22 March 2016

US Will Experience Another Financial Crisis Because of Lack of Meaningful Reform

I completely concur that we are heading for another financial crisis, and that the reason for this is the lack of meaningful reform of the corrupt system that brought us the last two financial crises.   And I am concerned that the system and its insiders are now incapable of reforming or changing themselves.  This is the credibility trap.

The Democrats are crowing over the troubles dividing the Republican Party, the leadership of which seems to be dropping any pretense of listening to even their own people, much less the broader public.   But the Democrats are completely ignoring the problems and deep divisions of their own and the continuing betrayal of their base for the tainted money from the financial system.

And both parties are attempting to play on the emotions and passions of their members so as to get them to ignore the most substantial issues of all:  the lack of a sustainable economic recovery after seven long years, and the continuing decimation of everyone except a wealthy and powerful few.

Why We Support Bernie Sanders Over Hillary Clinton for President
By Pam Martens and Russ Martens: March 22, 2016

Wall Street On Parade’s strong preference for a President Bernie Sanders over a President Hillary Clinton is based on a well-formed belief that the United States will experience another financial crisis on Wall Street within the next few years. That crisis will, in hindsight, be viewed as the direct failure of President Obama to enact meaningful financial reform legislation after the 2008 crash, when he had the will of the people behind him, rather than pandering to his overlords on Wall Street who financed his campaign.

Nothing more clearly demonstrates who has been calling the shots in the Obama administration than the President’s nominees to oversee Wall Street at the U.S. Justice Department, U.S. Treasury Department, Securities and Exchange Commission, and his outrageous refusal for more than five years to even follow his own Dodd-Frank financial reform law and appoint a Vice Chairman for Supervision at the Federal Reserve.

Read the entire story here.