with wars. Congress, Republican at times during their period, probably kept the possible financial calamity away from them.
That doesn’t mean Capitalism is wrong... and that all politicians are unhinged. Statism is. Socialism is. A majority of the Left is a strange breed.
Of course, everybody has something to gripe about sometime. But the protest freaks think they’re cool to get national coverage for anything that comes to mind, because they are entitled.
If they can’t come up with valid reasons, the leftist media will concoct them; even though Canada is rated as one of the best countries in the world to live and do business in and with.
Perhaps it’s a continuation of G20 with union activists and anarchists.
The following is a reply to me from an intelligent newpaper editor who isn't of the Left.
Here are some simple steps that I think would help.
1 - Restore regulatory oversight of Wall St. - such as prohibiting investment/commercial banks from both selling mortgages and speculating on them.
2 - Cap private and public sector political donations to all Congressional candidates at a maximum of, say $5,000 total per corporation or union, and $500 per individual.
3 - In cases where a public or private sector corp. underwrites mortgages in the U.S. for the subprime market, specify that executive officers of the corporation, including its board of directors, are legally responsible for ensuring the financing and paperwork for those deals meets generally accepted accounting standards.
4 - End the practice of allowing Wall St. investment houses to escape criminal prosecution for fraud, tax evasion, money-laundering, etc., simply by agreeing to civil fines, without any admission of wrongdoing. In cases where there is no criminal prosecution, civil settlements must include an agreed-to statement of facts and a written admission by the company as to the specific nature of its wrongdoing. Require the offending company to widely advertise this document in the media.