Wednesday, September 16, 2009
By Phillip T. Alden
September 16, 2009
So it's been a year since the meltdown on Wall Street, (and "Main Street" and every other street in America and most European countries) – and what has changed? Don't work too hard on that question because absolutely nothing has changed. Obama gave another lovely speech that means absolutely nothing.
At the same time, the banking/financial sector has been spending over 1.2 Million dollars a day lobbying in Washington to make sure that nothing stops them from stealing your money all over again. Just ask yourself this question; "Have you heard anything that restores your confidence in the Wall Street investment banks? Or the credit reporting agencies?"
I didn't think so.
The fact of the matter is, those "too big to fail" companies have become even bigger. The banks are still hiding the "toxic assets" that didn't get bought with our tax dollars, and the investment banks are starting to use the same CDOs and other troublesome investment packaging that caused this problem in the first place.
So if nothing has changed, what's an American who wants to keep their money to do? The answer is simple: Don't give Wall Street a single penny of your money! There is no law saying you must do so. Instead of a "401K" you can buy land, government bonds, treasury bills, or place those hard-earned dollars into a savings account. (No more than $100,000 in any one bank.)
If you wish to retire a multi-millionaire, you can try using the Wall Street system. But do you honestly think those people are working hard to make you rich?
I didn't think so.
Even the dumbest child knows that people look out for themselves, especially when it comes to money. There's no Jesus on Wall Street looking out for the little guy. Small fish feed bigger fish, and everyone who is not an investment banker is a "small fish." (This includes you.)
These guys didn't change overnight. They don't suddenly have a moral code. Quite the opposite. Those Wall Street Sharks cannot wait to get a hold of your money again, and they are counting on your stupidity to enter the fray once again.
A number of British journalists have been pondering this question, and they've come to the same conclusion. According to the BBC News:
"But there is now concern that as the banks start to recover, they have not taken the necessary steps to prevent a repeat of the crisis.
"Alarm bells should be ringing with the early signs of a 'back to business' attitude in the City and little evidence that policymakers are taking measures to ensure the next economic recovery is better balanced than the last one," said Tony Dolphin, senior economist at the IPPR.
The report warned that unless urgent action was taken, the banking crisis might not be the last of its type."
Remember the investment banks are spending 1.2 Million Dollars a Day lobbying Washington to make sure that nothing changes.
These guys don't care that over 7 Million Americans have lost their jobs. They don't care that Millions have lost their homes. They don't care that whole families are ending up homeless – all thanks to their greed.
So what do they care about? Making more money. And taking more of your money. Right now these guys are patting each other on the back, happy that we have a do-nothing President and a spineless House and Senate. Their 1.2 Million per day will be money well spent.
But only if you start giving them your money again. They are eagerly awaiting your future 401K funds, your group investment funds, and any other funds they can get their greedy little hands upon.
They are counting on your greed, (in the form of a multi-million dollar retirement,) to feed their greed. And the next time this happens, they will count on the federal government to use our tax dollars (again) to keep them from being "too big to fail."
If they're "too big to fail" they should be broken up. Investment houses should be (once again) separated from regular banking. Standard and Poors and Moody's should be disbanded and replaced with highly regulated credit reporting agencies. All banks and investment houses should be forced to publically declare how much red ink (toxic investments) are still on their books. Those responsible for the last economic meltdown should be arrested, tried and imprisoned for the terrible financial crimes they committed. All financial institutions should be re-regulated to such an extent they cannot sneeze without written permission from the S.E.C.
But none of these much-needed regulatory changes are going to happen. Because the Obama Administration is clearly in the back pocket of the Wall Street Sharks. (1.2 Million a day buys a lot of influence in Washington.)
And you are going to be encouraged to start giving your hard-earned dollars to the Wall Street Sharks again. You are going to be told they will not repeat their mistakes, even as they are getting back into the same risky investments as you read this. You are going to be told that we will not "bail-out" these institutions again.
And if you believe these caustic lies, and you are stupid enough to give more of your money to the Wall Street Sharks – then you deserve what you will get.
So if you don't want to become a Wal-Mart greeter when you should be retiring, don't give one damn penny to any Wall Street investment house. There are safer and better regulated forms of investment. They may not be as "sexy" as some of the Wall Street funds, but just how "sexy" are those sharks looking right now?
If you don't believe me, I encourage you to study the words of men who are much smarter than I, and you will find they are saying pretty much the same thing I am. Anyone cheerleading for Wall Street, (including our President,) should be looked at with great suspicion.
And if you really care, I encourage you to write a letter to President Obama telling him how disappointed your are in his lack of action when it comes to re-regulating our markets.
The web makes it very easy to do research and find out that what I'm saying is an accurate picture of our financial investment sector. Go beyond Fox News and CNN and look for the people who aren't screaming at you through your television. Look for people who aren't in Washington or on Wall Street. There are plenty of economic professors that are saying the same thing I am.
Or ignore me and my words. And if you're lucky enough to have a job, just keep blindly trusting the Wall Street Sharks as you hand over your hard-earned money.
Just don't expect to retire. Ever.
