POLITICAL observations & opinions

* Michael Thomas writes … it’s time to make the Wall Street bastards pay for the grief and woe they have caused … LMW: I suspect that the party which shows the courage to take on Wall Street will sweep the board in 2012

Posted by Lew Weinstein on December 26, 2011

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it's time to take on the Wall Street "bull"

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Michael Thomas writes in The Daily Beast (12/26/11) …

  • As 2011 slithers to its end, none of the major problems that led to the crisis point three years ago have really been solved.
    • Bank balance sheets still reek.
    • Europe day by day becomes a financial black hole.
  • The Street and its ministries of propaganda have fallen back on a Big Lie as old as capitalism itself: that all that has gone wrong has been government’s fault.
  • This time, however, I don’t think the argument that “Washington ate my homework” is going to work.
  • This time, a firestorm is going to explode about the Street’s head—and about time, too.
  • This time, the public anger will not be deflected. Confessions will be exacted.
  • Occupy Wall Street has set the snowball rolling
    • OWS has made America aware of a sinister, usurious process by which wealth has systematically been funneled into fewer and fewer hands.
    • A process in which Washington played a useful supporting role, but no more than that.
  • Once people realize how Wall Street made its pile, understand how financiers get rich, what it is that they actually do, the time will become ripe for someone to gather the spreading ripples of anger and perplexity into a focused tsunami of retribution. 

it’s time to make the bastards pay, properly,

for the grief and woe they have caused

read the entire article at … http://www.thedailybeast.com/newsweek/2011/12/25/wall-street-has-destroyed-the-wonder-that-was-america.html?utm_medium=email&utm_source=newsletter&utm_campaign=cheatsheet_morning&cid=newsletter%3Bemail%3Bcheatsheet_morning&utm_term=Cheat%20Sheet

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LMW COMMENT …

  • I hope Michael Thomas is correct, and that Wall Street gets its long-deserved comeuppance.
  • There is a valid and necessary role for Wall Street in providing capital to businesses that actually make things and provide services. 
  • There is NO ROLE, in my opinion, for making huge piles of money by trading invented papers that no one understands. Those sorts of transactions should be made illegal.
  • What remains to be seen in this election cycle is whether either party will take on the challenge Thomas has outlined. 
  • Are any of the politicians who actually have power willing to take on one of the main financial cows which provides campaign funding? 
  • I suspect that the party which does show the courage will sweep the board in 2012. 
  • I hope it’s Obama and the Democrats.

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3 Responses to “* Michael Thomas writes … it’s time to make the Wall Street bastards pay for the grief and woe they have caused … LMW: I suspect that the party which shows the courage to take on Wall Street will sweep the board in 2012”

  1. Chris said

    Goldman Sachs-Obama’s biggest donor.Goldman Sachs-Romney’s biggest donor

  2. It will not change we are very much a resurrected Roman empire and we will and ARE failing in the same way and will meet our end the same way as Rome.

  3. Chris said

    What is missing is the role the federal reserve and washington played in where we are. It is not realistic to believe washington played a small role in this. Washington, the federal reserve and the very top of wall street holds the bag on this. The large bailouts by washington, the endless money creation by the fed, the banks and firms who get a piece of all they action regardles of where the money goes. The problem is that we are running out of road to kick this can.

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