Tuesday, June 12, 2012

JP Morgan Executives Knew Of Risky Bets Years Ago - It's Time To End Wall Street's Reign Of Terror

Is this really any surprise in the systemically criminogenic culture of Wall Street?  Honestly.  Is it really a plausible defense for JP Morgan's CEO and Chairman to claim stupidity for the actions of a betting parlor that reported directly to him?  As Sandy Weill's protégé, Jamie Dimon personally was substantially responsible for the effort of overturning Glass Steagall and other pieces of legislation meant to protect society from Wall Street's endless predation, victimization and violence.   Really, that's all these regulations are.   Or were.  When Wall Street's massive criminal behavior crashed the economy in the Great Depression, rules of law were enacted to stop their predation, victimization and violence against democracy. 

I want to know what we don't know about all of the criminal activity on Wall Street over the last thirty years.  Frankly since the Federal Reserve that enabled the Wall Street racket was created one hundred years ago.  Wall Street is the poster child for the evil that has taken over the halls of power in our nation and our economy.  And, I clearly do mean evil.  Unstable manifestations  of the self are the only basis for all evil.

There is no two ways about it.  Private, for-profit capital in our current banking system is not compatible with democracy.  Why are we trying to regulate the behavior of sociopaths and predators?  The only way to begin making capitalism or any merit-based economy compatible with democracy is a public capital structure - a public banking/monetary system.  It's time to end Wall Street's 100 year reign of terror.

Title link here.

posted by TimingLogic at 7:57 AM