Forum Post: How Wall Street stole America, bought the government and took over the economy.
Posted 12 years ago on Jan. 29, 2012, 6:20 p.m. EST by WatTyler
(263)
This content is user submitted and not an official statement
As explained by Ronald Reagan’s Director of the Office of Management and Budget. (Yes, Ronald Reagan's!)
Highlights:
Obama, Bush and Clinton all in bed with Bankers.
Since the Clinton administration, financial services has gone from being roughly 15% of economy to 40%.
New regulation alone is not the answer. Glass-Steagall was less than 100 pages. Dodd-Frank is over 2,000 and full of loopholes.
The current financial system is fundamentally dysfunctional and must produce additional financial crises of even greater severity.
A constitutional amendment is needed to prohibit corporate political contributions under any auspices and limit personal contributions to no more than $100.
Thank you for posting this, I am bookmarking it - will watch!
ditto... thanks
You are very welcome!
I am watching "How Big Banks are Rewriting the Rules of our Economy."
Several possible programs are posted at the link.
5 means only the wealthy can run for office.
4 makes no sense whatsoever.
3 I agree. Need to bring back Glass-Steagall Act.
2 Not sure how this is measured. In the classical definition, financial services is not 40%. Government spending (all levels) is about 24% and that covers social security, medicare, defense, etc.
1 I think is an opinion. Now when you consider that Obama has already raised over $250 million. It may be correct. Note: I think (not sure) Obama is the biggest recipient of Wall Street largess???
I suggest you watch the video. I consider it very important. This is only a very brief and incomplete summary of some key points.