The Real Continuity Edition
The brief selection below is from an article by Zach Carter from the Huffington Post called: Wall Street Is Even More Craven Than We Thought and sub titled: The new alliance between financial executives and Donald Trump.
Democrats used to see Jamie Dimon as one of the good guys on Wall Street. Once hailed as a “progressive” by The New Republic, the JPMorgan Chase CEO counted himself friends with two different chiefs of staff to President Barack Obama and traveled to the first black White House no less than 16 times. In 2009, The New York Times described him as “Obama’s favorite banker.” He has publicly supported same-sex marriage and the legalization of undocumented immigrants.
Dimon gave hundreds of thousands to Democratic Party candidates, the party itself, and even the Center for American Progress, a think tank advancing the ideas of Bill Clinton and Obama.
But there was Dimon on Friday, sitting at a table surrounded by other wealthy corporate executives, being praised by President Donald Trump ― a man who publicly supports war crimes and is already flirting with a constitutional crisis as he implements a campaign promise to impose “a complete and total shutdown of Muslims entering the United States.”
In my case, the title is wrong, I was under no illusion that the giant investment banks had any limit on their willingness to cut deals with anyone, anywhere, anytime. The only difference is that they were already part of the new government if it had been Hilary and now have to scramble. I find it hard to sympathize with their plight.
But this is the American way of banking. Homeowners may be cheated out of their possessions, economies crashed, strange overseas deals and money laundering take place and yet, the American Investment banks dwell at the heart of our government shaping laws and policies. It’s like Mom and Apple Pie, if Mom and Apple Pie were immoral cancers eating out the heart of our democracy.
Let me point out that many of these Investment banks have pleaded the equivalent of no contest to charges that would put a normal human being like you or I in prison for millions and millions of years. Yet, there they are at the heart of our government cutting a new set of deals making the world safe for financial speculation of the American kind.
If Obama had pursued criminal prosecutions against the banks in the aftermath of the financial disaster of 2007, their political power might very well have been broken as they were in the aftermath of the Great Depression. Instead for many years to come they will play politicians against each other like chess pieces on a board while preying on the poor and the middle class. Obama’s failure to pursue justice against the malefactors who came within an ace of destroying our economy is his greatest failure.
4 thoughts on “The Real Continuity Edition”
The financial recession was not the first rodeo for banks that committed financial fraud. Most people have forgotten but in the 1990s savings and loan institutions (remember them?) failed in record numbers because of risky loans to customers with little or no tangible collateral to back up the loans. Yes, there was a housing bubble. And, yes, few leaders of these institutions paid for their crimes. The banking industry will continue to create bubbles because of avarice and an ethical blindness to what their public responsibilities are.
You would have thought that the wave of de-regulation might ought to have slowed down after the S&L’s failure but apparently caution is for people like us.
A good, concise breakdown of at least one Obama’s failures. I find it difficult to determine what might be his “greatest failure”. I sometimes like to generalize about his overall dishonesty, which he revealed even before he was first elected. As a Senator, during his 2008 campaign, he guaranteed he would never support a FISA bill that granted retroactive immunity to law-breaking telecommunications corporations who conspired with the Bush/Cheney regime. From there, it was one deception after another, some as obvious, others less obvious without more digging and research. 😉
I really believe that future historians will focus on the failure to prosecute the criminals that caused the financial meltdown followed by the failure to rescue the mortgage holders from usually the same banks but since prosecuting the banks would have stopped the illegal foreclosures in their tracks – that will still be number one. I remember with great disappointment the FISA bill as well. I’ve always thught that Rahn Emanual was not out of the ordinary but much more of how Obama really felt about things sans the nonsensical eloquence.
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