For the “It’s the Stupid Economy” chapter…

…and probably other related major topics- like Wealth Inequality, and the total or near total corruption of our Democracy by way, way too much money in politics and the De-Facto One party System or Duopoly of the Two Party System that is one of the main distributors of that money among their bipartisan sycophants to the ongoing funding, career, and fortune enhancing system all that money is setting them up at the trough to partake from.

Anyway this article/excerpt from Nomi Prins is fascinating yet kind of old news to many, but still, explains why we need more than a little hearty breastbeating about “getting money out of politics”. Not that doing so at once is a crucial step in “We the people…” taking back “our” Democracy. Anyway, a representative quote from Nomi Prins writing:

“The power of the bankers increased dramatically in the wake of the repeal of Glass-Steagall. The Clinton administration had rendered twenty-first-century banking practices similar to those of the pre-1929 crash. But worse. “Modernizing” meant utilizing government-backed depositors’ funds as collateral for the creation and distribution of all types of complex securities and derivatives whose proliferation would be increasingly quick and dangerous.

Eviscerating Glass-Steagall allowed big banks to compete against Europe and also enabled them to go on a rampage: more acquisitions, greater speculation, and more risky products. The big banks used their bloated balance sheets to engage in more complex activity, while counting on customer deposits and loans as capital chips on the global betting table. Bankers used hefty trading profits and wealth to increase lobbying funds and campaign donations, creating an endless circle of influence and mutual reinforcement of boundary-less speculation, endorsed by the White House.”

Posted in Money Coup; Political Economy; Grotesque Inequality; New Gilded Age

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