Feel free to start talking while we wait for Robert Scheer.
3:03 Comment from Terry Stamats
Thu, 22 Apr 2010 23:03:00 GMT
Comment: How could they have gotten away with these derivatives for so long?
3:03 Robert Scheer
Thu, 22 Apr 2010 23:03:08 GMT
3:03 Robert Scheer
Thu, 22 Apr 2010 23:03:17 GMT
In answering your question ...
3:04 Comment from Geo
Thu, 22 Apr 2010 23:04:31 GMT
Comment: Truman's decision to drop the Bomb saved hundreds of thousands
3:04 Robert Scheer
Thu, 22 Apr 2010 23:04:37 GMT
Because they got to write the laws, they're basically removed [from] any legal restraint on derivatives. That's the significance of the Commodity Futures Modernization Act that Clinton signed into law in the last month of his presidency; particularly the language of Titles three and four of that law exempted these derivatives from any existing legal restraint or the action of any existing legal regulatory body.
Montaigne in New York asks "Why should anyone, let alone money makers like Goldman Sachs, heed a bankrupt government in hock for $13 trillion? As far as they are concerned, in a twisted morality for sure, the public sector is a loser, deadbeat, to be fleeced at will."
3:06 Robert Scheer
Thu, 22 Apr 2010 23:06:14 GMT
They are not without fault in putting our government into hock; the banking debacle is one of the main reasons why the deficit has gone up these last few years, and they and other top financiers and industrialists have certainly favored major government expenditures on the military, on building of business infrastructure and everything else that allows American corporations to prosper.
3:06 Robert Scheer
Thu, 22 Apr 2010 23:06:43 GMT
It should also be pointed out that the taxation on many of these activities is at a lower rate than individuals pay, particularly that of hedge funds.
Question from Eric in Portland: "On 'Left, Right & Center' you consistently point out the corruption and collusion of this federal government with its subsidiaries, the corporations and banking cartel.
Yet most of your proposed solutions would seem to require pristine behavior from the very same government.
In what ways do you see the neoserfs of the 21st century taking back control of their lives, outside the Red vs Blue soap opera?"
3:09 Robert Scheer
Thu, 22 Apr 2010 23:09:48 GMT
To begin with, we should restore walls between investment, commercial banking and insurance that existed in the Glass-Steagall Act that would prevent co-mingling of activity between people playing with their own money as investors and that of banks which we, as taxpayers, evidently obligated to bail out. Just as we control loan sharking by demanding well-regulated process and the lending of money, laws that guarantee consumer rights, transparency, trading on regulated exchanges will go a long way to preventing what should be illegal activity ripping off unsuspected costumers.
3:10 Robert Scheer
Thu, 22 Apr 2010 23:10:40 GMT
As for the neoserfs, and if by that you mean the voters, we have to get organized, have our voices heard, hold the politicians accountable, which is why I talk and write so much about this issue. It's called making democracy work.
3:10 Comment from Terry Stamats
Thu, 22 Apr 2010 23:10:41 GMT
Comment: If this gvt cared about its people, they would require bio-engineered food to be labeled as such. Back to the financial mess.
Top question from Yahoo Answers: "Do you really expect the government to fully investigate any wrongdoing by Goldman Sachs? Come on. What a bunch of baloney. The conflicts of interest are much too great to ignore. Goldman Sachs was the #1 contributor to the Obama campaign. The Obama administration is packed with former Wall Street money men and former Goldman Sachs management. This is simply an acting job by Obama to make it look like they are doing something about corporate crime. What a joke.
Note: I am not a Democrat or a Republican. I support justice and third-party candidates."
3:13 Comment from Terry Stamats
Thu, 22 Apr 2010 23:13:01 GMT
Comment: Nothing will change unless we have a legitimate third political party to keep lawmakers accountable.
3:13 Robert Scheer
Thu, 22 Apr 2010 23:13:24 GMT
Look, if you're asking me to shut up and stop writing about this stuff and getting people agitated about their well being, I insist on my right as a citizen to defend my interest and that of other people who work hard, pay taxes and demand justice and I won't accept the idea that Goldman Sachs controls all the action.