Stephen Lendman, Contributor
Political Washington is Wall Street’s best friend. Whatever crooked bankers want they get. Their business model features grand theft. Wealth’s amassed through fraudulent double-dealing.
Lawmakers facilitate their racketeering. They’re rewarded in kind. Only fleeced households, investors, communities and nations lose out.
Their dirty game continues unobstructed. New legislation enhances what’s on the books. Another bill will become law when Obama signs it. Wall Street’s again celebrating, and why not? Business is better than ever, courtesy of complicit lawmakers.
At issue is the Jumpstart Our Business Startups Act (the JOBS Act). On March 8, the House passed it overwhelmingly 390 – 23. On March 22, Senate followed 73 – 26. Doing what he does best, Obama will sign it into law. He’ll again betray America’s 99% in the process.
When everything comes up roses for Wall Street, ordinary people get scammed. It’s the same every time like loaded dice let the house win.
Former bank regulator/financial fraud expert Bill Black explained what’s at stake in his article headlined, “‘The only winning move is not to play’ — the insanity of the regulatory race to the bottom.”
He called the imminent JOBS Act passage reminiscent of the “worst anti-regulatory travesties in the financial sphere (that) had broad, bipartisan support.” Don’t they all, especially in recent decades.