Congressman Marcy Kaptur was a guest on PBS's Bill Moyer's Journal last evening and pulled no punches regarding Wall Street Bankers. She told Moyers, referring to Timothy Geithner and Larry Sommers, "When Lincoln ran into trouble during the Civil War, he got new Generals. He brought in Grant. I hope that President Obama will bring in some new generals on the financial front. I don’t think any individuals who had their hands in creating this mess should be in charge of cleaning it up... I don’t think President Obama has the right people around him."
Kaptur went on to excoriate Wall Street and the big banks of America, pointing out that they are right back at their 'game' of fleecing the citizens and gorging themselves with profits and bonuses. She said, "Let me give you a reality from ground zero in Toledo, Ohio. Our foreclosures have gone up 94 percent. A few months ago, I met with our realtors. And I said, "What should I know?" They said, "Well, first of all, you should know the worst companies that are doing this to us." "Well, give me the top one." They said, "JPMorgan Chase."
JPMorgan Chase- the company we taxpayers bailed out. Simon Johnson, another guest with Kaptur said, "I'm afraid that it's pretty obvious, and it's very tragic, that they have no interest in helping the homeowners. They make money with what they're doing. They expected a lot of these mortgages they made to default, okay? It was in their models. A high default rate. Now, they didn't expect house prices to come down so much. That's where they got their losses. But they absolutely made these loans expecting they would have to foreclose on people. And figuring they would make money on that."
It was noted that when President Obama came to Wall Street to address the members, not one of the CEO's of the largest banks was in attendance. Not one. Why?
Because they know that they are now free to do what they want to as the 'crisis' is over and the time for Congress and the Executive Branch to act has already passed.
Johnson said "the opportunity for real reform has already passed. And, not only is there not going to be change, but I'll go further — I'll say it's going to be worse, what comes out of this, in terms of the financial system, its power, and what it can get away with."
Kaptur points out that there is 'socialism' in America and Wall Street got all of the benefits: " what they're doing is they're taking their mistakes and they're dumping them on the taxpayer. So, you and I, and the long term debt of our country and our children and grandchildren. It's all at risk because of their behavior. We aren't reigning them in. The laws of Congress passed last year in terms of housing, were hollow. Were hollow."
Socialism...Wall Street and the big banks of America. And Congress is impotent, paid-off, putty in the hands of the financial institutions of this nation.
Johnson predicts disaster down the road. "And by the way, Bill, it's going to I think it's going to be a long haul. I think that the economy will start to recover. We'll get some jobs back. It's going to be very painful for a lot of people. But other people's attention is going to drift. It's a three, five, seven, maybe twelve year cycle. But when it comes back, it will come back with a vengeance. And it will be even, I think, even more devastating, in all likelihood, than what we just saw."
Money influencing members of Congress. Representatives bought and sold like cattle, like slaves. This is what American democracy has become. Disgusting!
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