Count the Ways Wall Street Has Won
since 2008
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(C) 2013 William Schmidt, Ph.D. www.tigersoft.com
9/16/2013
This
is a useful list to start with.
It
will be added to in the next few days.
What Wall Street Has Won While Main Street Loses More and
More:
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1) Bush-Democrat Congress $800 Billion Bailout of the very banks that brought about
the
biggest financial collapse since 1930s. Bu contrast,
In 1980s none of savings and loans
that failed were bailed out by the US taxpayer.
2) Obama declared in March 2009 before there was any invtigation into the collapse
that no banker committed criminal fraud or engaged in criminal
insider trading during
the Crash. His Attorney General has not prosecuted a single
individual big banker..
3) The Federal Reserve under Bernanke allowed the big banks to borrow trillions
using
the very dubious collateral of their "toxic"
mortgages and other debts.
4) High executives of these bailed-out banks still got millions in pay and bonuses
paid for by the tax-payer funded bailout.
5) Nothing has been done since 2008 to reduce or control the highly leveraged
trading devices the big bankers prefer. At least 75% of all
the trades on the NYSE
and NASDAQ are done by the big banks' computers trading very
short term.
6) Unlike in Europe, there is no transaction tax of these very, very short term
trades
that let banks make more money at the expense of the Public
when they buy and
sell stocks. Obama never even proposed this to
Congress.
7) Taxes on the very wealthy's capital gains are still taxed at a lower rate than a
worker
is taxed on his wages, despite the fact that these capital
gains are made mostly by
the very wealthy.
8) Wall Street has been allowed to make billions as corporations and wealthy
individuals
invest overseas, often secretly. The FREE TRADE
policies since Reagan have caused
the whole dismantling of US manufacturing capacity
and meant the steep decline in
real average wages in America.