Wednesday, July 25, 2012

Sandy Weill, Architect Of The Destruction Of Glass-Steagall, Now Says To Break Up The Banking Trusts

This is really quite a milestone in the coming tipping point.   We were writing about deregulation and the destruction of Glass-Steagall well before most anyone even knew what it was and well before the 2008 collapse.   By the way, as we have noted, Glass-Steagall was about two dozen pages long.  Dodd-Frank is well over two thousands pages of bought and paid for red tape that ensures Wall Street maintains its predatory grip on Washington.  ie, Dodd-Frank is the best protection the bankster racket could buy to protect their Ponzi schemes and their predation and violence against democracy.

Sandy Weill essentially bribed the Clinton administration into getting Glass-Steagall overturned.  The Clinton administration took lots of bribes.  Maybe more than any presidency.  But, they had the technicality of being legal bribes.   Of course, any of us would be in prison were we to have done anything like Clinton officials.  But, then as Bastiat said, the law sometimes defends plunder and spares those participating in the prosecution for their crimes.  (How in God's name does an ex-president with no previous business experience,  no money to invest and no skills that ever created or invented anything, end up with $200 million in earnings just ten years after his presidency?  Btw, include Al Gore in that same dynamic.  That would be Rolodex cronyism and morally-bankrupt capitalism.   And because he never invented anything and never created any capital, his earnings had to come from somewhere.  I'll tell you where.  They were taken from other people.  ie, A transfer of wealth.  But graft is now the primary business model of American-style  corporate capitalism enabled by politicians aka fascism; a dynamic substantially enabled by the Clinton team.)

Weill's actions and his power-mad rampage to create his own financial kingdom were major factors in the creation of the bureaucratic,  monolithic oligopoly trusts on Wall Street.  To now have Weill essentially admit he was wrong is an incredible revelation.  It will have profound future implications.

Title link here.

posted by TimingLogic at 10:50 AM

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