10 February 2015

Michael Greenberger: Setting the Stage For the Next Wall Street Crisis

Michael Greenberger has long been one of my favorite commenters on regulation, and in particular on futures price manipulation.

Within the context of the uphill battle against the status quo, Gary Gensler and Bart Chilton may have looked 'good' as regulators, but all in all they looked better only by comparison with some very horrible alternatives.  Chilton, as you may recall, did not waste much time going through the revolving door to put on the feedbag from the HFT crowd.
I think that as Greenberger points out, once we were able to see Obama's early financial appointments, we knew that we had been had, once again.  Despite his soaring rhetoric for change, he was a loyal member of the Wall Street wing.

Obama and the Wall Street wing of the Democratic party, founded by the Clintons, is a brand, cobbled together and groomed for office by the moneyed interests, designed to misdirect and diffuse the angry reaction for reform by the people in the aftermath of the financial crisis.  And it was a job well done.
No matter what she says, no matter what promises she may make, no matter what identity branding they may choose to spin for her, I strongly believe that Hillary has been and still remains a product of Wall Street money, and will continue to follow the money once in office no matter what rhetoric she may wear during any political campaign.  
Further, the only major difference between the parties now is that the Republicans have sold out wholesale to the moneyed interests, whereas the Dems have been doing it one despicable betrayal at a time.  They merely wear different masks.  Money conquers all with this venal brood of vipers.
Financial reform comes with political campaign money reform.  The two are inseparable.