“Of course I believe in reestablishing Glass Steagall. But let me go further. I do not believe that, given that six financial institutions have assets today around $10 trillion - 60 percent of the GDP of the United States - I do not believe that Congress has the capability of regulating Wall Street.
I believe that Wall Street regulates the Congress and that you gotta break these guys up. The president needs economic advisors who do not come from Wall Street. He needs advisors prepared to stand up to Wall Street.
Wall Street cannot continue to be an island unto itself, gambling trillions in risky financial instruments while expecting the public to bail it out.
You have to bring people together who may not agree on every issue, but who understand that the middle class is collapsing and we are moving toward an oligarchic form of society, where the billionaires will control the economy and the political life of this country."
As long as any type of crime or swindle is profitable, and the penalties for crossing the line can be absorbed as a cost of doing business, there will be no peace or prosperity, and no sustainable recovery.
History has proven this, and common sense embraces it.
And yet we still have no meaningful financial and political campaign financing reform. Why is this?
Have a pleasant weekend.