Posted 5 years ago on July 14, 2012, 1:17 p.m. EST by JackHall
This content is user submitted and not an official statement
The Democrats, GOP and Tea Party are stooges for crony capitalism.
In less than 80 years the nation has completed a full circle from Great Depression in 1930 to another Great Depression in 2010.
FDR 1936 I welcome their hatred
http://www.youtube.com/watch?v=D9yoZHs6PsU [right click]
President Obama is not another Roosevelt.
"We’ve seen in the Obama administration very little reform and no criminal prosecutions, and the appointment of a very large number of Wall Street executives to senior positions in the government, including some people who were directly responsible for causing significant portions of the crisis."
“The banking industry, including and frequently led by JPMorgan and Mr. Dimon, have spent enormous sums of money to push back against strong implementation of the Volcker Rule and other aspects of even the relatively weak regulation embodied in Dodd-Frank legislation. And Mr. Dimon repeatedly has said that he doesn’t think that such regulation is required. And indeed, one of the most astounding things about JPMorgan’s recent loss is that regulation is still sufficiently weak that we don’t know what that trade actually is. We do not know the details of that transaction, because they do not have to be publicly disclosed. It has been said by people who apparently do know something about the transaction that if the situation in Europe worsens, the losses could extend upwards of $5 billion. And this is a loss that occurred in a relatively forgiving economic environment, at least in the United States, and in a bank that is widely regarded, probably correctly regarded, as the best-run bank in the United States.”
Crony capitalism is believed to arise when political cronyism spills over into the business world; self-serving friendships and family ties between businessmen and the government influence the economy and society to the extent that it corrupts public-serving economic and political ideals.
Crony Capitalism and Chaos
Even after authorities have beefed up oversight and lawmakers have enacted new rules, blowups on Wall Street continue to occur with some regularity. Amid the rate-manipulation scandal, regulators are also dealing with the fallout from the multibillion-dollar trading losses at JP Morgan Chase and the collapse of a second brokerage firm, just months after the failure of MF Global.
The Republican Party bears the brunt of responsibility for our current financial condition by creating an atmosphere that has made deregulation, deficit spending, tax cutting, fraud and corruption acceptable.
How many times has the economy crashed?
Crony Capitalism Aftershock Survival Summit
http://www.youtube.com/watch?v=UseYKxDLnOw [right click]
This is why there needs to be more jobs created in the public sector to keep the economy growing by performing work that big business isn't doing. Or competing with big business to control costs and stay within the budget.
The focus could be more on people instead of profits, and fraud prevention.